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

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

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

  1. Capital and current accounts are in proportion of profit sharing ratio.
  2. Debtors realised two-thirds of its gross value while stock and machinery realised Rs 55,000 and Rs 1,00,000, respectively.
  3. Investments written off in the past were taken over by Anil for Rs 1,15,000.
  4. Suppliers allowed discounts of Rs 7,500 in full settlement.
  5. Realisation expenses of Rs 12,500 were paid by Sunil and Vinyl in ratio of their capital account.
  6. 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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