Ramesh and Umesh were partners in a firm sharing profits in the ratio of their capitals .
Channel: Doubtnut
Date: 2020-03-29

Ramesh and Umesh were partners in a firm sharing profits in the ratio of their capitals . On 31st March , 2013 , their Balance Sheet was as follows : On the above date the firm was dissolved . (a) Ramesh took over 50% of stock at ? 10,000 less than book value . The remaining stock was sold at a loss of ? 15,000 . Debtors were realised at a discount of 5% . (b) Furniture was taken over by Umesh for ? 50,000 and machinery was sold for ? 4,50,000. (c) Creditors were paid in full. (d) There was an unrecorded bill for repairs for ? 1, 60 ,000 which was settled at ? 1, 40,000 . Prepare Realisation Account .