A and B were partners sharing profits and losses as 7/11th to A

41 :- A and B were partners sharing profits and losses as 7/11^th to A and 4/11^th to B. They dissolved the partnership on 30^th May, 2024. As on that date their capitals were: A Rs 7,000 and B Rs 750. The other liabilities amounted to Rs 5,000. The assets proved to have been undervalued in the last Balance sheet and actually realised Rs 24,000.
Prepare necessary accounts showing the final settlement between the partners.

Solution :-

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