Question 36:
Rita and Sobha are partners in a firm, Fancy Garments Exports, sharing profits and losses equally. On 1st April, 2026, the Balance Sheet of the firm was:
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Liabilities |
(₹) |
Assets |
(₹) |
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Sundry Creditors |
75,000 |
Cash |
6,000 |
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Bills Payable |
30,000 |
Bank |
30,000 |
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Rita's Loan |
25,000 |
Stock |
75,000 |
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Reserve |
24,000 |
Book Debts |
66,000 |
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Capital A/cs: |
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Less: Provision for Doubtful Debts |
6,000 |
60,000 |
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Rita |
90,000 |
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Sobha |
30,000 |
1,20,000 |
Plant and Machinery |
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45,000 |
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Land and Building |
48,000 |
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Loan to Shobha |
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10,000 |
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2,74,000 |
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2,64,000 |
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The
firm was dissolved on the date given above. The following transactions took
place:
(a) Rita took 25% of the Stock at a discount of 20% in settlement of her loan.
(b) Book Debts realised ₹ 54,000; balance of the Stock was sold at a
profit of 30% on cost.
(c) Sundry Creditors were paid out at a discount of 10%. Bills Payable were
paid in full .
(d) Land and Building ₹ 1,20,000.
(e) Rita took the goodwill of the firm at a value of ₹ 30,000.
(f) An unrecorded asset of ₹ 6,900 was handed over to an unrecorded
liability of ₹ 6,000 in full settlement.
(g) Realisation expenses were ₹ 5,250
Show Realisation Account, Partners' Capital Accounts and Bank Account in the
books of the firm.
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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To Stock |
75,000 |
By Provision for Doubtful Debts |
6,000 |
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To Book Debts |
66,000 |
By Sundry Creditors |
75,000 |
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To Plant and Machinery |
45,000 |
By Bills Payable |
30,000 |
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To Land and building |
48,000 |
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By Rita’s Capital A/c |
30,000 |
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(Goodwill taken over) |
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To Bank A/c: |
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By Rita’s Capital A/c |
15,000 |
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(Stock taken over) |
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Sundry Creditors |
67,500 |
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By Rita’s Capital A/c |
10,000 |
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(Gain) |
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Bills Payable |
30,000 |
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By Bank A/c: |
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Expenses |
5,250 |
1,02,750 |
Stock |
56,250 |
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Book Debts |
54,000 |
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To Profit transferred to: |
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Plant and Machinery |
45,000 |
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Rita’s Capital A/c |
52,250 |
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Land and Building |
1,20,000 |
2,45,250 |
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Sobha’s Capital A/c |
52,250 |
1,04,500 |
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4,41,250 |
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4,41,250 |
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Partners Capital Accounts |
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Dr. |
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Cr. |
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Particulars |
Rita (₹) |
Sobha (₹) |
Particulars |
Rita (₹) |
Sobha (₹) |
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Realisation A/c (Assets) |
30,000 |
– |
Balance b/d |
90,000 |
30,000 |
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Reserve Fund |
12,000 |
12,000 |
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Bank A/c |
1,24,250 |
94,250 |
Realisation A/c (Profit) |
52,250 |
52,250 |
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1,54,250 |
94,250 |
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1,54,250 |
94,250 |
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Bank Account |
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Dr. |
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Cr. |
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Particulars |
(₹) |
Particulars |
(₹) |
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To Balance b/d |
30,000 |
By Realisation A/c |
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To Cash A/c |
6,000 |
Creditors - 67,500 |
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To Realisation A/c |
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Bills Payable - 30,000 |
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Stock |
56,250 |
Expenses – 5,250 |
1,02,750 |
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Book Debts |
54,000 |
By Rita’s Capital A/c |
1,24,250, |
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Plant and Machinery |
45,000 |
By Sobha’s Capital A/c |
94,250 |
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Land and Building |
1,20,000 |
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To Loan to Sobha |
10,000 |
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3,21,250 |
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3,21,250 |
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Rita’s Loan A/c |
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Dr. |
Cr. |
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Particulars |
(₹) |
Particulars |
(₹) |
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To Realisation A/c |
15,000 |
Balance b/d |
25,000 |
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(25% Stock taken over) |
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To Realisation A/c |
10,000 |
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(Gain) |
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25,000 |
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25,000 |
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Loan to Sobha A/c |
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Dr. |
Cr. |
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Particulars |
(₹) |
Particulars |
(₹) |
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To Balance b/d |
10,000 |
By Bank A/c |
10,000 |
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10,000 |
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10,000 |
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Working Notes:
Value of Stock Taken Over by Rita
Stock taken over by Rita=Book Value of Stock×25/100×80/100
[Since stock is taken over at a discount of 20%]
Stock taken over by Rita=75,000×25/100×80/100
=15,000
Question 37:
Raina and Meena were partners in a firm which they dissolved on 31st March, 2026.
