Question 45:
Pritya, Komal and Rakhi
were in partnership sharing profits and losses in the ratio of 2 : 1 : 1. They decided to dissolve the partnership. On that
date of dissolution, Sundry Assets (including cash `
5,000) amounted to ` 88,000,
assets realised ` 80,000 (including an unrecorded asset which realised ` 4,000). A contingent liability on account of bills
discounted ` 8,000 was
paid by the firm. The Capital Accounts of A, B and C showed a
balance of ` 20,000 each.
Prepare Realisation Account, Partners' Capital
Accounts and Cash Account.
Answer:
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Realisation Account
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Dr. |
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Cr. |
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Particulars |
` |
Particulars |
` |
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Sundry Assets |
83,000 |
Sundry Liabilities (WN ) |
28,000 |
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Cash A/c (Assets realised) |
80,000 |
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Cash A/c: |
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Loss transferred to: |
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Sundry
Liabilities |
28,000 |
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A’s
Capital A/c |
5,500 |
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Contingent
Liabilities |
8,000 |
36,000 |
B’s
Capital A/c |
2,750 |
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C’s
Capital A/c |
2,750 |
11,000 |
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1,19,000 |
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1,19,000 |
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Partners Capital Accounts |
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Dr. |
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Cr. |
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Particulars |
A |
B |
C |
Particulars |
A |
B |
C |
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Realisation A/c (Loss) |
5,500 |
2,750 |
2,750 |
Balance b/d |
20,000 |
20,000 |
20,000 |
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Bank A/c |
14,500 |
17,250 |
17,250 |
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20,000 |
20,000 |
20,000 |
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20,000 |
20,000 |
20,000 |
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Cash
Account |
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Dr. |
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Cr. |
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Particulars |
` |
Particulars |
` |
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Balance b/d |
5,000 |
Realisation A/c |
36,000 |
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Realisation A/c |
80,000 |
A’s Capital A/c |
14,500 |
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B’s Capital A/c |
17,250 |
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C’s Capital A/c |
17,250 |
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85,000 |
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85,000 |
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Working Notes:
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Memorandum Balance Sheet |
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Liabilities |
` |
Assets |
` |
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Capital A/cs: |
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Cash in Hand |
5,000 |
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A |
20,000 |
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Sundry Assets |
83,000 |
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B |
20,000 |
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C |
20,000 |
60,000 |
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Sundry Liabilities |
28,000 |
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(Balancing figure) |
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88,000 |
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88,000 |
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Question 46:
The partnership between A and B was
dissolved on 31st March, 2024. On that date the respective credits to the
capitals were A − ` 1,70,000 and B − ` 30,000. ` 20,000
were owed by B to the firm; `
1,00,000 were owed by the firm to A and ` 2,00,000 were due to the Trade Creditors . Profits
and losses were shared in the proportions of 2/3 to A, 1/3 to B.
The assets represented by the above stated net liabilities realise ` 4,50,000
exclusive of
` 20,000 owed by B. The liabilities were
settled at book figures. Prepare Realisation Account,
Partners' Capital Accounts and Cash Account showing the distribution to the
partners.
Answer:
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Realisation Account |
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Dr. |
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Cr. |
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Particulars |
(`) |
Particulars |
(`) |
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Sundry Assets (WN) |
4,80,000 |
Trade Creditors |
2,00,000 |
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B’s Loan |
20,000 |
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Cash (Assets realised) |
4,50,000 |
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Cash A/c (Creditors
) |
2,00,000 |
B’s Capital A/c (B’s Loan) |
20,000 |
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Loss transferred to: |
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A’s Capital A/c |
20,000 |
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B’s Capital A/c |
10,000 |
30,000 |
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7,00,000 |
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7,00,000 |
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Partners Capital
Accounts |
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Dr. |
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Cr. |
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Particulars |
A |
B |
Particulars |
A |
B |
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Realisation A/c |
– |
20,000 |
Balance b/d |
1,70,000 |
30,000 |
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Realisation A/c
(Loss) |
20,000 |
10,000 |
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Cash A/c |
1,50,000 |
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1,70,000 |
30,000 |
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1,70,000 |
30,000 |
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Cash
Account |
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Dr. |
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Cr. |
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Particulars |
(`) |
Particulars |
(`) |
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Realisation A/c
(Assets) |
4,50,000 |
Realisation A/c
(Creditors ) |
2,00,000 |
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A’s Capital A/c |
1,50,000 |
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A’s Loan A/c |
1,00,000 |
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4,50,000 |
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4,50,000 |
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Working Notes:
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Memorandum
Balance Sheet |
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Liabilities |
(`) |
Assets |
(`) |
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Capital A/cs: |
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B’s Loan |
20,000 |
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A |
1,70,000 |
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B |
30,000 |
2,00,000 |
Sundry Assets |
4,80,000 |
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A’s Loan |
1,00,000 |
(Balancing figure) |
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Trade Creditors |
2,00,000 |
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5,00,000 |
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5,00,000 |
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Question 47:
X and Y were partners sharing profits and losses in
the ratio of 3 : 2. They decided to dissolve the firm
on 31st March, 2024. On that date, their Capitals were X − `40,000 and Y − `
30,000. Creditors amounted to ` 24,000.
Assets were realised for `88,500. Creditors of `16,000 were
taken over by X at `14,000.
Remaining Creditors were paid at ` 7,500. The
cost of realisation came to `500.
Prepare necessary accounts.
