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BAAC 2202 Corporate Accounting 1 CLASS ACTIVITY (5 Marks) Q.1 Sami and Salim were sharing...

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BAAC 2202 Corporate Accounting 1 CLASS ACTIVITY (5 Marks) Q.1 Sami and Salim were sharing profit and losses in the ratio of 3:2, their Balance Sheet as on 31st December 2020 is as follows: Balance Sheet of Sami and Salim as on 31st December, 2020 Liabilities Amount(RO) Assets Amount(RO) Bills Payable 38,000 Cash Balance 11.500 Creditors 10,000 Stock 6,000 General Reserves 15,000 Debtors 19,000 Salim Loan 3,000 Furniture 32,000 Capital Investment 10,000 Sami 10,000 Profit and Loss 7.500 Salim 8,000 86,000 86,000 The Firm was dissolved on 31" December 2020 on the following terms: 1. Sami agreed to take the investment at RO 8,000 and to Pay Creditors. 2. Assets were realized at Stock RO 5,000; Debtors RO 18,500; Furniture RO 29,500. 3. Expenses on Realization amounted to RO 1,600 4. Bills Payable was accepted RO 37,000 as a Final Settlement Write the Necessary Journal Entries and Prepare the Realization Account, Partners Capital Account and Cash Account

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