Raheel , Kashif and Sultan and were partners in a firm and sharing profit and losses in the ratio of 40 % , 30 % and 30 % respectively . They decided to liquidate the firm on 31 December 2020 .

. A Normal ody Textil No Space Heating 1 Heading 2 Title Font Paragraph Assignment Questions: Raheel, Kashif and Sultan and were partners in a firm and sharing profit and losses in the ratio of 40%, 30% and 30% respectively. They decided to liquidate the firm on 31" December 2020. Balance Sheet 31 December 2021 Assets Amount Rs. Liabilities + Capital Amount Rs. Cash 110,000 Account Payable 150,000 Accounts Receivable 70,000 Capital - Kashif 250,000 Merchandise Inventory 300,000 Capital - Sultan 280,000 Machinery (net) 500,000 Capital - Raheel 300,000 980,000 980,000 Account Receivable were collected for Rs. 65,000. Merchandise inventory and plant were sold for Rs. 310,000 and Rs. 500,000 respectively. After payment of creditors remaining cash was distributed among the partners. Required: Pass the necessary Journal entries and prepare Realization Account, Capital Accounts of partners and Cash Account