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प्रश्न
Adit and Shiv were partners sharing profits and losses in the ratio of 5 : 4. They dissolved their partnership firm on 31st March 2023, when their Balance Sheet showed the following balances:
| Particulars | (₹) |
| Adit's Capital | 40,000 |
| Shiv's Capital | 30,000 |
| Adit's Current A/c (Cr.) | 3,000 |
| Shiv's Current A/c (Dr.) | 6,000 |
| Loan by the firm to Shiv | 22,000 |
| Profit & Loss Account (Dr.) | 4,500 |
On the date of dissolution of the firm:
- The firm suffered a loss of ₹ 18,000 upon realisation of assets and settlement of liabilities.
- The expenses of dissolution of ₹ 3,000, to be borne by Shiv, were paid by the firm on his behalf.
- The firm had furniture of ₹ 15,000. Adit took over some pieces of the furniture at ₹ 9,000 (being 10% less than the book value). Shiv took over the remaining furniture at 80% of its book value.
You are required to prepare the Partners Capital Accounts.
उत्तर
| Dr. | Partners Capital Accounts as on 31st March 2023 |
Cr. | |||
| Particulars | Adit (₹) | Shiv (₹) | Particulars | Adit (₹) | Shiv (₹) |
| To Shiv's Current A/c | - | 6,000 | By Balance b/d | 40,000 | 30,000 |
| To Shiv's Loan A/c | - | 22,000 | By Adit's Current A/c | 3,000 | - |
| To Profit & Loss A/c | 2,500 | 2,000 | By Cash/Bank A/c | - | 15,000 |
| To Loss on Realisation A/c | 10,000 | 8,000 | |||
| To Bank A/c (dissolution expenses) | - | 3,000 | |||
| To Realisation A/c (furniture taken over) | 9,000 | 4,000 | |||
| To Cash/Bank A/c | 21,500 | - | |||
| 43,000 | 45,000 | 43,000 | 45,000 | ||
Working Notes:
Let value of furniture taken over by Adit be x
`x-(10x)/100 = 9,000`
`(90x)/100=9,000`
90x = 9,00,000
`x = (9,00,000)/90`
x = 10,000
Value of furniture taken over by Shiv
= 15,000 − 10,000 = 5,000
Value at which shiv took over furniture = `5,000xx80/100` = ₹ 4,000
APPEARS IN
संबंधित प्रश्न
Srijan, Raman and Manan were partners in a firm sharing profits and losses in the ratio of 2: 2: 1. On 31st March 2017 their Balance Sheet was as follows:
| Balance Sheet of Srijan , Raman and Manan as on 31.3.2017 |
|||
| Liabilities |
Amount Rs |
Assets
|
Amount Rs |
|
Capitals: Srijan 2,00,000 Raman 1,50,000 Creditors Bills Payable Outstanding Salary
|
3,50,000 75,000 40,000 35,000
|
Capital: Manan Plant Investment Stock Debtors Bank Profit & Loss A/c |
10,000 2,20,000 70,000 50,000 60,000 10,000 80,000 |
| 5,00,000 | 5,00,000 | ||
On the above date, they decided to dissolve the firm.
1) Srijan was appointed to realise the assets and discharge the liabilities. Srijan was to receive 5% commission on the sale of assets (except cash) and was to bear all expenses of realisation.
2) Assets were realised as follows:
| Rs | |
| Plant | 85,000 |
| Stock | 33,000 |
| Debtors | 47,000 |
3) Investments were realised at 95% of the book value.
4) The firm had to pay Rs 7,500 for an outstanding repair bill not provided for earlier.
5) A contingent liability in respect of bills receivable, discounted with the bank had also materialised and had to be discharged for Rs 15,000.
6) Expenses of realisation amounting to Rs 3,000 were paid Srijan.
Prepare Realisation Account Partners' Capital Accounts and Bank Account.
Hanif and Jubed were partners in a firm sharing profits in the ratio of their capitals. On the 31st March 2013 their Balance Sheet was as follows:
| Balance Sheet of Hanif and Jubed as on 31st March 2013 | |||
| Liabilities | Rs | Assets | Rs |
|
Creditors Workman Companion Fund General Reserve Hanif’s Current Account Capital's: Hanif 10,00,000 Jubed 5,00,000 |
1,50,000 3,00,000 75,000 25,000
15,00,000 |
Bank Debtors Stock
Furniture Machinery Jubed’s Current Account |
2,00,000 3,40,000 1,50,000
4,60,000 8,20,000 80,000 |
| 20,50,000 | 20,50,000 | ||
On the above date the firm was dissolved:
a. Debtors were realised at a discount of 5%, 50% of the stock was taken over by Hanif at 10% less than the book value. Remaining stock was sold for Rs 65,000.
b. Furniture was taken over by Jubed for Rs 1,35,000. Machinery was sold as scrap for Rs 74,000.
c. Creditors were paid in full.
d. Expenses on realisation Rs 8,000 were paid by Hanif.
Prepare Realisation Account.
Which accounts are not transferred to Realisation Account?
Which account is debited on payment of dissolution expenses?
Consider the following statements
Statement 1: At the time of dissolution of Partnership Firm all assets should be transferred to Realisation A/c.
Statement 2: All assets except the cash or bank balances are transferred to the Realisation Account.
On dissolution of a firm, a partner paid ₹ 700 for the firm's realisation expenses. Which account will be debited?
At the time of dissolution of partnership firm, the amount of 'Bills Payable' shown in the Liabilities Side of the Balance Sheet is transferred to:
At the time of dissolution of the firm, at which stage the balance of the partner's capital accounts is paid?
At the time of dissolution of the firm, "Loan of partners" (Loans given by partners to the firm) is paid out of the amount realised on the sale of assets:
On dissolution, the final balance of the Partner's Capital Account is transferred to ______.
