Question
21:
Pradeep
and Paresh partners in a firm decided to dissolve
their partnership firm on 1st April, 2025. Pradeep
was deputed to realise the assets and to pay off the
liabilities. He was paid ₹10,000 as commission for his services. Balance
Sheet of the firm on 31st March, 2025 was as follows:
|
|
BALANCE
SHEET as at 31st March, 2025 |
|||||
|
Liabilities |
|
₹ |
Assets |
|
₹ |
|
|
Sundry Creditors |
|
1,29,400 |
Building |
|
3,00,000 |
|
|
Mrs. Pradeep's
Loan |
|
40,000 |
Investment |
|
30,000 |
|
|
Paresh's Loan |
|
24,000 |
Debtors |
71,400 |
|
|
|
Investment Fluctuation Reserve |
|
8,000 |
Less: Provision for Doubtful Debts
|
4,000
|
67,400 |
|
|
Capital A/s: |
|
|
Bank |
|
16,000 |
|
|
Pradeep |
1,21,000
|
|
Profit & Loss A/c |
|
20,000 |
|
|
Paresh |
1,21,000 |
2,42,000 |
Goodwill |
|
10,000 |
|
|
|
|
|
|
|
|
|
|
|
|
4,43,400 |
|
|
4,43,400 |
|
Following terms and conditions were agreed upon:
(a) Pradeep agreed to pay
his wife's loan.
(b) Investment was given to Paresh
for 27,000.
(c) Building realisedRs. 3,50,000.
(d) Creditors were to be paid after two months, they were paid immediately at 10% p.a. discount.
(e) Realisation expenses
were ₹ 2,500.
Prepare Realisation
Account.
Answer:
|
Realisation Account |
|||||
|
Particulars |
|
₹ |
Particulars |
|
₹ |
|
Building |
|
3,00,000 |
Sundry Creditors |
|
1,29,400 |
|
Investment |
|
30,000 |
Mrs. Pradeep's
Loan |
40,000 |
|
|
Debtors |
|
71,400 |
Investment
Fluctuation Reserve |
8,000 |
|
|
Goodwill |
|
10,000 |
Provision for Doubtful Debts |
4,000 |
|
|
Pradeep’s Capital A/c |
40,000 |
Paresh’s Capital A/c |
27,000 |
||
|
(Mrs. Pradeep's
Loan taken over) |
|
(Investment taken over) |
|
|
|
|
Bank A/c |
|
1,27,243 |
Bank A/c |
(Building) |
3,50,000 |
|
(Creditors paid) |
|
|
|
(Debtors) |
71,400 |
|
Pradeep’s Capital A/c |
10,000 |
|
|
|
|
|
(Expenses paid) |
|
|
|
|
|
|
Bank A/c |
|
2,500 |
|
|
|
|
(Expenses paid) |
|
|
|
|
|
|
Gain |
|
38,657 |
|
|
|
|
|
|
6,29,800 |
|
|
6,29,800 |
Question 22:
Ashish
and Kanav were partners ina firm sharing profits and losses in the ratio of
3:2. On 31st March, 2018 their Balance Sheet was as follows:
|
BALANCE
SHEET OF ASHISH AND KANAV as at 315t March, 2018 |
|||
|
Liabilities |
₹ |
Assets |
₹ |
|
Trade Creditors |
42,000 |
Bank |
35,000 |
|
Employees' Provident Fund |
10,000 |
Stock |
24,000 |
|
Mrs. Ashish's
Loan |
9,000 |
Debtors |
19,000 |
|
Kanav's Loan |
35,000 |
Furniture |
40,000 |
|
Workmen's Compensation Fund |
20,000 |
Plant |
2,10,000 |
|
Investment Fluctuation Reserve |
4,000 |
Investments |
32,000 |
|
Capitals: Ashish:
1,20,000 Kanav:
80,000 |
2,00,000 |
Profit and Loss A/c |
10,000 |
|
|
3,70,000 |
|
3,70,000 |
On the above date they decided to dissolve the firm.
