BALANCE SHEET OF SHILPA, MEENA AND NANDA as at 31st March, 2019
| Liabilities | Rs. | Assets | Rs. |
| Capital A/c : | Land | 81,000 | |
| Shilpa 80,000 | Stock | 56,760 | |
| Meena 40,000 | 1,20,000 | Debtor Rs. | 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 Rs. 41,660 are taken over by Shilpa for Rs. 35,000 and she agreed to discharge bank loan. The remaining stock was sold at Rs. 14,000 and debtor Rs. amounting to Rs. 10,000 realised Rs. 8,000. Land is sold for Rs. 1,10,000. The remaining debtor Rs. realised 50% at their book value. Cost of realisation amounted to Rs. 1,200. There was a typewriter not recorded in the book’s worth of Rs. 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.
Solution
