Question 41:
Ramu, Laxman and Bharat started business on 1st April, 2025 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, 2026, the firm incurred loss of 50,000. Each of the partners withdrew 10,000 during the year.
On 1st April, 2026 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 |
|
|
|
|
|
To Balance C/d |
70,000 |
55,000 |
35,000 |
|
|
|
|
|
|
1,00,000 |
80,000 |
60,000 |
|
1,00,000 |
80,000 |
60,000 |
|
Balance Sheet |
|||
|
Liabilities |
₹ |
Assets |
₹ |
|
Capital A/cs: |
|
Sundry Assets |
1,80,000 |
|
Ramu |
70,000 |
(Bal. figure) |
|
|
Laxman |
55,000 |
Cash in hand |
4,000 |
|
Bharat |
35,000 |
|
|
|
Creditors |
24,000 |
|
|
|
|
|
|
|
|
|
1,84,000 |
|
1,84,000 |
|
Realisation A/c |
|||
|
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 |
|
To Gain |
|
(Sundry Assets realised) |
|
|
Capital A/cs: |
|
|
|
|
Ramu- 48,200 |
|
|
|
|
Laxman- 36,150 |
|
|
|
|
Bharat- 36,150 |
1,20,500 |
|
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|
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|
|
|
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|
3,24,000 |
|
3,24,000 |
Question 42:
A, B
and C
started business on 1st April, 2025 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, 2026,
the firm suffered a loss of ₹ 50,000. Each of the partners
withdrew ₹ 10,000 during the year.
On 31st March, 2026, 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 |
|
|||||||||||
|
Dr. |
|
Cr. |
|
|||||||||
|
Particulars |
(₹) |
Particulars |
(₹) |
|
||||||||
|
Sundry Assets (WN 2) |
1,80,000 |
Sundry Creditors |
24,000 |
|
||||||||
|
Cash A/c (Creditors ) |
23,500 |
Cash A/c (Assets) |
3,00,000 |
|
||||||||
|
Profit transferred to: |
|
|
|
|
||||||||
|
A’s Capital A/c |
48,200 |
|
|
|
|
|||||||
|
B’s Capital A/c |
36,150 |
|
|
|
|
|||||||
|
C’s Capital A/c |
36,150 |
1,20,500 |
|
|
|
|||||||
|
|
|
|
|
|
||||||||
|
|
3,24,000 |
|
3,24,000 |
|
||||||||
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|
||||||||
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|
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|
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|
|||||
|
Partners Capital Accounts |
||||||||||||
|
Dr. |
|
Cr. |
||||||||||
|
Particulars |
A |
B |
C |
Particulars |
A |
B |
C |
|||||
|
|
|
|
|
Balance b/d |
70,000 |
55,000 |
35,000 |
|||||
|
Cash A/c |
1,18,200 |
91,150 |
71,150 |
Realisation A/c |
48,200 |
36,150 |
36,150 |
|||||
|
|
|
|
|
|
|
|
|
|||||
|
|
1,18,200 |
91,150 |
71,150 |
|
1,18,200 |
91,150 |
71,150 |
|||||
|
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|
|
|
|
|
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|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||
|
Cash Account |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
(₹) |
Particulars |
(₹) |
||
|
Balance b/d |
4,000 |
Realisation A/c |
23,500 |
||
|
Realisation A/c |
3,00,000 |
A’s Capital A/c |
1,18,200 |
||
|
|
|
B’s Capital A/c |
91,150 |
||
|
|
|
C’s Capital A/c |
71,150 |
||
|
|
|
|
|
||
|
|
3,04,000 |
|
3,04,000 |
||
|
|
|
|
|
||
Working Notes:
WN 1Calculation
of Partners Capital as on April 01, 2024
|
Particulars |
X |
Y |
Z |
|
Capital as on April 01, 2026 |
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, 2025 |
70,000 |
55,000 |
35,000 |
|
|
|
|
|
WN 2
|
Memorandum Balance Sheet as on March 31, 2026 |
|||
|
Liabilities |
(₹) |
Assets |
(₹) |
|
Capital A/cs: |
|
Cash in Hand |
4,000 |
|
A |
70,000 |
Sundry Assets |
1,80,000 |
|
B |
55,000 |
(Balancing figure) |
|
|
C |
35,000 |
|
|
|
Creditors |
24,000 |
|
|
|
|
|
|
|
|
|
1,84,000 |
|
1,84,000 |
|
|
|
|
|
Question 43:
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 |
₹ |
|
||||||||||
|
Sundry Assets |
83,000 |
Sundry Liabilities (WN ) |
28,000 |
|
||||||||||
|
|
Cash A/c (Assets realised) |
80,000 |
|
|||||||||||
|
Cash A/c: |
|
Loss transferred to: |
|
|
||||||||||
|
Sundry Liabilities |
28,000 |
|
A’s Capital A/c |
5,500 |
|
|
||||||||
|
Contingent Liabilities |
8,000 |
36,000 |
