Anil, Balwant and Coomar were partners, carrying on business under the name and style of Anil &

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Anil, Balwant and Coomar were partners, carrying on business under the name and style of Anil & Co., sharing profits and losses in the proportion of 4 : 3 : 2. Their Balance Sheet as at 31st December, 2017 was as under:They agreed to dissolve the partnership on that date. Anil agreed to take over stock and Debtors at a discount of 10%. Balwant took over the Motor Car for ₹16,000. Land and Building was sold for ₹75,000 and expenses of sale amounted to ₹1,600. Creditors were settled at a discount of 1.5%. Show the relevant Ledger Accounts.

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Financial Accounting Volume II

ISBN: 9789387886230

4th Edition

Authors: Mohamed Hanif, Amitabha Mukherjee

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