Partnership Accounts- Sale to a Company 1. ' X ' and ' Y ' carrying on business in parthership sharing Proflis and Losses equally, wished to dissolve the firm and sell the business 10X L Limiled Company on 31-3-2009, when the frm's position was as follows: The arrangement with X Limited Company was as folows: (i) Land and Buildng was purchased at 20% more than the book value. (ii) Fumiture and stock were purchased at book values less 15%. (ii) The gooowill of the firm was valued at Rs.40,000. (iv) The tim's debtors, cash and credhors were not to be taken over, but the compary agreed to collect the book debts of the fim and discharge the credilors of the firm as an agent, for which services, the company was to be paid 5S on all collections from the firm's debtors and 3is on cash paid to frm's credtors. (v) The purchase price was to be discharged by the compary in fully paid equity shares of As.10 each at a premium of Rs. 2 per shase. The compary collected at the amounts trom debtors. The credtors were paid off less by Rs.1,000 allowed by them as discount. The company paid the balance due to the vendors in cash. Prepare the Realsation acoount, the Capital sceounts of the parthers and the Cash account in the boaks of parthership lim