(a) Ashish
agreed to take over furniture at 38,000 and pay off Mrs. Ashishis
loan.
(b) Debtors realised
18,500 and plant realised 10% more.
(c) Kanav took over 40% of
the stock at 20% less than the book value. Remaining stock was sold ata gain of 10%.
(d) Trade creditors took over investments in full
settlement.
(e) Kanav agreed to take
over the responsibility of completing dissolution at an agreed remuneration of
12,000 and to bear realisation expenses. Actual
expenses of realisation amounted to 8,000.
Prepare Realisation
Account. (CBSE 2019)
Answer:
|
Realisation A/c |
|||
|
Dr. |
|
|
Cr. |
|
Particulars |
₹ |
Particulars |
₹ |
|
To Stock To Debtors To Furnisture To Plant To Investiment To Ashish’s capital a/c Mrs. Ashish loan taken To Kanav’s capital a/c Ageed to bear realization expenses To Bank a/c EPF paid To Captial – profit
transferred to; Ashish 20,020×3/5=12,012 Kanav 20,020×2/5=8,008 (In the ratio 3:2) |
24,000 19,000 40,000 2,10,000 32,000 9,000 12,000 60,000 20,020 |
By Creditors By employees provident fund By Mrs. Ashish’s loan By Investment fluctuation reserve By Ashish’s capital a/c (Furniture taken) By Kanav’s capital a/c Stock(24,000×40%×80%) By Bank a/c (Assets realised) Debtors =
18,500 Plant =
2,31,000 Stock =
15,840 (24,000×24%×110%) |
42,000 60,000 9,000 4,000 38,000 7,680 2,65,340 |
|
|
4,26,020 |
|
4,26,020 |
Question 23: A,
B and C were partners sharing profits and losses in the ratio of 2:2:1.Their
Balance Sheet as at 31st March, 2018 was as follows:
|
BALANCE
SHEET OF A, B AND C as at 31st March, 2018 |
|||||
|
Liabilities |
|
₹ |
Assets |
|
₹ |
|
Capitals: A B C Creditors |
7,50,000 3,00,000 2,50,000
2,00,000 |
13,00,000 |
Cash at Bank Sundry Debtors Less:
Provision for Bad Debts Stock Fixed Assets |
3,00,000 1,95,000 5,000 |
1,90,000 3,00,000 7,10,000 |
|
|
|
15,00,000 |
|
|
15,00,000 |
On the above date they dissolved the firm and
following amounts were realised:
Fixed Assets 6,75,000;
Stock ₹3,39,000; Debtors ₹1,35,000; Creditors were paid
₹1,85,000 in full settlement of their claim. Expenses on realisation amounted to ₹19,000.
Pass the necessary Journal entries on the
dissolution of the firm. (CBSE 2019)
Answer:
Journal
|
|||||
Date
|
Particulars
|
|
L.F.
|
Dr. ₹
|
Cr. ₹
|
31 March
|
Realisation a/c
To Sundry Debtors a/c
To Stock A/c
To Fixed assets A/c
(Being assets transferred to realization
account)
|
Dr.
|
|
12,05,000
|
1,95,000
3,00,000
7,10,000
|
31 March
|
Provision for bad debts a/c
Creditors a/c
To Realisation A/c
(Being Liabilities transferred to
realization account)
|
Dr
Dr.
|
|
5,000
2,00,000
|
2,05,000
|
31 March
|
Realisation a/c
To Bank a/c
(Being Creditors and expenses Paid)
|
Dr.
|
|
2,04,000
|
2,04,000
|
31 March
|
Bank a/c
To Realisation A/c
(Being various assets realised)
|
Dr.
|
|
11,49,000
|
11,49,000
|
31 March
|
A’s Capital a/c
B’s Capital a/c
C’s Capital a/c
To Realisation A/c
(Being Loss on realization transferred to
Capitals account)
|
Dr.
Dr.
