Accountancy > Accounting For Partnership Firms > Dissolution Of Partnership Firm
Niti and Riti were partners in a firm sharing profits and losses equally. Their firm was dissolved on 31st March, 2024. After transferring assets (other than cash) and external liabilities to Realisation A/c, the following transactions took place:
(i) All the assets (except unrecorded assets) were realised at a profit of ₹ 20,000.
(ii) All the liabilities were settled at ₹ 50,000.
(iii) An unrecorded asset was sold for ₹ 30,000.
(iv) Realisation expenses were ₹ 10,000.
The result of Realisation A/c was:
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