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QUESTION TWO Ram, Shyam and Ghanshyam are partners sharing profits and losses in the ratio...

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QUESTION TWO Ram, Shyam and Ghanshyam are partners sharing profits and losses in the ratio of 4:2:3. On 1st January 2002, they agreed to dissolve the partnership, when their Balance Sheet was as follows: Rs. Assets Liabilities Capital Accounts: Ram Shyam Ghanshyam 68,000 46,000 3.000 1.17.000 Buildings Machinery Furniture Stock Debtors Investments Bills Receivable Cash at Bank Cash in Hand Rs. 45,000 15.000 3,700 19,400 31,000 24,000 5,600 6.500 1,000 Ram's Loan Creditors Bills Payable Reserve Fund Profit and Loss Account 4.000 9.000 4.100 12,600 4.500 1.51,200 1.51.200 1. The assets realised as under: Investments Rs.20,400; Bills Receivable and Debtors Rs.28,200: Stock Rs. 14,550; Furniture Rs.2,050; Machinery Rs.8,600. Building Rs.26,400. 2. All the liabilities were paid off. 3. The cost of realisation was Rs.600. 4. Ghanshyam had become bankrupt and Rs.1,024 only recovered from his estate once and for all. 5. Partners were finally paid off. Required: (1) Realisation Account. (ii) The Bank Account. (iii) Partner's Capital Accounts

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