Page No 8.56:
Question 29:
Ashu and Harish are partners sharing profit and losses as 3 : 2 . They decided to dissolve the firm on 31st March, 2019. Their Balance Sheet on the above date was:
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Liabilities |
Amount |
Assets |
Amount |
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Capital
A/cs:
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Building |
80,000 |
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Ashu |
1,08,000 |
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Machinery |
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70,000 |
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Harish |
54,000 |
1,62,000 |
Furniture |
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14,000 |
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Creditors
|
88,000 |
Stock |
|
20,000 |
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Bank
Overdraft |
50,000 |
Investments |
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60,000 |
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Debtor |
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48,000 |
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Cash
in Hand |
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8,000 |
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3,00,000 |
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3,00,000 |
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Ashu
is to take over the building at ` 95,000 and
Machinery and Furniture is taken over by Harish at value of
`
80,000. Ashu agreed to pay Creditor and Harish agreed to meet Bank overdraft.
Stock and Investments are taken by both partner in profit-sharing ratio. Debtor
realised for ` 46,000, expenses of
realisation amounted to ` 3,000. Prepare necessary
Ledger Accounts.
Answer:
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Realisation
Account |
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Dr. |
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Cr. |
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Particulars |
Amount (
`) |
Particulars |
Amount (
`) |
||||
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Building |
80,000 |
Creditors
|
88,000 |
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Machinery |
70,000 |
Bank
overdraft |
50,000 |
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Furniture |
14,000 |
Ashu’s
Capital A/c (see working note) |
1,43,000 |
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Stock |
20,000 |
Harish’s
Capital A/c (see working note) |
1,12,000 |
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Investments |
60,000 |
Cash (Debtor) |
46,000 |
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Debtor |
48,000 |
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Ashu’s
Capital A/c (Creditors ) |
88,000 |
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Harish’s
Capital A/c (Bank Overdraft) |
50,000 |
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Cash
(Expenses) |
3,000 |
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Realisation
Profit |
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Ashu’s
Capital A/c |
3,600 |
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Harish’s
Capital A/c |
2,400 |
6,000 |
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4,39,000 |
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4,39,000 |
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Partners Capital
Account |
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Dr. |
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Cr. |
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Particulars |
Ashu |
Harish |
Particulars |
Ashu |
Harish |
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Realisation
(Assets taken) |
1,43,000 |
1,12,000 |
Balance
b/d |
1,08,000 |
54,000 |
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Cash |
56,600 |
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Realisation
(Liabilities) |
88,000 |
50,000 |
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Realisation
(Profit) |
3,600 |
2,400 |
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Cash |
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5,600 |
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1,99,600 |
1,12,000 |
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1,99,600 |
1,12,000 |
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Cash Account |
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Dr. |
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Cr. |
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Particulars |
(
`) |
Particulars |
(
`) |
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Balance
b/d |
8,000 |
Realisation
(Expenses) |
3,000 |
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Realisation
(Debtor) |
46,000 |
Ashu’s
Capital A/c |
56,600 |
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Harish’s
Capital A/c |
5,600 |
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|
59,600 |
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59,600 |
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Working Notes :
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Ashu |
Harish |
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Building |
95,000 |
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Machinery
and Furniture |
|
80,000 |
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Stock
(3:2) |
12,000 |
8,000 |
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Investment
(3:2) |
36,000 |
24,000 |
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1,43,000 |
1,12,000 |
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Page No 8.56:
Question 30:
A, B and C
were equal partners. On 31st March, 2019, their Balance Sheet stood as:
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Liabilities |
Amount |
Assets |
Amount |
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Creditors
|
50,400 |
Cash |
3,700 |
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Reserve |
12,000 |
Stock |
20,100 |
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Capital
A/cs: |
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Debtor |
62,600 |
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A |
40,000 |
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Loan
to A |
10,000 |
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B |
25,000 |
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Investments |
16,000 |
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C |
15,000 |
80,000 |
Furniture |
6,500 |
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Building |
23,500 |
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1,42,400 |
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1,42,400 |
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The firm was dissolved on the above date on the following terms:
(a) For the purpose of dissolution, Investments were valued at
`
18,000 and A took over the Investments at this value.
