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प्रश्न
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.
उत्तर
| Particulars | Amount (₹) | Amount (₹) |
| Bank A/c Dr. To Realisation A/c (Being money realised from stock) |
21,300 | 21,300 |
Working Note-
Total stock value - ₹ 30,000 out of Total Stock
(a) Easily Marketable Items realised
`= (30,000 xx 65)/100` = 19,500 full realisation
(b) Obsolete item: 20% discarded (6,000 B.V.)
(c) The miscellaneous other items realised
`= 30,000 - 19,500 - 6,000`
`= 4,500 xx 40/100`
= 1,800
Total realisation from stock:
19,500 + 1,800 = 21,3000
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.
Hanif and Jubed were partners in a firm sharing profits in the ratio of their capitals. On the 31st March 2013 their Balance Sheet was as follows:
| Balance Sheet of Hanif and Jubed as on 31st March 2013 | |||
| Liabilities | Rs | Assets | Rs |
|
Creditors Workman Companion Fund General Reserve Hanif’s Current Account Capital's: Hanif 10,00,000 Jubed 5,00,000 |
1,50,000 3,00,000 75,000 25,000
15,00,000 |
Bank Debtors Stock
Furniture Machinery Jubed’s Current Account |
2,00,000 3,40,000 1,50,000
4,60,000 8,20,000 80,000 |
| 20,50,000 | 20,50,000 | ||
On the above date the firm was dissolved:
a. Debtors were realised at a discount of 5%, 50% of the stock was taken over by Hanif at 10% less than the book value. Remaining stock was sold for Rs 65,000.
b. Furniture was taken over by Jubed for Rs 1,35,000. Machinery was sold as scrap for Rs 74,000.
c. Creditors were paid in full.
d. Expenses on realisation Rs 8,000 were paid by Hanif.
Prepare Realisation Account.
Niyati, Kartik, and Ratik were partners in firm sharing profits and losses in the ratio of 5 : 3: 2. The firm was dissolved on 31st March 2019 by the order of the court. After transfer of assets (other than cash) and external liabilities to Realization Account, the following transactions took place:
(a) An unrecorded liability of the firm of ₹ 45,000 was paid by Niyati.
(b) Creditors, to whom ₹ 67,000 were due to be paid, accepted furniture at ₹ 35,000 and the balance was paid to them in cash.
(c) Kartik had given a loan of ₹ 18,000 to the firm which was paid to him.
(d) Stock worth ₹ 85,000 was taken over by Ratik at ₹ 72,000.
(e) Expenses on dissolution amounted to ₹ 6,000 and were paid by Kartik.
(f) Loss on dissolution amounted to ₹ 40,000.
Pass the necessary journal entries for the above transactions in the books of the firm.
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.
Write the word/term /phrase, which can substitute the following statements.
"Debit balance in realisation account."
Write the word/term/phrase, which can substitute each of the following statements.
"Debit balance of an insolvent Partner's Capital Account".
Partnership is compulsorily dissolved when the partners of the firm become ______
On dissolution, if a partner undertakes to make payment of a liability of the firm is debited to ______.
If in case of dissolution of the partnership, there was no Workmen Compensation Fund and firm had to pay ₹ 3,000 as compensation to workers where will be this ₹ 3,000 recorded in the books of accounts?
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.
