Ravneet and Manmeet were partners in a firm sharing profits and losses in the ratio of 7: 3. On 31st March, 2025, their Balance Sheet was as follows:…

Books of Ravneet and Manmeet Dr. Realisation Account Cr. Particulars Amount Particulars Amount (₹) (₹) To Sundry Assets By Sundry Liabilities Stock $\displaystyle 2,50,000$ Creditors $\displaystyle 4,50,000$ Debtors $\displaystyle 2,00,000$ Plant and Machinery5,$\displaystyle 50,000$ $\displaystyle 10,00,000$ By Cash/ Bank A/c Plant and Machinery. $\displaystyle 4,87,000$ Stock $\displaystyle 2,00,000$ $\displaystyle 8,27,000$ To Cash/ Bank A/c Debtors $\displaystyle 1,40,000$ Creditors $\displaystyle 4,50,000$ By Loss transferred to Partners’ Capital A/c’s Ravneet $\displaystyle 1,27,400$ To Ravneet’s Capital A/c $\displaystyle 14,59,000$ $\displaystyle 14,59,000$ Dr. Partners’ Capital Accounts Cr. Particulars Ravneet Manmeet Particulars Ravneet Manmeet (₹) (₹) (₹) (₹) To RealisationA/c $\displaystyle 1,27,400$ $\displaystyle 54,600$ By Balance b/d $\displaystyle 5,00,000$ $\displaystyle 3,00,000$ (Loss) To Cash/ Bank A/c $\displaystyle 3,81,600$ $\displaystyle 2,45,400$ By Realisation A/c $\displaystyle 9,000$ - (Commission) $\displaystyle 5,09,000$ $\displaystyle 3,00,000$ $\displaystyle 5,09,000$ $\displaystyle 3,00,000$ . Alternatively, Dr. Partners’ Capital Accounts Cr. Particulars Ravneet Manmeet Particulars Ravneet Manmeet (₹) (₹) (₹) (₹) To RealisationA/c $\displaystyle 1,27,400$ $\displaystyle 54,600$ By Balance b/d $\displaystyle 5,00,000$ $\displaystyle 3,00,000$ (Loss) To Cash/ Bank A/c $\displaystyle 7,500$ - By Realisation A/c $\displaystyle 9,000$ - (Commission) To Cash/ Bank A/c $\displaystyle 3,74,100$ $\displaystyle 2,45,400$ $\displaystyle 5,09,000$ $\displaystyle 3,00,000$ $\displaystyle 5,09,000$ $\displaystyle 3,00,000$