Michael, Jackson and John were partners in a firm sharing profits in the ratio of 3 : 1 : 1. On 31st March, 2017, they decided to dissolve their firm. On that date their Balance Sheet was as follows:
Michael, Jackson and John were partners in a firm sharing profits in the ratio of 3 : 1 : 1. On 31st March, 2017, they decided to dissolve their firm. On that date their Balance Sheet was as follows:
Balance Sheet of Michael, Jackson and Johan as at 31.3.2017
| Liabilities | ₹ | Assets | ₹ |
| Creditors | 11,500 | Bank | 6,000 |
| Loan | 3,500 | Debtors 48,400 Less: Provision for Doubtful Debts 2,400 | 46,000 |
| Capitals: Michael Jackson Johan | 50,000 25,000 14,000 | Stock in Trade | 16,000 |
| Furniture | 2,000 | ||
| Sundry Assets | 34,000 | ||
| 1,04,000 | 1,04,000 |
Anurag Pathak Answered question September 29, 2024
