Balance Sheet of a firm as at 31st March , 2019 was : The firm was dissolved on the above date
Channel: Doubtnut
Date: 2020-03-29

Balance Sheet of a firm as at 31st March , 2019 was : The firm was dissolved on the above date . X took the Investments at a value of ? 1, 90 , 000 . Cash realised was : Freehold Property ? 9 , 00 , 000 , Sundry Debtors ? 90, 000 and Stock ? 1, 40 , 000 . Creditors were paid at a discount of 5% . Realisation Expenses were ? 20 , 000 . Pass Journal entries and prepare necessary Ledger Accounts to close the books .