मराठी

provided for the following : (i) Interest on capital @ 5% p.a. (ii) Interest on drawing @ 12% p.a. (iii) Interest on partners' loan @ 6% p.a.

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प्रश्न

Moli, Bhola and Raj were partners in a firm sharing profits and losses in the ratio of 3 : 3 : 4. Their partnership deed provided for the following :
(i) Interest on capital @ 5% p.a.
(ii) Interest on drawing @ 12% p.a.
(iii) Interest on partners' loan @ 6% p.a.
(iv) Moli was allowed an annual salary of Rs 4,000; Bhola was allowed a commission of 10% of net profit as shown by Profit and Loss Account and Raj was guaranteed a profit of Rs 1,50,000 after making all the adjustments as provided in the partnership agreement.
Their fixed capitals were Moli : Rs 5,00,000; Bhola : Rs 8,00,000 and Raj : Rs 4,00,000. On 1st April, 2016 Bhola extended a loan of Rs 1,00,000 to the firm. The net profit of the firm for the year ended 31st March, 2017 before interest on Bhola's loan was Rs 3,06,000.
Prepare Profit and Loss Appropriation Account of Moli, Bhola and Raj for the year ended 31st March, 2017 and their Current Accounts assuming that Bhola withdrew Rs 5,000 at the end of each month, Moli withdrew Rs 10,000 at the end of each quarter and Raj withdrew Rs 40,000 at the end of each half year.

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उत्तर

                            Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

To Plant  

2,20,000

By Creditors

75,000

To Investments

70,000

By Bills Payable

40,000

To Stock                                           

50,000

By Outstanding Salary

35,000

To Debtors

60,000

By Bank A/c

 

To Bank

 

Plant                                85,000

 

Creditors                            75,000

 

Stock                               33,000

 

Bills Payable                      40,000

 

Debtors                           47,000

 

Outstanding Salary            35,000

1,50,000

Investments                    66,500

2,31,500

To Bank

 

By Partner’s Capital A/cs-Loss

 

Outstanding Bill for Repair    7,500

 

Srijan                               81,030

 

Dishonoured of                      

Discounted Bill                     15,000

 

22,500

Raman                              81,030

 

To Srijan’s Capital A/c-Commission (2,31,500*.05)

11,575

Manan                             40,515

2,02,575

 

5,84,075

 

5,84,075

 

 

 

 

           

Partners' Capital Account

 
 Particulars Srijan Raman Manan Particulars Srijan Raman Manan
To Balance b/d ---------- ---------- 10,000 By Balance b/d 2,00,000 1,50,000 ---------
To Profit &Loss A/c   32,000 32,000 16,000 By Realisation  A/c-Commission 11,575    
To RealisationA/c-Loss 

81,030

81,030

40,151      
To Bank A/c

98,545

36,970 ---------- By Bank A/c ---------- ---------- 66,515
  2,11,575 1,50,000 66,515   2,11,575 1,50,000 66,515
               

                                  Bank Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

10,000

To Realisation A/c-Recorded liabilities repaid

1,50,000

To Realisation A/c-Assets realised

2,31,500

To Realisation A/c-Unrecorded liabilities repaid

22,500

To Manan’s Capital A/c

66,515

To Srijan’s Capital A/c

98,545

 

 

To Raman’s Capital A/c

36,970

 

 

 

 

 

 

 

 

 

 

 

 

 

3,08,015

 

3,08,015

 

 

 

 

         
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2017-2018 (March) Foreign Set 2

संबंधित प्रश्‍न

State whether the following statement is True or False with reason.

The debit balance of insolvent partner’s Capital Account is known as a capital deficiency.


Mr. Aaba and Mr. Baba are equal partners whose Balance Sheet as on 31 st March, 2012 was as under:

                                                               Balance Sheet as on

                                                                  31st March, 2012

Liabilities Amount(Rs.) Assets Amount(Rs.)
Sundry Creditors 16000 Cash in hand 500

Capital A/c

              Aaba

              Baba

 

2000

2000

Stock 4500
    Debtors 4000
    Plant and machinery 5000
    Furniture 2000
    Land and Building 4000
  20000   20000

 

Due to weak financial position of the partners the firm is dissolved.

Aaba and Baba are not able to contribute anything from their private estate, hence they are declared insolvent.

The assets are realised as follows :-

Stock Rs. 3,000, Plant and Machinery Rs. 3,000, Furniture Rs. 1,000, Land and Building Rs. 2,000 and Debtors Rs. 1,000 only.

Realisation expenses amounted to Rs. 500.

You are required to prepare necessary Ledger Accounts to close the books of the firm.


If an asset is taken over by partner from firm his capital account will be ___________.


