36 :- Rita and Sobha are partners in a firm, Fancy Garments Exports, Sharing profits and losses equally. On 1st April, 2025, the Balance Sheet of the firm was :
The firm was dissolved on the date given above. The following transactions took place:
(a) Rita took 25% of the stock at a discount of 20% in settlement of her loan.
(b) Sundry debtors realised Rs 54,000.
(c) Sundry creditors were paid at a discount of 10%.
(d) Land and Building realised Rs 1,20,000.
(e) Rita took the goodwill of the firm at a value of Rs 30,000.
(f) An unrecorded asset of Rs 6,900 was given in settlement of unrecorded liability of Rs 6,000 in full settlement.
(g) Realisation expenses were Rs 5,250.
(h) Loan to Sobha was received.
Show Realisation Account, Partner’s Capital Accounts and Bank Account in the books of the firm .
Solution :-
