X Y and Z are partners in a firm sharing profits in the ratio of 3 2 1 respectively The firm was dis......

X, Y and Z are partners in a firm sharing profits in the ratio of 3 : 2 : 1 respectively. The firm was dissolved on 1st March, 2013. After transferring assets otherthancash and third party liabilities to the 'Realisation Account' you are provided with the following information:

a There was a balance of 18,000 in the firm's Profit and Loss Account. b There was an unrecorded bike of 50,000 which was taken over by X. c Creditors of 5,000 were paid 4,000 in full settlement of accounts.

Pass necessary Journal entries for the above at the time of dissolution of firm.

By: Aman