L and M were partners in a firm sharing profits in the ratio of 2:3. On 28-2-2016 the firm was dissolved. After transferring assets (other than cash) and outsiders' liabilities to realization account you are given the following information :

(a) A creditor for Rs.1,40,000 accepted building valued at Rs.1, 80,000 and paid to the firm Rs.40,000.

(b) A second creditor for Rs.30,000 accepted machinery valued at Rs.28,000 in full settlement of his claim.

(c) A third creditor amounting to Rs.70,000 accepted Rs.30,000 in cash and investments of the book value of Rs.45,000 in full settlement of his claim.

(d) Loss on dissolution was Rs.4,000.

Pass necessary journal entries for the above transactions in the books of the firm assuming that all payments were made by cheque.


Prem and Suresh were partners in a firm sharing profits in the ratio of 7: 8. On 1.4.2015 their firm was dissolved. After transferring assets (other than cash) and outsider's liabilities to realisation account, you given the following information :

(a) Raman, a creditor of  Rs 4, 00,000 accepted land valued at Rs 7,00,000 and paid Rs 3,00,000 to the firm.

(b) Gopal, a second creditor for Rs 1,05,000 accepted  Rs 90,000 in cash and investments of  Rs 14,000 in full settlement of his account.

(c) Hari, a third creditor amounting to Rs 75,000 accepted stock of the book value of Rs 60,000 for Rs 45,000 and the balance was paid to him by cheque.

(d) Loss on dissolution was Rs 45,000.

Pass necessary journal entries for the above transactions in the books of the firm.

 

 


Distinguish between 'Dissolution of partnership' and 'Dissolution of partnership firm' on the basis of settlement of assets and liabilities.


Pass necessary journal entries on the dissolution of a partnership firm in the following cases :

1) Expenses of dissolution Rs 500 were paid by John, a partner.

2) Joney, a partner, agreed to bear the dissolution expenses for a commission of 750. Actual dissolution expenses 650 were paid by Joney

3) Bony, partner agreed to look after the dissolution work for a remuneration of Rs 3,700. He also agreed to bear the dissolution expenses. Actual dissolution expenses Rs 4,200 were paid by Bony from the firm’s cash.

4) Sony, a partner, was appointed to look after the dissolution work for a remuneration of Rs 10,000. Sony agreed to bear the dissolution expenses. Sony took away stock worth Rs 10,000 as his remuneration. The stock had already been transferred to realisation account.

5) Vikky, a partner, agreed to look after the dissolution work for a remuneration of Rs 12,000. Vikky also agreed to bear the dissolution expenses. Actual dissolution expenses Rs 12,500 were paid by another partner, Clive, on behalf of Vikky.

6) Dissolution expenses were Rs 5,000


Prachi, Ritika and Ishita were partners in a firm sharing profits and losses in the ratio of 5 : 3: 2. In spite of repeated reminders by the authorities, they kept dumping hazardous material into a nearby river. The court ordered for the dissolution of their partnership firm on 31st March 2012. Prachi was deputed to realise the assets and pay the liabilities. She was aid Rs 1,000 as the commission for her services. The financial position of the firm was as follows:

Liabilities Rs Assets Rs

Creditors

Investment Fluctuation

Fund

Capitals

Prachi

Ritika

 

 

2,00,000

30,000

30,000

40,000

Furniture

Stock

Investments

Cash

Ishita's Capital

 

37,000

5,500

15,000

9,000

18,000

 

  84,500   84,500


Moli, Bhola and Raj were partners in a firm sharing profits and losses in the ratio of 3 : 3 : 4. Their partnership deed provided for the following :
(i) Interest on capital @ 5% p.a.
(ii) Interest on drawing @ 12% p.a.
(iii) Interest on partners' loan @ 6% p.a.
(iv) Moli was allowed an annual salary of Rs 4,000; Bhola was allowed a commission of 10% of net profit as shown by Profit and Loss Account and Raj was guaranteed a profit of Rs 1,50,000 after making all the adjustments as provided in the partnership agreement.
Their fixed capitals were Moli : Rs 5,00,000; Bhola : Rs 8,00,000 and Raj : Rs 4,00,000. On 1st April, 2016 Bhola extended a loan of Rs 1,00,000 to the firm. The net profit of the firm for the year ended 31st March, 2017 before interest on Bhola's loan was Rs 3,06,000.
Prepare Profit and Loss Appropriation Account of Moli, Bhola and Raj for the year ended 31st March, 2017 and their Current Accounts assuming that Bhola withdrew Rs 5,000 at the end of each month, Moli withdrew Rs 10,000 at the end of each quarter and Raj withdrew Rs 40,000 at the end of each half year.


Answer in one sentence only.

