Question 41:
Srijan, Raman and Manan were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31st, March, 2017 their Balance Sheet was as follows:
|
BALANCE SHEET OF SRIJAN,
RAMAN AND MANAN as on 31st March, 2017 |
||||
|
Liabilities |
(`) |
Assets |
(`) |
|
|
Capitals: |
|
Capital:
Manan |
10,000 |
|
|
Srijan |
2,00,000 |
|
Plant |
2,20,000 |
|
Raman |
1,50,000 |
3,50,000 |
Investments |
70,000 |
|
Creditors
|
|
75,000 |
Stock |
50,000 |
|
Bills
Payable |
|
40,000 |
Debtor |
60,000 |
|
Outstanding
Salary |
|
35,000 |
Bank |
10,000 |
|
|
|
|
Profit
and Loss Account |
80,000 |
|
|
|
5,00,000 |
|
5,00,000 |
|
|
|
|
|
|
On the above date they decided to dissolve the firm.
(a) Srijan was appointed to realise the assets and discharge the liabilities.
Srijan was to receive 5% commission on sale of assets (except cash) and was to
bear all expenses of realisation.
(b)
|
Assets
were realised as follows: |
` |
|
Plant |
85,000 |
|
Stock |
33,000 |
|
Debtor |
47,000 |
(c)
Investments were realised at 95% of the book value.
(d) The firm had to pay ` 7,500 for an outstanding
repair bill not provided for earlier.
(e) A contingent liability in respect of bills receivable, discounted with the
bank had also materialised and had to be discharged for `15,000.
(f) Expenses of realisation amounting to ` 3,000 were paid by Srijan.
Prepare Realisation Account, Partners' Capital Accounts and Bank Account.
Answer:
|
Dr. |
Realisation A/c |
Cr. |
|||||
|
Particulars |
(`) |
Particulars |
(`) |
||||
|
To
Plant |
2,20,000 |
By
Creditors |
75,000 |
||||
|
To
Investments |
70,000 |
By
Bills Payable |
40,000 |
||||
|
To
Stock |
50,000 |
By
Outstanding Salary |
35,000 |
||||
|
To
Debtor |
60,000 |
|
|
||||
|
|
|
|
|
||||
|
To
Srijan’s Capital A/c (Commission) |
11,575 |
By
Bank A/c: |
|
||||
|
To
Bank A/c: |
|
Investments |
66,500 |
|
|||
|
Outstanding Bill Repair |
7,500 |
|
Plant |
85,000 |
|
||
|
Contingent liability against bills payable |
15,000 |
|
Stock |
33,000 |
|
||
|
Creditors |
75,000 |
|
Debtor |
47,000 |
2,31,500 |
||
|
Bills Payable |
40,000 |
|
|
|
|||
|
Outstanding Salary |
35,000 |
1,72,500 |
By
Loss on Realisation transferred to: |
|
|||
|
|
|
Srijan’s Capital A/c |
81,030 |
|
|||
|
|
|
Raman’s Capital A/c |
81,030 |
|
|||
|
|
|
Manan’s Capital A/c |
40,515 |
2,02,575 |
|||
|
|
|
|
|
||||
|
|
5,84,075 |
|
5,84,075 |
||||
|
|
|
|
|
||||
|
Dr. |
Partner’s Capital A/c |
Cr. |
|||||||
|
Particulars |
Srijan (`) |
Raman (`) |
Manan (`) |
Particulars |
Srijan (`) |
Raman (`) |
Manan (`) |
||
|
To
balance b/d |
|
|
10,000 |
By
balance b/d |
2,00,000 |
1,50,000 |
|
||
|
To
Realisation A/c (Loss) |
81,030 |
81,030 |
40,515 |
By
Realisation A/c (Commission) |
11,575 |
|
|
||
|
To
Profit & Loss A/c |
32,000 |
32,000 |
16,000 |
|
|
|
|
||
|
To
Bank A/c (Final Payment) |
98,545 |
36,970 |
– |
By
Bank A/c |
|
|
66,515 |
||
|
|
|
|
|
|
|
|
|
||
|
|
2,11,575 |
1,50,000 |
66,515 |
|
2,11,575 |
1,50,000 |
66,515 |
||
|
|
|
|
|
|
|
|
|
||
|
Dr. |
Bank A/c |
Cr. |
|||
|
Particulars |
(`) |
Particulars |
(`) |
||
|
To
balance b/d |
10,000 |
By
Srijan’s Capital A/c |
98,545 |
||
|
To
Realisation A/c (Asset Realised) |
2,31,500 |
By
Raman’s Capital A/c |
36,970 |
||
|
To
Manan’s Capital A/c |
66,515 |
By
Realisation A/c (Liabilities Paid) |
1,72,500 |
||
|
|
|
|
|
||
|
|
3,08,015 |
|
3,08,015 |
||
|
|
|
|
|
||
Question 42: Raina and Meena were partners in a firm which they dissolved on 31st March, 2023.
On this date, Balance Sheet of the firm, apart from realisable assets and outside liabilities showed the following
|
Raina's Capital |
40,000 (Cr) |
|
Meena's Capital |
20,000 (Dr.) |
|
Profit & Loss Account |
10,000 (Dr.) |
|
Raina's Loan to the Firm |
15,000 |
|
General Reserve |
7,000 |
On the date of dissolution of the firm:
(a) Raina's loan was repaid by the firm along with interest of `500.
