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प्रश्न
Anup and Sumit are equal partners in a firm. They decided to dissolve the partnership on December 31, 2017. When the balance sheet is as under:
Balance Sheet of Anup and Sumit as on December 31, 2017
| Liabilities | Amt (Rs.) | Amt (Rs.) |
Assets | Amt (Rs.) |
| Sundry Creditors | 27,000 | Cash at bank | 11,000 | |
| Reserve fund | 10,000 | Sundry Debtors | 12,000 | |
| Loan | 40,000 | Plants | 47,000 | |
| Capital : | 120,000 | Stock | 42,000 | |
| Anup | 60,000 | Leasehold land | 60,000 | |
| Sumit | 60,000 |
Furniture |
25,000 | |
| 197,000 | 197,000 |
The Assets were realised as follows:
| Rs. | |
| Lease hold land | 72,000 |
| Furniture | 22,500 |
| Stock | 40,500 |
| Plant | 48,000 |
| Sundry Debtors | 10,500 |
The Creditors were paid Rs 25,500 in full settlement. Expenses of Realisation amount to Rs 2,500.
Prepare Realisation Account, Bank Account, Partners Capital Accounts to close the books of the firm.
उत्तर
Books of Anup and Sumit
Realisation Account
Dr. Cr.
| Particulars | Amt (Rs.) | Amt (Rs.) | Particulars | Amt (Rs.) | Amt (Rs.) |
| Sundry Debtors | 12,000 | Sundry Creditors | 27,000 | ||
| Plants | 47,000 | Loan | 40,000 | ||
| Stock | 42,000 | Bank: | 193,500 | ||
| Leasehold land | 60,000 | Leasehold Land |
72,000 | ||
| Furniture | 25,000 | Furniture | 22,500 | ||
| Bank: | 68,000 |
Stock |
40,500 | ||
| Creditors | 25,500 | Plant | 48,000 | ||
| Loan | 40,000 | Sundry Debtors | 10,500 | ||
| Expenses | 2,500 | ||||
| Profit transferred to : | 6,500 | ||||
| Anup’s Capital A/c | 3,250 | ||||
| Sumit’s Capital A/c | 3,250 | ||||
| 260,500 | 260,500 | ||||
Partners’ Capital Account
Dr. Cr.
| Particulars | Anup | Sumit | Particulars | Anup | Sumit |
| Bank | 68,250 | 68,250 | Balance b/d | 60,000 | 60,000 |
| Reserve Fund | 5,000 | 5,000 | |||
|
Realisation |
3,250 | 3,250 | |||
| 68,250 | 68,250 | 68,250 | 68,250 |
Bank Account
Dr. Cr.
| Particulars | Amt (Rs.) |
Particulars | Amt (Rs.) |
| Balance b/d | 11,000 | Realisation (Expenses and Liabilities) | 68,000 |
| Realisation (Assets) | 193,500 | Anup’s Capital A/c | 68,250 |
| Sumit’s Capital A/c | 68,250 | ||
| 204,500 | 204,500 |
APPEARS IN
संबंधित प्रश्न
On 5th September, 2010 Prakash Patil accepted a bill of Rs 16,000 drawn by Chandu Chaudhari for 3 months. This bill was drawn for amount which Prakash Patil owed to Chandu Chaudhari. On same date Chandu Chaudhari purchased goods from Magan Mahajan for Rs 20,000 for this Chandu Chaudhari endorsed Prakash Patil’s acceptance in favour of Magan Mahajan and accepted 2 months bill for the balance due. On 5th October, 2010 Magan Mahajan discounted both the bill with his bank @ 12% p.a.
On the due date Prakash Patil’s honoured his acceptance while Chandu Chaudhari unable to meet the payment for his acceptance. Magan Mahajan’s bank paid noting charges Rs 100.
Pass Journal entries in the books of Magan Mahajan and also prepare Prakash Patil’s and Magan Mahajan ledger account in the books of Chandu Chaudhari.
On 1st April, 2011 Umakant draws a bill for Rs 25,000 on Laxmikant for 4 months period. The bill is accepted and returned to Umakant. On the same date Umakant discounted the bill with his bank @ 12% p.a.
Before due date Laxmikant finds himself unable the bill, hence required Umakant to renew the bill for further period of 2 months. Umakant agreed and he took the bill back from bank and received new acceptance for Rs 26,000 including interest. This new bill is duly honoured by Laxmikant on due date.
Write Journal of Umakant and Laxmikant for the above bill transactions.
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.
Journalise the following bill transactions as on 31st July, 2011 in the books of Pratapsing.
A. Renewed Vinyak’s acceptance of Rs 6,000 due on 31st July, 2011 by accepting cash Rs 2,000 and drawing bill for the balance with interest @ 18% p.a. for 3 months.
B. Accepted a bill of Rs 5,000 at 3 months at sight, drawn by Arvind for the amount due to him Rs 6,000 and balance paid by cheque.
C. Jethabhai honoured his acceptance of Rs 9,800 which was deposited into bank for collection and bank debited Rs 80 for bank charges.
