(i) There were total debtors of Rs. 76,000. A provision for doubtful debts also stood in the books at Rs. 6,000, Rs. 12,000 debtors proved bad and rest paid the amount due. |
(ii) A agreed to pay off her husband's loan of Rs. 7,000 at a discount of 5%. |
(iii) A machine which was not recorded in the books was taken over by B at Rs. 3,000, whereas its expected value was Rs. 5,000. |
(iv) The firm had a debit balance of Rs. 27,000 in the profit and loss account on the date of dissolution. |
(v) A contingent liability (not provided for) of Rs. 4,000 was also discharged. |
(vi) C paid realisation expenses of Rs. 15,000 out of her pocket and she was to get a remuneration of Rs. 18,000 for completing the dissolution process. |
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