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Anju, Manju and Sanju were partners in a firm sharing profits in the ratio of 2 : 2 : 1. On 31st March, 2019, their Balance Sheet was:
Employees' Provident Fund
Investments Fluctuation Reserve
Commission Received in Advance
Profit and Loss A/c
On this date, the firm was dissolved. Anju was appointed to realise the assets. Anju was to receive 5% commission on the sale of assets except cash and was to bear all expenses of realisation.
Anju realised the assets as follows: Debtors 60,000; Stock 35,500; Investments 16,000; Plant 90% of the book value. Expenses of Realisation amounted to 7,500. Commission received in advance was returned to customers after deducting 3,000.
Firm had to pay 8,500 for Outstanding Salary, not provided for earlier, Compensation paid to employees amounted to 17,000. This liability was not provided for in the above Balance Sheet. 20,000 had to be paid for Employees' Provident Fund.
Prepare Realisation Account, Capital Accounts of Partners and Cash Account.
By: Aman ProfileResourcesReport error
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