“Information Technology can play a crucial role in rural development.”
Discuss briefly the given statement.
Access to Information: IT bridges the gap between rural and urban areas by providing access to market prices, weather forecasts, and farming techniques.
E-Governance: Enables transparency and efficiency in the delivery of government services in rural areas.
Educational Resources: IT facilitates online learning and skill development for rural youth, enhancing employability.
Health Services: Telemedicine services improve healthcare access in remote villages.
Manav and Namit were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March 2024 was as follows:
Liabilities | Assets | ||
---|---|---|---|
Capitals: | Machinery | ₹8,00,000 | |
Manav | ₹4,00,000 | Investments | ₹5,00,000 |
Namit | ₹6,00,000 | Debtors | ₹12,00,000 |
Bank Overdraft | ₹9,00,000 | Stock | ₹3,00,000 |
Creditors | ₹10,00,000 | Cash in Hand | ₹1,00,000 |
Total | ₹29,00,000 | Total | ₹29,00,000 |
The firm was dissolved on the above date and the following transactions took place:
[(i)] Stock was given to creditors in full settlement of their account.
[(ii)] Investments were taken over by Manav at 120% of book value.
[(iii)] Bad debts amounted to ₹ 2,00,000.
[(iv)] Machinery was realised at 50% discount.
[(v)] Realisation expenses amounted to ₹ 1,00,000 which were paid by Namit.
Prepare Realisation Account.