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Question: 28
Shilpa, Meena and Nanda decided to dissolve their partnership on 31st March, 2024. Their Profit-sharing ratio was 3 : 2 : 1 and their Balance Sheet was as under:
It is agreed as follows:
The stock of value of ₹ 41,660 are taken over by Shilpa for ₹ 35,000 and she agreed to pay bank loan. The remaining stock was sold at ₹ 14,000 and debtors amounting to ₹ 10,000 realised ₹ 8,000. Land is sold for ₹ 1,10,000. The remaining debtors realised 50% at their book value. Cost of realisation amounted to ₹ 1,200. There was a typewriter not recorded in the books worth of ₹ 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.