46 :- X and Y were partners sharing profits and losses in the ratio of 3:2. They decided to dissolve the firm on 31st March, 2025. On that date, their capitals were X – Rs 40,000 and Y – Rs 30,000. Creditors amounted to Rs 24,000.
Assets were realised for Rs 88,500. Creditors of Rs 16,000 were taken over by X at Rs 14,000. Remaining creditors were paid at Rs 7,500. The cost of Realisation came to Rs 500.
Prepare necessary accounts.
Solution :-
