Following was the Balance Sheet of Kamal, Akash and Pritam as at 31st March, 2023:
Following was the Balance Sheet of Kamal, Akash and Pritam as at 31st March, 2023:
| Liabilities | ₹ | Assets | ₹ |
|
Creditors Bills Payable Loan by Akash Loan by Raman General Reserve Capital A/cs: Kamal Pritam |
1,50,000 30,000 24,000 36,000 60,000
3,00,000 4,50,000 |
Bank Debtors Stock Furniture Land and Building Akash’s Capital |
60,000 90,000 60,000 45,000 7,35,000 60,000 |
| Â | 10,50,000 | Â | 10,50,000 |
The firm was dissolved on the above date on the following terms:
(i) Debtors realised ₹ 84,000; Creditors and Bills Payable were paid at a discount of 10%.
(ii) Stock was taken by Pritam for ₹ 45,000 and Furniture was sold to Ramesh by Cheque 20% less than its book value.
(iii) Land and Building were sold for ₹ 8,40,000.
(iv) Firm had an unrecorded asset which realised ₹ 3,00,000.
(v) Kamal carried out dissolution. He was to bear the realisation expenses. He paid realisation expenses of ₹ 5,000.
Prepare Realisation Account, Capital Accounts of Kamal, Akash and Pritam and Bank Account. 
Anurag Pathak Changed status to publish February 10, 2024
