Akhil, Sunil and Nikhil were in partnership sharing profits and losses in the ratio of 2:1:1. The following was their Balance sheet on the date of dissolution i.e. on 31st December 2016 Liabilities Partner's Capital Akhil Sunil Nikhil Sundry Creditors ncome Tax Loan from bank Secured on Machinery) unil's Loan Rs. Month January February March April May Assets Machinery Furniture 40,000 40,000 Motor car 30,000 Debtors 15,000 Cash 4,000 30,000 11,000 1,70,000 Rs. 1) Bank could realise only Rs. 25,000 on disposal of Machinery 2) Realisation Expenses amounted to Rs.3000 3) The Assets realised gradually as follows Amount 12,000 15,000 10,000 30,000 35,000 40,000 36,000 25,000 40,000 9,000 1,70,000