The connection between accomplices

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Reference no: EM13906630

A, B and C initiated business on first April, 2010. They consented to share the benefits and misfortunes in the proportion of 2: 2: 1. Their capitals were Rs. 30,000, Rs. 22,500 and Rs. 15,000 individually. The association deed given to enthusiasm on capital at 6% for every annum. Amid 2010-11 the firm earned a benefit of Rs. 20,050 (preceding accommodating enthusiasm on capital). Amid the year the accomplices' drawings were A – Rs.7,000; B – Rs. 6,250; and C – Rs. 4,000.

The connection between accomplices was bad. They chose to disintegrate the firm on 31st March, 2011. The benefits were sold which acknowledged Rs. 75,000. There were loan bosses to the degree of Rs. 12,000 which were paid off at a rebate of 5%. Costs of acknowledgment added up to Rs. 1,200.

Set up the fundamental records to close the books of the firm.

Reference no: EM13906630

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