On this date, Balance Sheet of the firm, apart from realisable assets and outside liabilities showed the following
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Raina's Capital |
40,000 (Cr) |
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Meena's Capital |
20,000 (Dr.) |
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Profit & Loss Account |
10,000 (Dr.) |
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Raina's Loan to the Firm |
15,000 |
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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:
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Capital A/c |
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Particulars |
Raina |
Meena |
Particulars |
Raina |
Meena |
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To Balance B/d |
- |
20,000 |
By Balance B/d |
40,000 |
- |
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To P&L A/c |
5,000 |
5,000 |
By G.R. A/c |
3,500 |
3,500 |
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To Realisation A/c (Loss) |
1,000 |
- |
By Realisation A/c |
3,000 |
- |
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To Realisation A/c |
- |
2,000 |
(Liabilities taken) |
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(Liabilities Taken) |
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By Bank A/c |
- |
53,500 |
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To Realisation A/c |
30,000 |
30,000 |
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(Loss) |
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To Bank A/c |
10,500 |
- |
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46,500 |
57,000 |
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46,500 |
57,000 |
Question 38:
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:
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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) |
1,20,000 |
Creditors |
30,000 |
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Cash A/c |
30,000 |
Cash A/c |
1,00,000 |
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Loss transferred to: |
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X’s Capital A/c |
10,000 |
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Y’s Capital A/c |
10,000 |
20,000 |
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1,50,000 |
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1,50,000 |
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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) |
10,000 |
10,000 |
Balance b/d |
50,000 |
40,000 |
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Cash A/c |
40,000 |
30,000 |
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50,000 |
40,000 |
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50,000 |
40,000 |
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Cash Account |
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Dr. |
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Cr. |
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Particulars |
Amount ₹ |
Particulars |
Amount ₹ |
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Realisation A/c |
1,00,000 |
Realisation A/c |
30,000 |
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X’s Capital A/c |
40,000 |
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Y’s Capital A/c |
30,000 |
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1,00,000 |
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1,00,000 |
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Working Note:
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Memorandum Balance Sheet |
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Liabilities |
₹ |
Assets |
₹ |
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Capital A/c |
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Sundry Assets |
1,20,000 |
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X |
50,000 |
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(BalancingFigure) |
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Y |
40,000 |
90,000 |
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Creditors |
30,000 |
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1,20,000 |
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1,20,000 |
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Question 39:
A, B
and C
were
partners sharing profits in the ratio of 5 : 3 : 2. On 31st March, 2026, 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:
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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) |
65,000 |
Creditors |
20,000 |
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Cash A/c (Creditors ) |
20,000 |
Cash A/c (Assets realised) |
50,000 |
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Loss transferred to: |
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A’s Capital A/c |
7,500 |
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B’s Capital A/c |
4,500 |
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C’s Capital A/c |
3,000 |
15,000 |
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85,000 |
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85,000 |
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Partners Capital Accounts |
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Dr. |
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Cr. |
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Particulars |
A |
B |
C |
Particulars |
A |
B |
C |
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Balance b/d |
– |
– |
5,000 |
Balance b/d |
30,000 |
20,000 |
– |
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Realisation A/c (Loss) |
7,500 |
4,500 |
3,000 |
Cash A/c |
– |
– |
8,000 |
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Cash A/c |
22,500 |
15,500 |
– |
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30,000 |
20,000 |
8,000 |
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30,000 |
20,000 |
8,000 |
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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) |
50,000 |
Realisation A/c (Creditors ) |
20,000 |
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C’s Capital A/c |
8,000 |
A’s Capital A/c |
22,500 |
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B’s Capital A/c |
15,500 |
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58,000 |
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58,000 |
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Working Note:
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Memorandum Balance Sheet as on March 31, 2026 |
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Liabilities |
₹ |
Assets |
₹ |
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Capital A/c |
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C’s Capital A/c |
5,000 |
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A |
30,000 |
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Sundry Assets |
65,000 |
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B |
20,000 |
50,000 |
(Balancing Figure) |
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Other liabilities |
20,000 |
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70,000 |
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70,000 |
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Question 40:
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, 2026. 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:
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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) |
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. |
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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 |
24,000 |
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Working Note:
|
Memorandum Balance Sheet as on May 30, 2026 |
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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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Ts Grewal Solution 2026-2027
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Class 12 / Volume – I