The firm was dissolved on 31st March. 2012 on the following terms :
(a) Ravi took over stock at Rs 8.000.
(b) Creditors payable after two months w ere paid immediately at a discount of 6% per annum.
(c) Debtors realized Rs 35,000
(d) Plant and Machinery and Investments realized Rs 60,000.
(e) An old computer completely written off w as taken over by Prakash at Rs 1,200.
(f) Realization expenses of Rs 2,000 were paid by Ravi.
You are required to prepare :
(i) Realization Account.
(ii) Partners’ Capital Accounts.
(iii) Cash Account.
