Question
25:
Mike and Ajay are partners sharing profits and
losses in ratio of the capitals. They decided to dissolve their firm on 31st
March, 2025, the date on which the Balance Sheet stood as under:
|
Balance
Sheet |
|||
|
Liabilities |
₹ |
Assets |
₹ |
|
Capital A/cs:
|
|
Sundry Assets |
16,30,000 |
|
Mike
- 6,00,000 |
|
Cash |
70,000 |
|
Ajay
- 4,00,000 |
10,00,000 |
|
|
|
Workmen Compensation Reserve |
1,00,000 |
|
|
|
Creditors |
2,00,000 |
|
|
|
Bills Payable |
60,000 |
|
|
|
Others |
3,40,000 |
|
|
|
|
|
|
|
|
|
17,00,000 |
|
17,00,000 |
Following additional information is given:
Sundry assets realised₹14,00,000
and the liabilities were discharged as follows:
(i) Creditors due on 31st
May, 2025, were paid at a discount of 3% per annum.
(ii) Bills Payable were
discharged at a rebate of ₹1,000.
(iii) Workmen Compensation Claim of ₹40,000
was met.
(iv) Expenses
of dissolution amounting to ₹30,000 were paid.
You are required to prepare:
(a) Realisation Account.
(b) Partners' Capital Accounts.
Answer:
|
Realisation A/c |
|||
|
Particulars |
₹ |
Particulars |
₹ |
|
To Sundry Assets |
16,30,000 |
By Creditors A/c |
2,00,000 |
|
To Bank A/c |
|
By Bills Payable A/c |
60,000 |
|
Creditors
- 1,99,000 |
|
By Others A/c |
3,40,000 |
|
Bills
Payable – 59,000 |
|
By Bank A/c |
14,00,000 |
|
Other
– 3,40,000 |
5,98,000 |
(Sundry assets realized) |
|
|
To Bank A/c (Exp.) |
30,000 |
By Loss transferred to capital A/cs; |
2,58,000 |
|
|
|
Mike
– 1,54,800 |
|
|
|
|
Ajay
– 1,03,200 |
|
|
|
|
|
|
|
|
22,58,000 |
|
22,58,000 |
|
Capital A/c |
|||||
|
Particulars |
Mike |
Ajay |
Particulars |
Mike |
Ajay |
|
To Realisation
A/c (Loss) |
1,54,800 |
1,03,200 |
By Balance B/d |
6,00,000 |
4,00,000 |
|
To Bank A/c |
4,81,200 |
3,20,800 |
By Workmen Compensation Reserve
A/c |
36,000 |
24,000 |
|
|
|
|
By Bank A/c |
|
|
|
|
|
|
|
|
|
|
|
6,36,000 |
4,24,000 |
|
6,36,000 |
4,24,000 |
Question 26:
Bale and Yale are equal partners of a firm. They
decide to dissolve their partnership on 31st March, 2025 at which date their
Balance Sheet stood as:
|
|
||||
|
Liabilities |
₹ |
Assets |
₹ |
|
|
Capital
A/cs: |
|
Building |
45,000 |
|
|
Bale |
50,000 |
|
Machinery |
15,000 |
|
Yale |
40,000 |
90,000 |
Furniture |
12,000 |
|
General
Reserve |
|
8,000 |
Debtor |
8,000 |
|
Bale's
Loan A/c |
|
3,000 |
Stock |
24,000 |
|
Creditors
|
|
14,000 |
Bank |
11,000 |
|
|
|
|
|
|
|
|
|
1,15,000 |
|
1,15,000 |
|
|
|
|
|
|
(a) The
assets realised were:
Stock ₹ 22,000; Debtor ₹ 7,500; Machinery ₹
16,000; Building ₹ 35,000.
(b) Yale took over the Furniture at ₹ 9,000.
(c) Bale agreed to accept ₹ 2,500 in full settlement of his Loan
Account.
(d) Dissolution Expenses amounted to ₹ 2,500.
