Question - 23 

Sanjay, Tarun and Vineet shared profit in the ratio of 3:2:1 on Dec., 31, 2006 their balance sheet was as follows :

Liabilities                                Amt.

Capital             

Sanjay            1,00,000

Tarun              1,00,000

Vineet                70,000         2,70,000

Creditor                                   80,000

Bill payable                             30,000

                                               3,80,000

Assets                                        Amt.

Plant                                          90,000

Debtor                                       60,000

Furniture                                   32,000

Stock                                         60,000

Investment                                70,000

Bill Receivable                         36,000

Cash in hand                             32,000

                                                3,80,000

On this date the firm was dissolved. Sanjay was appointed to realise the assets Sanjay was to receive 6% commission on the sale of assets (expect cash) on was to bear all expenses of Realization.

Sanjay realized the assets as follows : Plant Rs. 72,000, Debtor Rs. 54,000, Furniture Rs. 31,000. Expenses of Realization amounted to Rs. 4,500.

Prepare Realization, Capital and Cash Account.

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