X, Y and Z wee partners sharing profit & losses in the ratio of 3:2:1. They decided to dissolve the business as on 31 st March, 2025 when their…

X, Y and Z wee partners sharing profit & losses in the ratio of 3:2:1. They decided to dissolve the business as on 31 st March, 2025 when their Balance Sheet was as follows: Liabilities Amount (₹) Assets Amount (₹) Capital A/c: Land & Building 19,40,000 X 14,20,000 Machinery 7,52,000 Y 8,80,000 Furniture 4,20,000 Z 5,00,000 Stock 2,23,200 General Reserve 6,00,000 Trade Debtors 6,24,000 Employees Provident Fund 2,40,000 Cash & Bank 1,76,800 Trade Creditors 4,96,000 41,36,000 41,36,000 The following information is given to you: (i) There was an unrecorded investment which was sold for 1,20,000. (ii) One of the creditors agreed to take over some items of furniture of Book value - 1,00,000 at 96,000. The rest of the creditors were paid at a discount of 5%. (iii) Out of the trade debtors - 36,000 proved bad, remaining were fully realized. (iv) The other assets were realised as under: Land & Building - 21,00,000 Machinery 6,80,000 Furniture Remaining taken over by X at 3,00,000 Stock - 2,40,000 (v) Expenses of dissolution amounted to 74,800. (vi) There was an outstanding bill for repairs which had to be paid for 14,000. You are required to prepare: (1) Realisation A/c (2) Cash & Bank A/c (3) Partner’s Capital A/c in the books of partnership firm.