Dissolution of a Partnership Firm - Preparation of Realization Account, and Other Related Accounts

Chopra, Shah and Patel were partners sharing profits in the ratio of 3:2:1. On 31.3.2014 their firm was dissolved. The assets were realized and liabilities were paid off. The accountant prepared Realisation Account, Partner's Capital Accounts and Cash Account but forgot to post few amounts in these accounts.

You are required to complete the below give accounts by posting correct amounts

Shanti and Satya were partners in firm in a sharing profit in the ratio of 4:1. On 31st march ,2013 their Balance Sheet was as follows:

                     Balance Sheet of Shanti and Satya as on 31st March, 2013

On the above date the firm was dissolved:

1. Shanti took over 40% of the stock at 10% less than its book value and the remaining stock was sold for Rs.40,000. Furniture realized Rs.80,000.

2. An unrecorded investment was sold for Rs.20,000. Machinery was sold at a loss of Rs.60,000.

3. Debtors realized Rs.55,000.

4. There was an outstanding bill for repairs for which Rs.19,000 were paid.

Prepare Realisation Account.

Mala, Neela and Kala were partners sharing profits in the ratio of 3: 2: 1. On 1.3.2015 their firm was dissolved. The assets were realized and liabilities were paid off. The accountant prepared Realisation Account, Partners' Capital Accounts and Cash Account, but forgot to post few amounts in these accounts.

You are required to complete these below-given accounts by posting correct amounts.

Niyati, Kartik, and Ratik were partners in firm sharing profits and losses in the ratio of 5 : 3: 2. The firm was dissolved on 31^st March 2019 by the order of the court. After transfer of assets (other than cash) and external liabilities to Realization Account, the following transactions took place:
(a) An unrecorded liability of the firm of ₹ 45,000 was paid by Niyati.
(b) Creditors, to whom ₹ 67,000 were due to be paid, accepted furniture at ₹ 35,000 and the balance was paid to them in cash.
(c) Kartik had given a loan of ₹ 18,000 to the firm which was paid to him.
(d) Stock worth ₹ 85,000 was taken over by Ratik at ₹ 72,000.
(e) Expenses on dissolution amounted to ₹ 6,000 and were paid by Kartik.
(f) Loss on dissolution amounted to ₹ 40,000.
Pass the necessary journal entries for the above transactions in the books of the firm.

Jayant and Ramakant were partners in the firm. On 31st March 2013 their Balance Sheet was as follows:

On the above date the firm was dissolved:

1. Jayant took over 40% of the stock at 20% less than its book value and the remaining stock was sold for Rs 15,000. Furniture realized Rs 20,000.
2. An unrecorded asset was sold for Rs 3,000. Machinery was sold at a loss of Rs 75,000.
3. Debtors realized Rs 10,000.
4. There was an outstanding bill for repairs for which Rs 38,000 were paid.

Prepare Realisation Account

Hanif and Jubed were partners in a firm sharing profits in the ratio of their capitals. On the 31st March 2013 their Balance Sheet was as follows:

On the above date the firm was dissolved:

a. Debtors were realised at a discount of 5%, 50% of the stock was taken over by Hanif at 10% less than the book value. Remaining stock was sold for Rs 65,000.
b. Furniture was taken over by Jubed for Rs 1,35,000. Machinery was sold as scrap for Rs 74,000.
c. Creditors were paid in full.
d. Expenses on realisation Rs 8,000 were paid by Hanif.

Prepare Realisation Account.

Kumar and Gaurav were partners in the firm in a sharing profit in the ratio of their capitals. On 31st March 2013 their Balance Sheet was as follows:

On the above date the firm was dissolved:

1. Kumar took over 50% of stock at 10% less than its book value. The remaining stock was sold for Rs 10,000.
2. Debtors were realized at a discount of 5%.
3. An unrecorded asset was sold for Rs 9,000 and machinery was sold for Rs 18,000.
4. Creditors were paid in full.
5. There was an outstanding bill for repairs for amounting to Rs 14,000 which was settled at Rs 12,000.

Prepare Realisation Account

Srijan, Raman and Manan were partners in a firm sharing profits and losses in the ratio of 2: 2: 1. On 31st March 2017 their Balance Sheet was as follows:

On the above date, they decided to dissolve the firm.

1) Srijan was appointed to realise the assets and discharge the liabilities. Srijan was to receive 5% commission on the sale of assets (except cash) and was to bear all expenses of realisation.

2) Assets were realised as follows:

3) Investments were realised at 95% of the book value.

4) The firm had to pay Rs 7,500 for an outstanding repair bill not provided for earlier.

5) A contingent liability in respect of bills receivable, discounted with the bank had also materialised and had to be discharged for Rs 15,000.

6) Expenses of realisation amounting to Rs 3,000 were paid Srijan.

Prepare Realisation Account Partners' Capital Accounts and Bank Account.