send mail to email@example.com mentioning your email id and mobileno registered with us! if details not recieved
Resend Opt after 60 Sec.
Please verify your mobile number
Refer & Earn
My Abhipedia Earning
Kindly Login to view your earning
Type your modal answer and submitt for approval
Rita and Sobha are partners in a firm, Fancy Garments Exports, sharing profits and losses equally. On 1st April, 2019, the Balance Sheet of the firm was:
Less: Provision for Doubtful Debts
Plant and Machinery
Land and Building
The firm was dissolved on the date given above. The following transactions took place:
a Rita took 25% of the Stock at a discount of 20% in settlement of her loan.
b Book Debts realised 54,000; balance of the Stock was sold at a profit of 30% on cost.
c Sundry Creditors were paid out at a discount of 10%. Bills Payable were paid in full .
d Plant and Machinery realised 75,000. Land and Building 1,20,000.
e Rita took the goodwill of the firm at a value of 30,000.
f An unrecorded asset of 6,900 was handed over to an unrecorded liability of 6,000 in full settlement.
g Realisation expenses were 5,250.
Show Realisation Account, Partners' Capital Accounts and Bank Account in the books of the firm.
By: Aman ProfileResourcesReport error
Access to prime resources