Question 25: Mala, Neela and
Kala were in partnership sharing profits in the ratio of 7:2:1 and the Balance
Sheet of the firm as at 31st March, 2024 was:
|
Balance Sheet |
|||
|
Liabilities |
` |
Assets |
` |
|
Capital Aes:
|
|
Building |
20,000 |
|
Mala -12,410 |
|
Plant |
31,220 |
|
Neela
-8,650 |
|
Goodwill |
10,000 |
|
Kala -80,620 |
1,01,680 |
Software |
12,400 |
|
Creditors |
11,210 |
Stock |
11,240 |
|
Reserve for Depreciation on
Plant |
20,000 |
Debtors |
8,740 |
|
|
|
Bank |
1,210 |
|
|
|
Patents |
38,080 |
|
|
1,32,890 |
|
1,32,890 |
It was agreed to dissolve the
partnership as on 31st March, 2024 and the terms of dissolution were-
(a) Mala to take over the
Building at an agreed amount of `
31,500.
(b) Neela,
who was to carry on the business, to take over the Goodwill, Stock and Debtors
at book value. The Patents at ` 30,000 and Plant at ` 5,000. He was also to pay the Credito`
Show Ledger Accounts
recording the dissolution in the books of the firm.
Answer:
|
Realisation A/c |
|||
|
Particulars |
` |
Particulars |
` |
|
To Building |
20,000 |
By Creditors |
11,210 |
|
To Plant |
31,220 |
By Reserve for Depreciation
on Plant |
20,000 |
|
To Goodwill |
10,000 |
By Mala’s
capital A/c |
31,500 |
|
To Software |
12,400 |
(Took over building) |
|
|
To Stock |
11,240 |
By Neela’s
capital A/c |
|
|
To Debtors |
8,740 |
Goodwill - 10,000 |
|
|
To Patents |
38,080 |
Stock - 11,240 |
|
|
To Neela’s
capital A/c |
11,210 |
Debtors - 8,740 |
|
|
(Creditors taken over) |
|
Patents - 30,000 |
|
|
|
|
Plant - 5,000 |
64,980 |
|
|
|
By Loss |
|
|
|
|
Mala’s
Cap –10,640 |
|
|
|
|
Neela’s
Cap – 3,040 |
|
|
|
|
Kala’s Cap – 1,520 |
15,200 |
|
|
1,42,890 |
|
1,42,890 |
|
Capital
A/c |
|||||||
|
Particulars |
Mala |
Neela |
Kala |
Particulars |
Mala |
Neela |
Kala |
|
To Realisation
A/c (Assets taken over) |
31,500 |
|
|
By Balance B/d |
12,410 |
8,650 |
80,620 |
|
To Realisation
A/c (Assets taken over) |
|
64,980 |
|
By Realisation
A/c |
|
11,210 |
|
|
To Realisation
A/c (Loss) |
10,640 |
3,040 |
1,520 |
|
|
|
|
|
To Bank A/c |
|
|
79,100 |
By Bank A/c |
29,730 |
48,160 |
|
|
|
42,140 |
68,020 |
80,620 |
|
42,140 |
68,020 |
80,620 |
|
Bank A/c |
|||
|
Particulars |
` |
Particulars |
` |
|
To Balance B/d |
1,210 |
By Kala’s Capital A/c |
79,100 |
|
To Mala’s
Capital A/c |
29,730 |
|
|
|
To Neela’s
Capital A/c |
48,160 |
|
|
|
|
|
|
|
|
|
79,100 |
|
79,100 |
Question 26: Mike and Ajay are partners sharing profits
and losses in ratio of the capitals. They decided to dissolve their firm on
31st March, 2024, the date on which the Balance Sheet stood as under:
|
Balance Sheet |
|||
|
Liabilities |
` |
Assets |
` |
|
Capital A/cs: |
|
Sundry Assets |
16,30,000 |
|
Mike - 6,00,000 |
|
Cash |
70,000 |
|
Ajay - 4,00,000 |
10,00,000 |
|
|
|
Workmen Compensation
Reserve |
1,00,000 |
|
|
|
Creditors |
2,00,000 |
|
|
|
Bills Payable |
60,000 |
|
|
|
Others |
3,40,000 |
|
|
|
|
|
|
|
|
|
17,00,000 |
|
17,00,000 |
Following additional
information is given:
Sundry assets realised `14,00,000 and the liabilities were discharged as follows:
(i)
Creditors due on 31st May, 2022, were paid at a discount of 3% per annum.
(ii) Bills Payable were
discharged at a rebate of `1,000.
(iii) Workmen Compensation
Claim of `40,000 was met.
(iv)
Expenses of dissolution amounting
to `30,000 were paid.
You are required to prepare:
(a) Realisation
Account.
(b) Partners' Capital
Accounts.
