Sumit, Amit and Vinit are partners sharing profit in the ratio of 5:3:2. Their Balance Sheet as on March 31, 2017 was as follows:

The firm was dissolved on that date. Amit took over his wife’s loan. One of the Creditors for Rs.2,600 was not claim the amount. Other assets realised as follows:
1. Machinery was sold for Rs.70,000,
2. Investments with book value of Rs.1,00,000 were given to Creditors in full settlement of their account. The remaining Investments were took over by Vinit at an agreed value of Rs.45,000,
3. Stock was sold for Rs.11,000 and Debtors for Rs.3,000 proved to be bad,
4. Realisation expenses were Rs.1,500. Prepare ledger accounts to close the books of the firm.

Explanation