Question 29:
Bale and Yale are equal partners of a firm. They decide to dissolve their partnership on 31st March, 2022 at which date their Balance Sheet stood as:
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Liabilities |
` |
Assets |
` |
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Capital
A/cs: |
|
Building |
45,000 |
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Bale |
50,000 |
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Machinery |
15,000 |
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Yale |
40,000 |
90,000 |
Furniture |
12,000 |
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General
Reserve |
|
8,000 |
Debtor |
8,000 |
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Bale's
Loan A/c |
|
3,000 |
Stock |
24,000 |
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Creditors
|
|
14,000 |
Bank |
11,000 |
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1,15,000 |
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1,15,000 |
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(a)
The assets realised were:
Stock ` 22,000; Debtor ` 7,500; Machinery ` 16,000; Building ` 35,000.
(b) Yale took over the Furniture at `
9,000.
(c) Bale agreed to accept
`
2,500 in full settlement of his Loan Account.
(d) Dissolution Expenses amounted to `
2,500.
Prepare
the:
(i) Realisation
Account; (ii) Capital Accounts of Partners;
(iii) Bale's Loan Account; (iv) Bank Account.
Answer:
|
Realisation Account |
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Dr. |
|
Cr. |
|||||||||||
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Particulars |
(`) |
Particulars |
(`) |
||||||||||
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Building |
45,000 |
Creditors |
14,000 |
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Machinery |
15,000 |
Bank A/c: |
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Furniture |
12,000 |
Stock |
22,000 |
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Debtor |
8,000 |
Debtor |
7,500 |
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Stock |
24,000 |
Machinery |
16,000 |
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Building |
35,000 |
80,500 |
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Bank A/c: |
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Creditors |
14,000 |
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Bale’s Loan |
500 |
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Expenses |
2,500 |
16,500 |
Yale’s Capital A/c (Furniture) |
9,000 |
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Loss transferred to: |
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||||||||||
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Bale’s Capital A/c |
8,250 |
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Yale’s Capital A/c |
8,250 |
16,500 |
|||||||||
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1,20,500 |
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1,20,500 |
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Dr. |
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Cr. |
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||||||||||
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Particulars |
Bale |
Yale |
Particulars |
Bale |
Yale |
|
|||||||
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Realisation A/c (Loss) |
8,250 |
8,250 |
Balance b/d |
50,000 |
40,000 |
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Realisation A/c |
– |
9,000 |
General
Reserve |
4,000 |
4,000 |
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Bank A/c |
45,750 |
26,750 |
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54,000 |
44,000 |
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54,000 |
44,000 |
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Bale’s Loan Account |
|||||
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Dr. |
|
Cr. |
|||
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Particulars |
(`) |
Particulars |
(`) |
||
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Bank A/c |
2,500 |
Balance b/d |
3,000 |
||
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Realisation A/c |
500 |
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3,000 |
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3,000 |
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Bank Account |
|||||
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Dr. |
|
Cr. |
|||
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Particulars |
(`) |
Particulars |
(`) |
||
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Balance b/d |
11,000 |
Bale’s Loan |
2,500 |
||
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Realisation A/c |
80,500 |
Realisation A/c |
16,500 |
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Bale’s Capital A/c |
45,750 |
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Yale’s Capital A/c |
26,750 |
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91,500 |
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91,500 |
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Question 30:
Shilpa, Meena and Nanda decided
to dissolve their partnership on 31st March, 2023. Their profit-sharing ratio
was 3 : 2 : 1 and their Balance Sheet was as under:
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BALANCE SHEET OF SHILPA, MEENA AND NANDA as at 31st March, 2022 |
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Liabilities |
` |
Assets |
` |
|
|
Capital
A/cs: |
|
Land |
81,000 |
|
|
Shilpa |
80,000 |
|
Stock |
56,760 |
|
Meena |
40,000 |
1,20,000 |
Debtor |
18,600 |
|
Bank
Loan |
|
20,000 |
Nanda's
Capital |
23,000 |
|
Creditors
|
|
37,000 |
Cash |
10,840 |
|
Provision
For Doubtful Debts |
|
1,200 |
|
|
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General
Reserve |
|
12,000 |
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1,90,200 |
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1,90,200 |
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It is agreed as follows:
The stock of
value of ` 41,660 are taken over by Shilpa
for ` 35,000 and she agreed to discharge bank loan. The remaining
stock was sold at
`
14,000 and Debtor amounting to `10,000 realised ` 8,000. Land is sold for ` 1,10,000. The
remaining Debtor realised 50% at their book value.
Cost of realisation amounted to `1,200.
There was a typewriter not recorded in the books worth of `
6,000 which were taken over by one of the Creditors at this value. Prepare Realisation
Account, Partners' Capital Accounts, and Cash Account to Close
the books of the firm.