Prepare
the:
(i) Realisation
Account; (ii) Capital Accounts of Partners;
(iii) Bale's Loan Account; (iv) Bank Account.
Answer:
|
Realisation Account |
|||||||||||||
|
Dr. |
|
Cr. |
|||||||||||
|
Particulars |
(₹) |
Particulars |
(₹) |
||||||||||
|
Building |
45,000 |
Creditors |
14,000 |
||||||||||
|
Machinery |
15,000 |
Bank A/c: |
|
||||||||||
|
Furniture |
12,000 |
Stock |
22,000 |
|
|||||||||
|
Debtor |
8,000 |
Debtor |
7,500 |
|
|||||||||
|
Stock |
24,000 |
Machinery |
16,000 |
|
|||||||||
|
|
|
Building |
35,000 |
80,500 |
|||||||||
|
Bank A/c: |
|
|
|
||||||||||
|
Creditors
|
14,000 |
|
Bale’s Loan |
500 |
|||||||||
|
Expenses |
2,500 |
16,500 |
Yale’s Capital A/c (Furniture) |
9,000 |
|||||||||
|
|
|
Loss transferred to: |
|
||||||||||
|
|
|
Bale’s
Capital A/c |
8,250 |
|
|||||||||
|
|
|
Yale’s
Capital A/c |
8,250 |
16,500 |
|||||||||
|
|
1,20,500 |
|
1,20,500 |
||||||||||
|
|
|
|
|
||||||||||
|
|
|
||||||||||||
|
Dr. |
|
Cr. |
|
||||||||||
|
Particulars |
Bale |
Yale |
Particulars |
Bale |
Yale |
|
|||||||
|
Realisation A/c (Loss) |
8,250 |
8,250 |
Balance b/d |
50,000 |
40,000 |
|
|||||||
|
Realisation A/c |
– |
9,000 |
General
Reserve |
4,000 |
4,000 |
|
|||||||
|
Bank A/c |
45,750 |
26,750 |
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|||||||
|
|
54,000 |
44,000 |
|
54,000 |
44,000 |
|
|||||||
|
|
|
|
|
|
|
|
|||||||
|
Bale’s Loan
Account |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
(₹) |
Particulars |
(₹) |
||
|
Bank A/c |
2,500 |
Balance b/d |
3,000 |
||
|
Realisation A/c |
500 |
|
|
||
|
|
|
|
|
||
|
|
3,000 |
|
3,000 |
||
|
|
|
|
|
||
|
Bank Account |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
(₹) |
Particulars |
(₹) |
||
|
Balance b/d |
11,000 |
Bale’s Loan |
2,500 |
||
|
Realisation A/c |
80,500 |
Realisation A/c |
16,500 |
||
|
|
|
Bale’s Capital A/c |
45,750 |
||
|
|
|
Yale’s Capital A/c |
26,750 |
||
|
|
|
|
|
||
|
|
91,500 |
|
91,500 |
||
|
|
|
|
|
||
Question 27:
Shilpa, Meena and Nanda decided to
dissolve their partnership on 31st March, 2025. Their profit-sharing ratio was 3 : 2 : 1 and their Balance Sheet was as under:
|
BALANCE
SHEET OF SHILPA, MEENA AND NANDA as
at 31st March, 2025 |
||||
|
Liabilities |
₹ |
Assets |
₹ |
|
|
Capital
A/cs: |
|
Land |
81,000 |
|
|
Shilpa |
80,000 |
|
Stock |
56,760 |
|
Meena |
40,000 |
1,20,000 |
Debtor |
18,600 |
|
Bank
Loan |
|
20,000 |
Nanda's Capital |
23,000 |
|
Creditors
|
|
37,000 |
Cash |
10,840 |
|
Provision
For Doubtful Debts |
|
1,200 |
|
|
|
General Reserve |
|
12,000 |
|
|
|
|
|
|
|
|
|
|
|
1,90,200 |
|
1,90,200 |
|
|
|
|
|
|
It is agreed as follows:
The stock of value of ₹
41,660 are taken over by Shilpa for ₹
35,000 and she agreed to discharge bank loan. The remaining stock was sold
at ₹ 14,000 and Debtor amounting to ₹10,000 realised ₹ 8,000. Land is sold for ₹
1,10,000. The remaining Debtor realised
50% at their book value. Cost of realisation amounted
to ₹1,200. There was a typewriter not recorded in the books worth
of ₹ 6,000 which were taken over by one of the Creditors at this value. Prepare Realisation Account, Partners' Capital Accounts, and Cash
Account to Close the books of the firm.
