Question 46:
P, Q and R are partners
sharing profits and losses in the ratio of 3 : 3 : 2 respectively. Their
respective capitals are in their profit-sharing proportions. On 1st April, 2025,
the total capital of the firm and the balance of General Reserve
are ₹ 80,000 and ₹ 20,000 respectively. During the year
2025-26, the firm made a profit of ₹ 28,000 before charging interest
on capital @ 5%. The drawings of the partners are P —₹ 8,000; Q —₹ 7,000;
and R
—₹
5,000. On 31st March, 2026, their liabilities were ₹18,000.
On this date, they decided to dissolve the firm. The assets
realised ₹1,08,600 and realisation expenses amounted to ₹
1,800.
Prepare necessary Ledger Accounts to close the books of the firm.
Answer:
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Realistationn Account |
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Particulars |
(₹) |
Particulars |
(₹) |
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Sundry Assets (WN 1) |
1,26,000 |
Creditors |
18,000 |
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Cash A/c (Assets Realised) |
1,08,600 |
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Cash A/c: |
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Loss transferred to: |
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Creditors |
18,000 |
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P’s Capital A/c |
7,200 |
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Expenses |
1,800 |
19,800 |
Q’s Capital A/c |
7,200 |
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R’s Capital A/c |
4,800 |
19,200 |
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1,45,800 |
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1,45,800 |
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Partners Capital Accounts |
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Dr. |
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Cr. |
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Particulars |
P |
Q |
R |
Particulars |
P |
Q |
R |
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Drawings A/c |
8,000 |
7,000 |
5,000 |
Balance b/d |
30,000 |
30,000 |
20,000 |
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Realisation A/c (Loss) |
7,200 |
7,200 |
4,800 |
Interest on Capital A/c |
1,500 |
1,500 |
1,000 |
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Cash A/c |
32,800 |
33,800 |
22,200 |
P/L Appropriation A/c (WN 3) |
9,000 |
9,000 |
6,000 |
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General Reserve |
7,500 |
7,500 |
5,000 |
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48,000 |
48,000 |
32,000 |
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48,000 |
48,000 |
32,000 |
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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 |
1,08,600 |
Realisation A/c |
19,800 |
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P’s Capital A/c |
32,800 |
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Q’s Capital A/c |
33,800 |
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R’s Capital A/c |
22,200 |
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1,08,600 |
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1,08,600 |
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Working
Note:
WN
1
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Memorandum Balance Sheet |
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Liabilities |
(₹) |
Assets |
(₹) |
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Capital A/cs: |
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Sundry Assets |
1,26,000 |
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P (WN 2) |
22,000 |
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(Balancing figure) |
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Q (WN 2) |
23,000 |
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R (WN 2) |
15,000 |
60,000 |
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General Reserve |
20,000 |
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Profit and Loss A/c |
28,000 |
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Creditors |
18,000 |
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1,26,000 |
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1,26,000 |
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WN
2
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Computation of Partners' Capital after drawings as on 31st March, 2026 |
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Dr. |
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Cr. |
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Particulars |
P |
Q |
R |
Particulars |
P |
Q |
R |
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Drawings A/c |
8,000 |
7,000 |
5,000 |
Balance b/d |
30,000 |
30,000 |
20,000 |
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Adjusted Capital |
22,000 |
23,000 |
15,000 |
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30,000 |
30,000 |
20,000 |
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30,000 |
30,000 |
20,000 |
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WN 3
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Profit and Loss Appropriation Account |
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Dr. |
for the year ending 31st March, 2026 |
Cr. |
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Particulars |
(₹) |
Particulars |
(₹) |
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Interest on Capital A/cs: |
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Profit and Loss A/c |
28,000 |
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P’s Capital A/c |
1,500 |
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Q’s Capital A/c |
1,500 |
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R’s Capital A/c |
1,000 |
4,000 |
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Profit transferred to: |
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P’s Capital A/c |
9,000 |
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Q’s Capital A/c |
9,000 |
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R’s Capital A/c |
6,000 |
24,000 |
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28,000 |
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28,000 |
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Ts Grewal Solution 2026-2027
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Class 12 / Volume – I