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प्रश्न
Shanti and Satya were partners in firm in a sharing profit in the ratio of 4:1. On 31st march ,2013 their Balance Sheet was as follows:
Balance Sheet of Shanti and Satya as on 31st March, 2013
| Liabilities | Amount(Rs.) | Assets | Amount(Rs.) |
|
Creditors Workman Compention Fund Satya’s Current Account Capital’s: Shanti Satya
|
45,000 40,000 65,000
2,00,000 1,00,000
|
Bank Debtors Stock Furniture Machinery Shanti’s Current Account
|
55,000 60,000 85,000 1,00,000 1,30,000 20,000
|
| 4,50,000 | 4,50,000 |
On the above date the firm was dissolved:
1. Shanti took over 40% of the stock at 10% less than its book value and the remaining stock was sold for Rs.40,000. Furniture realized Rs.80,000.
2. An unrecorded investment was sold for Rs.20,000. Machinery was sold at a loss of Rs.60,000.
3. Debtors realized Rs.55,000.
4. There was an outstanding bill for repairs for which Rs.19,000 were paid.
Prepare Realisation Account.
उत्तर
Retaliation Account
Dr. Cr.
| Particular | Amount(Rs.) | Particular | Amount(Rs.) |
|
To Sundry Asset Debtors 60,000 Stock 85,000 Furniture 1,00,000 Machinery 1,30,000
To Cash A/c (Liabilities) Creditors 45,000 Outstanding Bill 19,000
|
3,75,000
64,000
|
By Creditors A/c By Shanti’s Current A/c (stock) By Cash A/c (Assets Realised) Stock 40,000 Furniture 80,000 Unrecorded Investment 20,000 Machinery 70,000 Debtors 55,000
By Realisation Loss Shanti’s Current A/c 78,720 Satya’s Current A/c 19,680 |
45,000 30,600
2,65,000
98,400 |
| 4,39,000 | 4,39,000 |
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.
Mala, Neela and Kala were partners sharing profits in the ratio of 3: 2: 1. On 1.3.2015 their firm was dissolved. The assets were realized and liabilities were paid off. The accountant prepared Realisation Account, Partners' Capital Accounts and Cash Account, but forgot to post few amounts in these accounts.
You are required to complete these below-given accounts by posting correct amounts.
| Realisation Account | |||
| Dr. | Cr. | ||
| Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
To Sundry Assets : Machinery 10,000 Stock 21,000 Debtors 20,000 Prepaid Insurance 400 Investment 3,000 To Mala’s Capital A/c Sheela Loan To Cash – Creditors paid To Cash – Dishonored bill paid To Cash Expenses |
54,400 13,000
15,000 5,000 800 |
By Provision for bad debts By Sundry Creditors By Sheela’s Loan By Repairs and Renewals Reserve By Cash – Assets sold Machinery 8,000 Stock 14,000 Debtors 16,000 By Mala’s Capital Investments By ___________
|
1,000 15,000 13,000 1,200
38,000 2,000 ______
|
|
|
88,200 |
|
88,200 |
| Capital Account | |||||||
| Dr. | Cr. | ||||||
| Particulars |
Mala Rs |
Neela Rs |
Kala Rs |
Particulars |
Mala Rs |
Neela Rs |
Kala Rs |
|
---------- ---------- To Cash |
----- ----- 12,000 |
----- ----- 9,000 |
----- -----
|
--------- --------- To Cash |
----- -----
|
----- -----
|
----- ----- 1000 |
| 23,000 | 15,000 | 3,000 | 23,000 | 15,000 | 3,000 | ||
| Cash Account | |||
| Dr. | Cr. | ||
| Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
To Balance b/d To Realisation A/c Sale of Assets To Kala’s Capital A/c
|
2,800 38,000
1,000
|
By Realisation A/c Creditors paid By Dishonoured bill _____________ By Mala’s Capital A/c By Neela’s Capital A/c |
15,000
5,000
12,000 9,000 |
|
|
41,800 |
|
41,800 |
Kumar and Gaurav were partners in the firm in a sharing profit in the ratio of their capitals. On 31st March 2013 their Balance Sheet was as follows:
| Balance Sheet of Kumar and Gaurav as on 31st March 2013 | |||
| Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Creditors Workman Compensation Fund Satya’s Current Account Capital’s: Kumar 1,50,000 Gaurav 1,00,000 |
80,000 25,000 24,000
2,50,000 |
Bank Debtors Stock Machinery Shanti’s Current Account
|
79,000 1,70,000 34,000 79,000 17,000
|
|
|
3,79,000 |
3,79,000 | |
On the above date the firm was dissolved:
