I need perfect answer otherwise I will give downvotes 5. The following is the Balance Sheet of Vasu and Ramana as at 31December, 2020, on which date they have decided to wind up their affairsRs.Rs.2,000 FurnitureSundry Creditors 3,800 Stock11,000 Book Debts8,000 Machinery4007,20012,0001,8003,40024,800ReserveVasu's CapitalRaman's CapitalProfit & Loss Account24,800The book debts were collected at a cost of 7½%. Stock sold for Rs.3,0003;Machinery for Rs.1,400; Furniture for Rs.500. Open the necessary ledgeraccounts on the basis of the above Balance Sheet and show the final closingof the books, including the withdrawal by partners of any ultimate balancesdue to them. The partner's share equally.

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5. The following is the Balance Sheet of Vasu and Ramana as at 31 December, 2020, on which date they have decided to wind up their affairs: Rs. 400 Rs. 2,000 Furniture 3,800 Stock 11,000 Book Debts 8,000 Machinery Reserve Sundry Creditors Vasu's Capital Raman's Capital 7,200 12,000 1,800 3,400 24,800s The book debts were collected at a cost of 7½%. Stock sold for Rs.3,000 Machinery for Rs.1,400; Furniture for Rs.500. Open the necessary ledgen accounts on the basis of the above Balance Sheet and show the final closing of the books, including the withdrawal by partners of any ultimate balances Profit & Loss Account 24,800 due to them. The partner's share equally.

5. The following is the Balance Sheet of Vasu and Ramana as at 31 December, 2020, on which date they have decided to wind up their affairs: Rs. 400 Rs. 2,000 Furniture 3,800 Stock 11,000 Book Debts 8,000 Machinery Reserve Sundry Creditors Vasu's Capital Raman's Capital 7,200 12,000 1,800 3,400 24,800s The book debts were collected at a cost of 7½%. Stock sold for Rs.3,000 Machinery for Rs.1,400; Furniture for Rs.500. Open the necessary ledgen accounts on the basis of the above Balance Sheet and show the final closing of the books, including the withdrawal by partners of any ultimate balances Profit & Loss Account 24,800 due to them. The partner's share equally.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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