A, B and C are equal partners, whose Balance Sheet on December 31, 2017 is as follows:
Question:
A, B and C are equal partners, whose Balance Sheet on December 31, 2017 is as follows:
Due to lack of liquidity and weak financial position of the partners, the firm is dissolved. A and C are not able to contribute anything and a sum of ₹200 received from B.
All of them are declared insolvent. The assets are realised: Stock ₹500; Plant and Machinery ₹1,000; Furniture and Fittings ₹200; Land & Buildings ₹800; and Debtors ₹550 only.
Realisation expenses amounted to ₹50. You are required to close the firm’s books.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Financial Accounting Volume II
ISBN: 9789387886230
4th Edition
Authors: Mohamed Hanif, Amitabha Mukherjee
Question Posted: