Gopesh and Rakesh are partner sharing profit equally. They decided to dissolve their partnership business. On 31 March 2014 their balance sheet was as under :
Assets realized as follows :
- Gopesh takes plant & machine and furniture on 10% less on their book value.
- Rekesh takes stock and goodwill at Rs 35,000.
- Realised from debtors Rs 37,000.
- Creditors paid on 5% discount.
Make Journal Entries to close the books and prepare necessary accounts.
