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A , B and C are in partnership sharing ...

A , B and C are in partnership sharing profits and losses in the proportions of 1/2 , 1/3 and 1/6 respectively . On 31st March , 2019, they decide to dissolve the partnership and the position of the firm on this date is represented by the following Balance Sheet :

During the course of realisation , a liability under a suit for damage is settled at ₹ 20,000 as against ₹ 5,000 only provided for in the books of the firm .
Land and Building were sold for ₹ 40,000 and the Stock and Sundry Debtors realised ₹ 30,000 and ₹ 42 ,000 respectively. The expenses of realisation amounted to ₹ 1,200.
There was a car in the firm , which was completely written off from the books. It was taken by A for ₹ 20,000 . He also agreed to pay Outstanding Salary of ₹ 20,000 not provided in books.
Prepare Realisation Account , Partner's Capital Accounts and Bank Account in the books of the firm.

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Loss on Realisation -₹ 61,200 , Cash paid to A - ₹ 29,400 , B- ₹ 19,600 , Cash brought in by C- ₹ 200. Total of Bank Account - ₹ 1,15,200. and Payments to Creditors - ₹ 55,000 i.e., ₹ 40,000 + ₹ 15000.
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TS GREWAL-DISSOLUTION OF A PARTNERSHIP FIRM-Realisation Account , Partner s Capital Accounts and Bank/Cash Account
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