Question 49:
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:
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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 |
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 50:
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
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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
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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
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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, 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 2023-2024
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Class 12 / Volume – I