On dissolution of a firm, all the books of account square measure closed, all assets square measure oversubscribed and every one liabilities square measure paid off. so as to record the sale of assets and discharge of liabilities, a nominal account is opened named realization account.
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Bale and Yale are equal partners of a firm . They decide to dissolve their partnership on 31st March , 2019 at which date their Balance Sheet stood as : (a) The assets realised were : Stock ₹ 22,000 , Debtors ₹ 7,500 , Machinery ₹ 16,000 , Building ₹ 35,000 . (b) Yale took over the Furniture at ₹ 9,000. (c) Bale agreed to accept ₹2,500 in full settlement of his Loan Account . (d) Dissolution Expenses amounted to ₹ 2,500. Prepare the : (i) Realisation Account " " (ii) Capital Accounts of Partners , (iii) Bale's Loan Account , " " (iv) Bank Account .
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