3.299 A's Current Alc To Bank a/c Dr. 12.000 (Being actual realisation expenses paid 12,000 out of firm's bank account) ILLUSTRATION 3 (Preparation of ledger accounts): A, B and C are three partners sharing profits in the ratio of 3:1:1. On 31" March 2010 they decided to dissolve their firm. On that date their Balance sheet was as under: BALANCE SHEET as at 31" March 2010 Rs. Assets Rs. 6,000 Cash 3.200 1,500 Debtors 24,200 Capitals Accounts Less: Provision for Bad Debts 1.200 23,000 7,800 27,500 Stock in trade 1,000 B 10,000 Furniture 7.000 44,500 17,000 Sundry Assets 52.000 52,000 K37 Liabilities Creditors Loan It was agreed that: 0 A is to take over Furniture at Rs.800 and Debtors amounting to Rs.20,000 at Rs.17.200; the Creditors of Rs. 6000 to be paid by him at this figure. (1) Bis to take over all the Stock in trade at Rs.7.000 and some of the Sundry Assets at Rs.7.200 (Being 10% less than book value.) (i) C is to take over the remaining Sundry Assets at 90% of the book value, less Rs. 100 as discount and assume the responsibility for the discharge of the loan together with Accrued Interest of Rs.30 which has not been recorded in the books. (W) Expenses of dissolution were Rs.270. The remaining Debtors were sold to a debt collecting agency for 50% of the book value. Prepare necessary accounts to close the books of the firm. of AB and C co