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प्रश्न
Journalise the following bill transactions in the books of Gopal as on 14th August, 2010.
1. Shruti’s acceptance to Gopal Rs 4,500 retired one month before due date at rebate 10% p.a.
2. Discounted 3 months acceptance of Chandrakant for Rs 3,500 with bank @ 12% p.a.
3. Received cheque Rs 2,000 and 2 months acceptance drawn on Sushama for Rs 10,000 for the balance due on her account.
4. Endorsed Shantaram’s acceptance at 2 months of Rs 5,000 in favour of Balchandra and paid cash Rs 2,500 in full settlement of this account Rs 7,800.
5. Sold goods of Rs 13,500 on credit to Nanda. Drew 2 months bill on her. Which is duly accepted and returned by her.
उत्तर
Books of Gopal
Journal Entry
| Date | Particulars | L.F. | Debit Amount (Rs.) | Credit Amount (Rs.) |
| 2010 Aug.14 1. |
Cash/Bank A/c Dr. Rebate A/c Dr. To Bill Receivable A/c (Bill retired under the rebate of 10% Per annum, one before the due date.) |
4,462 38 |
4,500 | |
| Aug.14 2. |
Bank A/c Dr. Discount A/c Dr. To Bills receivable A/c (Bills discounted with bank @ 12% per annum before 3 months) |
3,395 105 |
3,500 | |
| Aug.14 3. |
Bank A/c Dr. Bills Receivable A/c Dr. To Sushama A/c (Cheque received for Rs.20,000 and for Rs.10,000 bill has been drawn and accepted) |
2,000 10,000 |
12,000 | |
| Aug.14 4. |
Balchandra A/c Dr. To Cash A/c To Discount Receivable A/c To Bills Receivable A/c ( Cash of Rs. 2,000 paid and bill for Rs. 5,000 endoresed to Balchandra, a creditor, in full settlement of his account of Rs.7,800) |
7,800 | 2,000 800 5,000 |
|
| Aug.14 5. |
Nanda A/c Dr. To Sales A/c (Goods sold to Nanda on credit) |
13,500 | 13,500 | |
| Aug.14 | Bills Receivable A/c Dr. To Nanda A/c (Bill drawn and accepted) |
13,500 | 13,5000 |
APPEARS IN
संबंधित प्रश्न
Madhav accepted a bill of Rs. 40,000 drawn by Kashinath at 3 months. Kashinath got the bill discounted with his bank for Rs. 39,000. Before the due date, Madhav approached Kashinath for renewal of the bill. It was agreed to pay Rs 30,000 immediately together with interest on the remaining amount at 10% p. a. for 3 months and for the balance Madhav accepted a new bill for 3 months. These arrangements were carried through. But afterwards Madhav became insolvent. Only 35% of the amount could be recovered from his estate.
1. Pass necessary Journal Entries in the books of 'Madhav'.
2. Prepare Madhav's A/c in the books of 'Kashinath'.
Hitesh sold goods for Rs 4,500 to Ashok on 1.1.2010 and drew upon him a bill of exchange payable 2 months after sight. Ashok accepted the bill and returned the same to Hitesh. On the due date the bill was met by Ashok.
Record the necessary Journal entries in the books of Hitesh and also prepare Ashok account in his books.
1. When the bill was retained by Hitesh till the date of its maturity.
2. When Hitesh immediately discounted the bill @ 15% p.a. with his bank.
3. When three days before its maturity, the bill was sent by Hitesh to his bank for collection.
4. When the bill was endorsed immediately by Hitesh in favour of his creditor Venkat.
Sudhatai sold goods to Chhayatai on credit for 4 months for Rs 10,000 on 7th Sept., 2009. Chhayatai paid on her account of Rs 4,000 at 2% cash discount and accepted bill for the balance at 2 months. On the same date Sudhatai discounted with her bank at 12% p.a. on due date Chhayatai honoured her bill.
A. You required to write journal of Sudhatai.
B. Pass journal entries in the books of Sudhatai assuming that on due date the bill is dishonoured and Sudhatai’s bank paid noting chargers Rs 100.
