27 : Shilpa, Meena and Nanda decided to dissolve their partnership on 31st March 2025. Their profit – sharing ratio was 3:2:1 and their balance sheet was as under :
It was agreed as follows:
Stock of value of Rs 41,660 is taken over by Shilpa for Rs 35,000 and she agreed to pay bank loan. The remaining stock was sold at Rs 14,000 and debtors amounting to Rs 10,000 realised Rs 8,000. Land is sold for Rs 1,10,000. The remaining debtors realised 50% at their book value. Cost of Realisation amounted to Rs 1,200. There was a typewriter not recorded in the books worth of Rs 6,000 which were taken over by one of the creditors at this value.
Prepare Realisation account, Partner’s capital accounts, and cash account to close the books of the firm.
Solution :-
