Sarthaks Test
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A and B were partners sharing profits and losses as to 7/11th to A and 4/11th to B. They dissolved partnership on 30th May, 2016. As on that date their capitals were: A Rs.7,000 and B Rs.4,000. There we also due on Loan A/c to A Rs.4,500 and to B Rs.750. The other liabilities amounted to Rs.5,000. The assets proved to have been undervalued in the last Balance Sheet and actually realised? Rs.24,000.

 Prepare necessary accounts showing the final settlement between partners.

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