Read the following information and answer the questions that follows:
Mohan and Sohan were partners in a firm sharing profits and losses in the ratio of 7:3. They decided to dissolve firm on 31st March
2020 on that date, their books showed the following ledger account balances:

Particulars	Amt (Rs.)
Profit & Loss A/c (Dr.)	8,000
Cash in hand	6,000
Bank Loan	20,000
Bills Payable	5,000
Sundry Assets	1,98,000
Capital A/cs:
Mehta	1,12,000
Menon	48,000
Sundry Creditors	27,000

Additional information:

I.Bills payable falling due on 31^st May 2022 retired on the date of dissolution of the firm at a rebate of 6% per annum.

II.The bankers accepted the furniture (included in sundry asserts) having a book value of Rs.18,000 in full settlement of the loan given by them.

III. Remaining asserts were sold for Rs.1,50,000/-.

IV.  Liability on account of outstanding salary not recorded in the books amounting to Rs.15,000/- was met.

V. Sohan agreed to take over the responsibility  of completing the dissolution work to bear all expenses of realisation at an agreed remuneration of Rs.2,000/-. The actual realisation expenses were Rs.1,500 which were paid by the firm on behalf of Sohan.