Exercise $6$: C$,$ S and R 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 $1$st April, $200$X

on which date the firm's position was as under:

CSR Partnership Balance Sheets as at $31$ March $200$X

The following information is given:

$($i$)$ Plant costing $$40,000$ was taken over by $C$ at an agreed valuation of $$45,000$ and the

remaining machineries realized $$50,000.$

$($ii$)$ Furniture & fixture realized $$40,000.$

$($iii$)$ Motor car was taken over by storm for $$30,000.$

$($iv$)$ Sun Debtors included a Bad Debt for $$1,200$ and the rest portion was realized subject

to a cash discount of $10\%.$

$($v$)$ S worth $$5,000$ was taken over by rain for $$5,200$ and the rest realized at $20\%$ above

their book value.

$($vi$)$ A creditor for $$2,000$ was untraceable and other creditors accepted payment allowing

$15\%$ discount. Realization expenses amounted to $$5,000.$

Required: Show the Realization Accounts and the Capital Accounts of the partners on dissolution

showing final payment to them.