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Are debtors f...

Question

Are debtors fixed assets?

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Solution

Sundry debtors are recorded as fixed assets as the money belongs to the business. Where the money lent is expected to return to the business in a short period of time.

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Q. Balance Sheet of P, Q and R as at 31st March, 2018, who were sharing profits in the ratio of 5 : 3 : 1 , was:

Liabilities		Amount (₹)	Assets		Amount (₹)
Bills Payable		40,000	Cash at Bank		40,000
Loan from Bank		30,000	Stock		19,000
Reserve Fund		9,000	Sundry Debtors	42,000
Capital A/cs:		5,800	Less: Provision for D. Debts	2,000	40,000
P	44,000
Q	36,000		Building		40,000
R	20,000	1,00,000	Plant and Machinery		40,000

		1,79,000			1,79,000

The partners dissolved the business. Assets realised

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Stock ₹ 23,400; Debtors 50%; Fixed Assets 10% less than their book value . Bills Payable were settled for ₹ 32,000. There was an Outstanding Bill of Electricity ₹ 800 which was paid off. Realisation expenses ₹ 1,250 were also paid.
Prepare Realisation Account , Partner's Capital Accounts and Bank Account .

Q. are debtors arising out of credit sale of fixed assets included in trade receivables while calculating Trade receivable turnover ratio?

Are debtors a current asset?

Cash = Rs. 1,000, Debtors = Rs. 5,000, Inventories = Rs. 4,000, Capital+Liabilities = Rs. 15,000. What is the amount of fixed assets?

Q. Fixed Assets are those assets _____________.

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