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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:
Workmen Compensation Reserve
Ramesh's Current Account
Umesh's Current Account
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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