Rita and Sobha are partners in a firm ,Fancy Garments Exports profits and losses equally .\
Channel: Doubtnut
Date: 2020-03-29

Rita and Sobha are partners in a firm ,Fancy Garments Exports profits and losses equally . On 1st April , 2019 , the Balance Sheet of the firm was : The firm was dissolved on the date given above. The following transactions took place : (a) Rita took 25% of the Stock at a discount of 20% in settlement of her loan. (b) Book Debts realised ? 54,000 , balance of the Stock was sold at a profit of 30% on cost . (c) Sundry Creditors were paid out at a discount of 10% . Bills Payable were paid in full. (d) Plant and Machinery realised ? 75,000 . Land and Building ? 1,20,000. (e) Rita took the goodwill of the firm at a value of ? 30,000 . (f) An unrecorded asset of ? 6,900 was handed over to an unrecorded liability of ? 6,000 in full settlement . (g) Realisation expenses were ? 5,250 . Show Realisation Account , Partner\'s Capital Accounts and Bank Account in the books of the firm .