(b) Dissolution expenses of `1,000 were paid by the firm on behalf of Raina.
(c) An unrecorded asset of ` 2,000 was taken by Meena while Raina paid an unrecorded liability of ` 3,000.
(d) Dissolution resulted in a loss of ` 60,000 from the realisation of assets and settlement of liabilities.
You are required to prepare Partners Capital Accounts.
Answer:
|
Capital A/c |
|||||
|
Particulars |
Raina |
Meena |
Particulars |
Raina |
Meena |
|
To Balance B/d |
- |
20,000 |
By Balance B/d |
40,000 |
- |
|
To P&L A/c |
5,000 |
5,000 |
By G.R. A/c |
3,500 |
3,500 |
|
To Realisation A/c (Loss) |
1,000 |
- |
By Realisation A/c |
3,000 |
- |
|
To Realisation A/c |
- |
2,000 |
(Liabilities taken) |
|
|
|
(Liabilities Taken) |
|
|
By Bank A/c |
- |
53,500 |
|
To Realisation A/c |
30,000 |
30,000 |
|
|
|
|
(Loss) |
|
|
|
|
|
|
To Bank A/c |
10,500 |
- |
|
|
|
|
|
46,500 |
57,000 |
|
46,500 |
57,000 |
Question 43:
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 |
` |
||
|
Sundry Assets (WN) |
1,20,000 |
Creditors |
30,000 |
||
|
Cash A/c |
30,000 |
Cash A/c |
1,00,000 |
||
|
|
|
Loss transferred to: |
|
||
|
|
|
X’s Capital A/c |
10,000 |
|
|
|
|
|
Y’s Capital A/c |
10,000 |
20,000 |
|
|
|
1,50,000 |
|
1,50,000 |
||
|
|
|
|
|
||
|
Partners Capital Accounts |
||||||||||||
|
Dr. |
|
Cr. |
||||||||||
|
Particulars |
X |
Y |
Particulars |
X |
Y |
|||||||
|
Realisation A/c (Loss) |
10,000 |
10,000 |
Balance b/d |
50,000 |
40,000 |
|||||||
|
Cash A/c |
40,000 |
30,000 |
|
|
|
|||||||
|
|
|
|
|
|
|
|||||||
|
|
50,000 |
40,000 |
|
50,000 |
40,000 |
|||||||
|
|
|
|
|
|
|
|||||||
|
Cash Account |
|
|||||||||||
|
Dr. |
|
Cr. |
|
|||||||||
|
Particulars |
Amount ` |
Particulars |
Amount ` |
|
||||||||
|
Realisation A/c |
1,00,000 |
Realisation A/c |
30,000 |
|
||||||||
|
|
|
X’s Capital A/c |
40,000 |
|
||||||||
|
|
|
Y’s Capital A/c |
30,000 |
|
||||||||
|
|
|
|
|
|
||||||||
|
|
1,00,000 |
|
1,00,000 |
|
||||||||
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|
|
|
|
|
||||||||
Working Note:
|
Memorandum Balance Sheet |
||||
|
Liabilities |
` |
Assets |
` |
|
|
Capital A/c |
|
Sundry Assets |
1,20,000 |
|
|
X |
50,000 |
|
(Balancing Figure) |
|
|
Y |
40,000 |
90,000 |
|
|
|
Creditors |
30,000 |
|
|
|
|
|
|
|
|
|
|
|
1,20,000 |
|
1,20,000 |
|
|
|
|
|
|
|
Question 44:
A, B and C were
partners sharing profits in the ratio of 5 : 3 : 2. On 31st March, 2023, 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 |
|||
|
Cash A/c (Creditors ) |
20,000 |
Cash A/c (Assets realised) |
50,000 |
|||
|
|
|
Loss transferred to: |
|
|||
|
|
|
A’s Capital A/c |
7,500 |
|
||
|
|
|
B’s Capital A/c |
4,500 |
|
||
|
|
|
C’s Capital A/c |
3,000 |
15,000 |
||
|
|
85,000 |
|
85,000 |
|||
|
|
|
|
|
|||
|
Partners Capital Accounts |
|||||||||
|
Dr. |
|
Cr. |
|||||||
|
Particulars |
A |
B |
C |
Particulars |
A |
B |
C |
||
|
Balance b/d |
– |
– |
5,000 |
Balance b/d |
30,000 |
20,000 |
– |
||
|
Realisation A/c (Loss) |
7,500 |
4,500 |
3,000 |
Cash A/c |
– |
– |
8,000 |
||
|
Cash A/c |
22,500 |
15,500 |
– |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
|
|
30,000 |
20,000 |
8,000 |
|
30,000 |
20,000 |
8,000 |
||
|
|
|
|
|
|
|
|
|
||
|
Cash Account |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
` |
Particulars |
` |
||
|
Realisation A/c (Assets) |
50,000 |
Realisation A/c (Creditors ) |
20,000 |
||
|
C’s Capital A/c |
8,000 |
A’s Capital A/c |
22,500 |
||
|
|
|
B’s Capital A/c |
15,500 |
||
|
|
|
|
|
||
|
|
58,000 |
|
58,000 |
||
|
|
|
|
|
||
Working Note:
|
Memorandum Balance Sheet as on March 31, 2022 |
||||
|
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) |
|
|
Other liabilities |
20,000 |
|
|
|
|
|
70,000 |
|
70,000 |
|
|
|
|
|
|
|
Ts Grewal Solution 2023-2024
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Class 12 / Volume – I