Homework Help is Here – Start Your Trial Now!
Business
Accounting
A and B dissolve their partnership. Their position as at 31st March, 2018 was as follows: A's Capital B's Capital Sundry Creditors Cash at Bank The balance of A's Loan Account to the firm stood at Rs.20,000. The Rs. 60,000 40,000 25,000 2,000 realisation expenses amounted to Rs.800. Stock realised Rs.40,000 and Debfors Rs.30,000. B took a machine at the agreed valuation of Rs.20,000. Other fixed assets realised Rs.60,000.. Prepare necessary accounts.

A and B dissolve their partnership. Their position as at 31st March, 2018 was as follows: A's Capital B's Capital Sundry Creditors Cash at Bank The balance of A's Loan Account to the firm stood at Rs.20,000. The Rs. 60,000 40,000 25,000 2,000 realisation expenses amounted to Rs.800. Stock realised Rs.40,000 and Debfors Rs.30,000. B took a machine at the agreed valuation of Rs.20,000. Other fixed assets realised Rs.60,000.. Prepare necessary accounts.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%

For upvotes you have to give perfect answer otherwise I will give downvotes

A and B dissolve their partnership. Their position as at 31st March, 2018 was as follows : Rs. 60,000 40,000 25,000 2,000 A's Capital B's Capital Sundry Creditors Cash at Bank The balance of A's Loan Account to the firm stood at Rs.20,000. The realisation expenses amounted to Rs.800. Stock realised Rs.40,000 and Debtors Rs.30,000. B took a machine at the agreed valuation of Rs.20,000. Other fixed assets realised Rs.60,000.. Prepare necessary accounts.
Transcribed Image Text:A and B dissolve their partnership. Their position as at 31st March, 2018 was as follows : Rs. 60,000 40,000 25,000 2,000 A's Capital B's Capital Sundry Creditors Cash at Bank The balance of A's Loan Account to the firm stood at Rs.20,000. The realisation expenses amounted to Rs.800. Stock realised Rs.40,000 and Debtors Rs.30,000. B took a machine at the agreed valuation of Rs.20,000. Other fixed assets realised Rs.60,000.. Prepare necessary accounts.
Expert Solution
steps

Step by step

Solved in 4 steps with 3 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Effect Of Interest Rate
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS