35 :- Ashok, Babu and Chetan are in partnership sharing profit in the proportion of 1/2, 1/3, 1/6 respectively.
They dissolve the partnership on 31st March, 2025 when the Balance Sheet of the firm is as under:
The machinery was taken by Babu for Rs 45,000, Ashok took over the investments and freehold property was taken by Chetan at Rs 55,000. The remaining Assets realised as follows :
Sundry debtors Rs 56,500 and Stock Rs 36,500. Sundry creditors were settled at Rs 1,400 less. An office computer, not shown in the books of accounts realised Rs 9,000. Realisation expenses amounted to Rs 3,000. Prepare Realisation account, Partner’s Capital Accounts and Bank account.
Solution :-