Who should bear the capital deficiency of an insolvent partner?


Write the word / term / phrase, which can substitute the following statements.
An account opened to find out the Profit or Loss on Sale of Assets and Settlement of Liabilities.


Write the word / term / phrase, which can substitute the following statement.
Liability likely to arise in future on happening of certain events.


State whether the following statement is True or False.

On dissolution Cash or Bank Account is closed automatically.


Deficiency of Insolvent partner will be suffered by solvent partners in their ___________ ratio.


Select the most appropriate alternative from those given below :

Partnership is compulsorily dissolved when the partners of the firm become ____________


If the number of partners in a firm falls below two, the firm stands_________.


A, B and C were partners sharing profits and losses in the ratio of 3:2:1. On 31st March, 2010. Their Balance Sheet was as follows:

              Balance Sheet as on 31st March, 2010

Liabilities Amount (Rs) Assets Amount (Rs)
Sundry Creditors 15400 Cash at Bank 3500
Bills payable 3600 Stock 19800
A’s loan A/c 10000 Debtors 15000 14000
Capital Account:   Less : Provision 1000
A 20000 Join Life Policy 4000
B 16000 Plant and Machinery 43700
C 8000    
Reserve Fund 12000  
  85000   85000

The firm was dissolved on 31st March, 2010 and the assets realised as follows:

1) Join Life Policy was taken over by Mr. A at Rs 5,000.

2) Stock realised Rs 18,000, Debtors realised Rs 14,500, Plant and Machinery was sold for Rs 36,000.

3) Liabilities were paid in full. In addition one bill for Rs 700 under discount was dishonoured and had to be taken up by the firm.

4) There were no realisation expenses.

Give the Journal entries and necessary Ledger Accounts to close the books of the firm.


State the difference between dissolution of partnership and dissolution of partnership firm.


Explain the process of dissolution of a partnership firm?


Land and Building (book value) ₹ 1,60,000 sold for ₹ 3,00,000 through a broker who charged 2% commission on the deal. Journalise the transaction, at the time of dissolution of the firm.


State whether the following statement is True or False.

At the time of disolution of a partnership firm all assets should be transfered to realiasation account.


Give the word/term/phrase which can substitute the following statement.

An account opened to find out the Profit or Loss on realisation of Assets and settlement of Liabilities.


Ganesh and Kartik are partners sharing Profits and Losses equally. They decided to dissolve the firm on 31st March 2018. Their Balance Sheets was as under :

Balance Sheets as on 31st March 2018.
Liabilities Amount ₹ Assets Amount ₹
Creditors 18,400 Building 88,000
Bills Payable 5,600 Furniture 12,000
Reserve Fund 20,000 Debtors 32,000
Capital A/c :   Stock 24,000
Ganesh 40,000 Bills Receivable 4,000
Kartik 80,000 Cash 4,000
  1,64,000   1,64,000

Assets were realised as under :

Building ₹82,000, Debtors ₹ 22,000, Stock ₹ 20,000. Bills Receivable ₹ 3,200 and Ganesh agreed to take over Furniture for ₹10,000. Realisation Expenses amounted to ₹ 2,000.

Show Realisation A/c, Partners’ Capital A/c and Cash A/c.


Kalpana and Bela were partners sharing profits and losses in the ratio of 3: 2. Their Balance Sheet as on 31st March, 2019 was as follows:

Balance Sheet as on 31st March 2019
Liabilities Amount (₹) Assets Amount (₹)
Capital Accounts:    Building 14,000
Kalpana 20,000 Plant 18,000
Bela 12,000 Debtors 28,000
Current Accounts:   Stock 10,000
Kalpana 6,000 Bank 12,000
Bela 4,000    
Creditors 34,800    
Bills Payable 5,200    
  82,000   82,000

The firm was dissolved on the above date and the assets realised as under:

(1) Plant ₹ 16,000, Building ₹ 12,000, Stock ₹ 8,000 and Debtors ₹ 24,000.

(2) Kalpana agreed to pay off the Bill Payable.

(3) Creditors were paid in full.

(4) Dissolution expenses were ₹ 2,800.

Prepare: Realisation A/c, Partner's current A/c, Partner's Capital A/c and Bank A/c.


Anita and Binita are partners in a firm. Anita had taken a loan of ₹ 15,000 from the firm. How will Anita’s loan be closed in the event of dissolution of the firm?


The object of a partnership firm is ______


The dissolution of partnership may take place in the following ways?


On which of the following grounds the court may order a partnership firm to be dissolved?


Consider the following statements

Statement 1: "On dissolution Cash or Bank Account is closed automatically".

Statement 2: This is done because of the double- entry system of book-keeping. 


