Ramesh and Umesh were partners in a firm sharing profits in the ratio of their capitals On 31st Marc...........

Ramesh and Umesh were partners in a firm sharing profits in the ratio of their capitals. On 31st March, 2013, their Balance Sheet was as follows:

Liabilities	Amount	Assets	Amount
Creditors	1,70,000	Bank	1,10,000
Workmen Compensation Reserve	2,10,000	Debtors	2,40,000
General Reserve	2,00,000	Stock	1,30,000
Ramesh's Current Account	80,000	Furniture	2,00,000

Capital A/cs: Ramesh 7,00,000 Umesh 3,00,000	10,00,000	Machinery Umesh's Current Account	9,30,000 50,000

	16,60,000		16,60,000

On the above date the firm was dissolved.

a Ramesh took over 50% of stock at 10,000 less than book value. The remaining stock was sold at a loss of 15,000. Debtors were realised at a discount of 5%.

b Furniture was taken over by Umesh for 50,000 and machinery was sold for 4,50,000.

c Creditors were paid in full.

d There was an unrecorded bill for repairs for 1,60,000 which was settled at 1,40,000. Prepare Realisation Account.

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