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Suma and Reema are partners sharing profits and losses in the ratio of 2:1 Their Balance + Sheet as on 31/03/2022 is as follows: 

Liabilities Sundry Creditors Bills payable Suma's Loan Reserve Fund Capitals: Suma Reema 12,000 Cash at Bank 20,000 Bills Receivable L 7,000 36,000 (-)PDD Assets 1,00,000 Sundry Debtors 45,000 5,000 Investments | 50,000 Furniture Machinery Vehicle P/L A/C+ 10,000 10,000 40,000 15,000 20,000 25,000 90,000 - 15,000 2,25,000 2,25,000 On the above date the firm was dissolved. 

a) The assets were realized as follows: Bills-Receivable 8,500, Sundry Debtors 42,000, Investments 18,000, Machinery *20,000 and Furniture 18,000. 

b) Vehicle was taken over by Suma at *82,000. 

c) Dissolution expenses were *3000 

d) All the liabilities were discharged in full Prepare: 

a) Realisation Account, 

b) Partners' Capital Accounts, 

c) Bank Account.​

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Profit & Loss Appropriation A/c Dr. 20,000

To Simran’s Current A/c 10,000

To Reema’s Current A/c 10,000

(Interest on capital transferred to Profit & Loss Appropriation A/c)

Profit & Loss Appropriation A/c 2,80,000

To Simran’s Current A/c 1,68,000

To Reema’s Current A/c 1,12,000

(Profit transferred to Partner’s Current A/c)

In a partnership, parties who are referred to as business partners agree to work together to further their shared Assets objectives. Individuals, companies, interest-based organisations, schools, governments, or combinations of these may be the partners in a partnership.

Organizations may work together to expand their reach and increase the likelihood that each will succeed in reaching their goals. A partnership may solely be controlled by a contract, or it may issue and hold stock.

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