Question 45:
The partnership between A and B was
dissolved on 31st March, 2025. 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 46:
X and Y were partners sharing profits and losses in
the ratio of 3 : 2. They decided to dissolve the firm
on 31st March, 2025. 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, 2025 |
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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 47:
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,
2024, the total capital of the firm and the balance of General Reserve
are ₹ 80,000 and ₹ 20,000 respectively. During the year
2024-25, 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, 2025, 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, 2025 |
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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. |
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 2025-2026
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Class 12 / Volume – I