Ali, Banu, and Cini were in partnership who have dissolved their firm on 31.10.2006 on which date their Balance sheet stood as follows.
Balance sheet as on 31.10.2006.
1. Bank passbook shows its balance to be Rs. 21,300. The dierence is due to realisation of a claim directly credited to Bank Account.
2. Bills Receivable collected Rs. 300 less.
3. Stock has been utilized to settle the loan with Biju.
4. Unrecorded electronic equipments worth Rs.5000 has been utilised for settling the liability on account of Bills payable.
5. Land and Buildings was realised at Rs. 2,40,000. 6. All other assets were realised and liabilities were settled at book value.
Prepare necessary accounts.
