G and M were partners in a firm sharing profits and losses in the ratio of 3:2. On 31st March 2022, their balance sheet was as follows: Balance Sheet…

Dr Realisation A/c Cr Particulars Amount Particulars Amount ₹ ₹ To Sundry Assets A/c By Sundry Liabilities A/c Other Current Assets A/c $\displaystyle 4,80,000$ Creditors A/c $\displaystyle 50,000$ Machinery A/c $\displaystyle 7,00,000$ Outstanding Expenses A/c $\displaystyle 45,000$ Land & Building A/c $\displaystyle 15,00,000$ Provision for doubtful debts A/c $\displaystyle 5,000$ Patents A/c $\displaystyle 10,000$ $\displaystyle 9$% Loan A/c $\displaystyle 15,00,000$ $\displaystyle 16,00,000$ Goodwill A/c $\displaystyle 1,20,000$ $\displaystyle 28,10,000$ By Bank A/c To Bank A/c Other Current Assets $\displaystyle 4,32,000$ Creditors $\displaystyle 50,000$ Land and Building $\displaystyle 15,00,000$ O/s Expenses $\displaystyle 45,000$ Machinery $\displaystyle 7,00,000$ $\displaystyle 26,32,000$ $\displaystyle 9$% Loan $\displaystyle 16,35,000$ Dissolution By Loss transferred to Partners’ $\displaystyle 17,40,000$ Expenses $\displaystyle 10,000$ Capital A/c’s G $\displaystyle 1,90,800$ $\displaystyle 3,18,000$ M $\displaystyle 1,27,200$ $\displaystyle 45,50,000$ $\displaystyle 45,50,000$