Dr.
|
|
22,000
22,000
11,000
|
55,000
|
31 March
|
A’s Capital a/c
B’s Capital a/c
C’s Capital a/c
To Bank A/c
(Being balance of capital paid to partners)
|
Dr.
Dr.
Dr.
|
|
7,28,000
2,78,000
2,39,000
|
12,45,000
|
Question
24: Mala, Neela and
Kala were in partnership sharing profits in the ratio of 7:2:1 and the Balance
Sheet of the firm as at 31st March, 2025 was:
|
Balance
Sheet |
|||
|
Liabilities |
₹ |
Assets |
₹ |
|
Capital Aes:
|
|
Building |
20,000 |
|
Mala
-12,410 |
|
Plant |
31,220 |
|
Neela
-8,650 |
|
Goodwill |
10,000 |
|
Kala
-80,620 |
1,01,680
|
Software |
12,400 |
|
Creditors |
11,210
|
Stock |
11,240 |
|
Reserve for Depreciation on Plant |
20,000
|
Debtors |
8,740 |
|
|
|
Bank |
1,210 |
|
|
|
Patents |
38,080 |
|
|
1,32,890 |
|
1,32,890 |
It was agreed to dissolve the partnership as on 31st
March, 2025 and the terms of dissolution were-
(a) Mala to take over the Building at an agreed
amount of ₹ 31,500.
(b) Neela, who was to
carry on the business, to take over the Goodwill, Stock and Debtors at book value. The Patents at ₹ 30,000 and
Plant at ₹ 5,000. He was also to pay the Credito₹
Show Ledger Accounts recording the dissolution in
the books of the firm.
Answer:
|
Realisation A/c |
|||
|
Particulars |
₹ |
Particulars |
₹ |
|
To Building |
20,000 |
By Creditors |
11,210
|
|
To Plant |
31,220 |
By Reserve for Depreciation on
Plant |
20,000
|
|
To Goodwill |
10,000 |
By Mala’s
capital A/c |
31,500 |
|
To Software |
12,400 |
(Took over building) |
|
|
To Stock |
11,240 |
By Neela’s
capital A/c |
|
|
To Debtors |
8,740 |
Goodwill
- 10,000 |
|
|
To Patents |
38,080 |
Stock
- 11,240 |
|
|
To Neela’s
capital A/c |
11,210 |
Debtors
- 8,740 |
|
|
(Creditors taken over) |
|
Patents
- 30,000 |
|
|
|
|
Plant
- 5,000 |
64,980 |
|
|
|
By Loss |
|
|
|
|
Mala’s
Cap –10,640 |
|
|
|
|
Neela’s
Cap – 3,040 |
|
|
|
|
Kala’s
Cap – 1,520 |
15,200 |
|
|
1,42,890 |
|
1,42,890 |
|
Capital A/c |
|||||||
|
Particulars |
Mala |
Neela |
Kala |
Particulars |
Mala |
Neela |
Kala |
|
To Realisation
A/c (Assets taken over) |
31,500 |
|
|
By Balance B/d |
12,410 |
8,650 |
80,620 |
|
To Realisation
A/c (Assets taken over) |
|
64,980 |
|
By Realisation
A/c |
|
11,210 |
|
|
To Realisation
A/c (Loss) |
10,640 |
3,040 |
1,520 |
|
|
|
|
|
To Bank A/c |
|
|
79,100 |
By Bank A/c |
29,730 |
48,160 |
|
|
|
42,140 |
68,020 |
80,620 |
|
42,140 |
68,020 |
80,620 |
|
Bank A/c |
|||
|
Particulars |
₹ |
Particulars |
₹ |
|
To Balance B/d |
1,210 |
By Kala’s
Capital A/c |
79,100 |
|
To Mala’s
Capital A/c |
29,730 |
|
|
|
To Neela’s
Capital A/c |
48,160 |
|
|
|
|
|
|
|
|
|
79,100 |
|
79,100 |
Ts Grewal Solution 2025-2026
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Class 12 / Volume – I