Shilpa Meena and Nanda decided to dissolve their partnership on 31st March 2019 Their profit sharing...........

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Shilpa, Meena and Nanda decided to dissolve their partnership on 31st March, 2019. Their profit-sharing ratio was 3 : 2 : 1 and their Balance Sheet was as under:

BALANCE SHEET OF SHILPA, MEENA AND NANDA as at 31st March, 2019

Liabilities			Assets
Capital A/cs:			Land	81,000
Shilpa	80,000		Stock	56,760
Meena	40,000	1,20,000	Debtors	18,600
Bank Loan		20,000	Nanda's Capital	23,000
Creditors		37,000	Cash	10,840
Provision For Doubtful Debts		1,200
General Reserve		12,000
		1,90,200		1,90,200

It is agreed as follows:

The stock of value of 41,660 are taken over by Shilpa for 35,000 and she agreed to discharge 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, Partners' Capital Accounts, and Cash Account to Close the books of the firm.

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