Black and White are equal partners of a firm, the Balance sheet of which is given below as on 31st March 2011, the date at which they decide to dissolve the partnership.
a) Assets were realized as follows:
Stock Rs. 22,000, Debtors 9,500, Machinery Rs.21,000, Buildings rs. 30,000.
b) White took over the furniture at Rs. 7,000.
c) Black agreed to accept Rs. 2,500 in full settlement of his loan account.
d) Dissolution expenses amounted to Rs. 2500.
Prepare Realisation Account, Partner’s Capital Account and Bank Account.
Realisation account, Partner’s Capital Account, Bank Account.