Answer:
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Realisation Account
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Dr. |
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Cr. |
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Particulars |
(`) |
Particulars |
(`) |
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Sundry Assets |
94,000 |
Creditors |
24,000 |
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X’s Capital A/c (Creditors
) |
14,000 |
Cash (Assets Realised) |
88,500 |
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Cash A/c: |
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Loss transferred to: |
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Creditors |
7,500 |
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X’s
Capital A/c |
2,100 |
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Expenses |
500 |
8,000 |
Y’s
Capital A/c |
1,400 |
3,500 |
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1,16,000 |
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1,16,000 |
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Partners Capital Accounts |
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Dr. |
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Cr. |
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Particulars |
X |
Y |
Particulars |
X |
Y |
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Realisation A/c (Loss) |
2,100 |
1,400 |
Balance b/d |
40,000 |
30,000 |
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Cash
A/c |
51,900 |
28,600 |
Realisation A/c |
14,000 |
– |
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54,000 |
30,000 |
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54,000 |
30,000 |
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Cash
Account |
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Dr. |
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Cr. |
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Particulars |
(`) |
Particulars |
(`) |
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Realisation A/c (Assets) |
88,500 |
Realisation A/c |
8,000 |
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X’s Capital A/c |
51,900 |
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Y’s Capital A/c |
28,600 |
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88,500 |
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88,500 |
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Working Notes
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Memorandum Balance Sheet as on March 31, 2024 |
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Liabilities |
(`) |
Assets |
(`) |
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Capital A/cs: |
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Sundry Assets |
94,000 |
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X |
40,000 |
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(Balancing figure) |
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Y |
30,000 |
70,000 |
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Creditors |
24,000 |
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94,000 |
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94,000 |
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Question 48:
P, Q and R are
partners sharing profits and losses in the ratio of 3 :
3 : 2 respectively. Their respective capitals are in their profit-sharing
proportions. On 1st April, 2023, the total capital of the firm and the balance
of General Reserve are
`
80,000 and ` 20,000
respectively. During the year 2023-24, the firm made a profit of ` 28,000 before
charging interest on capital @ 5%. The drawings of the partners are P — ` 8,000; Q — ` 7,000; and R — ` 5,000. On 31st March, 2024, their
liabilities were
`18,000.
On this date, they decided to dissolve the firm. The assets realised `1,08,600 and realisation
expenses amounted to ` 1,800.
Prepare necessary Ledger Accounts to close the books of the firm.
Answer:
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Realistationn Account |
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Particulars |
(`) |
Particulars |
(`) |
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Sundry Assets (WN 1) |
1,26,000 |
Creditors |
18,000 |
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Cash A/c (Assets Realised) |
1,08,600 |
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Cash A/c: |
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Loss transferred to: |
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Creditors |
18,000 |
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P’s Capital A/c |
7,200 |
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Expenses |
1,800 |
19,800 |
Q’s Capital A/c |
7,200 |
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R’s Capital A/c |
4,800 |
19,200 |
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1,45,800 |
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1,45,800 |
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Partners Capital
Accounts |
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Dr. |
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Cr. |
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Particulars |
P |
Q |
R |
Particulars |
P |
Q |
R |
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Drawings A/c |
8,000 |
7,000 |
5,000 |
Balance b/d |
30,000 |
30,000 |
20,000 |
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Realisation A/c
(Loss) |
7,200 |
7,200 |
4,800 |
Interest on Capital A/c |
1,500 |
1,500 |
1,000 |
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Cash A/c |
32,800 |
33,800 |
22,200 |
P/L Appropriation A/c (WN 3) |
9,000 |
9,000 |
6,000 |
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General Reserve |
7,500 |
7,500 |
5,000 |
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48,000 |
48,000 |
32,000 |
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48,000 |
48,000 |
32,000 |
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Cash
Account |
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Dr. |
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Cr. |
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Particulars |
(`) |
Particulars |
(`) |
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Realisation A/c |
1,08,600 |
Realisation A/c |
19,800 |
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P’s Capital A/c |
32,800 |
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Q’s Capital A/c |
33,800 |
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R’s Capital A/c |
22,200 |
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1,08,600 |
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1,08,600 |
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Working Note:
WN 1
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Memorandum
Balance Sheet |
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Liabilities |
(`) |
Assets |
(`) |
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Capital A/cs: |
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Sundry Assets |
1,26,000 |
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P (WN 2) |
22,000 |
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(Balancing figure) |
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Q (WN 2) |
23,000 |
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R (WN 2) |
15,000 |
60,000 |
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General Reserve |
20,000 |
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Profit and Loss A/c |
28,000 |
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Creditors |
18,000 |
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1,26,000 |
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1,26,000 |
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WN 2
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Computation
of Partners' Capital after drawings as on 31st March, 2024 |
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Dr. |
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Cr. |
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Particulars |
P |
Q |
R |
Particulars |
P |
Q |
R |
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Drawings A/c |
8,000 |
7,000 |
5,000 |
Balance b/d |
30,000 |
30,000 |
20,000 |
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Adjusted Capital |
22,000 |
23,000 |
15,000 |
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30,000 |
30,000 |
20,000 |
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30,000 |
30,000 |
20,000 |
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WN
3
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Profit and
Loss Appropriation Account |
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Dr. |
for the
year ending 31st March, 2024 |
Cr. |
||||
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Particulars |
(`) |
Particulars |
(`) |
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Interest on Capital A/cs: |
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Profit and Loss A/c |
28,000 |
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P’s Capital A/c |
1,500 |
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Q’s Capital A/c |
1,500 |
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R’s Capital A/c |
1,000 |
4,000 |
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Profit transferred to: |
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P’s Capital A/c |
9,000 |
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Q’s Capital A/c |
9,000 |
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R’s Capital A/c |
6,000 |
24,000 |
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28,000 |
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28,000 |
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Ts Grewal Solution 2024-2025
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Class 12 / Volume – I