Question 41:
A and
B were partners sharing profits
and losses as to 7/11th to A and 4/11th to B. They dissolved
the partnership on 30th May, 2024. As on that date their capitals were: A ₹
7,000 and B ₹ 4,000. There were also due on Loan A/c to A ₹
4,500 and to B ₹ 750. The other liabilities amounted
to ₹ 5,000. The assets proved to have been undervalued in the last
Balance Sheet and actually realised ₹
24,000.
Prepare necessary accounts showing the final settlement between partners.
Answer:
|
Realisation
Account |
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|
Dr. |
|
Cr. |
|||
|
Particulars |
₹ |
Particulars |
₹ |
||
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Sundry Assets (WN) |
21,250 |
Other liabilities |
5,000 |
||
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Cash A/c (Liabilities) |
5,000 |
Cash A/c (Assets Realised) |
24,000 |
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Profit transferred to: |
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A’s
Capital A/c |
1,750 |
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B’s
Capital A/c |
1,000 |
2,750 |
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29,000 |
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29,000 |
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Partners Capital
Accounts |
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Dr. |
|
Cr. |
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Particulars |
A |
B |
Particulars |
A |
B |
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Cash A/c |
8,750 |
5,000 |
Balance b/d |
7,000 |
4,000 |
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Realisation A/c |
1,750 |
1,000 |
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8,750 |
5,000 |
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8,750 |
5,000 |
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Partners Loan
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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Cash A/c |
4,500 |
750 |
Balance b/d |
4,500 |
750 |
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4,500 |
750 |
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4,500 |
750 |
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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) |
24,000 |
A’s Capital A/c
|
8,750 |
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B’s Capital A/c |
5,000 |
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A’s Loan A/c |
4,500 |
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B’s Loan A/c |
750 |
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Realisation A/c |
5,000 |
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24,000 |
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24,000 |
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Working Note:
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Memorandum Balance
Sheet as on May 30, 2024 |
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Liabilities |
₹ |
Assets |
₹ |
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Capital A/cs: |
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Sundry Assets |
21,250 |
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|
A |
7,000 |
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(Balancing Figure) |
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B |
4,000 |
11,000 |
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A’s Loan |
4,500 |
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B’s Loan |
750 |
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Other Liabilities |
5,000 |
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21,250 |
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21,250 |
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Question
42:
Ramu,
Laxman and Bharat started business on 1st April, 2024
with capitals of ₹1,00,000, { 80,000 and 60,000
respectively sharing profits and losses in the ratio of 4:3:3. For the year
ending 31st March, 2025, the firm incurred loss of 50,000. Each of the partners
withdrew 10,000 during the year.
On 1st April, 2025 the firm was
dissolved. The creditors of the firm stood at 24,000 on that date and cash in
hand was 4,000. Assets realised 3,00,000
and creditors were paid 23,500 in settlement of their claims.
Prepare Realisation
Account and show your working clearly.
Answer:
|
Capital A/c |
|||||||
|
Particulars |
Ramu |
Laxman |
Bharat |
Particulars |
Ramu |
Laxman |
Bharat |
|
To P&L A/c |
20,000 |
15,000 |
15,000 |
By Balance B/d |
1,00,000 |
80,000 |
60,000 |
|
To Drawing A/c |
10,000 |
10,000 |
10,000 |
|
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|
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To Balance C/d |
70,000 |
55,000 |
35,000 |
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1,00,000 |
80,000 |
60,000 |
|
1,00,000 |
80,000 |
60,000 |
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Balance Sheet |
|||
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Liabilities
|
₹ |
Assets |
₹ |
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Capital A/cs: |
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Sundry Assets |
1,80,000 |
|
Ramu |
70,000 |
(Bal. figure) |
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|
Laxman |
55,000 |
Cash in hand |
4,000 |
|
Bharat |
35,000 |
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Creditors |
24,000 |
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1,84,000 |
|
1,84,000 |
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Realisation A/c |
|||
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Particulars |
₹ |
Particulars |
₹ |
|
To Sundry Assets |
1,80,000 |
By Creditors |
24,000 |
|
To Bank A/c |
23,500 |
By Bank A/c |
3,00,000 |
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To Gain |
|
(Sundry Assets realised) |
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Capital A/cs: |
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Ramu-
48,200 |
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Laxman-
36,150 |
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Bharat-
36,150 |
1,20,500 |
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3,24,000 |
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3,24,000 |
Question 43:
A, B and C started business on 1st April,
2024 with capitals of ₹ 1,00,000; ₹ 80,000 and ₹
60,000 respectively sharing profits (losses) in the ratio of 4 : 3 : 3. For the
year ended 31st March, 2025, the firm suffered a loss of ₹ 50,000.
