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Srijan, Raman and Manan were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31st, March, 2017 their Balance Sheet was as follows:
BALANCE SHEET OF SRIJAN, RAMAN AND MANAN as on 31st March, 2017
Profit and Loss Account
On the above date they decided to dissolve the firm.
a Srijan was appointed to realise the assets and discharge the liabilities. Srijan was to receive 5% commission on sale of assets except cash and was to bear all expenses of realisation.
Assets were realised as follows:
c Investments were realised at 95% of the book value.
d The firm had to pay 7,500 for an outstanding repair bill not provided for earlier.
e A contingent liabillity in respect of bills receivable, discounted with the bank had also materialised and had to be discharged for 15,000. f Expenses of realisation amounting to 3,000 were paid by Srijan.
Prepare Realisation Account, Partners' Capital Accounts and Bank Account.
By: Aman ProfileResourcesReport error
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