X and Y were in partnership and agreed to dissolve. The assets realized Rs 1,50,000. The liabilities were as follows: Sundry creditors Rs. 90,000 Loan from X Rs. 40,000 Capital of X Rs. 20,000,Capital of Y Rs 30,000 They share profits and losses in the ratio of X % and Y%. Prepare Realization account.

Answer rating: 100% (QA)

To prepare the Realization Account for the dissolution of the partnership between X and Y we need to record the realization of assets and settlement o... View the full answer