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प्रश्न
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.
उत्तर
| Dr. | Partners Capital Accounts as on 31st March 2023 |
Cr. | |||
| Particulars | Adit (₹) | Shiv (₹) | Particulars | Adit (₹) | Shiv (₹) |
| To Shiv's Current A/c | - | 6,000 | By Balance b/d | 40,000 | 30,000 |
| To Shiv's Loan A/c | - | 22,000 | By Adit's Current A/c | 3,000 | - |
| To Profit & Loss A/c | 2,500 | 2,000 | By Cash/Bank A/c | - | 15,000 |
| To Loss on Realisation A/c | 10,000 | 8,000 | |||
| To Bank A/c (dissolution expenses) | - | 3,000 | |||
| To Realisation A/c (furniture taken over) | 9,000 | 4,000 | |||
| To Cash/Bank A/c | 21,500 | - | |||
| 43,000 | 45,000 | 43,000 | 45,000 | ||
Working Notes:
Let value of furniture taken over by Adit be x
`x-(10x)/100 = 9,000`
`(90x)/100=9,000`
90x = 9,00,000
`x = (9,00,000)/90`
x = 10,000
Value of furniture taken over by Shiv
= 15,000 − 10,000 = 5,000
Value at which shiv took over furniture = `5,000xx80/100` = ₹ 4,000
APPEARS IN
संबंधित प्रश्न
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.
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.
Who is called Insolvent person?
Partnership is compulsorily dissolved when the partners of the firm become ______
On taking responsibility for payment of a liability of ₹ 50,000 by a partner, the account credited will be:
The partnership may come to an end due to the:
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.