D. Bank informed that Prajakta’s acceptance of Rs 4,000 which was discounted dishonoured, bank paid noting charge Rs 85. Renewed at her request for next 2 months with interest @ 18% p.a.
Journalise the following transactions regarding Realisation expenses:
[a] Realisation expenses amounted to Rs 2,500.
[b] Realisation expenses amounting to Rs 3,000 were paid by Ashok, one of the partners.
[c] Realisation expenses Rs 2,300 borne by Tarun, personally.
[d] Amit, a partner was appointed to realise the assets, at a cost of Rs 4,000. The actual amount of Realisation amounted to Rs 3,000.
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.
How will you deal with the Realisation expenses of the firm of Rashim and Bindiya in the following cases
1. Realisation expenses amounts to Rs 1,00,000,
2. Realisation expenses amounting to Rs 30,000 are paid by Rashim, a partner.
3. Realisation expenses are to be borne by Rashim for which he will be paid Rs 70,000 as remuneration for completing the dissolution process. The actual expenses incurred by Rashim were Rs 1,20,000.
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.
What journal entries would be recorded for the following transactions on the dissolution of a firm after various assets (other than cash) on the third party liabilities have been transferred to Reliasation Account.
1. Arti took over the Stock worth Rs 80,000 at Rs 68,000.
2. There was unrecorded Bike of Rs 40,000 which was taken over By Mr. Karim.
3. The firm paid Rs 40,000 as compensation to employees.
4. Sundry creditors amounting to Rs 36,000 were settled at a discount of 15%.
5. Loss on Realisation Rs 42,000 was to be distributed between Arti and Karim in the ratio of 3:4.
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.
Pass Journal entries for the following:
(a) Realisation expenses amounted to ₹ 10,000 were paid by the firm on behalf of Alok, a partner, with whom it was agreed at ₹ 7,500.
(b) Realisation expenses amounted to ₹ 5,000. It was agreed that the firm will pay ₹ 2,000 and balance by Ravinder, a partner.
(c) Dissolution expenses amounted to ₹ 10,000 were paid by Amit, a partner, on behalf of the firm.
Pass Journal entries for the following at the time of dissolution of a firm:
(a) Sale of Assets − ₹ 50,000.
(b) Payment of Liabilities − ₹ 10,000.
(c) A commission of 5% allowed to Mr. X, a partner, on sale of assets.
(d) Realisation expenses amounted to ₹ 15,000. The firm had agreed with Amrit, a partner, to reimburse him up to ₹ 10,000.
(e) Z, an old customer, whose account for ₹ 6,000 was written off as bad in the previous year, paid 60% of the amount written off.
(f) Investment (Book Value ₹ 10,000) realised at 150%.
Balance Sheet of a firm as at 31st March, 2019, when it was decided to dissolve the same, was:
| Liabilities | Amount (₹) |
Assets | Amount (₹) |
|||||
| Sundry Creditors | 14,000 | Cash at Bank | 640 | |||||
| General Reserve | 500 | Stock | 4,740 | |||||
| Capital A/cs: | Debtors | 5,540 | ||||||
| X | 4,000 | Machinery | 10,580 | |||||
| Y | 3,000 | 7,000 | ||||||
| 21,500 | 21,500 | |||||||
₹19,500 were realised from all assets except Cash at Bank. The cost of winding up came to ₹ 440. X and Y shared profits in the ratio of 2 : 1 respectively.
Prepare Realisation Account and Capital Accounts of Partners.
Vinod, Vijay and Venkat are partners sharing profits and losses in the ratio of 3 : 2 : 1. They decided to dissolve their firm on 31st March, 2019, the date on which their Balance Sheet stood as:
|
Liabilities |
Amount (₹) |
Assets |
Amount (₹) |
||
| Creditors |
17,000 |
Bank | 3,500 | ||
| Bills Payable | 12,000 | Stock | 19,800 | ||
| Vinod's Loan |
5,300 |
Debtors |
15,000 |
|
|
| General Reserve |
6,000 |
Less: Provision for Doubtful Debts |
1,000 |
14,000 |
|
| Capital A/cs: | Investments | 4,000 | |||
| Vinod | 25,000 | Furniture | 10,000 | ||
| Vijay |
11,000 |
|
Machinery | 33,000 | |
| Venkat |
8,000 |
44,000 |
|||
|
84,300 |
84,300 |
||||
The following additional information is given:
(a) The Investments are taken by Vinod for ₹ 5,000 in settlement of his loan
(b)
| Assets realised as follows: | ₹ |
| Stock | 17,500 |
| Debtors | 14,500 |
| Furniture | 6,800 |
| Machinery | 30,300 |
(c) Expenses on realisation amounted to ₹ 2,000.
Close the books of the firm giving relevant Ledger Accounts.
