| Liabilities | Amount ( Rs.) | Assets | Amount ( Rs.) |
| SundryCreditors | 20,000 | Bank | 7,500 |
| Bills Payable | 25,500 | Sundry Debtors | 58,000 |
| Babu’s Loan | 30,000 | Stock | 39,500 |
| Capital A/cs: | Machinery | 48,000 | |
| Ashok 70,000 | Investments | 42,000 | |
| Babu 55,000 | Freehold Property | 50,500 | |
| Chetan 27,000 | 1,52,000 | ||
| Current A/c : | |||
| Ashok 10,000 | |||
| Babu 5,000 | |||
| Chetan 3,000 | 18,000 | ||
| 2,45,500 | 2,45,500 |
The Machinery was taken over by Babu for Rs. 45,000, Ashok took over the Investments for Rs. 40,000 and Freehold property took over 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 discount of 7%. A Office computer, not shown in the books of accounts realised Rs. 9,000. Realisation expenses amounted to Rs. 3,000.
Prepare Realisation Account, Partners’ Capital Accounts and Bank Account.
Solution
