Question 41:
The partnership between A and B was dissolved on
31st March, 2022. 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 |
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Dr. |
|
Cr. |
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Particulars |
(
`) |
Particulars |
(
`) |
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Sundry
Assets (WN) |
4,80,000 |
Trade
Creditors |
2,00,000 |
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B’s
Loan |
20,000 |
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Cash
(Assets realised) |
4,50,000 |
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Cash
A/c (Creditors ) |
2,00,000 |
B’s
Capital A/c (B’s Loan) |
20,000 |
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Loss
transferred to: |
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A’s
Capital A/c |
20,000 |
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B’s
Capital A/c |
10,000 |
30,000 |
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7,00,000 |
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7,00,000 |
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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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Realisation
A/c |
– |
20,000 |
Balance
b/d |
1,70,000 |
30,000 |
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Realisation
A/c (Loss) |
20,000 |
10,000 |
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Cash
A/c |
1,50,000 |
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1,70,000 |
30,000 |
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1,70,000 |
30,000 |
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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) |
4,50,000 |
Realisation
A/c (Creditors ) |
2,00,000 |
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A’s
Capital A/c |
1,50,000 |
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A’s
Loan A/c |
1,00,000 |
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4,50,000 |
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4,50,000 |
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Working Notes:
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Memorandum
Balance Sheet |
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Liabilities |
(
`) |
Assets |
(
`) |
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Capital
A/cs: |
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B’s
Loan |
20,000 |
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A |
1,70,000 |
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B |
30,000 |
2,00,000 |
Sundry
Assets |
4,80,000 |
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A’s
Loan |
1,00,000 |
(Balancing
figure) |
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Trade
Creditors |
2,00,000 |
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5,00,000 |
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5,00,000 |
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Question 42:
X and Y
were partners sharing profits and losses in the ratio of 3 : 2. They decided to
dissolve the firm on 31st March, 2022. 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 |
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Dr. |
|
Cr. |
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Particulars |
( `) |
Particulars |
( `) |
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Sundry Assets |
94,000 |
Creditors |
24,000 |
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X’s Capital A/c (Creditors ) |
14,000 |
Cash (Assets Realised) |
88,500 |
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Cash A/c: |
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Loss transferred to: |
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Creditors |
7,500 |
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X’s Capital A/c |
2,100 |
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Expenses |
500 |
8,000 |
Y’s Capital A/c |
1,400 |
3,500 |
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1,16,000 |
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1,16,000 |
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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) |
2,100 |
1,400 |
Balance b/d |
40,000 |
30,000 |
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Cash A/c |
51,900 |
28,600 |
Realisation A/c |
14,000 |
– |
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54,000 |
30,000 |
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54,000 |
30,000 |
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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) |
88,500 |
Realisation A/c |
8,000 |
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X’s Capital A/c |
51,900 |
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Y’s Capital A/c |
28,600 |
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88,500 |
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88,500 |
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Working Notes
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Memorandum Balance Sheet as on March 31, 2022 |
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Liabilities |
( `) |
Assets |
( `) |
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Capital A/cs: |
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Sundry Assets |
94,000 |
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X |
40,000 |
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(Balancing figure) |
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Y |
30,000 |
70,000 |
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Creditors |
24,000 |
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94,000 |
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94,000 |
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Question 43:
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, 2021, the total capital of the firm and the balance of General Reserve
are ` 80,000 and ` 20,000
respectively. During the year 2021-22, 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, 2022,
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
|
Computation of
Partners' Capital after drawings as on 31st March, 2022 |
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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, 2022 |
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 2022-2023
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Class 12 / Volume – I
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