Answer:
|
Realisation
Account |
|
||||||||
|
Dr. |
|
Cr. |
|
||||||
|
Particulars |
(₹) |
Particulars |
(₹) |
||||||
|
Land |
81,000 |
Bank Loan |
20,000 |
||||||
|
Stock |
56,760 |
Creditors
|
37000 |
||||||
|
Debtor |
18,600 |
Provision
for doubtful debts |
1,200 |
||||||
|
Shilpa’s Capital A/c |
20,000 |
Shilpa’s Capital A/c (Stock) |
35,000 |
||||||
|
Cash: |
|
Cash: |
|
||||||
|
Creditors
|
31000 |
|
Stock |
14000 |
|
||||
|
Realisation Expenses |
1,200 |
32200 |
Debtor |
12300 |
|||||
|
Realisation Profit |
|
Land |
1,10,000 |
1,36,300 |
|||||
|
Shilpa’s Capital A/c |
10,470 |
|
|
|
|
|
|||
|
Meena’s Capital A/c |
6,980 |
|
|
|
|||||
|
Nanda’s Capital A/c |
3,490 |
20,940 |
|
|
|||||
|
|
2,29,500 |
|
2,29,500 |
||||||
|
|
|
|
|
||||||
|
Partners
Capital Account |
|
||||||||
|
Dr. |
|
Cr. |
|
||||||
|
Particulars |
Shilpa |
Meena |
Nanda |
Particulars |
Shilpa |
Meena |
Nanda |
||
|
Balance
b/d |
– |
– |
23,000 |
Balance
b/d |
80,000 |
40,000 |
– |
||
|
Realisation |
35,000 |
|
|
General
Reserve |
6,000 |
4,000 |
2,000 |
||
|
(Stock) |
|
|
|
Realisation |
20,000 |
|
|
||
|
Cash |
81,470 |
50,980 |
|
(Bank
Loan) |
|
|
|
||
|
|
|
|
|
Realisation (Profit) |
10,470 |
6,980 |
3,490 |
||
|
|
|
|
|
Cash |
|
|
17,510 |
||
|
|
1,16,470 |
50,980 |
23,000 |
|
1,16,470 |
50,980 |
23,000 |
||
|
|
|
|
|
|
|
|
|
||
|
Cash
Account |
|
|||||
|
Dr. |
|
Cr. |
|
|||
|
Particulars |
(₹) |
Particulars |
(₹) |
|||
|
Balance
b/d |
10,840 |
Realisation (Expenses) |
32,200 |
|||
|
Realisation (Assets) |
1,36,300 |
Shilpa’s Capital A/c |
81,470 |
|||
|
Nanda’s Capital A/c |
17,510 |
Meena’s Capital A/c |
50,980 |
|||
|
|
|
|
|
|||
|
|
1,64,650 |
|
1,64,650 |
|||
|
|
|
|
|
|||
Question 28:
A and B are partners in a firm sharing profits and
losses in the ratio of 3 : 2. On 31st March, 2025,
their Balance Sheet was as follows:
|
BALANCE
SHEET as at 31st March, 2025 |
|||||
|
Liabilities |
(₹) |
Assets |
(₹) |
||
|
Creditors
|
38,000 |
Cash at
Bank |
11,500 |
||
|
Mr. A's
Loan |
10,000 |
Stock |
6,000 |
||
|
B's Loan |
15,000 |
Debtor |
19,000 |
||
|
Reserve |
5,000 |
Furniture |
4,000 |
||
|
A's Capital |
10,000 |
|
Plant |
28,000 |
|
|
B's Capital |
8,000 |
18,000 |
Investments |
10,000 |
|
|
|
|
|
Profit
and Loss A/C |
7,500 |
|
|
|
|
|
|
|
|
|
|
|
86,000 |
|
86,000 |
|
|
|
|
|
|
|
|
The firm was dissolved on 31st March, 2025 and both the partners agreed to the
following:
(a) A took Investments at an agreed value of ₹ 8,000. He
also agreed to settle Mrs. A's Loan.
