Sarthaks Test
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Surjit and Rahi were sharing profits (losses) in the ratio of 3:2, their Balance Sheet as on March 31, 2004 is as follows:

Balance sheet of surjit and rahi as on March 31,2012

LiabilitiesRs.Amt.Assets Rs.Amt.
mrs surjit loan10,000stock  6,000
Rahi's loan  5,000furniture  4,000
capital's plant28,000
Rahi  8,000profit and loss  7,500

The firm was dissolved on March 31, 2006 on the following terms: 

1. Surjit agreed to take the investments at Rs. 8,000 and to pay Mrs. Surojit’s loan. 

2. Other assets were realised as follows: 

Stock               Rs.5,000 

Debtors           Rs. 18,500 

Furniture          Rs. 4,500 

Plant                 Rs. 25,000 

3. Expenses on realisation amounted to Rs. 1,600. 

4. Creditors agreed to accept Rs. 37,000 as a final settlement. You are required to prepare Realisation account, Partner’s Capital account and Bank account

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