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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 6 days ago
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