Balance Sheet of A, B and C, who are sharing profits and losses in the ratio of 2:2:1, was as follows on 31st March, 2015, the date of dissolution : BALANCE SHEET OF A, B AND C as on March 31,2015 Liabilities $ Assets 1,20,000 Cash 1,000 Sundry Creditors Bank Loan (with a charge on Stock) 50,000 Stock 60,000 Capitals : Other Assets 1,09,000 30,000 30,000 Goodwill 20,000 Capital : A B 20,000 2,20,000 2,20,000 Stock realised $ 52,000 and other assets were sold for $ 90,000. Expenses on realisation amounted to $ 3,000. Assuming that all the partners are insolvent, prepare necessary ledger accounts to close the books of the firm.

Balance Sheet of A, B and C, who are sharing profits and losses in the ratio of 2:2:1, was as follows on 31st March, 2015, the date of dissolution : BALANCE SHEET OF A, B AND C as on March 31,2015 Liabilities $ Assets 1,20,000 Cash 1,000 Sundry Creditors Bank Loan (with a charge on Stock) 50,000 Stock 60,000 Capitals : Other Assets 1,09,000 30,000 30,000 Goodwill 20,000 Capital : A B 20,000 2,20,000 2,20,000 Stock realised $ 52,000 and other assets were sold for $ 90,000. Expenses on realisation amounted to $ 3,000. Assuming that all the partners are insolvent, prepare necessary ledger accounts to close the books of the firm.

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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