(b) Other assets realised as: Stock − ₹
5,000; Debtor − ₹ 18,500; Furniture
− ₹ 4,500; Plant − ₹ 25,000.
(c) Expenses of realisation came to ₹
1,600.
(d) Creditors agreed
to accept ₹ 37,000 in full settlement of their claims.
Prepare Realisation Account, Partners' Capital
Accounts and Bank Account.
Answer:
|
Realisation Account |
||||||||||||
|
Dr. |
|
Cr. |
||||||||||
|
Particulars |
(₹) |
Particulars |
(₹) |
|||||||||
|
Stock |
6,000 |
Creditors |
38,000 |
|||||||||
|
Debtor |
19,000 |
M₹. A’s Loan |
10,000 |
|||||||||
|
Furniture |
4,000 |
|
|
|||||||||
|
Plant |
28,000 |
A’s Capital A/c (Investments) |
8,000 |
|||||||||
|
Investments |
10,000 |
Bank A/c: |
|
|||||||||
|
A’s Capital A/c (M₹. A’s loan) |
10,000 |
Stock |
5,000 |
|
||||||||
|
Bank A/c : |
|
Debtor |
18,500 |
|
||||||||
|
Expenses |
1,600 |
|
Furniture |
4,500 |
|
|||||||
|
Creditors
|
37,000 |
38,600 |
Plant |
25,000 |
53,000 |
|||||||
|
|
|
Loss transferred to: |
|
|||||||||
|
|
|
A’s
Capital A/c |
3,960 |
|
||||||||
|
|
|
B’s
Capital A/c |
2,640 |
6,600 |
||||||||
|
|
1,15,600 |
|
1,15,600 |
|||||||||
|
|
|
|
|
|||||||||
|
Partners Capital
Accounts |
|
|||||||||||
|
Dr. |
|
Cr. |
|
|||||||||
|
Particulars |
A |
B |
Particulars |
A |
B |
|
||||||
|
Realisation (loss) |
3,960 |
2,640 |
Balance b/d |
10,000 |
8,000 |
|
||||||
|
Realisation A/c |
8,000 |
– |
Reserve A/c |
3,000 |
2,000 |
|
||||||
|
Profit and Loss A/c |
4,500 |
3,000 |
Realisation A/c |
10,000 |
– |
|
||||||
|
Bank A/c |
6,540 |
4,360 |
|
|
|
|
||||||
|
|
23,000 |
10,000 |
|
23,000 |
10,000 |
|
||||||
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||
|
B’s Loan
Account |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
(₹) |
Particulars |
(₹) |
||
|
|
|
Balance b/d |
15,000 |
||
|
Bank A/c |
15,000 |
|
|
||
|
|
15,000 |
|
15,000 |
||
|
|
|
|
|
||
|
Bank
Account |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
(₹) |
Particulars |
(₹) |
||
|
Balance b/d |
11,500 |
Realisation A/c |
38,600 |
||
|
Realisation A/c |
53,000 |
A’s Capital A/c |
6,540 |
||
|
|
|
B’s Capital A/c |
4,360 |
||
|
|
|
B’s Loan A/c |
15,000 |
||
|
|
64,500 |
|
64,500 |
||
|
|
|
|
|
||
Ts Grewal Solution 2025-2026
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Class 12 / Volume – I