Sushant owes Surekha Rs 1,25,000 Surekha draws a bill for Rs 1,00,000 on Sushant for 4 months period and received the cheque for the balance. The bill is duly accepted and returned by Sushant. On the same date Surekha endorsed Sushant’s acceptance to Suresh.
On the due date Suresh informed Surekha that Sushant dishonoured his acceptance and Rs 3,175 paid as noting charges Surekha then drew a new bill for 3 month on Sushant including noting charges and interest Rs 4,000. On the due date bill was duly honoured by Sushant.
Write Journal entries in the books of Surekha and prepare Surekha’s account in the books of Sushant.
On 7th May, 2011 Kulkarni of Karvenagar draws a bill on Patwardhan of Latur for Rs 18,000 at 3 months. Patwardhan accepts and returns it to Kulkarni. Kulkarni then sent the bill into his bank for collections.
On due date Patwardhan finds himself unable to make payment of the bill and request Kulkarni to renew it. Kulkarni agreed on the condition that Patwardhan should pay Rs 5,000 in cash, and should accept new bill for the balance at 2 months with interest @ 18% p.a. These arrangements were carried through. Before due date Patwardhan declared as insolvent and 20% of the amount due could be recovered from his private estate as first and final dividend.
Give journal entries in the books of Kulkarnis. Also prepare Kulkarni’s Accounts in the books of Patwardhan.
State the accounting treatment for:
Unrecorded assets
State the accounting treatment for :
Unrecorded liabilities
What journal entries will be recorded for the following transactions on the dissolution of a firm:
[a] Payment of unrecorded liabilities of Rs 3,200.
[b] Stock worth Rs 7,500 is taken by a partner Rohit.
[c] Profit on Realisation amounting to Rs 18,000 is to be distributed between the partners Ashish and Tarun in the ratio of 5:7.
[d] An unrecorded asset realised Rs 5,500.
The book value of assets (other than cash and bank) transferred to Realisation Account is Rs 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.
Surjit and Rahi were sharing profits (losses) in the ratio of 3:2, their Balance Sheet as on March 31, 2017 is as follows:
Balance Sheet of Surjit and Rahi as on March 31, 2017
| Liabilities | Amt (Rs.) | Assets | Amt (Rs.) |
| Creditors | 38,000 | Bank | 11,500 |
| Mrs. Surjit loan | 10,000 | Stock | 6,000 |
| Reserve | 15,000 | Debtors | 19,000 |
| Rahi’s loan | 5,000 | Furniture | 4,000 |
| Capital’s: | Plant | 28,000 | |
| Surjit | 10,000 | Investment | 10,000 |
| Rahi | 8,000 | Profit and Loss | 7,500 |
| 86,000 | 86,000 |
The firm was dissolved on March 31, 2017 on the following terms:
1. Surjitagreed to take the investments at Rs 8,000 and to pay Mrs. Surjit’s loan.
2. Other assets wererealisedas follows:
| Stock | Rs. 5,000 |
| Debtors | Rs. 18,500 |
| Furniture | Rs. 4,500 |
| Plant | Rs. 25,000 |
3. Expenses onRealisationamounted to Rs 1,600.
4. Creditors agreed to accept Rs 37,000 as a final settlement.
You are required to prepare Realisation Account, Partners’ Capital Account and Bank Account.
Rita, Geeta and Ashish were partners in a firm sharing profits/losses in the ratio of 3:2:1. On March 31, 2017 their balance sheet was as follows:
| Liabilities | Amt (Rs.) | Amt (Rs.) | Assets | Amt (Rs.) |
| Capitals: | 160,000 | Cash | 22,500 | |
| Rita | 80,000 | Debtors | 52,300 | |
| Geeta | 50,000 | Stock | 36,000 | |
|
Ashish |
30,000 | Investments | 69,000 | |
| Creditors | 65,000 | Plant | 91,200 | |
| Bills payable | 26,000 | |||
| General reserve | 20,000 | |||
| 271,000 | 271,000 |
On the date of above-mentioned date the firm was dissolved:
1. Rita was appointed to realise the assets. Rita was to receive 5% commission on the rate of assets (except cash) and was to bear all expenses of Realisation,
2. Assets were realised as follows:
| Rs | |
| Debtors | 30,000 |
| Stock | 26,000 |
| Plant |
42,750 |
3. Investments were realised at 85% of the book value,
4. Expenses of Realisation amounted to Rs 4,100,
5. Firm had to pay Rs 7,200 for outstanding salary not provided for earlier,
6. Contingent liability in respect of bills discounted with the bank was also materialised and paid off Rs 9,800,
Prepare Realisation Account, Capital Accounts of Partners’ and Cash Account.
