1. Realization account shows: How much amount will be transferred to Mr....
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Accounting
1. Realization account shows:
How much amount will be transferred to Mr. Suhails capital account?
How much amount will be transferred to Mr. Ahamed Jummas capital account?
Mr. Suhails and Mr. Ahamed Jummas capital account shows:
Mr. Suhail and Mr. Ahamad Jumma are partners, who share profit in the ratio of 3:2. Following is the balance sheet as on March 31, 2020. Balance Sheet of Mr. Suhail and Mr. Ahamad Jumma as on March 31, 2020 Liabilities Amount Assets Amount (OMR) (OMR) Mr. Suhail's Capital 42,500 Cash and Bank 50,500 Mr. Ahamed Jumma's Capital 21,500 Stock 16,500 Sundry Creditors 58,000 Sundry debtors: 31,000 31500 Reserve fund 23,500 Less: Provision: 500 Fixed Assets 46,500 144,500 144,500 The firm was dissolved on March 31, 2020. Close the books of the firm with the following information: (i) Debtors realized at a discount of 5% (ii) Stock realized at OMR 16,000 (iii) Fixed assets realized at OMR 52,500 (iv) Realization expenses of OMR 2,500 (v) Creditors are paid in full
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