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Ashok and Kishore were in partnership sharing profits in the ratio of 3 : 1. They agreed to dissolve the firm. The assets (other than cash of 2,000) of the firm realised 1,10,000. The liabilities and other particulars on that date were:
Ashok's Capital 1,00,000
Kishore's Capital 10,000 Dr. Balance
Profit and Loss A/c 8,000 Dr. Balance
Realisation Expenses 1,000
You are required to close the books of the firm.
By: Aman ProfileResourcesReport error
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