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Balance Sheet of P, Q and R as at 31st March, 2019, who were sharing profits in the ratio of 5 : 3 : 1, was:
Cash at Bank
Loan from Bank
Less: Provision for Doubtful Debts
Plant and Machinery
The partners dissolved the business. Assets realised − Stock 23,400; Debtors 50%; Fixed Assets 10% less than their book value. Bills Payable were settled for 32,000. There was an Outstanding Bill of Electricity 800 which was paid off. Realisation expenses 1,250 were also paid.
Prepare Realisation Account, Partner's Capital Accounts and Bank Account.
By: Aman ProfileResourcesReport error
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