Ramesh and Umesh were partners in a firm sharing profits in the ratio of their capitals. On 31st March, 2013, their Balance Sheet was as follows :
On the above date the firm was dissolved.
(a) Ramesh took over 50% of stock at Rs. 10,000 less then the book value. The remaining stock was sold at a loss of Rs. 15,000. Debtors were realised at a discount of 5%.
(b) Furniture was taken over by Umesh for Rs. 50,000 and machinery was sold for Rs. 4,50,000.
(c) Creditors were paid in full.
(d) There was an unrecorded bill for repairs for Rs. 1,60,000 which was settled at Rs. 1,40,000. Prepare Realisation Account.
