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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
Jayant and Ramakant were partners in the firm. On 31st March 2013 their Balance Sheet was as follows:
| Balance Sheet of Jayant and Ramakant as on 31st March 2013 | |||
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
|
Creditors Workman Compensation Fund Satya’s Current Account Capital's: Jayant Ramaknat |
75,000 45,000 15,000
|
Bank Debtors Stock Furniture Machinery Shanti’s Current Account |
70,000 2,00,000 20,000 20,000 3,12,000 13,000 |
|
|
6,35,000 |
|
6,35,000 |
On the above date the firm was dissolved:
1. Jayant took over 40% of the stock at 20% less than its book value and the remaining stock was sold for Rs 15,000. Furniture realized Rs 20,000.
2. An unrecorded asset was sold for Rs 3,000. Machinery was sold at a loss of Rs 75,000.
3. Debtors realized Rs 10,000.
4. There was an outstanding bill for repairs for which Rs 38,000 were paid.
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.
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.
In what proportion is the balance on Realisation Account transferred to Partner's Capital Account?
Write the word/term /phrase, which can substitute the following statements.
"Debit balance in realisation account."
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:
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 ______.