Answer:
|
Realisation A/c |
|||
|
Particulars |
` |
Particulars |
` |
|
To Sundry Assets |
16,30,000 |
By Creditors A/c |
2,00,000 |
|
To Bank A/c |
|
By Bills Payable A/c |
60,000 |
|
Creditors - 1,99,000 |
|
By Others A/c |
3,40,000 |
|
Bills Payable – 59,000 |
|
By Bank A/c |
14,00,000 |
|
Other – 3,40,000 |
5,98,000 |
(Sundry assets realized) |
|
|
To Bank A/c (Exp.) |
30,000 |
By Loss transferred to
capital A/cs; |
2,58,000 |
|
|
|
Mike – 1,54,800 |
|
|
|
|
Ajay – 1,03,200 |
|
|
|
|
|
|
|
|
22,58,000 |
|
22,58,000 |
|
Capital
A/c |
|||||
|
Particulars |
Mike |
Ajay |
Particulars |
Mike |
Ajay |
|
To Realisation
A/c (Loss) |
1,54,800 |
1,03,200 |
By Balance B/d |
6,00,000 |
4,00,000 |
|
To Bank A/c |
4,81,200 |
3,20,800 |
By Workmen Compensation
Reserve A/c |
36,000 |
24,000 |
|
|
|
|
By Bank A/c |
|
|
|
|
|
|
|
|
|
|
|
6,36,000 |
4,24,000 |
|
6,36,000 |
4,24,000 |
Question 27:
Bale and Yale are equal partners of a firm. They
decide to dissolve their partnership on 31st March, 2024 at which date their
Balance Sheet stood as:
|
|
|||||
|
Liabilities |
` |
Assets |
` |
|
|
|
Capital A/cs: |
|
Building |
45,000 |
|
|
|
Bale |
50,000 |
|
Machinery |
15,000 |
|
|
Yale |
40,000 |
90,000 |
Furniture |
12,000 |
|
|
General Reserve |
|
8,000 |
Debtor |
8,000 |
|
|
Bale's Loan A/c |
|
3,000 |
Stock |
24,000 |
|
|
Creditors |
|
14,000 |
Bank |
11,000 |
|
|
|
|
|
|
|
|
|
|
|
1,15,000 |
|
1,15,000 |
|
|
|
|
|
|
|
|
(a)
The assets realised were:
Stock ` 22,000;
Debtor ` 7,500;
Machinery ` 16,000;
Building ` 35,000.
(b) Yale took over the Furniture at `
9,000.
(c) Bale agreed to accept
`
2,500 in full settlement of his Loan Account.
(d) Dissolution Expenses amounted to `
2,500.
Prepare
the:
(i) Realisation
Account; (ii) Capital Accounts of Partners;
(iii) Bale's Loan Account; (iv) Bank Account.
Answer:
|
Realisation Account |
|||||||||||||
|
Dr. |
|
Cr. |
|||||||||||
|
Particulars |
(`) |
Particulars |
(`) |
||||||||||
|
Building |
45,000 |
Creditors |
14,000 |
||||||||||
|
Machinery |
15,000 |
Bank A/c: |
|
||||||||||
|
Furniture |
12,000 |
Stock |
22,000 |
|
|||||||||
|
Debtor |
8,000 |
Debtor |
7,500 |
|
|||||||||
|
Stock |
24,000 |
Machinery |
16,000 |
|
|||||||||
|
|
|
Building |
35,000 |
80,500 |
|||||||||
|
Bank A/c: |
|
|
|
||||||||||
|
Creditors
|
14,000 |
|
Bale’s Loan |
500 |
|||||||||
|
Expenses |
2,500 |
16,500 |
Yale’s Capital A/c (Furniture) |
9,000 |
|||||||||
|
|
|
Loss transferred to: |
|
||||||||||
|
|
|
Bale’s
Capital A/c |
8,250 |
|
|||||||||
|
|
|
Yale’s
Capital A/c |
8,250 |
16,500 |
|||||||||
|
|
1,20,500 |
|
1,20,500 |
||||||||||
|
|
|
|
|
||||||||||
|
|
|
||||||||||||
|
Dr. |
|
Cr. |
|
||||||||||
|
Particulars |
Bale |
Yale |
Particulars |
Bale |
Yale |
|
|||||||
|
Realisation A/c (Loss) |
8,250 |
8,250 |
Balance b/d |
50,000 |
40,000 |
|
|||||||
|
Realisation A/c |
– |
9,000 |
General
Reserve |
4,000 |
4,000 |
|
|||||||
|
Bank A/c |
45,750 |
26,750 |
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|||||||
|
|
54,000 |
44,000 |
|
54,000 |
44,000 |
|
|||||||
|
|
|
|
|
|
|
|
|||||||
|
Bale’s Loan
Account |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
(`) |
Particulars |
(`) |
||
|
Bank A/c |
2,500 |
Balance b/d |
3,000 |
||
|
Realisation A/c |
500 |
|
|
||
|
|
|
|
|
||
|
|
3,000 |
|
3,000 |
||
|
|
|
|
|
||
|
