Kapil, Bharat, Vivek and Bhavesh are equally partners. Firm dissolved on 31 March, 2009. On that date Balance Sheet is as follows :
Realised from debtors less 20% of from Book value. Stock can sold in Rs 4,000. There was contingent liabilities of Rs 2,000 which was not shown in the books was paid in Rs 1,600. Bharat became insolvent realised from his only Rs 6,000. Realisation expenses were Rs 4,800. Apply Garner V/s Murray rules prepare necessary accounts.
