Ritvik, Shom and Mohit were in partnership sharing profits and losses in the ratio of 3 : 2 : 1. Their Balance Sheet as at 31st March, 2023 was as follows:
Ritvik, Shom and Mohit were in partnership sharing profits and losses in the ratio of 3 : 2 : 1. Their Balance Sheet as at 31st March, 2023 was as follows:
| Liabilities | ₹ | Assets | ₹ |
|
Capital A/cs: Ritvik Shom Mohit Reserve Employee’s Provident Fund Provision for Depreciation Creditors |
72,000 51,600 62,400 18,000 18,000 30,000 66,000 |
Building Plant Stock Computers Debtors Accrued Commission Cash |
60,000 1,32,000 36,000 37,200 30,000 6,000 16,800 |
| Â | 3,18,000 | Â | 3,18,000 |
The firm was dissolved on the above date. The terms of the dissolution were:
(i) Ritvik took building at book value and agreed to pay the creditors.
(ii) Accrued Commission was not collected whereas a contingent liability of ₹ 3,600 was paid.
(iii) Other assets realised: Plant ₹ 1,50,000; Stock ₹ 30,000; Debtors ₹ 27,600; Computer ₹ 37,200.
(iv) Realisation Expenses were ₹ 3,600.
(v) A car which was written off from the books was taken by Ritvik for ₹ 24,000. He also agreed to pay Outstanding Salary of ₹ 24,000 which was not provided in the books.
Prepare Realisation Account, Capital Accounts of Partners and Cash Account. 
Anurag Pathak Changed status to publish February 10, 2024
