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Ashok, Babu and Chetan are in partnership sharing profit in the proportion of 1/2, 1/3, 1/6 respectively. They dissolve the partnership of the 31st March, 2019 when the Balance Sheet of the firm as under:
The Machinery was taken over by Babu for 45,000, Ashok took over the Investments for 40,000 and Freehold property took over by Chetan at 55,000. The remaining Assets realised as follows:
Sundry Debtors 56,500 and Stock 36,500. Sundry Creditors were settled at discount of 7%. A Office computer, not shown in the books of accounts realised 9,000. Realisation expenses amounted to 3,000.
Prepare Realisation Account, Partners' Capital Accounts and Bank Account.
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