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प्रश्न
Atul and Peter were partners in a firm sharing profits and losses in the ratio of 3 : 5. They dissolved their firm on 31st March, 2024, when their Balance Sheet showed the following balances:
| Particulars | (₹) |
| Atul’s Capital | 40,000 |
| Peter’s Capital | 35,000 |
| Atul’s Current Account | 3,000 (Dr.) |
| General Reserve | 22,000 |
| Loan from Atul | 12,000 |
On the date of dissolution of the firm:
- Peter paid the realisation expenses of ₹ 2,000 on behalf of the firm.
- Atul discharged his wife’s loan of ₹ 5,000 which she had given to the firm.
- The dissolution resulted in a profit of ₹ 24,000 from the realisation of assets and settlement of liabilities.
You are required to pass journal entries to close the books of the firm (including the entries to show the final settlement of the amount due from the partners/due to the partners by the firm).
उत्तर
| Journal Entries | ||||
| Sr. No. | Particulars | L.F. | Debit (₹) | Credit (₹) |
| 1. | Atul’s Capital A/c ...Dr. | 3,000 | - | |
| To Atul’s Current A/c | - | 3,000 | ||
| (Being Atul’s Current A/c closed) | ||||
| 2. | Atul’s Loan A/c ...Dr. | 12,000 | - | |
| To Bank A/c | - | 12,000 | ||
| (Being workmen compensation claim met out of the reserve) | ||||
| 3. | General Reserve A/c ...Dr. | 22,000 | - | |
| To Atul’s Capital A/c | - | 8,250 | ||
| To Peter’s Capital A/c | - | 13,750 | ||
| (Being balance of GR transferred to partners’ capital accounts) | ||||
| 4. | Realisation A/c ...Dr. | 2,000 | - | |
| To Peter’s Capital A/c | - | 2,000 | ||
| (Being realisation expenses paid by Peter) | ||||
| 5. | Realisation A/c ...Dr. | 5,000 | - | |
| To Atul’s Capital A/c | - | 5,000 | ||
| (Being Atul’s wife’s loan discharged by Atul) | ||||
| 6. | Realisation A/c ...Dr. | 24,000 | - | |
| To Atul’s Capital A/c | - | 9,000 | ||
| To Peter’s Capital A/c | - | 15,000 | ||
| (Being profit on realisation transferred to partners’ capital accounts) | ||||
| 7. | Atul’s Capital A/c ...Dr. | 59,250 | - | |
| Peter’s Capital A/c ...Dr. | 65,750 | - | ||
| To Bank A/c | - | 1,25,000 | ||
| (Being partner’s capital accounts settled) | ||||
APPEARS IN
संबंधित प्रश्न
(i) Dharam, a partner, was appointed to look after the process of dissolution at a remuneration of Rs 12,000 and he had to bear the dissolution expenses. Dissolutions expenses Rs 11,000 were paid by Dharam.
(ii) Jay, a partner, was appointed to look after the process of dissolution and was allowed a remuneration of Rs 15,000. Jay agreed to bear dissolution expenses. Actual dissolution expenses Rs 16,000 were paid by Vijay another partner on behalf of Jay.
(iii) Deepa, a partner, was to look after the process of dissolution and for this work she was allowed a remuneration of Rs 7,000. Deepa agreed to bear dissolution expenses. Actual dissolution expenses Rs 6,000 were paid from the firm's bank account.
(iv) Dev, a partner, agreed to do the work of dissolution for Rs 7,500. He took away stock of the same amount as his commission. The stock had already been transferred to realisation account.
(v) Jeev, a partner, agreed to do the work of dissolution for which he was allowed a commission of Rs 10,000. He agreed to bear the dissolution expenses. Actual dissolution expenses paid by Jeev were Rs 12,000. These expenses were paid by Jeev by drawing cash from the firm.
(vi) A debtor of Rs 8,000 already transferred to realization account agreed to pay the realizations expenses of Rs 7,800 in full settlement of his account.
Pass necessary journal entries on the dissolution of a firm in the following cases : (6)
(i) Dissolution expenses were Rs 700.
(ii) Dissolution expenses Rs 1,100 were paid by partner 'A'.
(iii) Partner 'B' agreed to do the work of dissolution for a commission of Rs 2,000. He also agreed to bear the dissolution expenses. Actual dissolution expenses Rs 2,100 were paid by B.
(iv) Partner 'C' was appointed to look after the dissolution work for a remuneration of Rs 10,000. He also agreed to bear the dissolution expenses. Actual dissolution expenses Rs 9,800 were paid from the firm's bank account.
(v) Partner 'D' was appointed to look after the dissolution work for a remuneration of Rs 15,000. He also agreed to bear the dissolution expenses. Actual dissolution expenses Rs 13,000 were paid by partner 'E' on behalf of partner 'D'.
(vi) Partner 'F' was appointed to look after the process of dissolution for a remuneration of Rs 9,000. He also agreed to pay the dissolution expenses. 'F' took away furniture of Rs 9,000 as his remuneration. Furniture had already been transferred to realisation account.
On dissolution, how you deal with partner’s loan if it appears on the Liabilities side of the Balance Sheet
State the order of settlement of accounts on dissolution.
On what account realisation account differs from revaluation account.
Reproduce the format of Realisation Account.
Pass Journal entries in the following cases?
(a) Expenses of realisation ₹ 1,500.
(b) Expenses of realisation ₹ 600 but paid by Mohan, a partner.
(c) Mohan, one of the partners of the firm, was asked to look into the dissolution of the firm for which he was allowed a commission of ₹ 2,000.
(d) Motor car of book value ₹ 50,000 taken over by creditors of the book value of ₹ 40,000 in full settlement.
Book Value of assets (other than cash and bank) transferred to Realisation Account is ₹ 1,00,000. 50% of the assets are taken over by a partner Atul, at a discount of 20%; 40% of the remaining assets are sold at a profit of 30% on cost; 5% of the balance being obsolete, realised nothing and remaining assets are handed over to a Creditor, in full settlement of his claim.
You are required to record the Journal entries for realisation of assets.
Naina, Uday, and Tara were partners in a firm sharing profits and losses in the ratio of 5 : 3: 2. The firm was dissolved on 31-3-2019. After transfer of assets (other than cash) and external liabilities to Realization Account, the following transactions took place :
(a) A typewriter completely written off from the books was sold for ₹ 4,000.
(b) Loan of ₹ 30,000 advanced by Uday to the firm was paid back.
(c) Tara was to get a remuneration of ₹ 42,000 for completing the dissolution process and forbearing realization expenses. Actual realization expenses amounted to ₹ 51,000 and were paid by the firm.
(d) Creditors of ₹ 23,000 took over all the investments at ₹ 12,000. Remaining amount was paid to them in cash.
(e) Uday agreed to pay loan of Mrs. Uday ₹ 45,000.
(f) Profit and Loss Account balance of ₹ 20,000 appeared on the asset side of the balance sheet.
Pass necessary journal entries for the above transactions in the books of the firm.
Read the following hypothetical situation and answer.
| Nitya, Shreya and Ishita are partners in a firm. They share profits in the ratio of 5:3:2. Their fixed capitals are ₹ 1,80,000; ₹ 1,60,000 and ₹ 2,00,000 respectively. For the year ending 31st March, 2022, Nitya withdrew ₹ 7,500 at the end of every quarter. |
The partnership deed provided that interest on capital will be allowed @10% p.a. The amount of interest on Ishita's capital will be:
