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A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2019, their Balance Sheet was as follows:
BALANCE SHEET as at 31st March, 2019
Cash at Bank
Mrs. A's Loan
A's Capital 10,000
B's Capital 8,000
The firm was dissolved on 31st March, 2019 and both the partners agreed to the following:
a A took Investments at an agreed value of 8,000. He also agreed to settle Mrs. A's Loan.
b Other assets realised as: Stock − 5,000; Debtors − 18,500; Furniture − 4,500; Plant − 25,000.
c Expenses of realisation came to 1,600.
d Creditors agreed to accept 37,000 in full settlement of their claims. Prepare Realisation Account, Partners' Capital Accounts and Bank Account.
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