Abhay, Bikram and Chris were partners in a firm sharing profits and losses equally. They decided to dissolve their partnership firm on 31st March,…

Dr. Realisation Account Cr. Particulars Amount Particulars Amount (₹) (₹) To Sundry Assets t/f: By Sundry Liabilities t/f: Plant & Machinery $\displaystyle 80,000$ Creditors $\displaystyle 1,20,000$ $\displaystyle 1,20,000$ Furniture $\displaystyle 45,000$ Motor Car $\displaystyle 1,25,000$ By Abhay’s Capital A/c (P&M) $\displaystyle 75,000$ Stock $\displaystyle 30,000$ By Bikram’s Capital A/c (Car) $\displaystyle 1,30,000$ Debtors $\displaystyle 70,000$ $\displaystyle 3,50,000$ By Chris’s Capital A/c (stock) $\displaystyle 4,500$ By Bank A/c To Bank A/c: Debtors $\displaystyle 63,000$ Expenses $\displaystyle 5,000$ Stock $\displaystyle 30,000$ Creditors $\displaystyle 1,20$ $\displaystyle 000$ $\displaystyle 1,25,000$ Furniture $\displaystyle 40,000$ $\displaystyle 1,33,000$ By Loss transferred to Partners’ Capital A/c Abhay $\displaystyle 4,166$ Bikram $\displaystyle 4,167$ Chris $\displaystyle 4,167$ $\displaystyle 12,500$ $\displaystyle 4,75,000$ $\displaystyle 4,75,000$