Yogesh and Naresh were partners sharing profits equally . They dissolved the firm on 1st Ap
Channel: Doubtnut
Date: 2020-03-29

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 : 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 , Partner\'s Capital Account, Partner\'s Loan Account and Cash/Bank Account .