anil sunil and vinyl are partners of a firm sharing profits and losses at 20 40 and 609134

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Anil, Sunil and Vinyl are partners of a firm sharing profits and losses at 20%, 40% and 40%, respectively. Their summarized Balance Sheet on Dec 31, 2009, when they decided to dissolve the firm, was as follows:

Liabilities Don't use plagiarized sources. Get Your Custom Essay on anil sunil and vinyl are partners of a firm sharing profits and losses at 20 40 and 609134 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page Order Essay	Rs	Assets	Rs
Capital Accounts	2,50,000	Cash and Bank Balance	25,000
Current Accounts	25,000	Sundry Debtors	1,50,000
Provision for Depreciation:	25,000	Stock	87,500
Depreciation on Machinery
General Reserve	67,500	Machinery	2,00,000
Provision for Doubtful Debts	37,500	Goodwill	50,000
Sundry Creditors	1,32,500	DeferredRevenueExpenses	25,000
	5,37,500		5,37,500

Additional Information

Capital and current accounts are in proportion of profit sharing ratio.
Debtors realised two-thirds of its gross value while stock and machinery realised Rs 55,000 and Rs 1,00,000, respectively.
Investments written off in the past were taken over by Anil for Rs 1,15,000.
Suppliers allowed discounts of Rs 7,500 in full settlement.
Realisation expenses of Rs 12,500 were paid by Sunil and Vinyl in ratio of their capital account.
An old machinery fully written off was sold for Rs 10,500 while an extra payment of Rs 500 is made to bank for a discounted bill being dishonoured.

You are required to prepare:

Realisation Account

Cash and Bank Account

Capital Accounts of the partners

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