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The balance sheet of Ahmed, Bashir and Rahim who shared profits and losses in the...

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Accounting

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The balance sheet of Ahmed, Bashir and Rahim who shared profits and losses in the ratio of 5:3:2 is as follows on December 31, 2020:- Balance Sheet of Mr. Ahammed, Mr. Bashir and Mr. Rahim as on March 31, 2020 Liabilities Amount Assets Amount (OMR) (OMR) Mr. Ahmed Capital 70,000 Cash 35,000 and Bank Mr. Bashir Capital 165,000 60,000 Other stock Mr. Rahim Capital 50,000 20,000 Accounts payable 200,000 200,000 On the same date they decided to liquidate their business. Additional information: I. Other assets were sold for cash Rs.200,000 II. Accounts payable were paid in full and the halance nanin nanners in par rase 1. Other assets were sold for cash Rs.200,000 II. Accounts payable were paid in full and the balance paid to partners in each case. a. How can you record profit/loss on sale of other assets ? b. How can you to record distribution gain/loss on realization? C. How can you record the distribution of remaining cash? 1 c. How can you record the distribution of remaining cash? . d. How you can record the payment of accounts payable

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