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a and b are partners in a firm from 1 april 2001 with capitals of 60,000 and 40,000 respectively. they shared profits and losses inth ratio of 3:2 . they carried on business for two years. in the first year they made a profit of 50,000 but in the second year they incurred a loss of 20000 as the business was no longer profitable they decided to windup. creditors on that date were 20000 the partners withdraw 8000 each per year for their personal expenses. the assets realised 100000. the expenses on realisation was 3000. prepare realisation account and show your workings clearly.

Posted by Dev Goyal 4 years, 8 months ago

CBSE > Class 12 > Accountancy

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