4.5G 21.71%90 3 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 Assets Amount Liabilities & Amount (OMR) Equity (OMR) Bank 77,500 creditors 52,500 Debtors 75,000 Workmen 50,000 Compensation Fund Stock 50,000 Capital: Land 150,000 Salem 100,000 and Building 21:11 %90 .456 3 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 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 ::V%90. 3 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; Previous page Next page