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Question
A, B and C are partners in a firm in the ratio of 1 : 2 : 3. On firm's dissolution, firm's total assets are ₹ 1,00,000 and creditors are ₹ 20,000. Realisation expenses are ₹ 3,000. Assets realised 25% less than the bookvalue. Creditors were settled at 95%. For profit/loss on realisation, A's capital account will be ______ with ₹ ______.
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Solution
A, B and C are partners in a firm in the ratio of 1 : 2 : 3. On firm's dissolution, firm's total assets are ₹ 1,00,000 and creditors are ₹ 20,000. Realisation expenses are ₹ 3,000. Assets realised 25% less than the bookvalue. Creditors were settled at 95%. For profit/loss on realisation, A's capital account will be debited with ₹ 4,500.
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