Question 29:
A and B are partners in a firm sharing profits and
losses in the ratio of 3 : 2. On 31st March, 2024, their Balance Sheet was as
follows:
|
BALANCE
SHEET as at 31st March, 2024 |
|||||
|
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, 2024 and both the partners agreed to the
following:
(a) A took Investments at an agreed value of ` 8,000. He also agreed to settle M `. 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 |
||
|
|
|
|
|
||
Question 30:
Balance Sheet of P, Q and R
as at 31st March, 2024, who were sharing profits in the ratio of 5 : 3 : 1,
was:
|
Liabilities |
(`) |
Assets |
(`) |
||
|
Bills Payable |
40,000 |
Cash at Bank |
40,000 |
||
|
Loan from Bank |
30,000 |
Stock |
19,000 |
||
|
General Reserve |
9,000 |
Sundry Debtor |
42,000 |
|
|
|
Capital A/cs: |
|
Less: Provision for Doubtful Debts |
2,000 |
40,000 |
|
|
P |
44,000 |
|
|
|
|
|
Q |
36,000 |
|
Building |
40,000 |
|
|
R |
20,000 |
1,00,000 |
Plant and Machinery |
40,000 |
|
|
|
|
|
|
|
|
|
|
1,79,000 |
|
1,79,000 |
||
|
|
|
|
|
||
The partners dissolved the business. Assets realised − Stock ` 23,400; Debtor 50%; Fixed Assets
10% less than their book value. Bills Payable were settled for ` 32,000. There was an Outstanding
Bill of Electricity ` 800 which
was paid off. Realisation expenses ` 1,250 were also paid.
Prepare Realisation Account, Partner's Capital Accounts and Bank Account.
Answer:
|
Realisation
Account |
||||||
|
Dr. |
|
Cr. |
||||
|
Particulars |
(`) |
Particulars |
(`) |
|||
|
Building |
40,000 |
Provision for Doubtful Debts |
2,000 |
|||
|
Plant and machinery |
40,000 |
Bills Payable |
40,000 |
|||
|
Stock |
19,000 |
Loan from Bank |
30,000 |
|||
|
Sundry Debtor |
42,000 |
|
|
|||
|
Bank A/c: |
|
Bank A/c: |
|
|||
|
Bills
Payable |
32,000 |
|
Stock |
23,400 |
|
|
|
Outstanding
Bill |
800 |
|
Debtor |
21,000 |
|
|
|
Expenses |
1,250 |
|
Building |
36,000 |
|
|
|
Loan from Bank |
30,000 |
64,050 |
Plant
and Machinery |
36,000 |
1,16,400 |
|
|
|
|
Loss transferred to: |
|
|||
|
|
|
P’s
Capital A/c |
9,250 |
|
||
|
|
|
Q’s
Capital A/c |
5,550 |
|
||
|
|
|
RCapital
A/c |
1,850 |
16,650 |
||
|
|
2,05,050 |
|
2,05,050 |
|||
|
|
|
|
|
|||
|
Partners
Capital Accounts |
|||||||||
|
Dr. |
|
Cr. |
|||||||
|
Particulars |
P |
Q |
R |
Particulars |
P |
Q |
R |
||
|
Realisation A/c (Loss) |
9,250 |
5,550 |
1,850 |
Balance b/d |
44,000 |
36,000 |
20,000 |
||
|
|
|
|
|
Reserve Fund |
5,000 |
3,000 |
1,000 |
||
|
Bank A/c |
39,750 |
33,450 |
19,150 |
|
|
|
|
||
|
|
49,000 |
39,000 |
21,000 |
|
49,000 |
39,000 |
21,000 |
||
|
|
|
|
|
|
|
|
|
||
|
Bank
Account |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
(`) |
Particulars |
(`) |
||
|
Balance b/d |
40,000 |
Realisation A/c |
64,050 |
||
|
Realisation A/c |
1,16,400 |
P’s Capital A/c |
39,750 |
||
|
|
|
Q’s Capital A/c |
33,450 |
||
|
|
|
R’s Capital A/c |
19,150 |
||
|
|
1,56,400 |
|
1,56,400 |
||
|
|
|
|
|
||
Question 31:
Ashu and Harish are partners sharing profit and losses
as 3 : 2 . They decided to dissolve the firm on 31st March, 2024. Their Balance
Sheet on the above date was:
|
|
|
|
||||
|
Liabilities |
(`) |
Assets |
(`) |
|||
|
Capital A/cs:
|
|
Building |
80,000 |
|||
|
Ashu |
1,08,000 |
|
Machinery |
|
70,000 |
|
|
Harish |
54,000 |
1,62,000 |
Furniture |
|
14,000 |
|
|
Creditors |
88,000 |
Stock |
|
20,000 |
||
|
Bank Overdraft |
50,000 |
Investments |
|
60,000 |
||
|
|
|
Debtor |
|
48,000 |
||
|
|
|
Cash in Hand |
|
8,000 |
||
|
|
|
|
|
|
||
|
|
3,00,000 |
|
3,00,000 |
|||
|
|
|
|
|
|||
Ashu
is to take over the building at ` 95,000 and Machinery and Furniture is taken over by Harish
at value of ` 80,000.
