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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:
Less: Provision for Doubtful Debts Stock
Investments Furniture Machinery Land Goodwill
Employees’ Provident Fund
Mrs. A’s Loan
Investments Fluctuation Reserve
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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