Shyam and aman are partners sharing profits and losses in proportion to their capitals

Shyam and aman are partners sharing profits and losses in proportion to their capitals which on 31st March 2025 were 12 lakes and 8 lakhs . It had 2 lakh as workmen compensation reserve and outside liabilities were 12 lakhs which included creditors of 4 lakhs and bills payable of 120000.

The firm was dissolved on 31st March 2025 on which date total assets ,accured income and prepaid expenses were 25000 each cash/ bank balance 140000 and remaining assets were tangible assets. Tangible assets realized at 28 lakhs and liabilities were paid as follows:

1) creditors were due on 31st May ,2025 and were paid on the date of dissolution at a discount of 3% at per annum.

2) Bills payable were discharged at a rebate of 2000rupees

3)workmen compensation claim of 80000 was met.

4)dissolution expenses amounting to be 60000 were paid.

Prepare realisation account

Partners capital account and cash account