P, Q and R sharing profit in the ratio of 3:1:1 decided to dissolve their firm on Mar 31, 2010, their position was as follows:

Liabilities

Assets

Creditors

12,000

Cash in Bank

7,000

Loan

3,000

Debtors

48,400

Capitals

Less: Reserve

2,400

46,000

P

55,000

Stock

16,600

Q

22,000

Furniture

2,400

R

20,002

97,000

Sundry Assets

40,000

1,12,000

1,12,000

It is agreed that:

  1. P is to take over all the furniture at Rs 2,000 and debtors amounting to Rs 40,000 at Rs 36,000. P also agrees to pay the creditors.
  2. Q is to take over all the stock at book value and some of the sundry assets Rs 14,400 (being book value less 10%).
  3. R is to take over the remaining sundry assets at 90% of the book value and assume responsibility for the discharge of the loan.
  4. The remaining debtors were taken by a debt collecting agency at 80% of the book value.
  5. The expenses of dissolution amounted to Rs 400. You are required to prepare Realisation Account, Bank Account and Capital Accounts of the Partners.