Anil and Sunil are partners sharing profits and losses in the ratio of 3:2. Their Balance Sheet as on 31st December 2010.
The firm dissolved on the above date.
Following transaction took place:
1) Anil took over investments at Rs. 8,000 and also agreed to pay o his wife’s loan.
2) Other assets were realised as: Stock15,000, Debtors- 18,500, Fumiture-4,500, Machinery -25,000.
3) Realisation expenses were Rs. 1,100.
4) Creditors were paid o at a discount of 2.5%. Close the books of the firm.