Answer:
|
Realisation Account |
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||||||||
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Dr. |
|
Cr. |
|
||||||
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Particulars |
(`) |
Particulars |
(`) |
||||||
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Land |
81,000 |
Bank
Loan |
20,000 |
||||||
|
Stock |
56,760 |
Creditors
|
37000 |
||||||
|
Debtor |
18,600 |
Provision
for doubtful debts |
1,200 |
||||||
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Shilpa’s Capital A/c |
20,000 |
Shilpa’s Capital A/c (Stock) |
35,000 |
||||||
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Cash: |
|
Cash: |
|
||||||
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Creditors
|
31000 |
|
Stock |
14000 |
|
||||
|
Realisation Expenses |
1,200 |
32200 |
Debtor |
12300 |
|||||
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Realisation Profit |
|
Land |
1,10,000 |
1,36,300 |
|||||
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Shilpa’s Capital A/c |
10,470 |
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Meena’s Capital A/c |
6,980 |
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Nanda’s
Capital A/c |
3,490 |
20,940 |
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2,29,500 |
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2,29,500 |
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Partners Capital Account |
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Dr. |
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Cr. |
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Particulars |
Shilpa |
Meena |
Nanda |
Particulars |
Shilpa |
Meena |
Nanda |
||
|
Balance
b/d |
– |
– |
23,000 |
Balance
b/d |
80,000 |
40,000 |
– |
||
|
Realisation |
35,000 |
|
|
General
Reserve |
6,000 |
4,000 |
2,000 |
||
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(Stock) |
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|
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Realisation |
20,000 |
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||
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Cash |
81,470 |
50,980 |
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(Bank
Loan) |
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Realisation (Profit) |
10,470 |
6,980 |
3,490 |
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Cash |
|
|
17,510 |
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1,16,470 |
50,980 |
23,000 |
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1,16,470 |
50,980 |
23,000 |
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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 |
10,840 |
Realisation (Expenses) |
32,200 |
|||
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Realisation (Assets) |
1,36,300 |
Shilpa’s Capital A/c |
81,470 |
|||
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Nanda’s
Capital A/c |
17,510 |
Meena’s Capital A/c |
50,980 |
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1,64,650 |
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1,64,650 |
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Question 31:
A and B are partners
in a firm sharing profits and losses in the ratio of 3 :
2. On 31st March, 2023, their Balance Sheet was as follows:
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BALANCE SHEET as at 31st March, 2022 |
|||||
|
Liabilities |
(`) |
Assets |
(`) |
||
|
Creditors
|
38,000 |
Cash
at Bank |
11,500 |
||
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Mr. A's Loan |
10,000 |
Stock |
6,000 |
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B's Loan |
15,000 |
Debtor |
19,000 |
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Reserve |
5,000 |
Furniture |
4,000 |
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A's Capital |
10,000 |
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Plant |
28,000 |
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B's Capital |
8,000 |
18,000 |
Investments |
10,000 |
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Profit
and Loss A/C |
7,500 |
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|
86,000 |
|
86,000 |
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The firm was dissolved on 31st March, 2023 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 |
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Dr. |
|
Cr. |
|||||||||||
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Particulars |
(`) |
Particulars |
(`) |
|
|||||||||
|
Stock |
6,000 |
Creditors |
38,000 |
|
|||||||||
|
Debtor |
19,000 |
M `. A’s Loan |
10,000 |
|
|||||||||
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Furniture |
4,000 |
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|
|||||||||
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Plant |
28,000 |
A’s Capital A/c (Investments) |
8,000 |
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Investments |
10,000 |
Bank A/c: |
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A’s Capital A/c (M `. A’s loan) |
10,000 |
Stock |
5,000 |
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Bank A/c : |
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Debtor |
18,500 |
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|
||||||||
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Expenses |
1,600 |
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Furniture |
4,500 |
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|
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Creditors |
37,000 |
38,600 |
Plant |
25,000 |
53,000 |
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Loss transferred to: |
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|
|||||||||
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A’s Capital A/c |
3,960 |
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|
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B’s Capital A/c |
2,640 |
6,600 |
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|
1,15,600 |
|
1,15,600 |
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Partners Capital Accounts |
|
||||||||||||
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Dr. |
|
Cr. |
|
||||||||||
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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 |
|
|||||||
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Profit and Loss A/c |
4,500 |
3,000 |
Realisation A/c |
10,000 |
– |
|
|||||||
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Bank A/c |
6,540 |
4,360 |
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23,000 |
10,000 |
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23,000 |
10,000 |
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B’s Loan Account |
|||||
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Dr. |
|
Cr. |
|||
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Particulars |
(`) |
Particulars |
(`) |
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Balance b/d |
15,000 |
||
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Bank A/c |
15,000 |
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||
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|
15,000 |
|
15,000 |
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Bank Account |
|||||
|
Dr. |
|
Cr. |
|||
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Particulars |
(`) |
Particulars |
(`) |
||
|
Balance b/d |
11,500 |
Realisation A/c |
38,600 |
||
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Realisation A/c |
53,000 |
A’s Capital A/c |
6,540 |
||
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B’s Capital A/c |
4,360 |
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B’s Loan A/c |
15,000 |
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|
64,500 |
|
64,500 |
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Question 32:
Balance Sheet of
P, Q and R as at 31st March, 2023, 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 |
|
|
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|
Q |
36,000 |
|
Building |
40,000 |
|
|
R |
20,000 |
1,00,000 |
Plant
and Machinery |
40,000 |
|
|
|
|
|
|
|
|
|
|
1,79,000 |
|
1,79,000 |
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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 |
|
||
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|
|
Q’s Capital A/c |
5,550 |
|
||
|
|
|
RCapital A/c |
1,850 |
16,650 |
||
|
|
2,05,050 |
|
2,05,050 |
|||
|
|
|
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|
|||
|
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 |
||
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|
||
|
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 |
||
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Ts Grewal Solution 2023-2024
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Class 12 / Volume – I