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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.
उत्तर
| Realisation Account |
| Dr. | Cr. | ||
| Particulars | Rs | Particulars | Rs |
|
To Plant A/c To Investment A/c To Stock A/c To Debtors A/c To Bank A/c Creditors 75,000 Bills Payable 40,000 Outstanding Salary 35,000 To Bank A/c Outstanding Bill for Repair 7,500 Dishonour of Discount Bill 15,000 To Srijan’s Capital A/c Commission (2,31,500x0.05) |
2,20,000 70,000 50,000 60,000
1,50,000
22,500
11,575 |
By Creditors By Bills Payable By Outstanding Salary By Bank A/c Plant 85,000 Stock 33,000 Debtors 47,000 Investment 66,500 By Partners Capital A/c Srijan 81,030 Raman 81,030 Manan 40,515
|
75,000 40,000 35,000
2,31,500
2,02,575
|
| 5,84,075 | 5,84,075 |
| Partner’s Capital Account |
| Dr. | Cr. | ||
| Particulars | Srijan | Raman | Manan | Particulars | Srijan | Raman | Manan |
|
To Balance b/d To P/L A/c To Realisation A/c (Loss) To Bank A/c |
32,000
81,030 98,545 |
32,000
81,030 36,970 |
10,000 16,000
40,515
|
By Balance b/d By Realisation A/c (Commission) By Bank A/c
|
2,00,000
11,575
|
1,50,000
|
66,515
|
| 2,11,575 | 1,50,000 | 66,515 | 2,11,575 | 1,50,000 | 66,515 | ||
| Bank Account |
| Dr. | Cr. |
| Particulars | Rs | Particulars | Rs |
|
To Balance b/d To Realisation A/c (Asset realised) To Manan’s Capital A/c
|
10,000 2,31,500 66,515
|
By Realisation A/c By Realisation A/c By Srijan’s Capital A/c By Raman’s Capital A/c |
1,50,000 22,500 98,545 36,970 |
| 3,08,015 | 3,08,015 |
APPEARS IN
संबंधित प्रश्न
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
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.
When is Realisation Account opened?
Who is called Insolvent person?
Who should bear the capital deficiency of an insolvent partner?
Which account is debited on repayment of Partner's Loan?
Partnership is compulsorily dissolved when the partners of the firm become ______
Where would the interest on capital be recorded if the fixed capital account is followed in the partnership firm?
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 the firm, at which stage the balance of the partner's capital accounts is paid?
On dissolution of the firm, the amount received from the sale of the unrecorded asset is credited to ______.
Pick the odd one out:
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 ______.
On dissolution, the final balance of the Partner's Capital Account is transferred to ______.
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?