(b) Fixed Assets realised ` 29,700 whereas Stock and Debtor
realised ` 80,000.
(c) Expenses of realisation amounted to ` 1,300.
(d) Creditors allowed a discount
of ` 800.
(e) One Bill receivable for ` 1,500 under
discount was dishonoured as the acceptor had become insolvent and was unable to
pay anything and hence the bill had to be met by the firm.
Prepare Realisation Account, Partner's Capital Accounts and Cash Account
showing how the accounts would finally be settled among the partners.
Answer:
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Realisation
Account |
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Dr. |
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Cr. |
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Particulars |
Amount (
`) |
Particulars |
Amount (
`) |
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Stock |
20,100 |
Creditors
|
50,400 |
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Debtor |
62,600 |
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Investments
|
16,000 |
A’s
Capital A/c (Investments) |
18,000 |
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Furniture |
6,500 |
Cash
A/c: |
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Building |
23,500 |
Furniture
and Building |
29,700 |
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Cash
A/c: |
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Stock
and Debtor |
80,000 |
1,09,700 |
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Expenses |
1,300 |
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Creditors
|
49,600 |
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Bills |
1,500 |
52,400 |
Loss
transferred to : |
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A’s
Capital A/c |
1,000 |
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B’s
Capital A/c |
1,000 |
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C’s
Capital A/c |
1,000 |
3,000 |
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1,81,100 |
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1,81,100 |
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Partners Capital
Accounts |
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Dr. |
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Cr. |
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Particulars |
A |
B |
C |
Particulars |
A |
B |
C |
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Realisation
A/c (Investment) |
18,000 |
– |
– |
Balance
b/d |
40,000 |
25,000 |
15,000 |
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Realisation
A/c |
1,000 |
1,000 |
1,000 |
Reserve |
4,000 |
4,000 |
4,000 |
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Cash
A/c |
25,000 |
28,000 |
18,000 |
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44,000 |
29,000 |
19,000 |
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44,000 |
29,000 |
19,000 |
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A’s Loan A/c |
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Dr. |
Cr. |
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Particulars |
Amount ( `) |
Particulars |
Amount ( `) |
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Balance b/d |
10,000 |
Bank A/c |
10,000 |
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10,000 |
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10,000 |
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Cash
Account |
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Dr. |
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Cr. |
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particulars |
Amount (
`) |
Particulars |
Amount (
`) |
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Balance
b/d |
3,700 |
Realisation
A/c |
52,400 |
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Realisation
A/c |
1,09,700 |
A’s
Capital A/c |
25,000 |
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A's
Loan A/c |
10,000 |
B’s
Capital A/c |
28,000 |
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C’s
Capital A/c |
18,000 |
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1,23,400 |
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1,23,400 |
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Page No 8.57:
Question 31:
Yogesh and Naresh were partners sharing profits equally. They dissolved the firm on 1st April, 2019. Naresh was assigned the responsibility to realise the assets and pay the liabilities at a remuneration of `10,000 including expenses. Balance Sheet of the firm as on that date was as follows:
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Liabilities |
Amount ( `) |
Assets |
Amount ( `) |
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Creditors
|
40,000 |
Cash/Bank |
6,000 |
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Bills
Payable |
40,000 |
Investments |
30,000 |
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Naresh's
Loan |
44,000 |
Debtor |
40,000 |
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M
`.
