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X, Y and Z carrying on business as merchants and sharing profits and losses in the ratio of 2 : 2 : 1, dissolved their firm as at 31st March, 2019 on which date their Balance Sheet was as follows:
Cash at Bank
Less: Provision for Doubtful Debts
Investments Fluctuation Reserve
A bill for 5,000 received from Mohan discounted from bank is not met on maturity.
The assets except Cash at Bank and Investments were sold to a company which paid 3,25,000 in cash.The Investments were sold and 56,500 were received. Mohan proved insolvent and a dividend of 50% was received from his estate. Sundry Creditors includingBillsPayable were paid 57,500 in full settlement. Realisation Expenses amounted to 15,000.
Prepare Realisation Account, Partners' Capital Accounts and Bank Account.
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