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sheet of the firm wits as follow Amount Liabilities & Equity Amount Assets 30,000 Creditors 65,000 Bank h5,000 Prolit and Loss Account Debtors 140,000 Stock
sheet of the firm wits as follow Amount Liabilities & Equity Amount Assets 30,000 Creditors 65,000 Bank h5,000 Prolit and Loss Account Debtors 140,000 Stock 80,000 Capitals 550.000 Muhanna 200,000 Building Salem 120.000 30,000 Machinery Thabit 100,000 420,000 Total 465,000 Total 465,000 Thabit retired on April 1, 2020 on the following terms: 1. Building to be appreciated by OMR 15,000. 2. Provision for doubtful debts to be made at 66 of Debtors 3. Goodwill of the firm is valued at OMR 18,000 4. OMR 50,000 to be paid to Thabit immediately and the balance transferred to his loan account. Answer the following questions: sheet of the firm wits as follow Amount Liabilities & Equity Amount Assets 30,000 Creditors 65,000 Bank h5,000 Prolit and Loss Account Debtors 140,000 Stock 80,000 Capitals 550.000 Muhanna 200,000 Building Salem 120.000 30,000 Machinery Thabit 100,000 420,000 Total 465,000 Total 465,000 Thabit retired on April 1, 2020 on the following terms: 1. Building to be appreciated by OMR 15,000. 2. Provision for doubtful debts to be made at 66 of Debtors 3. Goodwill of the firm is valued at OMR 18,000 4. OMR 50,000 to be paid to Thabit immediately and the balance transferred to his loan account. Answer the following questions
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