Question 41:
There are two partners X and Y in a
firm and their capitals are ` 50,000
and ` 40,000. The Creditors
are
` 30,000. The assets of the firm realise ` 1,00,000. How much will X and Y
receive?
Answer:
|
Realisation
Account |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
` |
Particulars |
` |
||
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Sundry Assets (WN)
|
1,20,000 |
Creditors |
30,000 |
||
|
Cash A/c |
30,000 |
Cash A/c |
1,00,000 |
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Loss transferred to: |
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X’s
Capital A/c |
10,000 |
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Y’s
Capital A/c |
10,000 |
20,000 |
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|
1,50,000 |
|
1,50,000 |
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Partners Capital
Accounts |
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Dr. |
|
Cr. |
||||||||||
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Particulars |
X |
Y |
Particulars |
X |
Y |
|||||||
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Realisation A/c (Loss) |
10,000 |
10,000 |
Balance b/d |
50,000 |
40,000 |
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Cash A/c |
40,000 |
30,000 |
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50,000 |
40,000 |
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50,000 |
40,000 |
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Cash Account
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Dr. |
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Cr. |
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Particulars |
Amount ` |
Particulars |
Amount ` |
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Realisation A/c |
1,00,000 |
Realisation A/c |
30,000 |
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X’s Capital A/c |
40,000 |
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Y’s Capital A/c |
30,000 |
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1,00,000 |
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1,00,000 |
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Working Note:
|
Memorandum Balance
Sheet |
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Liabilities |
` |
Assets |
` |
|
|
Capital A/c |
|
Sundry Assets |
1,20,000 |
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|
X |
50,000 |
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(Balancing Figure) |
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Y |
40,000 |
90,000 |
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Creditors |
30,000 |
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1,20,000 |
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1,20,000 |
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Question 42:
A, B and C were partners sharing profits in
the ratio of 5 : 3 : 2. On 31st March, 2024, A's Capital and B's
Capital were ` 30,000
and ` 20,000
respectively but C owed ` 5,000 to the firm. The liabilities were ` 20,000. The assets of the firm realised ` 50,000.
Prepare Realisation Account, Partner's Capital Accounts and Bank Account.
Answer:
|
Realisation
Account |
||||||
|
Dr. |
|
Cr. |
||||
|
Particulars |
` |
Particulars |
` |
|||
|
Sundry Assets (WN)
|
65,000 |
Creditors |
20,000 |
|||
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Cash A/c (Creditors ) |
20,000 |
Cash A/c (Assets realised) |
50,000 |
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Loss transferred to: |
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|||
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A’s
Capital A/c |
7,500 |
|
||
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B’s
Capital A/c |
4,500 |
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C’s
Capital A/c |
3,000 |
15,000 |
||
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|
85,000 |
|
85,000 |
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Partners Capital
Accounts |
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|
Dr. |
|
Cr. |
|||||||
|
Particulars |
A |
B |
C |
Particulars |
A |
B |
C |
||
|
Balance b/d |
– |
– |
5,000 |
Balance b/d |
30,000 |
20,000 |
– |
||
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Realisation A/c (Loss) |
7,500 |
4,500 |
3,000 |
Cash A/c |
– |
– |
8,000 |
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Cash A/c |
22,500 |
15,500 |
– |
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30,000 |
20,000 |
8,000 |
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30,000 |
20,000 |
8,000 |
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Cash
Account |
|||||
|
Dr. |
|
Cr. |
|||
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Particulars |
` |
Particulars |
` |
||
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Realisation A/c (Assets) |
50,000 |
Realisation A/c (Creditors ) |
20,000 |
||
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C’s Capital A/c |
8,000 |
A’s Capital A/c |
22,500 |
||
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B’s Capital A/c |
15,500 |
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58,000 |
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58,000 |
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Working Note:
|
Memorandum Balance
Sheet as on March 31, 2024 |
||||
|
Liabilities |
` |
Assets |
` |
|
|
Capital A/c |
|
C’s Capital A/c |
5,000 |
|
|
A |
30,000 |
|
Sundry Assets |
65,000 |
|
B |
20,000 |
50,000 |
(Balancing Figure) |
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Other liabilities |
20,000 |
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70,000 |
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70,000 |
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Question 43:
A and B were partners sharing profits and losses
as to 7/11th to A and 4/11th to B. They dissolved the
partnership on 30th May, 2023. As on that date their capitals were: A ` 7,000 and B ` 4,000. There were also due on Loan
A/c to A ` 4,500 and
to B ` 750. The
other liabilities amounted to ` 5,000. The assets proved to have been undervalued in the
last Balance Sheet and actually realised ` 24,000.
Prepare necessary accounts showing the final settlement between partners.