Each of the partners withdrew ₹ 10,000 during the year.
On 31st March, 2025, the firm was dissolved, the Creditors of the firm stood at ₹ 24,000 on
that date and Cash in Hand was ₹ 4,000. The assets realised ₹ 3,00,000 and
Creditors were paid ₹ 23,500
in full settlement of their claims.
Prepare Realisation Account and show your workings
clearly.
Answer:
|
Realisation
Account |
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|
Dr. |
|
Cr. |
|
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|
Particulars |
(₹) |
Particulars |
(₹) |
|
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Sundry Assets (WN 2) |
1,80,000 |
Sundry Creditors |
24,000 |
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Cash A/c (Creditors ) |
23,500 |
Cash A/c (Assets) |
3,00,000 |
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Profit transferred to: |
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A’s Capital A/c |
48,200 |
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B’s Capital A/c |
36,150 |
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C’s Capital A/c |
36,150 |
1,20,500 |
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3,24,000 |
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3,24,000 |
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Partners Capital Accounts |
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Dr. |
|
Cr. |
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Particulars |
A |
B |
C |
Particulars |
A |
B |
C |
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Balance b/d |
70,000 |
55,000 |
35,000 |
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Cash A/c |
1,18,200 |
91,150 |
71,150 |
Realisation
A/c |
48,200 |
36,150 |
36,150 |
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1,18,200 |
91,150 |
71,150 |
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1,18,200 |
91,150 |
71,150 |
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Cash
Account |
|||||
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Dr. |
|
Cr. |
|||
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Particulars |
(₹) |
Particulars |
(₹) |
||
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Balance b/d |
4,000 |
Realisation
A/c |
23,500 |
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Realisation
A/c |
3,00,000 |
A’s Capital A/c |
1,18,200 |
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B’s Capital A/c |
91,150 |
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C’s Capital A/c |
71,150 |
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3,04,000 |
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3,04,000 |
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Working Notes:
WN 1Calculation of Partners Capital as on
April 01, 2024
|
Particulars |
X |
Y |
Z |
|
Capital
as on April 01, 2025 |
1,00,000 |
80,000 |
60,000 |
|
Less: Drawings |
(10,000) |
(10,000) |
(10,000) |
|
Less:
Share of Loss (4 : 3 : 3) |
(20,000) |
(15,000) |
(15,000) |
|
Capital as on April 01, 2024 |
70,000 |
55,000 |
35,000 |
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WN 2
|
Memorandum Balance Sheet as on March 31, 2025 |
|||
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Liabilities |
(₹) |
Assets |
(₹) |
|
Capital A/cs: |
|
Cash in Hand |
4,000 |
|
A |
70,000 |
Sundry Assets |
1,80,000 |
|
B |
55,000 |
(Balancing figure) |
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C |
35,000 |
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Creditors |
24,000 |
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1,84,000 |
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1,84,000 |
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Question 44:
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:
|
Realisation
Account |
|
|||||||||||||
|
Dr. |
|
Cr. |
|
|||||||||||
|
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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|
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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. |
|
Cr. |
||||||||||||
|
Particulars |
A |
B |
C |
Particulars |
A |
B |
C |
|||||||
|
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 |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
₹ |
Particulars |
₹ |
||
|
Balance b/d |
5,000 |
Realisation
A/c |
36,000 |
||
|
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 |
|
85,000 |
||
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Working Notes:
|
Memorandum Balance Sheet |
||||
|
Liabilities |
₹ |
Assets |
₹ |
|
|
Capital A/cs: |
|
Cash in Hand |
5,000 |
|
|
A |
20,000 |
|
Sundry Assets |
83,000 |
|
B |
20,000 |
|
|
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|
C |
20,000 |
60,000 |
|
|
|
Sundry Liabilities |
28,000 |
|
|
|
|
(Balancing figure) |
|
|
|
|
|
|
88,000 |
|
88,000 |
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Ts Grewal Solution 2025-2026
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Class 12 / Volume – I