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Following is the Balance Sheet of A and ...

Following is the Balance Sheet of A and B as at 31st March , 2019 who share profits and losses in the ratio of `3 : 2` :

On the above date , the firm was dissolved and following arrangements were made :
(i) A promised to pay Mrs. A's Loan and took half of the Investments @ 10% discount .
(ii) Stock and remaining Investments were sold @ 10% discount .
(iii) A and B agreed that B shall use the firm's name for which he wil pay ₹ 40 , 000 . He also agreed to pay Bills Payable at a discount of 10% .
(iv) Debtors realised ₹ 35, 000 , Bills Receivable ₹ 13,500 , Plant and Machinery ₹ 38 , 900 and Building ₹ 1, 20 ,000.
(v) There was a car in the firm , which was written off from the books . It was taken over by A for ₹ 23, 400 .
(vi) Creditors were paid 90% in full and final settlement of their dues .
(vii) Expenses of dissolution amounted to ₹1,700 .
Prepare Realisation Account , Capital Account of Partners and Bank Account in the books of the firm.

Text Solution

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Since no liability exists against Workmen Compensation Reserve , the amount of Workmen Compensation Reserve is transfered to Partner's Capital Accounts .
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Following is the Balance Sheet of A and B as at 31st March , 2019 : The firm was dissolved on 31st March 2019 and following transactions took place : (i) A promised to pay Mrs . A's Loan and took Stock-in-Trade at ₹ 4, 000 . (ii) B took half the Investments @ 10% discount . (iii) Debtors realised ₹ 19,000 . (iv) Creditors and Bills Payable were due after was one month but they were paid immediately at a discount of 6% per annum . (v) Plant realised ₹ 25, 000 , Building ₹ 40 , 000 , Goodwill ₹ 6, 000 and remaining Investments at ₹ 4, 500 . (vi) There was an old typewriter in the firm which had been written off completely from the books . It is now estimated to realise ₹ 300 . It was taken away by B at this estimated price . (vii) Realisation expenses were ₹ 1, 000 . Show the Realisation Account , Bank Account , Partner's Loan Account and Partner's Capital Accounts in the books of the firm .