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A and B are partners in a firm sharing profits and losses in the ratio of 2 : 1. On 31st March, 2019, their Balance Sheet was:
Cash in Hand
Investments Fluctuation Reserve
Less: Provision for Doubtful Debtors
On that date, the partners decide to dissolve the firm. A took over Investments at an agreed valuation of 35,000. Other assets were realised as follows: Sundry Debtors: Full amount. The firm could realise Stock at 15% less and Furniture at 20% less than the book value. Building was sold at 1,00,000. Compensation to employees paid by the firm amounted to 10,000. This liability was not provided for in the above Balance Sheet.
You are required to close the books of the firm by preparing Realisation Account, Partners' Capital Accounts and Bank Account.
By: Aman ProfileResourcesReport error
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