Sanjay, Tarun and Vineet shared profit in the ratio of 3:2:1. On December 31,2017 their balance sheet was as follows:
Balance Sheet of Sanjay, Tarun and Vineet as on December 31, 2017
| Liabilities | Amt (Rs.) |
Amt (Rs.) |
Assets | Amt (Rs.) |
| Capitals: | 270,000 | Plant | 90,000 | |
| Sanjay | 100,000 | Debtors | 60,000 | |
| Tarun | 100,000 | Furniture | 32,000 | |
| Vineet | 70,000 | Stock | 60,000 | |
| Creditors | 80,000 |
Investments |
70,000 | |
| Bills payable | 30,000 | Bills receivable | 36,000 | |
| Cash in hand | 32,000 | |||
| 380,000 | 380,000 |
On this date the firm was dissolved. Sanjay was appointed to realise the assets. Sanjay was to receive 6% commission on the sale of assets (except cash) and was to bear all expenses of Realisation.
Sanjay realised the assets as follows: Plant Rs 72,000, Debtors Rs 54,000, Furniture Rs 18,000, Stock 90% of the book value, Investments Rs 76,000 and Bills receivable Rs 31,000. Expenses of Realisation amounted to Rs 4,500.
Prepare Realisation Account, Capital Accounts and Cash Account
The following is the Balance sheet of Tanu and Manu, who shares profit and losses in the ratio of 5:3, On December 31,2017:
Balance Sheet of Tanu and Manu as on December 31, 2017
| Liabilities | Amt (Rs.) | Amt (Rs.) | Assets | Amt (Rs.) |
|
Sundry Creditors |
|
62,000 |
Cash at Bank |
16,000 |
|
Bills Payable |
|
32,000 |
Sundry Debtors |
55,000 |
|
Bank Loan |
|
50,000 |
Stock |
75,000 |
|
Reserve fund |
|
16,000 |
Motor car |
90,000 |
|
Capital: |
|
|
Machinery |
45,000 |
|
Tanu |
1,10,000 |
|
Investment |
70,000 |
|
Manu |
90,000 |
2,00,000 |
Fixtures |
9,000 |
|
|
|
3,60,000 |
|
3,60,000 |
On the above date the firm is dissolved and the following agreement was made: Tanu agree to pay the bank loan and took away the sundry debtors. Sundry creditors accepts stock and paid Rs 10,000 to the firm. Machinery is taken over by Manu for Rs 40,000 and agreed to pay of bills payable at a discount of 5%.. Motor car was taken over by Tanu for Rs 60,000. Investment realised Rs 76,000 and fixtures Rs 4,000. The expenses of dissolution amounted to Rs 2,200.
Prepare Realisation Account, Bank Account and Partners Capital Accounts.
Record necessary Journal entries in the following cases:
(a) Creditors worth ₹ 85,000 accepted ₹ 40,000 as cash and Investment worth ₹ 43,000, in full settlement of their claim.
(b) Creditors were ₹ 16,000. They accepted Machinery valued at ₹ 18,000 in settlement of their claim.
(c) Creditors were ₹ 90,000. They accepted Building valued at ₹ 1,20,000 and paid cash to the firm ₹ 30,000.
Pass Journal entries for the following transactions at the time of dissolution of the firm:
(a) Loan of ₹ 10,000 advanced by a partner to the firm was refunded.
(b) X, a partner, takes over an unrecorded asset (Typewriter) at ₹ 300.
(c) Undistributed balance (Debit) of Profit and Loss Account ₹ 30,000. The firm has three partners X,Y and Z.
(d) Assets of the firm realised ₹ 1,25,000.
(e) Y who undertakes to carry out the dissolution proceedings is paid ₹ 2,000 for the same.
(f) Creditors are paid ₹ 28,000 in full settlement of their account of ₹ 30,000.
