Meena and Tina are partners in a firm and sharing profit as 3:2. They decided to dissolve their firm on March 31, 2017 when their Balance Sheet was a follows:

The assets and liabilities were disposed off as follows :
(a) Machinery were given to creditors in full settlement of their account and Stock were given to bills payable in full settlement.
(b) Investment were took over by Tina at book value. Sundry debtors of book value Rs. 50,000 took over by Meena at 10% less and remaining debtors realised Rs. 51,000.
(c) Realisation expenses amount to Rs. 2,000. Prepare necessary ledger accounts to close the book of the firm.

Explanation