M, S and R were partners in a firm sharing profits and losses in the ratio of 2: 1:2. On 31.03.2022, their Balance Sheet was as follows:
Balance Sheet of M, S and R as at 31st March, 2022
| Liabilities | Amount ₹ |
Assets | Amount ₹ |
|---|---|---|---|
| Creditors | 80,000 | Fixed Assets | 1,20,000 |
| Capitals: | Stock | 70,000 | |
| M 60,000 | Debtors | 20,000 | |
| S 50,000 | Bank | 60,000 | |
| R 30,000 | 1,40,000 | ||
| Profit and Loss A/c | 50,000 | ||
| 2,70,000 | 2,70,000 |
On the above date the firm was dissolved. Fixed assets realised ₹1,20,000 and stock realised ₹10,000. Debtors were realised at their book value and liabilities were paid in full.
Prepare Realisation Account and Partners’ Capital Accounts.
Marks-6, CBSE:2022-23/Compartment/Q-24
Answer :