P, Q and R were partners sharing profit & losses in the ratio of 3:2:1. They decided to dissolve the business as on 31st March, 2024 when their Balance Sheet was as follows: Liabilities Amount Assets Amount Capital Accounts P Q R General Reserve Employee Provident Fund Trade Creditors 3,55,000 2,20,000 1,25,000 1,50,000 60,000 1,24,000 Land & Building Machinery Furniture Stock Trade Debtors Cash & Bank 4,85,000 1,88,000 1,05,000 55,800 1,56,000 44,200 10,34,000 10,34,000 The following information is given to you: (i) There was an unrecorded investment which was sold for ₹ 30,000. (ii) One of the creditors agreed to take over some items of furniture of Books value 25,000 at 24,000. The rest of the creditors were paid at a discount of 5%. (iii) Out of the Debtors ₹ 9,000 proved bad, remaining were fully realized. (iv) The other assets were realised as under: Land & Building 5,25,000 Machinery 1,70,000 Furniture Remaining taken over by P at 75,000 Stock 60,000 (v) Expenses of dissolution amounted to 18,700. (vi) There was an outstanding bill for repairs which had to be paid for ₹ 3,500 You are required to prepare (1) Realisation A/c (2) Cash & Bank A/c (3) Partner's Capital A/c in the books of partnership firm. [June 2024, 8 Marks]
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