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प्रश्न
Sita and Gita were partners sharing profits and losses in the ratio of 4 : 5. They dissolved their partnership on 31st March, 2021, when their Balance Sheet showed the following balances:
| Particulars | (₹) |
| Sita’s Capital | 30,000 |
| Gita’s Capital | 35,000 |
| Gita’s Current A/c (Dr) | 2,000 |
| Contingency Reserve | 18,000 |
| P/L A/c (Dr) | 4,500 |
On the date of dissolution:
- The firm, upon realisation of assets and settlement of liabilities, made a profit of ₹ 9,000.
- Gita paid the realisation expenses of ₹ 2,000.
- Gita discharged the outstanding salary of the manager of the firm of ₹ 1,000 which was unrecorded in the books.
You are required to prepare the Partners’ Capital Accounts.
उत्तर
| Partner's Capital Account | |||||
| Particulars | Sita (₹) | Gita (₹) | Particulars | Sita (₹) | Gita (₹) |
| To Current A/c | 2,000 | By Balance b/d | 30,000 | 35,000 | |
| To P/L (Dr.) | 2,000 | 2,500 | By Contingency Reserve | 8,000 | 10,000 |
| By Realisation (Profit) | 4,000 | 5,000 | |||
| By Realisation (Expenses) | - | 2,000 | |||
| To Bank A/c | 40,000 | 48,500 | By Realisation (Manager salary) |
- | 1,000 |
| 42,000 | 53,000 | 42,000 | 53,000 | ||
APPEARS IN
संबंधित प्रश्न
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.
Who should bear the capital deficiency of an insolvent partner?
Write the word/term /phrase, which can substitute the following statements.
"Debit balance in realisation account."
Partnership is compulsorily dissolved when the partners of the firm become ______
On taking responsibility for payment of realisation expenses by a partner, the account credited will be:
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 ______
Pick the odd one out:
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.
