Q. Yogesh and Naresh were partners sharing profits equally. They dissolved the firm on 1st April, 2019. Naresh was assigned the responsibility to realise the assets and pay the liabilities at a remuneration of ₹10,000 including expenses. Balance Sheet of the firm as on that date was as follows:
Liabilities
|
Amount
(₹)
|
Assets
|
Amount
(₹)
|
Creditors |
40,000
|
Cash/Bank |
6,000 |
Bills Payable |
40,000 |
Investments |
30,000 |
Naresh's Loan |
44,000
|
Debtors |
40,000
|
|
Mrs. Yogesh's Loan |
42,000
|
Less: Provision for Doubtful Debts |
4,000
|
36,000
|
Investment Fluctuation Reserve |
|
8,000 |
Bills Receivable |
33,400 |
Capital A/cs: |
|
|
Profit and Loss A/c |
1,10,600 |
Yogesh |
21,000
|
|
|
|
Naresh |
21,000
|
42,000
|
|
|
|
|
|
|
|
|
2,16,000
|
|
2,16,000
|
|
|
|
|
The firm was dissolved on following terms:
(a) Yogesh was to pay his wife's loan.
(b) Debtors realised ₹ 30,000.
(c) Naresh was to take investments at an agreed value of ₹ 26,000.
(d) Creditors and Bills Payable were payable after two months but were paid immediately at a discount of 15% p.a.
(e) Bills Receivable were received allowing 5% rebate.
(f) A Debtor previously written off as Bad Debt paid ₹ 15,000.
(g) An unrecorded asset realised ₹10,000.
Prepare Realisation Account, Partners' Capital Accounts, Partners' Loan Account and Cash/Bank Account.