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12th | Dissolution of a partnership firm | Question No. 49 To 50 | Ts Grewal Solution 2023-2024

Question 49:


X and Y were partners sharing profits and losses in the ratio of 3 : 2. They decided to dissolve the firm on 31st March, 2022. 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:


Realisation Account   

 

Dr.

 

Cr.

 

Particulars

 (`)

Particulars

 (`)

 

Sundry Assets

94,000

Creditors

24,000

 

X’s Capital A/c (Creditors)

14,000

Cash (Assets Realised)

88,500

 

Cash A/c:

 

Loss transferred to:

 

 

 Creditors

7,500

 

X’s Capital A/c

2,100

 

 

 Expenses

500

8,000

Y’s Capital A/c

1,400

3,500

 

 

 

 

 

 

 

1,16,000

 

1,16,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners Capital Accounts

Dr.

 

Cr.

Particulars

X

Y

Particulars

X

Y

Realisation A/c (Loss)

2,100

1,400

Balance b/d

40,000

30,000

Cash A/c

51,900

28,600

Realisation A/c
(Creditors )

14,000

 

 

 

 

 

 

 

54,000

30,000

 

54,000

30,000

 

 

 

 

 

 

 

Cash Account   

Dr.

 

Cr.

Particulars

 (`)

Particulars

 (`)

Realisation A/c (Assets)

88,500

Realisation A/c

8,000

 

 

X’s Capital A/c

51,900

 

 

Y’s Capital A/c

28,600

 

88,500

 

88,500

 

 

 

 

 

Working Notes

Memorandum Balance Sheet

as on March 31, 2022

Liabilities 

 (`)

Assets 

 (`)

Capital A/cs:

 

Sundry Assets

94,000

X

40,000

 

(Balancing figure)

 

Y

30,000

70,000

 

 

Creditors

24,000

 

 

 

 

 

 

 

94,000

 

94,000

 

 

 

 

 

Question 50:


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, 2021, the total capital of the firm and the balance of General Reserve are  ` 80,000 and  ` 20,000 respectively. During the year 2021-22, 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, 2022, 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:



Dr.

Realistationn Account


Cr.

 

Particulars

 (`)

Particulars

 (`)

 

Sundry Assets (WN 1)

1,26,000

Creditors

18,000

 

 

 

Cash A/c

(Assets Realised)

1,08,600

 

Cash A/c:

 

Loss transferred to:

 

 

Creditors

18,000

 

P’s Capital A/c

7,200

 

 

Expenses

1,800

19,800

Q’s Capital A/c

7,200

 

 

 

 

R’s Capital A/c

4,800

19,200

 

 

 

 

 

 

 

1,45,800

 

1,45,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners Capital Accounts

Dr.

 

Cr.

Particulars

P

Q

R

Particulars

P

Q

R

Drawings A/c

8,000

7,000

5,000

Balance b/d

30,000

30,000

20,000

Realisation A/c (Loss)

7,200

7,200

4,800

Interest on Capital A/c

1,500

1,500

1,000

Cash A/c

32,800

33,800

22,200

P/L Appropriation A/c (WN 3)

9,000

9,000

6,000

 

 

 

 

General Reserve

7,500

7,500

5,000

 

48,000

48,000

32,000

 

48,000

48,000

32,000

 

 

 

 

 

 

 

 

 

Cash Account   

Dr.

 

Cr.

Particulars

 (`)

Particulars

 (`)

Realisation A/c

1,08,600

Realisation A/c

19,800

 

 

P’s Capital A/c

32,800

 

 

Q’s Capital A/c

33,800

 

 

R’s Capital A/c

22,200

 

 

 

 

 

1,08,600

 

1,08,600

 

 

 

 


Working Note:

WN 1

Memorandum Balance Sheet
as on 31st March, 2022
 

Liabilities 

 (`)

Assets 

 (`)

Capital A/cs:

 

Sundry Assets

1,26,000

P (WN 2)

22,000

 

(Balancing figure)

 

Q (WN 2)

23,000

 

 

 

R (WN 2)

15,000

60,000

 

 

General Reserve

20,000

 

 

Profit and Loss A/c

28,000

 

 

Creditors

18,000

 

 

 

1,26,000

 

1,26,000

 

 

 

 


WN 2

Computation of Partners' Capital after drawings as on 31st March, 2022

Dr.

 

Cr.

Particulars

P

Q

R

Particulars

P

Q

R

Drawings A/c

8,000

7,000

5,000

Balance b/d

30,000

30,000

20,000

Adjusted Capital

22,000

23,000

15,000

 

 

 

 

 

30,000

30,000

20,000

 

30,000

30,000

20,000

 

 

 

 

 

 

 

 

 

 WN 3

Profit and Loss Appropriation Account

Dr.

for the year ending 31st March, 2022

Cr.

Particulars

 (`)

Particulars

 (`)

Interest on Capital A/cs:

 

Profit and Loss A/c

28,000

P’s Capital A/c

1,500

 

 

 

Q’s Capital A/c

1,500

 

 

 

R’s Capital A/c

1,000

4,000

 

 

Profit transferred to:

 

 

 

P’s Capital A/c

9,000

 

 

 

Q’s Capital A/c

9,000

 

 

 

R’s Capital A/c

6,000

24,000

 

 

 

 

 

 

 

28,000

 

28,000

 

 

 

 

 

Ts Grewal Solution 2023-2024

Click below for more Questions

Class 12 / Volume – I

Chapter 7 – Dissolution of a partnership firm

 

Question No. 1 To 4

Question No. 5 To 8

Question No. 9 To 12

Question No. 13 To 16

Question No. 17 To 20

Question No. 21 To 24

Question No. 25 To 28

Question No. 29 To 32

Question No. 33 To 36

Question No. 37 To 40

Question No. 41 To 44

Question No. 45 To 48

Question No. 49 And 50