Answer:
|
Realisation
Account |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
` |
Particulars |
` |
||
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Sundry Assets (WN) |
21,250 |
Other liabilities |
5,000 |
||
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Cash A/c (Liabilities) |
5,000 |
Cash A/c (Assets Realised) |
24,000 |
||
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Profit transferred to: |
|
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A’s
Capital A/c |
1,750 |
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B’s
Capital A/c |
1,000 |
2,750 |
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29,000 |
|
29,000 |
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Partners Capital
Accounts |
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Dr. |
|
Cr. |
|||||
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Particulars |
A |
B |
Particulars |
A |
B |
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Cash A/c |
8,750 |
5,000 |
Balance b/d |
7,000 |
4,000 |
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Realisation A/c |
1,750 |
1,000 |
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8,750 |
5,000 |
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8,750 |
5,000 |
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Partners Loan
Accounts |
|
||||||||||||||
|
Dr. |
|
Cr. |
|
||||||||||||
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Particulars |
A |
B |
Particulars |
A |
B |
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Cash A/c |
4,500 |
750 |
Balance b/d |
4,500 |
750 |
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4,500 |
750 |
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4,500 |
750 |
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Cash
Account |
|
||||||||||||||
|
Dr. |
|
Cr. |
|
||||||||||||
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Particulars |
` |
Particulars |
` |
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Realisation A/c (Assets) |
24,000 |
A’s Capital A/c
|
8,750 |
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B’s Capital A/c |
5,000 |
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A’s Loan A/c |
4,500 |
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B’s Loan A/c |
750 |
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Realisation A/c |
5,000 |
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24,000 |
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24,000 |
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Working Note:
|
Memorandum Balance
Sheet as on May 30, 2023 |
||||
|
Liabilities |
` |
Assets |
` |
|
|
Capital A/cs: |
|
Sundry Assets |
21,250 |
|
|
A |
7,000 |
|
(Balancing Figure) |
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B |
4,000 |
11,000 |
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A’s Loan |
4,500 |
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B’s Loan |
750 |
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Other Liabilities |
5,000 |
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21,250 |
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21,250 |
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Question 44:
A, B and C started business on 1st April,
2023 with capitals of ` 1,00,000; ` 80,000 and ` 60,000 respectively sharing profits (losses) in the ratio
of 4 : 3 : 3. For the year ended 31st March, 2022, the firm suffered a loss
of ` 50,000.
Each of the partners withdrew ` 10,000 during the year.
On 31st March, 2024, the firm was dissolved, the Creditors of the firm stood at ` 24,000 on that date and Cash in
Hand was ` 4,000. The
assets realised ` 3,00,000
and Creditors were paid ` 23,500 in full settlement of their
claims.
Prepare Realisation Account and show your workings clearly.
Answer:
|
Realisation
Account |
|
|||||||||||
|
Dr. |
|
Cr. |
|
|||||||||
|
Particulars |
(`) |
Particulars |
(`) |
|
||||||||
|
Sundry Assets (WN 2) |
1,80,000 |
Sundry Creditors |
24,000 |
|
||||||||
|
Cash A/c (Creditors ) |
23,500 |
Cash A/c (Assets) |
3,00,000 |
|
||||||||
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Profit transferred to: |
|
|
|
|
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A’s
Capital A/c |
48,200 |
|
|
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|
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B’s
Capital A/c |
36,150 |
|
|
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|
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C’s
Capital A/c |
36,150 |
1,20,500 |
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3,24,000 |
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3,24,000 |
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Partners Capital Accounts |
||||||||||||
|
Dr. |
|
Cr. |
||||||||||
|
Particulars |
A |
B |
C |
Particulars |
A |
B |
C |
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Balance b/d |
70,000 |
55,000 |
35,000 |
|||||
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Cash A/c |
1,18,200 |
91,150 |
71,150 |
Realisation A/c |
48,200 |
36,150 |
36,150 |
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1,18,200 |
91,150 |
71,150 |
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1,18,200 |
91,150 |
71,150 |
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Cash
Account |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
(`) |
Particulars |
(`) |
||
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Balance b/d |
4,000 |
Realisation A/c |
23,500 |
||
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Realisation A/c |
3,00,000 |
A’s Capital A/c |
1,18,200 |
||
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B’s Capital A/c |
91,150 |
||
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C’s Capital A/c |
71,150 |
||
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|
|
|
|
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|
3,04,000 |
|
3,04,000 |
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Working Notes:
WN 1 Calculation of Partners Capital as
on April 01, 2023
|
Particulars |
X |
Y |
Z |
|
Capital
as on April 01, 2021 |
1,00,000 |
80,000 |
60,000 |
|
Less: Drawings |
(10,000) |
(10,000) |
(10,000) |
|
Less:
Share of Loss (4 : 3 : 3) |
(20,000) |
(15,000) |
(15,000) |
|
Capital as on April 01, 2022 |
70,000 |
55,000 |
35,000 |
|
|
|
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WN 2
|
Memorandum Balance Sheet as on March 31, 2024 |
|||
|
Liabilities |
(`) |
Assets |
(`) |
|
Capital A/cs: |
|
Cash in Hand |
4,000 |
|
A |
70,000 |
Sundry Assets |
1,80,000 |
|
B |
55,000 |
(Balancing figure) |
|
|
C |
35,000 |
|
|
|
Creditors |
24,000 |
|
|
|
|
|
|
|
|
|
1,84,000 |
|
1,84,000 |
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Ts Grewal Solution 2024-2025
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Class 12 / Volume – I