Achal and Vichal were partners in a firm sharing profits in the ratio of 3 : 5. On 31st March, 2018 their Balance Sheet was as follows: The firm was dissolved on 1st April, 2018 and the Assets and Liabilities were settled as follows: (a) Land and Building b realised ₹ 4,30,000. (b) Debtors realised ₹ 2,25,000 (with interest) and ₹ 1,000 were recovered for Bad Debts written off last year. (c) There was an Unrecorded Investment which was sold for ₹ 25,000. (d) Vichal took over Machinery at ₹ 2,80,000 for cash. (e) 50% of the Creditors were paid ₹ 4,000 less in full settlement and the remaining Creditors were paid full amount. Pass necessary journal entries for dissolution of the firm.

Achal and Vichal were partners in a firm sharing profits in the ratio

1.	Achal and Vichal were partners in a firm sharing profits in the ratio of 3 : 5. On 31st March, 2018 their Balance Sheet was as follows: The firm was dissolved on 1st April, 2018 and the Assets and Liabilities were settled as follows: (a) Land and Building b realised ₹ 4,30,000. (b) Debtors realised ₹ 2,25,000 (with interest) and ₹ 1,000 were recovered for Bad Debts written off last year. (c) There was an Unrecorded Investment which was sold for ₹ 25,000. (d) Vichal took over Machinery at ₹ 2,80,000 for cash. (e) 50% of the Creditors were paid ₹ 4,000 less in full settlement and the remaining Creditors were paid full amount. Pass necessary journal entries for dissolution of the firm.
Answer» TE YOUR ANSWER ISb) Debtors realised ₹ 2,25,000 (with INTEREST) and ₹ 1,000 were RECOVERED for Bad Debts WRITTEN off last year.(C) There was an Unrecorded Investment which wasHOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️❤️

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