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:
| Liabilities | Amount (₹) |
Assets | Amount (₹) |
|||||
| Capital A/cs: | Building | 80,000 | ||||||
| Ashu | 1,08,000 | Machinery | 70,000 | |||||
| Harish | 54,000 | 1,62,000 | Furniture | 14,000 | ||||
| Creditors | 88,000 | Stock | 20,000 | |||||
| Bank Overdraft | 50,000 | Investments | 60,000 | |||||
| Debtors | 48,000 | |||||||
| Cash in Hand | 8,000 | |||||||
| 3,00,000 | 3,00,000 | |||||||
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. Debtors realised for ₹ 46,000, expenses of realisation amounted to ₹ 3,000. Prepare necessary Ledger Accounts.
Following is the Balance Sheet of Arvind and Balbir as at 31st March, 2019:
|
Liabilities |
Amount (₹) |
Assets |
Amount (₹) |
||
| Trade Creditors |
45,000 |
Cash | 750 | ||
| Bills Payable | 12,000 | Bank | 12,000 | ||
| Mrs. Arvind's Loan | 7,500 | Stock | 7,500 | ||
| Mrs. Balbir's Loan | 15,000 | Investments | 15,000 | ||
| Reserve Fund |
15,000 |
Book Debts |
30,000 |
|
|
| Investments Fluctuation Reserve |
1,500 |
Less: Provision for Doubtful Debts |
3,000 |
27,000 |
|
| Capital A/cs: | Building | 22,500 | |||
| Arvind |
15,000 |
|
Plant | 30,000 | |
| Balbir |
15,000 |
30,000 |
Goodwill |
6,000 |
|
|
|
|
Profit and Loss A/c |
5,250 |
||
|
1,26,000 |
1,26,000 |
||||
The firm was dissolved on the above date under the following arrangement:
(a) Arvind promised to pay off Mrs. Arvind's Loan and took Stock at ₹ 6,000.
(b) Balbir took half the Investments @ 10% discount.
(c) Book Debts realised ₹ 28,500.
(d) Trade Creditors and Bills Payable were due on average basis of one month after 31st March, but were paid immediately on 31st March @ 2% discount per annum.
(e) Plant realised ₹ 37,500; Building ₹ 60,000; Goodwill ₹ 9,000 and remaining Investments ₹ 6,750.
(f) An old typewriter, written off completely from the firm's books, now estimated to realise ₹ 450. It was taken by Balbir at this estimated price.
(g) Realisation expenses were ₹ 1,500.
Show Realisation Account, Capital Accounts of Partners and Bank Account.
Anju, Manju and Sanju were partners in a firm sharing profits in the ratio of 2 : 2 : 1. On 31st March, 2019, their Balance Sheet was:
| Liabilities | Amount (₹) |
Assets | Amount (₹) |
|
| Creditors | 50,000 | Cash | 60,000 | |
| Bank Loan | 35,000 | Debtors | 75,000 | |
| Employees' Provident Fund | 15,000 | Stock | 40,000 | |
| Investments Fluctuation Reserve | 10,000 | Investments | 20,000 | |
| Commission Received in Advance | 8,000 | Plant | 50,000 | |
| Capital A/cs: | Profit and Loss A/c | 3,000 | ||
| Anju | 50,000 | |||
| Manju | 50,000 | |||
|
Sanju |
30,000 | 1,30,000 | ||
| 2,48,000 | 2,48,000 | |||
On this date, the firm was dissolved. Anju was appointed to realise the assets. Anju was to receive 5% commission on the sale of assets (except cash) and was to bear all expenses of realisation.
Anju realised the assets as follows: Debtors ₹ 60,000; Stock ₹ 35,500; Investments ₹ 16,000; Plant 90% of the book value. Expenses of Realisation amounted to ₹ 7,500. Commission received in advance was returned to customers after deducting ₹ 3,000.
Firm had to pay ₹ 8,500 for Outstanding Salary, not provided for earlier, Compensation paid to employees amounted to ₹ 17,000. This liability was not provided for in the above Balance Sheet. ₹ 20,000 had to be paid for Employees' Provident Fund.
Prepare Realisation Account, Capital Accounts of Partners and Cash Account.
A and B dissolve their partnership. Their position as at 31st March, 2019 was:
|
Particulars |
₹ |
| A's Capital | 25,000 |
| B's Capital | 15,000 |
| Sundry Creditors | 20,000 |
| Cash in Hand and at Bank | 750 |
The balance of A's Loan Account to the firm stood at ₹ 10,000. The realisation expenses amounted to ₹ 350. Stock realised ₹ 20,000 and Debtors ₹ 25,000. B took a machine at the agreed valuation of ₹ 7,500. Other fixed assets realised ₹ 20,000.
You are required to close the books of the firm.
A, B and C were in partnership sharing profits and losses in the ratio of 2 : 1 : 1. They decided to dissolve the partnership. On that date of dissolution, Sundry Assets (including cash ₹ 5,000) amounted to ₹ 88,000, assets realised ₹ 80,000 (including an unrecorded asset which realised ₹ 4,000). A contingent liability on account of bills discounted ₹ 8,000 was paid by the firm. The Capital Accounts of A, B and C showed a balance of ₹ 20,000 each.
Prepare Realisation Account, Partners' Capital Accounts and Cash Account.
