Ashith, Ashik and Ashin are partners sharing profit and losses in the ratio of 2 : 2 : 1 on 31.3.2015 then balance sheet was as follows:
(i) They decided to dissovie the firm on the above date and the assets reatisea as follows:
Machinery – Rs. 20,000
Debtors – Rs.24000
Goodwill – Rs. 12,000
Bills receivables – Rs. 2,000
Stock – Rs. 18,000 Balance Sheet as on 3 1-3-2015
In addition to this one unrecorded asset investment was also realised for Rs. 5,000
(ii) Creditors were settled at Rs. 21,400 in full settlement, Bank loan was paid in full. The dissolution expense amounted to Rs. 600. Prepare:
(i) Realisation A/c
(ii) Partners capital A/c
(iii)BankA/c