Bank Account |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
(`) |
Particulars |
(`) |
||
|
Balance b/d |
11,000 |
Bale’s Loan |
2,500 |
||
|
Realisation A/c |
80,500 |
Realisation A/c |
16,500 |
||
|
|
|
Bale’s Capital A/c |
45,750 |
||
|
|
|
Yale’s Capital A/c |
26,750 |
||
|
|
|
|
|
||
|
|
91,500 |
|
91,500 |
||
|
|
|
|
|
||
Question 28:
Shilpa, Meena and Nanda decided to
dissolve their partnership on 31st March, 2024. Their profit-sharing ratio was 3 : 2 : 1 and their Balance Sheet was as under:
|
BALANCE
SHEET OF SHILPA, MEENA AND NANDA as at 31st March, 2024 |
||||
|
Liabilities |
` |
Assets |
` |
|
|
Capital A/cs: |
|
Land |
81,000 |
|
|
Shilpa |
80,000 |
|
Stock |
56,760 |
|
Meena |
40,000 |
1,20,000 |
Debtor |
18,600 |
|
Bank Loan |
|
20,000 |
Nanda's Capital |
23,000 |
|
Creditors |
|
37,000 |
Cash |
10,840 |
|
Provision For Doubtful Debts |
|
1,200 |
|
|
|
General Reserve |
|
12,000 |
|
|
|
|
|
|
|
|
|
|
|
1,90,200 |
|
1,90,200 |
|
|
|
|
|
|
It is agreed
as follows:
The
stock of value of ` 41,660 are
taken over by Shilpa for ` 35,000 and she agreed to discharge
bank loan. The remaining stock was sold at `
14,000 and Debtor amounting to `10,000 realised ` 8,000. Land is sold for ` 1,10,000. The
remaining Debtor realised 50% at their book value.
Cost of realisation amounted to `1,200.
There was a typewriter not recorded in the books worth of `
6,000 which were taken over by one of the Creditors at this value. Prepare Realisation
Account, Partners' Capital Accounts, and Cash Account to Close
the books of the firm.
Answer:
|
Realisation Account |
|
||||||||
|
Dr. |
|
Cr. |
|
||||||
|
Particulars |
(`) |
Particulars |
(`) |
||||||
|
Land |
81,000 |
Bank Loan |
20,000 |
||||||
|
Stock |
56,760 |
Creditors |
37000 |
||||||
|
Debtor |
18,600 |
Provision for doubtful debts |
1,200 |
||||||
|
Shilpa’s Capital
A/c |
20,000 |
Shilpa’s Capital
A/c (Stock) |
35,000 |
||||||
|
Cash: |
|
Cash: |
|
||||||
|
Creditors |
31000 |
|
Stock |
14000 |
|
||||
|
Realisation Expenses |
1,200 |
32200 |
Debtor |
12300 |
|||||
|
Realisation Profit |
|
Land |
1,10,000 |
1,36,300 |
|||||
|
Shilpa’s Capital
A/c |
10,470 |
|
|
|
|
|
|||
|
Meena’s Capital
A/c |
6,980 |
|
|
|
|||||
|
Nanda’s Capital A/c |
3,490 |
20,940 |
|
|
|||||
|
|
2,29,500 |
|
2,29,500 |
||||||
|
|
|
|
|
||||||
|
Partners Capital
Account |
|
||||||||
|
Dr. |
|
Cr. |
|
||||||
|
Particulars |
Shilpa |
Meena |
Nanda |
Particulars |
Shilpa |
Meena |
Nanda |
||
|
Balance b/d |
– |
– |
23,000 |
Balance b/d |
80,000 |
40,000 |
– |
||
|
Realisation |
35,000 |
|
|
General Reserve |
6,000 |
4,000 |
2,000 |
||
|
(Stock) |
|
|
|
Realisation |
20,000 |
|
|
||
|
Cash |
81,470 |
50,980 |
|
(Bank Loan) |
|
|
|
||
|
|
|
|
|
Realisation (Profit) |
10,470 |
6,980 |
3,490 |
||
|
|
|
|
|
Cash |
|
|
17,510 |
||
|
|
1,16,470 |
50,980 |
23,000 |
|
1,16,470 |
50,980 |
23,000 |
||
|
|
|
|
|
|
|
|
|
||
|
Cash
Account |
|
|||||
|
Dr. |
|
Cr. |
|
|||
|
Particulars |
(`) |
Particulars |
(`) |
|||
|
Balance b/d |
10,840 |
Realisation
(Expenses) |
32,200 |
|||
|
Realisation (Assets) |
1,36,300 |
Shilpa’s Capital
A/c |
81,470 |
|||
|
Nanda’s Capital A/c |
17,510 |
Meena’s Capital
A/c |
50,980 |
|||
|
|
|
|
|
|||
|
|
1,64,650 |
|
1,64,650 |
|||
|
|
|
|
|
|||
Ts Grewal Solution 2024-2025
Click below for more Questions
Class 12 / Volume – I