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 Y 30000 Furniture 8000 Z 20000 Land and building 30000 169000 169000 The assets realised as follows: 1 Sundry debtors 2 Stock 26000 40000 3 Investment is taken over by Mr X at 15000 4 Plant and machinery 5 Furniture 6 Land building 32000 8000 40000 Outstanding expenses paid in full. Sundry creditors were settled at 5% discount. Realisation expenses is met by Parnter Y which came around OMR 550 Required: Realisation account Capital accounts of partners Bank account
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