Balance sheet of M/s. J3 is given below:
Balance Sheet as on 31.3.2009
On a dispute between the partners they decide to wind up the firm on the following terms:
1. Assets realised land and buildings -100000 Stock -10000
2. Jane took over Bills Receivable for Rs. 12000
3. A creditor accepts office equipment for Rs.8000 and the balance were paid in cash.
4. The Joint Life Policy was surrendered for Rs.9000.
Prepare: Realisation Account, Capital Accounts and Cash Account.