Ashu agreed to pay Creditor and Harish agreed to meet Bank overdraft. Stock and
Investments are taken by both partner in profit-sharing ratio. Debtor realised
for ` 46,000,
expenses of realisation amounted to ` 3,000. Prepare necessary Ledger Accounts.
Answer:
|
Realisation
Account |
|
||||||
|
Dr. |
|
Cr. |
|
||||
|
Particulars |
(`) |
Particulars |
(`) |
||||
|
Building |
80,000 |
Creditors |
88,000 |
||||
|
Machinery |
70,000 |
Bank overdraft |
50,000 |
||||
|
Furniture |
14,000 |
Ashu’s Capital A/c (see working note) |
1,43,000 |
||||
|
Stock |
20,000 |
Harish’s Capital A/c (see working note) |
1,12,000 |
||||
|
Investments |
60,000 |
Cash (Debtor) |
46,000 |
||||
|
Debtor |
48,000 |
|
|
||||
|
Ashu’s Capital A/c (Creditors ) |
88,000 |
|
|
||||
|
Harish’s Capital A/c (Bank Overdraft) |
50,000 |
|
|
||||
|
Cash (Expenses) |
3,000 |
|
|
||||
|
Realisation Profit |
|
|
|
||||
|
Ashu’s Capital A/c |
3,600 |
|
|
|
|||
|
Harish’s Capital A/c |
2,400 |
6,000 |
|
|
|||
|
|
4,39,000 |
|
4,39,000 |
||||
|
|
|
|
|
||||
|
Partners
Capital Account |
|
||||||
|
Dr. |
|
Cr. |
|
||||
|
Particulars |
Ashu |
Harish |
Particulars |
Ashu |
Harish |
||
|
Realisation (Assets taken) |
1,43,000 |
1,12,000 |
Balance b/d |
1,08,000 |
54,000 |
||
|
Cash |
56,600 |
|
Realisation (Liabilities) |
88,000 |
50,000 |
||
|
|
|
|
Realisation (Profit) |
3,600 |
2,400 |
||
|
|
|
|
Cash |
|
5,600 |
||
|
|
1,99,600 |
1,12,000 |
|
1,99,600 |
1,12,000 |
||
|
|
|
|
|
|
|
||
|
Cash
Account |
|||
|
Dr. |
|
|
Cr. |
|
Particulars |
(`) |
Particulars |
(`) |
|
Balance b/d |
8,000 |
Realisation (Expenses) |
3,000 |
|
Realisation (Debtor) |
46,000 |
Ashu’s Capital A/c |
56,600 |
|
Harish’s Capital A/c |
5,600 |
|
|
|
|
59,600 |
|
59,600 |
|
|
|
|
|
Working Notes :
|
|
Ashu |
Harish |
|
Building |
95,000 |
|
|
Machinery and Furniture |
|
80,000 |
|
Stock (3:2) |
12,000 |
8,000 |
|
Investment (3:2) |
36,000 |
24,000 |
|
|
1,43,000 |
1,12,000 |
|
|
|
|
Question 32:
A, B and C were equal partners. On 31st
March, 2024, their Balance Sheet stood as:
|
|
|
|||
|
Liabilities |
(`) |
Assets |
(`) |
|
|
Creditors |
50,400 |
Cash |
3,700 |
|
|
Reserve |
12,000 |
Stock |
20,100 |
|
|
Capital A/cs: |
|
Debtor |
62,600 |
|
|
A |
40,000 |
|
Loan to A |
10,000 |
|
B |
25,000 |
|
Investments |
16,000 |
|
C |
15,000 |
80,000 |
Furniture |
6,500 |
|
|
|
|
Building |
23,500 |
|
|
1,42,400 |
|
1,42,400 |
|
|
|
|
|
|
|
The firm was dissolved on the above date on the following terms:
(a) For the purpose of dissolution, Investments were valued at ` 18,000 and A took over the
Investments at this value.
