The firm of Akhil and Bikram was dissolved on 31st March, 2023. On that date, their Capitals were: Akhil ₹ 1,70,000 and Bikram ₹ 30,000. Bikram owed ₹ 20,000 to the firm; ₹ 1,00,000 were owed by the firm to Akhil and ₹ 2,00,000 were due to the Trade Creditors. Profits and losses were shared in the proportions of 2/3 to Akhil and 1/3 to Bikram.

The assets realised ₹ 4,50,000 excluding ₹ 20,000 borrowed by Bikram. The liabilities were settled at book values.

Prepare Realisation Account, Capital Accounts of the partners and Cash Account.

Anurag Pathak Changed status to publish February 11, 2024
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