Yogesh and Naresh were partners sharing profits equally They dissolved the firm on 1st April 2019 Na......

Yogesh and Naresh were partners sharing profits equally. They dissolved the firm on 1st April, 2019. Naresh was assigned the responsibility to realise the assets and pay the liabilities at a remuneration of  10,000 including expenses. Balance Sheet of the firm as on that date was as follows:

The firm was dissolved on following terms:

a Yogesh was to pay his wife's loan.

b Debtors realised 30,000.

c Naresh was to take investments at an agreed value of 26,000.

d Creditors and Bills Payable were payable after two months but were paid immediately at a discount of 15% p.a.

e Bills Receivable were received allowing 5% rebate.

f A Debtor previously written off as Bad Debt paid 15,000.

g An unrecorded asset realised 10,000.

Prepare Realisation Account, Partners' Capital Accounts, Partners' Loan Account and Cash/Bank Account.

By: Aman