Mr. Suner, Mr. Behman and Mr. Meuthosam are partners, who share profit in the ratio of 2:2:1. Following is thebalance sheet as on March 31, 2020.Balance Sheet of Mr. Suneer, Mr. Rehman and Mr. Mouthosam as on March 31, 2020LiabilitiesAmount(OMR)AssetsAmount(OMR)Mr. Suneer's capital5,000Cash and Bank 2,500Mr. Rehman's Capital2,000Stock2,500Mr. Mouthosam's capital1,000Furniture1,000Reserve fund2,5002,000DebtorsCreditors2,000Plant and4,500machinery12,50012,500They decided to dissolve the business. The following amounts were realized. There was an unrecorded asset ofRs.350, which was taken over by Mr. Rehman at Rs.150. How much amount of unrecorded assets are recordedin the realization account?OMA 200None of the listed choicesOMR I50OMA150Creditors paid 2% less. How much amount of creditors are recorded in the credit side of realizationaccount?

Journal entry as follows Mr.Rehman a/c Dr. 150 To…

Mr. Suner, Mr. Rehman and M. Meuthosam re partners, whn share profa in the ratie of 221. Following is the balance sheet as on March 31, 2020. Balance Sheet of Mr. Suner, Mr. Rehman and Mr. Mouthosam as on March 31, 2020 kiabilities Amount Assets Amount (OMR) (OMR) Mr. Suneer's capital 5,000 Cash and Bank 2,500 Mr. Rehman's Capital 2,000 Stock 2,500 Mr. Mouthosam's capital 1,000 Furniture 1,000 Reserve fund 2,500 Debtors 2,000 Creditors 2,000 A500 Plant and machinery 12,500 12,500 They decided to dissolve the business. The following amounts were realized. There was an unrecorded asset of Rs.350, which was taken over by Mr. Rehman at Rs.150. How much amount of unrecorded assets are recorded in the realization account? OMA 200 None ofthe listed choices OMR 0 OMAI50 Creditors paid 2% less. How much amount of creditors are recorded in the credit side of realization account?

Mr. Suner, Mr. Rehman and M. Meuthosam re partners, whn share profa in the ratie of 221. Following is the balance sheet as on March 31, 2020. Balance Sheet of Mr. Suner, Mr. Rehman and Mr. Mouthosam as on March 31, 2020 kiabilities Amount Assets Amount (OMR) (OMR) Mr. Suneer's capital 5,000 Cash and Bank 2,500 Mr. Rehman's Capital 2,000 Stock 2,500 Mr. Mouthosam's capital 1,000 Furniture 1,000 Reserve fund 2,500 Debtors 2,000 Creditors 2,000 A500 Plant and machinery 12,500 12,500 They decided to dissolve the business. The following amounts were realized. There was an unrecorded asset of Rs.350, which was taken over by Mr. Rehman at Rs.150. How much amount of unrecorded assets are recorded in the realization account? OMA 200 None ofthe listed choices OMR 0 OMAI50 Creditors paid 2% less. How much amount of creditors are recorded in the credit side of realization account?

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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Question

100%

Mr. Suner, Mr. Behman and Mr. Meuthosam are partners, who share profit in the ratio of 2:2:1. Following is the
balance sheet as on March 31, 2020.
Balance Sheet of Mr. Suneer, Mr. Rehman and Mr. Mouthosam as on March 31, 2020
Liabilities
Amount
(OMR)
Assets
Amount
(OMR)
Mr. Suneer's capital
5,000
Cash and Bank 2,500
Mr. Rehman's Capital
2,000
Stock
2,500
Mr. Mouthosam's capital
1,000
Furniture
1,000
Reserve fund
2,500
2,000
Debtors
Creditors
2,000
Plant and
4,500
machinery
12,500
12,500
They decided to dissolve the business. The following amounts were realized. There was an unrecorded asset of
Rs.350, which was taken over by Mr. Rehman at Rs.150. How much amount of unrecorded assets are recorded
in the realization account?
OMA 200
None of the listed choices
OMR I50
OMA150
Creditors paid 2% less. How much amount of creditors are recorded in the credit side of realization
account?

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