Balance Sheet of a firm as at 31st March, 2023 was as under:
Balance Sheet of a firm as at 31st March, 2023 was as under:
| Liabilities | ₹ | Assets | ₹ |
|
Simran’s Capital Pooja’s Capital Shweta’s Capital Sundry Creditors Profit & Loss A/c |
50,000 40,000 30,000 20,000 15,000 |
Machinery Investments Sundry Debtors Cash at Bank Stock |
80,000 20,000 10,000 30,000 15,000 |
| Â | 1,55,000 | Â | 1,55,000 |
The partnership was dissolved on the above date. You are given following information about dissolution:
(i) Simran took investments at 5% less than the book value.
(ii) Other Assets realised as follows:
Machinery ₹ 90,000; Debtors ₹ 9,000 and Stock ₹ 14,000.
(iii) Creditors were paid at a discount of 5%.
(iv) Dissolution expenses amounted to ₹ 2,000.
You are required to prepare:
(a) Realisation Account,
(b) Capital Accounts of the partners, and
(c) Bank Account. 
Anurag Pathak Changed status to publish February 10, 2024