1. Kumar took over 50% of stock at 10% less than its book value. The remaining stock was sold for Rs 10,000.
2. Debtors were realized at a discount of 5%.
3. An unrecorded asset was sold for Rs 9,000 and machinery was sold for Rs 18,000.
4. Creditors were paid in full.
5. There was an outstanding bill for repairs for amounting to Rs 14,000 which was settled at Rs 12,000.
Prepare Realisation Account
Pass the necessary journal entries for the following transaction of the dissolution of the firm of James and Haider who were sharing profits and losses in the ratio of 2 : 1.
The various assets (other than cash) and outside liabilities have been transferred to Realisation Account:
(i) James agreed to pay off his brother’s loan Rs 10,000
(ii) Debtors realized Rs 12,000
(iii) Haider took over all investment at Rs 12,000
(iv) Sundry creditors Rs 20,000 were paid at 5% discount
(v) Realisation expenses amounted to Rs 2,000
(vi) Loss on realization was Rs 10,200.
At the time of dissolution of a partnership firm, its Balance Sheet showed the stock of ₹ 30,000 comprising easily marketable items, obsolete items and a few miscellaneous other items. These items were realized as:
- Easily Marketable Items: 65% of the total inventory in full.
- Obsolete items: 20% of the total inventory had to be discarded.
- The miscellaneous other items in the stock are at 40% of their book value.
You are required to pass the journal entry for the realisation of stock.
Who is called Insolvent person?
Which account is debited on payment of dissolution expenses?
Write the word/term /phrase, which can substitute the following statements.
"Debit balance in realisation account."
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?
The partnership may come to an end due to the:
On dissolution, the balance of 'Profit and Loss Account' appearing on the Assets side of the Balance Sheet is transferred to:
Unrecorded liability when paid on the dissolution of a firm is transferred to ______
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:
If goodwill is already appearing in the books of accounts at the time of retirement of a partner, then it should be written off in ______.
On dissolution of a firm, realisation account is debited with:
Give the necessary Journal entries for the following transactions on dissolution of the firm of Sonu and Monu on 31st March, 2021, after transfer of various assets (other than cash and bank balance) and the third party liabilities to Realisation Account. They shared profits and losses in the ratio of 2 : 1.
- Sonu agreed to take over the firm's goodwill (not recorded in the books of the firm) at a valuation of ₹ 40,000.
- Bills payable of ₹ 30,000 falling due on 30th April, 2021 were discharged at ₹ 29,550.
- Stock worth ₹ 8,00,000 was taken over by partner, Sonu at 10% discount.
- Creditors off ₹ 2,00,000 accepted machinery valued at ₹ 2,20,000 in full settlement of their claim.
- Expenses of realisation ₹ 10,000 were paid by partner, Sonu.
G and M were partners in a firm sharing profits and losses in the ratio of 3 : 2. on 31st March 2022, their balance sheet was as follows:
| Balance Sheet of G and M as on 31st March, 2022 | ||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) |
| Creditors | 50,000 | Bank | 75,000 | |
| Outstanding Expenses | 45,000 | Other Current Assets | 4,80,000 | |
| Provision for Doubtful Debts | 5,000 | Machinery | 7,00,000 | |
| 9% Loan | 15,00,000 | Land and Building | 15,00,000 | |
| Capitals: | Patents | 10,000 | ||
| G | 6,00,000 | Profit and Loss Account | 15,000 | |
| M | 7,00,000 | Goodwill | 1,20,000 | |
| Total | 29,00,000 | Total | 29,00,000 | |
On the above date, the firm was dissolved. Other current assets realised 10% less. Land and building and machinery were sold at their book value. 9% loan was discharged with unrecorded interest of ₹1,35,000. Expenses on dissolution amounted to ₹10,000.
Prepare Realisation Account.
On dissolution of the partnership firm of A, B and C, the accumulated profits of ₹ 40,000 will be transferred to which of the following account?
