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Following is the Balance Sheet of Arvind and Balbir as at 31st March, 2019:
Mrs. Arvind's Loan
Mrs. Balbir's Loan
Investments Fluctuation Reserve
Less: Provision for Doubtful Debts
Profit and Loss A/c
The firm was dissolved on the above date under the following arrangement:
a Arvind promised to pay off Mrs. Arvind's Loan and took Stock at 6,000. b Balbir took half the Investments @ 10% discount.
c Book Debts realised 28,500.
d Trade Creditors and Bills Payable were due on average basis of one month after 31st March, but were paid immediately on 31st March @ 2% discount per annum. e Plant realised 37,500; Building 60,000; Goodwill 9,000 and remaining Investments 6,750.
f An old typewriter, written off completely from the firm's books, now estimated to realise 450. It was taken by Balbir at this estimated price. g Realisation expenses were 1,500.
Show Realisation Account, Capital Accounts of Partners and Bank Account.
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