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A, B and C were partners sharing profits in the ratio of 2 : 2 : 1. They decided to dissolve their firm on 31st March, 2019 when the Balance Sheet was:
Liabilities
Amount
Assets
Creditors
40,000
Cash Debtors
Less: Provision for Doubtful Debts Stock
Investments Furniture Machinery Land Goodwill
Bills Payable
46,000
70,000
Employees’ Provident Fund
32,000
6,000
64,000
Mrs. A’s Loan
38,000
50,000
C’s Loan
30,000
60,000
Investments Fluctuation Reserve
16,000
42,000
Capitals A/cs:
1,36,000
A 1,20,000
1,00,000
B 1,00,000
C 1,00,000
3,20,000
5,22,000
Following transactions took place:
a A took over Stock at 36,000. He also took over his wife's loan. b B took over half of Debtors at 28,000.
c C took over Investments at 54,000 and half of Creditors at their book value.
d Remaining Debtors realised 60% of their book value. Furniture sold for 30,000; Machinery 82,000 and Land 1,20,000. e An unrecorded asset was sold for 22,000.
f Realisation expenses amounted to 4,000.
Prepare necessary Ledger Accounts to close the books of the firm.
By: Aman ProfileResourcesReport error
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