X, Y and Z carrying on business as merchants and sharing profits and losses in the ratio o
Channel: Doubtnut
Date: 2020-03-29

X, Y and Z carrying on business as merchants and sharing profits and losses in the ratio of `2 : 2 : 1` , dissolved their firm as at 31st March 2019, on which date their Balance Sheet was as follows : A bill for ? 5,000 received from Mohan discounted from bank is not met on maturity . The assets except Cast at Bank and Investments were sold to a company which paid ? 3,25,000 in cash . The investments were sold and ? 56,500 were received . Mohan proved insolvent and a dividend of 50% was received from his estate . Sundry Creditors (including Bills Payable ) were paid ? 57,000 in full settlement . Realisation Expenses amounted to ? 15,000 . Prepare Realisation Account , Partner\'s Capital Accounts and Bank Account .