X and Y were partners sharing profits and losses in the ratio of 3 : 2. They decided to dissolve the firm on 31st March, 2019. 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.
