Dr. Date 2018 Mar 31 Cash Account Date 60,000 2018 2,48,400 Mar 31 Cr.

2018 Mar31 q76 To Balancz To Re*sahn Alc (Assets roligd) Cash Account 2018 uz31 308400 By Realisatcn Alc sa Tax By Partners' C.&I AICS Cr. 4,200 1.46040 74, 040 37. ozo 3.084m Illustration 5 A, B and C were partners in a firm sharing profits and losses in the ratio They decided to dissolve their firm the Balance Sheet on which date was as follows: Liabil&s Creditws Loan on mortgage Joint life policy reserve Capu Account A Capital Account 8 Capu Account C 25000 20,000 12,000 45,000 30,000 15,000 47.000 Machinery Stack Debtors Less: P rcwision Joint life P atents Cash at bn M goo ugg 20',cm 28 n 15.c Additional information in connection with the dissolution was as follows: Joint Life Policy was surrendered and insurance company paid a sum of? I B took some of the patents at 3,500 whose book value was 5,000; The remaining assets were realised as follows (c) (d) (e) Machinery 30,000; Stock 15,500; Debtors 25,500: Patents 50% of the book value; Liabilities were paid and discount of t 1,250 was allowed by the creditors; Expenses of dissolution amounted to 1,500. Prepare the necessary Ledger Accounts to close the bQk)ks of the firm.