33 :- Prashant and Rajesh are partners in a firm sharing profits and losses in the ratio of 3:2. On 31st March, 2025, their Balance Sheet was :
On that date, the partners decide to dissolve the firm. Prashant took investments at an agreed value of Rs 35,000. Other assets were realised as follows :
Sundry Debtors : Full amount. The firm could realise stock at 15% less and building was sold at Rs 1,00,000. Compensation to employees paid by the firm was Rs 10,000. This liability was not provided for in the above Balance Sheet.
You are required to close the books of the firm by preparing Realisation Account, Partner’s capital accounts and Bank account.
Solution :-
