Raja, Rajan and Rajani were partners in a firm sharing profits and losses in the ratio of 2: 2: 1. On 31st March, 2024, their Balance Sheet was as…

Raja, Rajan and Rajani were partners in a firm sharing profits and losses in the ratio of $\displaystyle 2$ : $\displaystyle 2$ : 1. On 31st March, $\displaystyle 2024$, their Balance Sheet was as follows : Balance Sheet of Raja, Rajan and Rajani as at 31st March, $\displaystyle 2024$

Liabilities	Amount (₹)	Assets	Amount (₹)
Capitals :		Land and Building	$\displaystyle 9,00,000$
Raja $\displaystyle 3,00,000$		Plant and Machinery	$\displaystyle 6,00,000$
Rajan $\displaystyle 4,00,000$		Furniture	$\displaystyle 1,20,000$
Rajani $\displaystyle 5,00,000$	$\displaystyle 12,00,000$	Debtors $\displaystyle 80,000$
General Reserve	$\displaystyle 1,60,000$	Less : Provision for doubtful debts $\displaystyle 8,000$	$\displaystyle 72,000$
Creditors	$\displaystyle 80,000$	Bills Receivable	$\displaystyle 18,000$
Raja's Loan	$\displaystyle 3,00,000$	Stock	$\displaystyle 1,00,000$
Mrs. Raja's Loan	$\displaystyle 1,90,000$	Bank	$\displaystyle 1,30,000$
Outstanding Wages	$\displaystyle 10,000$
	$\displaystyle 19,40,000$		$\displaystyle 19,40,000$

On the above date, the firm was dissolved. Assets were realised and liabilities were paid off as follows : (i) Land and Building was sold for $\displaystyle 20,00$,000. (ii) Plant and Machinery realised $\displaystyle 40,000$ less than their book value and furniture was taken over by the creditors in full settlement of their account. (iii) Debtors and Bills Receivable realised $\displaystyle 90$,000. (iv) $\displaystyle 60$% of the stock was taken over by Raja at $\displaystyle 90$% of the book value and the remaining stock realised at $\displaystyle 44$,000. (v) Outstanding wages were paid in full. (vi) Mrs. Raja's loan was paid with interest off $\displaystyle 10$,000. (vii) Realisation expenses were $\displaystyle 8$,000. Prepare Realisation Account.