Arman, Naresh and Atil are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1
Arman, Naresh and Atil are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. They dissolved the firm on 31st March, 2023. Following is the Balance Sheet on the date of dissolution:
| Liabilities | ₹ | Assets | ₹ |
|
Capital A/cs: Arman Naresh Atil Bank Loan (including interest of ₹ 3,000) Sundry Creditors |
1,80,000 1,20,000 60,000 60,000 1,20,000 |
Goodwill Machinery Furniture Stock Debtors Cash |
60,000 2,50,000 30,000 1,00,000 60,000 40,000 |
| Â | 5,40,000 | Â | 5,40,000 |
Following assets were realised in cash: Machinery at ₹ 2,20,000; 50% of the Stock at 30% less than the book value and Debtors were collected at 15% less than their book value. Remaining 50% of the Stock was taken by Arman at ₹ 32,000. Furniture was taken by Naresh at 20% less than the book value. Goodwill could not be realised.
Realisation Expenses were ₹ 3,000, which were paid by Arman.
Prepare Realisation Account, Partner’s Capital Accounts and Cash Account. 
Anurag Pathak Changed status to publish February 10, 2024
