A , B and C were in partnership sharing profits and losses in the ratio of ` 2 : 2 : 1` .
Channel: Doubtnut
Date: 2020-03-29

A , B and C were in partnership sharing profits and losses in the ratio of ` 2 : 2 : 1` . They decided to dissolve the partnership . On that date of dissolution . Sundry Assets (including cash ? 5,000) amounted to ? 88,000 , assets realised ? 80,000 (including an unrecorded asset which realised ? 4,000) . A contingent liability on account of bills discounted ? 8,000 was paid by the firm. The Capital Accounts of A , B and C showed a balance of ? 20,000 each. Prepare Realisation Account , Partner\'s Capital Accounts and Cash Account .