ANSU: A, B and C started business on 1 April 2002 with capital of Rs.1,00,000,...

ANSU: A, B and C started business on 1 April 2002
with capital of Rs.1,00,000, Rs.80,000 and
Rs.60,000 respectively sharing profits and
losses in the ratio of 4:3:3 for the year ended
31 March 2003. The firm suffered a loss of
Rs.50,000. Each of the partner with draw
Rs.10,000 during the year on 31 March 2003,
the firm was dissolved. The creditors of the
firm stood at Rs.24,000 on that day and cash
in hand was Rs.4,000. The assets realized
Rs.3,00,000 and creators were paid Rs.23,500
in full settlement of that claim. Prepare
realization A/c and show working?

In Chukwuemeka Odumegwu Ojukwu University (former ANSU)
2 Answers Available
Asked by starkid121 on 4th April, 2015