1:15 elearn.ict.edu.com Salem and Saeed were partners in a firm sharing profits and losses in the ratio of 2:3 On 31st October, 2020 the balance sheet of the firm was as follows: Balance Sheet As of October 31, 2020 Amount (OMR) $2,500 Assets Amount Liabilities & (OMR) Equity Bank 77,500 Creditors Debtors 75,000 Workmen Compensation Fund 50,000 Stock 50,000 Capital: Salem 100,000 Land and 150,000 Building Saeed 150,000 Total 352,500 Total 352,500 The firm was dissolved on November 1, 2020 and the assets and liabilities were settled as 1:15 ll otal elearn.ict.edu.om 352,500 Total B52,500 The firm was dissolved on November 1, 2020 and the assets and liabilities were settled as follows: a) Salem agrees to take over the land and building at OMR 175,000 by paying cash. b) Stock was sold for OMR 45,000. c) Creditors accepted the accounts receivable in full settlement of their claims. Answer the following questions. The amount realized from the sale of non-cash assets is; The share of Salem in the distribution of Workmen's Compensation Fund is: The profit (loss) on realization is; The amount paid to Saeed in the dissolution of the firm is; 1:15 elearn.ict.edu.om THE IT WAS UIDUIVEL UIT VOVERICI ZULU and the assets and liabilities were settled as follows: a) Salem agrees to take over the land and building at OMR 175,000 by paying cash. b) Stock was sold for OMR 45,000. c) Creditors accepted the accounts receivable in full settlement of their claims. Answer the following questions. The amount realized from the sale of non-cash assets is; The share of Salem in the distribution of Workmen's Compensation Cundir Done OMR 175,000 OMR 220,000 OMR 150,000 OMR 45,000 1:15 WHATSAPP now Corporate Account @ D) Stock was soia tor UMIR 45,000. c) Creditors accepted the accounts receivable in full settlement of their claims. Answer the following questions. OMR 150,000 The amount realized from the sale of non-cash assets is; OMR 30,000 The share of Salem in the distribution of Workmen's Compensation Fund is; The profit (loss) on realization is; The amount paid to Saeed Done OMR 20,000 OMR 100,000 OMR 30,000 OMR 50,000 1:15 elearn.ict.edu.om Answer the following questions. OMR 150,000 The amount realized from the sale of non-cash assets is: OMR 30,000 The share of Salem in the distribution of Workmen's Compensation Fund is; |(OMR 2,500) The profit (loss) on realization is; The amount paid to Saeed in the dissolution of the firm is; Done OMR 1,500 (OMR 1,500) (OMR 2,500) OMR 2,500 1:15 elearn.ict.edu.om the sale of non-cash assets is; OMR 30,000 The share of Salem in the distribution of Workmen's Compensation Fund is; (OMR 1,500) The profit (loss) on realization is: OMR 2,500 The amount paid to Saeed in the dissolution of the firm is; Previous page Next page * Quiz navigation Done OMR 119,000 OMR 2,500 OMR 297,500 OMR 178,500 1:15 elearn.ict.edu.om the sale of non-cash assets is; OMR 30,000 The share of Salem in the distribution of Workmen's Compensation Fund is; (OMR 1,500) The profit (loss) on realization is: OMR 2,500 The amount paid to Saeed in the dissolution of the firm is; Previous page Next page * Quiz navigation Done OMR 119,000 OMR 2,500 OMR 297,500 OMR 178,500