Illustration 60. 067 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, 2013 on which date the firm's position was as under: Liabilities Amount Assets Amount 2 Capital Accounts: Plant and Machinery 80,000 Cloud 60,000 Furniture & Fixtures 45,000 Storm 40,000 Motor car 25,000 Rain 30,000 Stock in Trade 30,000 Current Accounts: Sundry Debtors 71,000 Cloud 8,000 Cash at bank 14,000 Storm 10,000 Current Account: Sundry Creditors 1,20,000 Rain 3,000 2,68,000 2,68,000 The following information is given: (0) Plant costing 40,000 was taken over by Cloud at an agreed valuation of 3 45,000 and the remaining machineries realised 50,000. (ii) Furniture & fixture realised 3 40,000. (ii) 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 35,000 was taken over by rain for 35,200 and the rest realised at 20% above their book value. (vi) A creditor for 2,000 was untraceable and other creditors accepted payment allowing 15% discount. Realisation expenses amounted to 5,000. You are required to show the Realisation Accounts and the Capital Accounts of the partners on dissolution showing final payment to them