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Achal and Vichal were partners in a firm sharing profits in the ratio of 3 : 5. On 31st March, 2019, their Balance Sheet was as follows:
Land and Building
Cash at Bank
Employees' Provident Fund
The firm was dissolved on 1st April, 2019 and the Assets and Liabilities were settled as follows:
a Land and Building realised 4,30,000.
b Debtors realised 2,25,000 withinterest and 1,000 were recovered for Bad Debts written off last year.
c There was an Unrecorded Investment which was sold for 25,000.
d Vichal took over Machinery at 2,80,000 for cash.
e 50% of the Creditors were paid 4,000 less in full settlement and the remaining Creditors were paid full amount. Pass necessary Journal entries for dissolution of the firm.
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