A, B and C were partners sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet as at 31st March, 2018 was as follows :

Balance Sheet of A, B and C as at 31st March, 2018

Liabilities

Amount (Rs.)

Assets

Amount (Rs.)

Capitals

 

Cash at Bank

3,00,000

A     7,50,000

 

Sundry Debtors    1,95,000

 

B     3,00,000

 

Les: Provision for

Doubtful Debts                       5,000


1,90,000

C     2,50,000

13,00,000

Stock

3,00,000

Creditors

2,00,000

Fixed Assets

7,10,000

 

15,00,000

 

15,00,000

 

On the above date they dissolved the firm and following amounts were realised : Fixed Assets Rs.  6,75,000; Stock Rs.  3,39,000; Debtors Rs.  1,35,000; Creditors were paid Rs.  1,85,000 in full settlement of their claim. Expenses on Realisation amounted to Rs.  19,000.

Pass the necessary journal entries on the dissolution of the firm.

Marks-6, CBSE:2018-19/Main/04/Q-13*