(b) Fixed Assets realised ` 29,700 whereas Stock and Debtor realised ` 80,000.
(c) Expenses of realisation amounted to ` 1,300.
(d) Creditors allowed a discount
of ` 800.
(e) One Bill receivable for ` 1,500 under discount was dishonoured as the acceptor had
become insolvent and was unable to pay anything and hence the bill had to be
met by the firm.
Prepare Realisation Account, Partner's Capital Accounts and Cash Account
showing how the accounts would finally be settled among the partners.
Answer:
|
Realisation
Account |
|||||||
|
Dr. |
|
Cr. |
|||||
|
Particulars |
(`) |
Particulars |
(`) |
||||
|
Stock |
20,100 |
Creditors |
50,400 |
||||
|
Debtor |
62,600 |
|
|
||||
|
Investments
|
16,000 |
A’s Capital A/c (Investments) |
18,000 |
||||
|
Furniture |
6,500 |
Cash A/c: |
|
||||
|
Building |
23,500 |
Furniture and Building |
29,700 |
|
|||
|
Cash A/c: |
|
Stock and Debtor |
80,000 |
1,09,700 |
|||
|
Expenses |
1,300 |
|
|
|
|||
|
Creditors |
49,600 |
|
|
|
|||
|
Bills |
1,500 |
52,400 |
Loss transferred to : |
|
|||
|
|
|
A’s Capital A/c |
1,000 |
|
|||
|
|
|
B’s Capital A/c |
1,000 |
|
|||
|
|
|
C’s Capital A/c |
1,000 |
3,000 |
|||
|
|
|
|
|
||||
|
|
1,81,100 |
|
1,81,100 |
||||
|
|
|
|
|
||||
|
Partners
Capital Accounts |
|||||||||
|
Dr. |
|
Cr. |
|||||||
|
Particulars |
A |
B |
C |
Particulars |
A |
B |
C |
||
|
Realisation A/c (Investment) |
18,000 |
– |
– |
Balance b/d |
40,000 |
25,000 |
15,000 |
||
|
Realisation A/c |
1,000 |
1,000 |
1,000 |
Reserve |
4,000 |
4,000 |
4,000 |
||
|
Cash A/c |
25,000 |
28,000 |
18,000 |
|
|
|
|
||
|
|
44,000 |
29,000 |
19,000 |
|
44,000 |
29,000 |
19,000 |
||
|
|
|
|
|
|
|
|
|
||
|
A’s
Loan A/c |
|||||
|
Dr. |
Cr. |
||||
|
Particulars |
(`) |
Particulars |
(`) |
||
|
Balance b/d |
10,000 |
Bank A/c |
10,000 |
||
|
|
|
|
|
||
|
|
10,000 |
|
10,000 |
||
|
|
|
|
|
||
|
Cash Account |
|||||
|
Dr. |
|
Cr. |
|||
|
particulars |
(`) |
Particulars |
(`) |
||
|
Balance b/d |
3,700 |
Realisation A/c |
52,400 |
||
|
Realisation A/c |
1,09,700 |
A’s Capital A/c |
25,000 |
||
|
A's Loan A/c |
10,000 |
B’s Capital A/c |
28,000 |
||
|
|
|
C’s Capital A/c |
18,000 |
||
|
|
1,23,400 |
|
1,23,400 |
||
|
|
|
|
|
||
Ts Grewal Solution 2024-2025
Click below for more Questions
Class 12 / Volume – I