Pass necessary Journal entries to record the following unrecorded assets and liabilities in the books of Paras and Priya:
(a) There was an old furniture in the firm which had been written off completely in the books. This was sold for ₹ 3,000.
(b) Ashish, an old customer whose account for ₹ 1,000 was written off as bad in the previous year, paid 60%, of the amount.
(c) Paras agreed to takeover the firm's goodwill (not recorded in the books of the firm), at a valuation of ₹ 30,000.
(d) There was an old typewriter which had been written off completely from the books. It was estimated to realise ₹ 400. It was taken by Priya at an estimated price less 25%.
(e) There were 100 shares of ₹ 10 each in Star Limited acquired at a cost of ₹ 2,000 which had been written-off completely from the books. These shares are valued @ ₹ 6 each and divided among the partners in their profit-sharing ratio.
Aman and Harsh were partners in a firm. They decided to dissolve their firm. Pass necessary Journal entries for the following after various assets (other than Cash and Bank) and third party liabilities have been transferred to Realisation Account:
(a) There was furniture worth ₹ 50,000. Aman took over 50% of the furniture at 10% discount and the remaining furniture was sold at 30% profit on book value.
(b) Profit and Loss Account was showing a credit balance of ₹ 15,000 on the date of dissolution.
(c) Harsh's loan of ₹ 6,000 was discharged at ₹ 6,200.
(d) The firm paid realisation expenses amounting to ₹ 5,000 on behalf of Harsh who had to bear these expenses.
(e) There was a bill for 1,200 under discount. The bill was received from Soham who proved insolvent and a first and final dividend of 25% was received from his estate.
(f) Creditors, to whom the firm owed ₹ 6,000, accepted stock of ₹ 5,000 at a discount of 5% and the balance in cash.
Pass the Journal entries for the following transactions on the dissolution of the firm of P and Q after various assets (other than cash) and outside liabilities have been transferred to Realisation Account:
(a) Stock ₹ 2,00,000. 'P' took over 50% of stock at a discount of 10%. Remaining stock was sold at a profit of 25% on cost.
(b) Debtors ₹ 2,25,000. Provision for Doubtful Debts ₹ 25,000. ₹ 20,000 of the book debts proved bad.
(c) Land and Building (Book value ₹ 12,50,000) sold for ₹ 15,00,000 through a broker who charged 2% commission.
(d) Machinery (Book value ₹ 6,00,000) was handed over to a creditor at a discount of 10%.
(e) Investment (Book value ₹ 60,000) realised at 125%.
(f) Goodwill of ₹ 75,000 and prepaid fire insurance of ₹ 10,000.
(g) There was an old furniture in the firm which had been written off completely in the books. This was sold for ₹ 10,000.
(h) 'Z' an old customer whose account for ₹ 20,000 was written off as bad in the previous year, paid 60%.
(i) 'P' undertook to pay Mrs. P's loan of ₹ 50,000.
(j) Trade creditors ₹ 1,60,000. Half of the trade creditors accepted Plant and Machinery at an agreed valuation of ₹ 54,000 and cash in full settlement of their claims after allowing a discount of ₹ 16,000. Remaining trade creditors were paid 90% in final settlement.
Ramesh and Umesh were partners in a firm sharing profits in the ratio of their capitals. On 31st March, 2013, their Balance Sheet was as follows:
| Liabilities | Amount (₹) |
Assets | Amount (₹) |
|||||
| Creditors | 1,70,000 | Bank | 1,10,000 | |||||
| Workmen Compensation Reserve | 2,10,000 | Debtors | 2,40,000 | |||||
| General Reserve | 2,00,000 | Stock | 1,30,000 | |||||
| Ramesh's Current Account | 80,000 | Furniture | 2,00,000 | |||||
| Capital A/cs: | Machinery | 9,30,000 | ||||||
| Ramesh | 7,00,000 | Umesh's Current Account | 50,000 | |||||
| Umesh | 3,00,000 | 10,00,000 | ||||||
| 16,60,000 | 16,60,000 | |||||||
On the above date the firm was dissolved.
(a) Ramesh took over 50% of stock at ₹ 10,000 less than book value. The remaining stock was sold at a loss of ₹ 15,000. Debtors were realised at a discount of 5%.