B’s Capital A/c |
2,750 |
|
|
||||||||
|
|
|
C’s Capital A/c |
2,750 |
11,000 |
|
|||||||||
|
|
1,19,000 |
|
1,19,000 |
|
||||||||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
Partners Capital Accounts |
||||||||||||||
|
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 |
|||||||
|
Bank A/c |
14,500 |
17,250 |
17,250 |
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
20,000 |
20,000 |
20,000 |
|
20,000 |
20,000 |
20,000 |
|||||||
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|
|||||||
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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 |
||
|
|
|
B’s Capital A/c |
17,250 |
||
|
|
|
C’s Capital A/c |
17,250 |
||
|
|
|
|
|
||
|
|
85,000 |
|
85,000 |
||
|
|
|
|
|
||
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 |
|
|
|
|
C |
20,000 |
60,000 |
|
|
|
Sundry Liabilities |
28,000 |
|
|
|
|
(Balancing figure) |
|
|
|
|
|
|
88,000 |
|
88,000 |
|
|
|
|
|
|
|
Question 44:
The partnership between A and B was
dissolved on 31st March, 2026. On that date the respective credits to the
capitals were A − ₹ 1,70,000 and
B − ₹ 30,000. ₹ 20,000 were owed by B
to the firm; ₹ 1,00,000 were owed by the firm to A
and ₹ 2,00,000 were due to the Trade Creditors . Profits and losses
were shared in the proportions of 2/3 to A, 1/3 to B.
The assets represented by the above stated net liabilities realise ₹
4,50,000 exclusive of ₹ 20,000 owed by B. The liabilities
were settled at book figures. Prepare Realisation Account, Partners' Capital
Accounts and Cash Account showing the distribution to the partners.
Answer:
|
Realisation Account |
|||||||||||||
|
Dr. |
|
Cr. |
|||||||||||
|
Particulars |
(₹) |
Particulars |
(₹) |
||||||||||
|
Sundry Assets (WN) |
4,80,000 |
Trade Creditors |
2,00,000 |
||||||||||
|
B’s Loan |
20,000 |
|
|
||||||||||
|
|
|
Cash (Assets realised) |
4,50,000 |
||||||||||
|
Cash A/c (Creditors ) |
2,00,000 |
B’s Capital A/c (B’s Loan) |
20,000 |
||||||||||
|
|
|
Loss transferred to: |
|
||||||||||
|
|
|
A’s Capital A/c |
20,000 |
|
|||||||||
|
|
|
B’s Capital A/c |
10,000 |
30,000 |
|||||||||
|
|
|
|
|
||||||||||
|
|
7,00,000 |
|
7,00,000 |
||||||||||
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|||||||
|
Partners Capital Accounts |
|
||||||||||||
|
Dr. |
|
Cr. |
|
||||||||||
|
Particulars |
A |
B |
Particulars |
A |
B |
|
|||||||
|
Realisation A/c |
– |
20,000 |
Balance b/d |
1,70,000 |
30,000 |
|
|||||||
|
Realisation A/c (Loss) |
20,000 |
10,000 |
|
|
|
|
|||||||
|
Cash A/c |
1,50,000 |
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|||||||
|
|
1,70,000 |
30,000 |
|
1,70,000 |
30,000 |
|
|||||||
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|
|
|
|
|
|
|||||||
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|
|
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|
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|
|||||
|
Cash Account |
||||
|
Dr. |
|
Cr. |
||
|
Particulars |
(₹) |
Particulars |
(₹) |
|
|
Realisation A/c (Assets) |
4,50,000 |
Realisation A/c (Creditors ) |
2,00,000 |
|
|
|
|
A’s Capital A/c |
1,50,000 |
|
|
|
|
A’s Loan A/c |
1,00,000 |
|
|
|
|
|
|
|
|
|
4,50,000 |
|
4,50,000 |
|
|
|
|
|
|
|
Working Notes:
|
Memorandum Balance Sheet |
||||
|
Liabilities |
(₹) |
Assets |
(₹) |
|
|
Capital A/cs: |
|
B’s Loan |
20,000 |
|
|
A |
1,70,000 |
|
|
|
|
B |
30,000 |
2,00,000 |
Sundry Assets |
4,80,000 |
|
A’s Loan |
1,00,000 |
(Balancing figure) |
|
|
|
Trade Creditors |
2,00,000 |
|
|
|
|
|
|
|
|
|
|
|
5,00,000 |
|
5,00,000 |
|
|
|
|
|
|
|
Question 45:
X and Y
were partners sharing profits and losses in the ratio of 3 : 2. They decided to
dissolve the firm on 31st March, 2026. 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 |
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, 2026 |
||||
|
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 |
|
|
|
|
|
|
|
Ts Grewal Solution 2026-2027
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Class 12 / Volume – I