Question
XY and Z were doing business in partnership mode. They dissolved the firm on 31.12.19. On the dissolution date the balancesheet stood as follows: Balance
XY and Z were doing business in partnership mode. They dissolved the firm on 31.12.19. On the dissolution date the balancesheet stood as follows: Balance sheet as on 31.12.19 Liabilities OMR Assets OMR Outstanding expenses 250 Cash at bank 22000 Sundry creditors 3500 Sundry debtors 27000 General reserve 65250 Stock 35000 Capital: Investment $12000 50000 Plant and machinery 35000 30000 Furniture 18000 20000 Land and building 169000 30000 169000 1 Sundry debtors 2 Stock G 26000 40000 4 Plant and machinery 3 Investment is taken over by Mr X at 15000 6 Land building 5 Furniture 32000 40000 8000 Realisation expenses is met by Parnter Y which came around OMR 550 Outstanding expenses paid in full. Sundry creditors were settled at 5% discou Required: 3 Bank account 1 Realisation account 2 Capital accounts of partners 4
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