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प्रश्न
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.
उत्तर
| Dr. | Realisation Account | Cr. | |||
| Particulars | Amount (₹) | Amount (₹) | Particulars | Amount (₹) | Amount (₹) |
| To Assets: | By Liabilities: | ||||
| Other Current Assets | 4,80,000 | 28,10,000 | Creditors | 50,000 | 16,00,000 |
| Machinery | 7,00,000 | Outstanding Expenses | 45,000 | ||
| Land and Building | 15,00,000 | Provision for Doubtful Debts | 5,000 | ||
| Patents | 10,000 | 9% Loan | 15,00,000 | ||
| Goodwill | 1,20,000 | By Cash A/c: | |||
| To Cash A/c: | Other Current Assets | 4,32,000 | 26,32,000 | ||
| Creditors | 50,000 | 17,40,000 | Machinery | 7,00,000 | |
| Outstanding Expenses | 45,000 | Land and Building | 15,00,000 | ||
| 9% Loan | 16,35,000 | By Realisation Loss: | |||
| Diss Expenses | 10,000 | G | 1,90,800 | 3,18,000 | |
| M | 1,27,200 | ||||
| 45,50,000 | 45,50,000 | ||||
APPEARS IN
संबंधित 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.
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.
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.
Which accounts are not transferred to Realisation Account?
In what proportion is the balance on Realisation Account transferred to Partner's Capital 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 of a firm, a partner paid ₹ 700 for the firm's realisation expenses. Which account will be debited?
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:
At the time of dissolution of partnership firm, the amount of 'Bills Payable' shown in the Liabilities Side of the Balance Sheet is transferred to:
At the time of dissolution of the firm, at which stage the balance of the partner's capital accounts is paid?
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:
In the event of dissolution of a partnership firm, the provision for doubtful debts is transferred to ______.
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.
Anu, Bhanu and Charu were partners in a firm sharing profits in the ratio of 2 : 2 : 1. Anu decided to retire from the firm on 31st March, 2021. The balance sheet of the firm on that date was as follows:
| Balance sheet of Anu, Bhanu and Charu as on 31st March, 2021: |
|||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Creditors | 24,000 | Bank | 10,000 | ||
| Profit & Loss A/c | 5,000 | Debtors | 20,000 | 19,600 | |
| Capitals: | Less: Provision for Doubtful debts |
400 | |||
| Anu | 31,000 | 83,000 | Stock | 27,000 | |
| Bhanu | 30,000 | Investments | 10,000 | ||
| Charu | 22,000 | Patents | 2,400 | ||
| Premises | 43,000 | ||||
| 1,12,000 | 1,12,000 | ||||
On retirement of Anu, following terms were agreed upon:
- Anu sold her share of premium for goodwill to Bhanu for ₹ 6,000 and to Charu for ₹ 3,000.
- Provision for doubtful debts was to be raised to 5% on debtors.
- Patents were considered valueless.
- Anu was paid ₹ 9,600 through a cheque and balance was transferred to her Loan A/c.
Prepare Revaluation Account and Anu's Capital Account on her retirement.
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?