(b) Furniture was taken over by Umesh for ₹ 50,000 and machinery was sold for ₹ 4,50,000.
(c) Creditors were paid in full.
(d) There was an unrecorded bill for repairs for ₹ 1,60,000 which was settled at ₹ 1,40,000.
Prepare Realisation Account.
Balance Sheet of P, Q and R as at 31st March, 2019, who were sharing profits in the ratio of 5 : 3 : 1, was:
|
Liabilities |
Amount (₹) |
Assets |
Amount (₹) |
||
| Bills Payable |
40,000 |
Cash at Bank | 40,000 | ||
| Loan from Bank | 30,000 | Stock | 19,000 | ||
| General Reserve |
9,000 |
Sundry Debtors |
42,000 |
|
|
| Capital A/cs: |
|
Less: Provision for Doubtful Debts |
2,000 |
40,000 |
|
| P | 44,000 | ||||
| Q |
36,000 |
|
Building | 40,000 | |
| R |
20,000 |
1,00,000 |
Plant and Machinery |
40,000 |
|
|
|
|
|
|||
|
1,79,000 |
1,79,000 |
||||
|
|
|
||||
The partners dissolved the business. Assets realised − Stock ₹ 23,400; Debtors 50%; Fixed Assets 10% less than their book value. Bills Payable were settled for ₹ 32,000. There was an Outstanding Bill of Electricity ₹ 800 which was paid off. Realisation expenses ₹ 1,250 were also paid.
Prepare Realisation Account, Partner's Capital Accounts and Bank Account.
P, Q and R were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. They agreed to dissolve their partnership firm on 31st March, 2019. P was deputed to realise the assets and pay the liabilities. He was paid ₹ 1,000 as commission for his services. The financial position of the firm was:
Balance Sheet as at 31st March, 2019
| Liabilities | Amount (₹) |
Assets | Amount (₹) |
|||||
| Creditors | 10,000 | Stock | 5,500 | |||||
| Bills Payable | 3,700 | Investments | 15,000 | |||||
| Investments Fluctuation Reserve | 4,500 | Debtors | 7,100 | |||||
| Capital A/cs: | Less: Provision for Doubtful Debtors | 450 | 6,650 | |||||
| P | 37,550 | Cash | 5,600 | |||||
| Q | 15,000 | 52,550 | R's Capital A/c | 8,000 | ||||
| Plant and Machinery | 30,000 | |||||||
| 70,750 | 70,750 | |||||||
P took over Investments for ₹ 12,500. Stock and Debtors realised ₹ 11,500. Plant and Machinery were sold to Q for ₹ 22,500 for cash. Unrecorded assets realised ₹ 1,500. Realisation expenses paid amounted to ₹ 900.
Prepare necessary Ledger Accounts to close the books of the firm.
A, B and C are in partnership sharing profits and losses in the proportions of 1/2, 1/3 and 1/6 respectively. On 31st March, 2019, they decided to dissolve the partnership and the position of the firm on this date is represented by the following Balance Sheet:
| Liabilities | Amount (₹) |
Assets | Amount (₹) |
|
| Creditors | 40,000 | Cash at Bank | 3,000 | |
| Loan A/c: | Stock | 50,000 | ||
| A | 10,000 | Sundry Debtors | 50,000 | |
| Workmen Compensation Reserve | 21,000 | Land and Building | 57,000 | |
| Capital A/cs: | Profit and Loss A/c | 15,000 | ||
| A | 60,000 | Advertisement Suspense A/c | 6,000 | |
| B | 40,000 | |||
|
C |
10,000 | 1,10,000 | ||
| 1,81,000 | 1,81,000 | |||
During the course of realisation, a liability under a suit for damages is settled at ₹ 20,000 as against ₹ 5,000 only provided for in the books of the firm.
Land and Building were sold for ₹ 40,000 and the Stock and Sundry Debtors realised ₹ 30,000 and ₹ 42,000 respectively. The expenses of realisation amounted to ₹ 1,200.
There was a car in the firm, which was completely written off from the books. It was taken by A for ₹ 20,000. He also agreed to pay Outstanding Salary of ₹ 20,000 not provided in books.
