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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

  10,50,000   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
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