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प्रश्न
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.
उत्तर
| Realisation Account | |||
| Dr. | Cr. | ||
| Particulars | Rs | Particulars | Rs |
|
To Sundry Asset A/c Debtors 3,40,000 Stock 1,50,000 Furniture 4,60,000 Machinery 8,20,000 To Bank A/c Hanif’s Current A/c (Realisation Expenses)
|
17,70,000 1,50,000 8,000
|
By Sundry Liabilities A/c Creditors Bank A/c: Debtors 3,23,000 Stock 65,000 Machinery 74,000 Hanif’s Current A/c ( stock) Jubed’s Current A/c (Furniture) Loss transferred to: Hanif’s Current A/c 7,42,333 Jubed’s Current A/c 3,71,167 |
1,50,000
4,62,000 67,500 1,35,000
11,13,500 |
|
|
19,28,000 |
19,28,000 | |
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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.
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.
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.
In what proportion is the balance on Realisation Account transferred to Partner's Capital Account?
Which account is debited on payment of dissolution expenses?
On dissolution of a firm, a partner paid ₹ 700 for the firm's realisation expenses. Which account will be debited?
On dissolution of the firm, loss calculated in Realisation Account is debited/credited to which account?
On taking responsibility for payment of a liability of ₹ 50,000 by a partner, the account credited will be:
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:
Unrecorded liability when paid on the dissolution of a firm is transferred to ______
On dissolution of the firm, the amount received from the sale of the unrecorded asset is credited to ______.
In the event of dissolution of a partnership firm, the provision for doubtful debts is transferred to ______.
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, 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?
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.
T, U and V were partners in a firm sharing profits and losses in the ratio of 2 : 1 : 2. Their firm was incurring huge losses thus it had to be closed. After transferring assets (other than cash in hand and bank) and third party liabilities to Realization Account the following transactions took place:
- T took away 50% of the stock at book value less 10% for ₹ 90,000, and the remaining stock was sold for ₹ 40,000.
- Creditors of ₹ 78,000 took over machinery of ₹ 80,000 in full settlement of their claim.
- ₹ 5,000 debtors previously written off were recovered.
- Mrs. V's loan of ₹ 72,000 was paid by the firm.
- Loss on dissolution was ₹ 80,000.
Pass necessary journal entries for the above transactions in the book of T. U and V.
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?
On the dissolution of the firm, Partner Rex agreed to take over the responsibility of completing the dissolution work at an agreed remuneration of ₹ 1000 and to bear all realisation expenses. The actual realisation expenses amounted to ₹ 1,300 which were paid by the firm on Rex's behalf.
What amount will be debited by the firm to the Realisation Account?
