Anju Manju and Sanju were partners in a firm sharing profits in the ratio of 2 2 1 On 31st March 201...........

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Anju, Manju and Sanju were partners in a firm sharing profits in the ratio of 2 : 2 : 1. On 31st March, 2019, their Balance Sheet was:

Liabilities	Amount	Assets	Amount
Creditors	50,000	Cash	60,000
Bank Loan	35,000	Debtors	75,000
Employees' Provident Fund	15,000	Stock	40,000
Investments Fluctuation Reserve	10,000	Investments	20,000
Commission Received in Advance	8,000	Plant	50,000
Capital A/cs:		Profit and Loss A/c	3,000
Anju 50,000
Manju 50,000
Sanju 30,000	1,30,000
	2,48,000		2,48,000

On this date, the firm was dissolved. Anju was appointed to realise the assets. Anju was to receive 5% commission on the sale of assets except cash and was to bear all expenses of realisation.

Anju realised the assets as follows: Debtors 60,000; Stock 35,500; Investments 16,000; Plant 90% of the book value. Expenses of Realisation amounted to 7,500. Commission received in advance was returned to customers after deducting 3,000.

Firm had to pay 8,500 for Outstanding Salary, not provided for earlier, Compensation paid to employees amounted to 17,000. This liability was not provided for in the above Balance Sheet. 20,000 had to be paid for Employees' Provident Fund.

Prepare Realisation Account, Capital Accounts of Partners and Cash Account.

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