1:10 elearn.ict.edu.om Question 20 Not yet answered p Flag question Marked out of 4.00 Saleema and Juhaina were partners in a firm sharing profits in the ratio of 3:7. On 30th November, 2020 the balance sheet of the firm was as follows: Balance Sheet Assets November 30, 2020 Amount Liabilities Amount (OMR) & Equity (OMR) 60,000 Creditors 277,000 Bank Accounts 200,000 Profit and 123,000 Receivable Loss a/c Stock 40,000 Capital Accounts: Machinery 500,000 Saleema 300,000 Innnnn nnnnn + 12 1:10 elearn.ict.edu.om Machinery 500,000 Saleema 300,000 Land and 600,000 Juhaina 700,000 Building Total 1,400,000 Total 1,400,000 The firm was dissolved on 1st December, 2020 and the assets and liabilities were settled as follows: (1) Creditors accepted stock and accounts receivable in full and final settlement of their claims. (ii)Land and building was sold for OMR 700,000. (iii) Machinery was sold for OMR 350,000. Answer the following questions: OMR 900,000 The amount realized from the sale of non-cash assets is; The share of Saleema in the transfer of profit and loss account is; The amount of profit (loss) 1:11 elearn.ict.edu.om claims. (ii)Land and building was sold for OMR 700,000 (ii) Machinery was sold for OMR 350,000. Answer the following questions: OMR 900,000 The amount realized from the sale of non-cash assets is; The share of Saleema in the transfer of profit and loss account is: The amount of profit (loss) on realization is: Done OMR 1,400,000 OMR 900,000 OMR 700,000 OMR 1,050,000 1:11 elearn.ict.edu.om 700,000. (ii) Machinery was sold for OMR 350,000. Answer the following questions: OMR 900,000 The amount realized from the sale of non-cash assets is; OMR 86,100 The share of Saleema in the transfer of profit and loss account is; The amount of profit (loss) on realization is: The final amount paid to Juhaina in the dissolution of the firm is; Done OMR 36,900 OMR 86,100 OMR 49,200 OMR 123,000 1:11 elearn.ict.edu.om Answer the following questions: OMR 900,000 The amount realized from the sale of non-cash assets is; OMR 49,200 The share of Saleema in the transfer of profit and loss account is; (OMR 13,000) The amount of profit (loss) on realization is: The final amount paid to Juhaina in the dissolution of the firm is; Done (OMR 9,100) OMR 3,900 (OMR 13,000) OMR 13,000 1:11 elearn.ict.edu.om OMR 900,000 The amount realized from the sale of non-cash assets is; OMR 49,200 The share of Saleema in the transfer of profit and loss account is; (OMR 13,000) The amount of profit (loss) on realization is; OMR 333,000 The final amount paid to Juhaina in the dissolution of the firm is; Done OMR 1,110,000 OMR 444,000 OMR 333,000 OMR 777,000