X and Y are partners in a firm with a profit sharing ratio of 3:2 respectively. They decided to
dissolve the partnership on June 1, 2011. On that date their capitals stood as 20,000frs and
10,000frs, respectively. Amount owed by Y to the firm was 6,400frs and there was a loan by X for 8,000frs; Creditors were 50,000frs and cash 5,400frs. The remaining assets other than loan to Y
and cash, realized 59,200frs. Realization expenses amounted to 2,000 frs.
Prepare the Balance Sheet of the firm as on June 1, 2011 and necessary ledger accounts to close
the books of the firm.