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The balance sheet of Ahmed, Bashir and Rahim who shared profits and losses in the ratio of 5:3:2 is as follows on December 31, 2020:-
The balance sheet of Ahmed, Bashir and Rahim who shared profits and losses in the ratio of 5:3:2 is as follows on December 31, 2020:- Balance Sheet of Mr. Ahammed, Mr. Bashir and Mr. Rahim as on March 31, 2020 Liabilities Amount Assets Amount (OMR) (OMR) Mr. Ahmed Capital 70,000 Cash and Bank 35,000 Mr. Bashir Capital 60,000 Other stock 165,000 Mr. Rahim Capital 50,000 Accounts payable 20,000 200,000 200,000 On the same date they decided to liquidate their business. Additional information: I. Other assets were sold for cash OMR.80,000 II. Accounts payable were paid in full and the balance paid to partners in each case. a. How can you record profit/loss on sale of other assets ? b. How can you to record distribution gain/loss on realization? c. How can you record the distribution of remaining cash
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