Ravi, Kavi and Chand were partners sharing profits in the ratio of $\displaystyle 5$ : $\displaystyle 3$ : 2. On 31st March, $\displaystyle 2022$, their Balance Sheet was as follows : Balance Sheet of Ravi, Kavi and Chand as on 31st March, $\displaystyle 2022$ Amount Amount Liabilities Assets < < Sundry Creditors $\displaystyle 70,000$ Land and Building $\displaystyle 3,50,000$ Chand 's Loan $\displaystyle 20,000$ Stock $\displaystyle 3,00,000$ Mrs. Chand Loan 's $\displaystyle 20,000$ Debtors $\displaystyle 2,00,000$ Less provision $\displaystyle 10,000$ Capitals : $\displaystyle 1,90,000$ Ravi $\displaystyle 4,00,000$ Cash $\displaystyle 70,000$ Kavi $\displaystyle 3,00,000$ Chand $\displaystyle 1,00,000$ $\displaystyle 8,00,000$ $\displaystyle 9,10,000$ $\displaystyle 9,10,000$ The firm was dissolved on the above date. (i) Land and Building and Stock were sold for ₹ $\displaystyle 6,00$,000. Debtors were realised at $\displaystyle 10$% less than the book value. (ii) Mrs. Chand loan was settled by giving her a computer of 's ₹ $\displaystyle 22,000$ not recorded in the books. (iii) Ravi paid off one of the creditors ₹ $\displaystyle 20,000$ in settlement of his amount of ₹ $\displaystyle 30$,000. (iv) Remaining creditors were paid in cash. Prepare Realisation Account.

Dr Realisation A/c Cr Particulars Amount Particulars Amount ₹ ₹ To Land & Building A/c $\displaystyle 3,50,000$ By Provision for Doubtful Debts A/c To Stock A/c (½) $\displaystyle 3,00,000$ $\displaystyle 10,000$ By Creditors A/c (½) To Debtors A/c $\displaystyle 2,00,000$ $\displaystyle 70,000$ By Mrs. Chand’s Loan $\displaystyle 20,000$ To Ravi’s Capital A/c (½) $\displaystyle 20,000$ By Cash A/c ($\displaystyle 1$) To Cash A/c (½) $\displaystyle 40,000$ Land & Building and stock $\displaystyle 6,00,000$ Debtors $\displaystyle 1,80,000$ $\displaystyle 7,80,000$ By Loss transferred to Partners’ Capital A/c: ($\displaystyle 1$) Ravi $\displaystyle 15,000$ Kavi $\displaystyle 9,000$ $\displaystyle 30,000$ Chand $\displaystyle 6,000$ $\displaystyle 9,10,000$ $\displaystyle 9,10,000$