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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Related Book For
Financial Accounting Volume II
ISBN: 9789387886230
4th Edition
Authors: Mohamed Hanif, Amitabha Mukherjee
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