Ekam and Akash were partners in a firm sharing profits in the ratio of 3 : 2. On 31st March, 2024 the Balance Sheet of the firm was as follows:
The firm was dissolved and the assets and liabilities were settled as follows:
Land and Building was taken over by the creditors as full settlement.
Ekam accepted an unrecorded asset of ₹50,000 in full settlement of his loan.
Furniture was taken over by Akash for cash payment at 5% less than book value.
Debtors were collected by a debt collection agency at a cost of ₹10,000.
Bills Receivable realised ₹1,41,000.
Akash agreed to bear all realisation expenses. He was allowed ₹1,000 for this service. Actual realisation expenses of ₹2,000 were paid by Akash.
Prepare Realisation Account and Partners’ Capital Accounts.