Consider the following statements

Statement 1: "Dissolution takes place when the relation among the partner's comes to an end."

Statement 2: "This can be done either voluntarily or compulsorily."


A partnership firm is compulsorily dissolved:


What Journal Entry will be passed on dissolution of partnership firm, when creditors of ₹ 40,000 accepted investments of ₹ 50,000 (Book value)?


At the time of dissolution, all assets are transferred to Realisation Account at their ______.


The court can make an order to dissolve the firm when ______.


Asha, Usha and Nisha are partners in the firm sharing profits and losses in the ratio of 3 : 2 : 1 respectively. On 31st March, 2019 they decided to dissolve the firm when their Balance Sheet was as under:

Balance Sheet as on 31st March, 2019
Liabilities Amount (₹) Assets Amount (₹)
Creditors 28,800 Building 1,02,000
Bills Payable 21,600 Machinery 73,000
Capitol Accounts:   Motor Car 1,67,600
Asha 2,27,160 Goodwill 45,600
Usha 1,44,000 Investment 62,400
Nisha 1,08,000 Debtors 30,600
    Stock 45,000
    Bank 3,360
  5,29,560   5,29,560

The firm was dissolved on the above date and the assets realised as under:

  1. Asha agreed to take over the Building at ₹ 1,23,600
  2. Usha took over Goodwill Stock and Debtors at book value and agreed to pay Creditors and Bills payable.
  3. Motor car and Machinery realised at ₹ 1,51,080 and ₹ 31,680 respectively.
  4. Investment were taken by Nisha at an agreed value of ₹ 55,440.
  5. Realisation Expenses amounted to ₹ 6,800.

Prepare:

  1. Realisation Account
  2. Partners' Capital Account
  3. Bank Account

Complete the table.

Debit side total of
Realisation A/c
Credit side total of
Realisation A/c
Loss on
Realisation
 ₹ 20,000 ₹ 4,000

Hema, Manisha and Limsy were in partnership firm sharing profits and losses in the ratio of 5:3:2. They decided to dissolve their partnership firm on 31st March 2019 and their Balance sheet as on that date stood as:

Balance sheet as on 31st March,2019
Liabilities Amount ₹ Assets Amount ₹
Capital Account:   Machinery 1,00,000
Hema 1,50,000 Debtors 50,000
Manisha 80,000 Stock 70,000
Reserve Fund 10,000 Cash at Bank 30,000
Sundry Creditors 20,000 Limsy Capital A/c 20,000
Bills payable 10,000    
  2,70,000   2,70,000

The firm was dissolved on 31st March, 2019 and assets were realised as under:

  1. Machinery realised 60% of its book value.
  2. Out of debtors, Mr. Jagdish, our customer for ₹ 20,000 was declared insolvent and nothing could be recovered from him. Other debtors are good and recovered and realised.
  3. Hema took stock at an agreed value of ₹ 50,000.
  4. Creditors and Bills payable were paid at 10% discount.
  5. Limsy became insolvent and nothing was recovered from her estate.

Prepare:

  1. Realisation Account
  2. Partners’ Capital Account
  3. Bank Account

Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of Tina and Rina after various assets (other than cash) and external liabilities have been transferred to Realisation Account:

  1. An unrecorded asset of ₹ 18,000 was taken over by Tina at ₹ 16,000.
  2. Rina agreed to pay her brother's loan of ₹ 23,000.
  3. Stock of ₹ 30,000 was taken over by a creditor of ₹  40,000 in full settlement.
  4. Expenses of dissolution ₹  40,000 were paid by Rina. 
  5. Creditors were paid ₹ 18,800 in full settlement of their account of ₹  20,000.
  6. Tina's loan of ₹  15,000 was paid through a cheque.

Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of Tanay and Mehak after various assets (other than cash) and external liabilities have been transferred to Realisation Account:

  1. Creditors of ₹ 60,000 accepted stock valued at ₹ 59,000 in full settlement of their claim.
  2. Tanay agreed to pay off his wife's loan of ₹ 12,000.
  3. The firm had a debit balance of ₹ 18,000 in the profit and loss account on the date of dissolution. 
  4. An unrecorded liability of ₹ 20,000 was paid by partner, Mehak, at a discount of 10%.
  5. Tanay's loan of ₹ 4,000 was paid through a cheque.
  6. Expenses on dissolution amounted to ₹ 11,000 which were paid by Mehak. 

Ira (a partner in a firm) was allowed to retain the whole of the stock as her remuneration for services rendered by her in the course of dissolution of the firm. The value of stock was ₹ 10,000 which had been transferred to the Realisation Account.

Complying with the accounting principle of full disclosure, record the above transaction in the books of the partnership firm at the time of its dissolution.


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