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: - Accountancy

प्रश्न

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:

Balance Sheet of Srijan , Raman and Manan as on 31.3.2017
Liabilities	Amount Rs	Assets	Amount Rs
Capitals: Srijan 2,00,000 Raman 1,50,000 Creditors Bills Payable Outstanding Salary	3,50,000 75,000 40,000 35,000	Capital: Manan Plant Investment Stock Debtors Bank Profit & Loss A/c	10,000 2,20,000 70,000 50,000 60,000 10,000 80,000
	5,00,000		5,00,000

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:

	Rs
Plant	85,000
Stock	33,000
Debtors	47,000

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.

बेरीज

उत्तर

Realisation Account

Dr.

Cr.

Particulars

Rs

Particulars

Rs

To Plant A/c

To Investment A/c

To Stock A/c

To Debtors A/c

To Bank A/c

Creditors 75,000

Bills Payable 40,000

Outstanding Salary 35,000

To Bank A/c

Outstanding Bill for Repair 7,500

Dishonour of Discount Bill 15,000

To Srijan’s Capital A/c Commission

(2,31,500x0.05)

2,20,000

70,000

50,000

60,000

1,50,000

22,500

11,575

By Creditors

By Bills Payable

By Outstanding Salary

By Bank A/c

Plant 85,000

Stock 33,000

Debtors 47,000

Investment 66,500

By Partners Capital A/c

Srijan 81,030

Raman 81,030

Manan 40,515

75,000

40,000

35,000

2,31,500

2,02,575

5,84,075

Partner’s Capital Account

Dr.

Cr.

Particulars	Srijan	Raman	Manan	Particulars	Srijan	Raman	Manan
To Balance b/d To P/L A/c To Realisation A/c (Loss) To Bank A/c	32,000 81,030 98,545	32,000 81,030 36,970	10,000 16,000 40,515	By Balance b/d By Realisation A/c (Commission) By Bank A/c	2,00,000 11,575	1,50,000	66,515
	2,11,575	1,50,000	66,515		2,11,575	1,50,000	66,515