Question

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

Realisation Account
Dr.			Cr.
Particulars	Amount Rs	Particulars	Amount Rs
To Plant and Machinery	1,60,000	By Sundry Creditors	1,50,000
To Stock	1,50,000	By Mrs. Chopra Loan	1,30,000
To Sundry Debtors	2,00,000	By Repairs and Renewals Reserve	12,000
To Prepaid Insurance	4,000	By Provision for Bad debts	10,000
To Investment	30,000	By Cash A/c – (Assets sold)
To Chopra’s Capital A/c (Mrs. Chopra’s Loan)	1,30,000	Plant       1,20,000
To Cash A/c (Dishonored Bill)	50,000	Stock      1,20,000
To Cash (Creditors)	1,50,000	Debtors   1,60,000	3,80,000
To Cash (Expenses)	8,000	By Chopra’s Capital A/c (Investment)	20,000
		-----------------	-------
	8,82,000		8,82,000

 

Capital Account
Dr.							Cr.
Particulars	Chopra Rs	Shah Rs	Patel Rs	Particulars	Chopra Rs	Shah Rs	Patel Rs
To Realisation	20,000	-----	------	By bal b/d
--------	--------	--------	--------	By Realisation (Loan)	1,30,000
--------	--------	--------	--------	-------------	--------	--------	--------
	2,30,000	1,50,000	30,000		2,30,000	1,50,000	30,000

 

Cash Account
Dr.			Cr.
Particulars	Amount Rs	Particulars	Amount Rs
---------------	--------	By Realisation A/c (Dishonored Bill)	50,000
---------------	--------	By Realisation (Sundry  Creditors)	1,50,000
To Patel’s Capital A/c	10,000	---------------	--------
		By Chopra’s Capital A/c	1,20,000
		By Shah’s Capital A/c	90,000
	4,18,000		4,18,000

Answer 1

Realisation Account
Dr.			Cr.
Particulars	Rs	Particulars	Rs
To Plant &Machinery A/c	1,60,000	By Sundry Creditors A/c	1,50,000
To Stock A/c	1,50,000	By Mrs. Chopra’s Loan A/c	1,30,000
To Sundry Debtors A/c	2,00,000	By Repairs and Renewals Reserve A/c	12,000
To Prepaid Insurance A/c	4,000	By Provision for Bad debts A/c	10,000
To Investment A/c	30,000	By Cash A/c (assets sold)
To Chopra’s Capital A/c (Mrs. Chopra ‘s Loan)	1,30,000	Plant         1,00,000
To Cash A/c (Dishonored Bill)	50,000	Stock        1,20,000
To Cash A/c (Creditors)	1,50,000	Debtors      1,60,000	3,80,000
To Cash A/c (Expenses)	8,000
		By Chopra’s Capital A/c (Investment)	20,000
		By Loss transferred to
		Chopra’s Capital A/c  90,000
		Shah’s Capital A/c     60,000
		Patel’s Capital A/c      30,000	1,80,000
	8,82,000		8,82,000

 

Partner’s Capital Account
Dr.							Cr.
Particulars	Chopra	Shah	Patel	Particulars	Chopra	Shah	Patel
To Realisation A/c (Investments)	20,000			By Balance b/d	1,00,000	1,50,000	20,000
To Realisation A/c (Loss)	90,000	60,000	30,000	By Realisation A/c (Loan)	1,30,000
To Cash A/c	1,20,000	90,000		By Cash A/c			10,000
	2,30,000	1,50,000	30,000		2,30,000	1,50,000	30,000

 

Cash Account
Dr.			Cr.
Particulars	Rs	Particulars	Rs
To Balance b/d	28,000	By Realisation A/c (Dishonored Bill)	50,000
To Realisation A/c (Assets sold)	3,80,000	By Realisation A/c (Sundry Creditors)	1,50,000
To Patel’s Capital A/c	10,000	By Realisation A/c (Expenses)	8,000
		By Chopra’s Capital A/c	1,20,000
		By Shah’s Capital A/c	90,000
	4,18,000		4,18,000