Prepare Realisation Account, Partners' Capital Accounts and Bank Account in the books of the firm.
A and B are partners in a firm sharing profits and losses in the ratio of 2 : 1. On 31st March, 2019, their Balance Sheet was:
| Liabilities | Amount (₹) |
Assets | Amount (₹) |
|||||
| Bank Overdraft | 30,000 | Cash in Hand | 6,000 | |||||
| General Reserve | 56,000 | Bank Balance | 10,000 | |||||
| Investments Fluctuation Reserve | 20,000 | Sundry Debtors | 26,000 | |||||
| A's Loan | 34,000 | Less: Provision for Doubtful Debtors | 2,000 | 24,000 | ||||
| Capital A/c: | ||||||||
| A | 50,000 | Investments | 40,000 | |||||
| Stock | 10,000 | |||||||
| Furniture | 10,000 | |||||||
| Building | 60,000 | |||||||
| B's Capital | 30,000 | |||||||
| 1,90,000 | 1,90,000 | |||||||
On that date, the partners decide to dissolve the firm. A took over Investments at an agreed valuation of ₹ 35,000. Other assets were realised as follows:
Sundry Debtors: Full amount. The firm could realise Stock at 15% less and Furniture at 20% less than the book value. Building was sold at ₹ 1,00,000.
Compensation to employees paid by the firm amounted to ₹ 10,000. This liability was not provided for in the above Balance Sheet.
You are required to close the books of the firm by preparing Realisation Account, Partners' Capital Accounts and Bank Account.
Rita and Sobha are partners in a firm, Fancy Garments Exports, sharing profits and losses equally. On 1st April, 2019, the Balance Sheet of the firm was:
| Sundry Creditors | 75,000 | Cash | 6,000 | |||||
| Bills Payable | 30,000 | Bank | 30,000 | |||||
| Rita's Loan | 15,000 | Stock | 75,000 | |||||
| Reserve | 24,000 | Book Debts | 66,000 | |||||
| Capital A/cs: | Less: Provision for Doubtful Debts | 6,000 | 60,000 | |||||
| Rita | 90,000 | |||||||
| Sobha | 30,000 | 1,20,000 | Plant and Machinery | 45,000 | ||||
| Land and Building | 48,000 | |||||||
| 2,64,000 | 2,64,000 | |||||||
The firm was dissolved on the date given above. The following transactions took place:
(a) Rita took 25% of the Stock at a discount of 20% in settlement of her loan.
(b) Book Debts realised ₹ 54,000; balance of the Stock was sold at a profit of 30% on cost.
(c) Sundry Creditors were paid out at a discount of 10%. Bills Payable were paid in full .
(d) Plant and Machinery realised ₹ 75,000. Land and Building ₹ 1,20,000.
(e) Rita took the goodwill of the firm at a value of ₹ 30,000.
(f) An unrecorded asset of ₹ 6,900 was handed over to an unrecorded liability of ₹ 6,000 in full settlement.
(g) Realisation expenses were ₹ 5,250.
Show Realisation Account, Partners' Capital Accounts and Bank Account in the books of the firm.
A, B and C were partners sharing profits in the ratio of 5 : 3 : 2. On 31st March, 2019, A's Capital and B's Capital were ₹ 30,000 and ₹ 20,000 respectively but C owed ₹ 5,000 to the firm. The liabilities were ₹ 20,000. The assets of the firm realised ₹ 50,000.
Prepare Realisation Account, Partner's Capital Accounts and Bank Account.
P, Q and R are partners sharing profits and losses in the ratio of 3 : 3 : 2 respectively. Their respective capitals are in their profit-sharing proportions. On 1st April, 2018, the total capital of the firm and the balance of General Reserve are ₹ 80,000 and ₹ 20,000 respectively. During the year 2018-19, the firm made a profit of ₹ 28,000 before charging interest on capital @ 5%. The drawings of the partners are P___________₹ 8,000; Q___________₹ 7,000; and R__________₹ 5,000. On 31st March, 2019, their liabilities were ₹ 18,000.
On this date, they decided to dissolve the firm. The assets realised ₹ 1,08,600 and realisation expenses amounted to ₹ 1,800.
Prepare necessary Ledger Accounts to close the books of the firm.
