Cloud, Storm and Rain were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Due to difference in opinion, they decided to dissolve the partnership with effect from 1st April, 2018 on which date the firm’s Balance Sheet was as under:

The following information is given :

(i) Plant costing ₹40,000 was taken over by Cloud at an agreed valuation of ₹45,000 and the remaining machineries realised ₹50,000.

(ii) Furniture & Fixtures realised ₹40,000.

(iii) Motor car was taken over by Storm for ₹30,000.

(iv) Sundry Debtors included a bad debt for ₹1,200 and the rest portion was realised subject to a cash discount of 10%.

(v) Stock worth ₹5,000 was taken over by Rain for ₹5,200 and the rest realised at 20% above their book value.
(vi) A creditor for ₹2,000 was untraceable and other creditors accepted payments allowing 15% discount. Realisation expenses amounted to ₹5,000. You are required to show the Realisation Account and the Capital Accounts of the partners on dissolution showing final payments to them.

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Capital A/c Cloud Capital A/c Storm Capital A/c Rain Current A/c Cloud Storm Current A/c Sundry Creditors Liabilities. ₹ 60,000 Plant & Machineries 40,000 Furniture & Fixtures 30,000 Motor car 8,000 Stock-in-trade 10,000 Sundry debtors 1,20,000 Cash at bank 2,68,000 Current A/c Rain Assets ₹ 80,000 45,000 25,000 30,000 71,000 14,000 3,000 2,68,000