(i) A, one of the partners was to bear all the realisation expenses for which he was given a commission of 2% of net cash realised from dissolution. Cash realised from assets was Rs. 25,000 and cash paid for liabilities amounted to Rs. 5,000. Expenses of realized Rs. 1,000 paid by A. |
(ii) Workmen compensation reserve Rs. 30,000, workmen compensation paid Rs. 10,000. |
(iii) Commission received in advance Rs. 1,000 was returned to customers after deducting Rs. 200. |
(iv) There was a bill for Rs. 1,000 under discount. The bill was received from X who proved insolvent and a first and final dividend of 25% was received from his estate. |
(v) Bankers (who granted loan of Rs. 7,000) accepted stock of Rs. 6,000 at a discount of 20% and the balance in cash. |
(vi) Prepaid insurance of Rs. 5,000 and goodwill of Rs. 50,000 were also appearing in the balance sheet but no other additional information was given with regard to these two items. |
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