Kalpana and Bela are partners in the firm sharing profit and losses in the ratio 4:1. They decided to dissolve the partnership firm on 31st March 2020 on which date their balance sheet stood as follows.
Balance Sheet as on 31st March, 2020
Liabilities
Amount
Assets
Amount
Capital
Kalpana
Bela
Sundry Creditors
Bank Loan
63,000
28,000
24,500
10,500
Furniture
Plant
Trade Mark
Debtors 33,600
Less: RDD 2,100
Stock
Cash in hand
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9,800
45,500
5,600
31,500
21,000
7,000
5,600
1,26,000
1,26,000
Additional information :
Plant and stock taken over by Kalpana at Rs.54,600 and Rs.15,400 respectively.
Debtors realised 90% of the book value and trade mark at Rs.3,500 and goodwill was realised for Rs.18,900.
Unrecorded assets estimated Rs.3,150 was sold for Rs. 1,050.
Rs.700 discount were allowed by creditors while paying their claim.
Realisation expenses amounted to Rs.2,450.
You are required to prepare realisation account, cash account and partners capital account.
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