Yogesh's Loan |
42,000 |
Less: Provision for
Doubtful Debts |
4,000 |
36,000 |
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Investment
Fluctuation Reserve |
|
8,000 |
Bills
Receivable |
33,400 |
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Capital
A/cs: |
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Profit
and Loss A/c |
1,10,600 |
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Yogesh |
21,000 |
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Naresh |
21,000 |
42,000 |
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2,16,000 |
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2,16,000 |
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The
firm was dissolved on following terms:
(a) Yogesh was to pay his wife's loan.
(b) Debtor realised `30,000.
(c) Naresh was to take investments at an agreed value of
`
26,000.
(d) Creditors and Bills Payable were
payable after two months but were paid immediately at a discount of 15% p.a.
(e) Bills Receivable were received allowing 5% rebate.
(f) A Debtor previously written off as Bad Debt paid `15,000.
(g) An unrecorded asset realised `10,000.
Prepare Realisation Account, Partners' Capital Accounts, Partners' Loan Account
and Cash/Bank Account.
Answer:
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Dr. |
Realisation A/c |
Cr. |
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Particulars |
Amount ( `) |
Particulars |
Amount ( `) |
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To
Investments |
30,000 |
By
Investment Fluctuation Reserve |
8,000 |
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To
Debtor |
40,000 |
By
Provision for Doubtful Debts |
4,000 |
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To
Bills Receivable |
33,400 |
By
Creditors |
40,000 |
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By
Bills Payable |
40,000 |
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To
Yogesh’s Capital A/c (Wife’s Loan) |
42,000 |
By
M `. Yogesh’s Loan |
42,000 |
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To
Cash/Bank A/c: |
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Creditors [40,000 – (40,000 × 15/100 × 2/12)] |
39,000 |
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By
Cash/Bank A/c: |
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Bills
Payable [40,000 – (40,000 × 15/100 × 2/12)] |
39,000 |
78,000 |
Debtor |
30,000 |
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Bills Receivable |
31,730 |
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To
Naresh’ Capital A/c (Commission) |
10,000 |
Bad Debt Recovered |
15,000 |
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To
Realisation Gain transferred to: |
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Unrecorded Asset |
10,000 |
86,730 |
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Yogesh’s Capital A/c |
6,665 |
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Naresh’s Capital A/c |
6,665 |
13,330 |
By
Naresh’s Capital A/c (Investment taken over) |
26,000 |
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2,46,730 |
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2,46,730 |
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Dr. |
Partner’s Capital A/c |
Cr. |
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Particulars |
Yogesh ( `) |
Naresh ( `) |
Particulars |
Yogesh ( `) |
Naresh ( `) |
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To
Realisation A/ c (Asset taken over) |
|
26,000 |
By
balance b/d |
21,000 |
21,000 |
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By
Realisation A/c (Gain) |
6,665 |
6,665 |
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To
Profit & Loss A/c |
55,300 |
55,300 |
By
Realisation A/c (Liability paid) |
42,000 |
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To
Cash/Bank A/c |
14,365 |
– |
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By
Realisation A/c (Commission) |
|
10,000 |
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By
Naresh’s Loan A/c |
|
43,635 |
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|
69,665 |
81,300 |
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69,665 |
81,300 |
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Dr. |
Naresh’s Loan A/c |
Cr. |
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Particulars |
Amount ( `) |
Particulars |
Amount ( `) |
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To
Naresh’s Capital A/c |
43,635 |
By
balance b/d |
44,000 |
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To
Cash/Bank A/c |
365 |
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44,000 |
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44,000 |
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Dr. |
Cash/ Bank A/c |
Cr. |
|||
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Particulars |
Amount ( `) |
Particulars |
Amount ( `) |
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To
balance b/d |
6,000 |
By
Yogesh’s Capital A/c |
14,365 |
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To
Realisation A/c (Asset Realised) |
86,730 |
By
Naresh’s Loan A/c |
365 |
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By
Realisation A/c (Liabilities Paid) |
78,000 |
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|
92,730 |
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92,730 |
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Page No 8.57:
Question 32:
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