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Mandar and Prasad are partners in a firm sharing profit & losses in the ratio of 3 : 2. The following is their balance sheet as on 31st March, 2019.
| Liabilities | Amount (₹) | Assets | Amount (₹) | |
| Capital A/c: | Building | 72,000 | ||
| Mandar | 95,000 | Plant & Machinery | 60,000 | |
| Prasad | 1,00,000 | Furniture | 10,000 | |
| Creditors | 4,000 | Debtors | 42,000 | 40,000 |
| Bills Payable | 3,000 | Less: RDD | 2,000 | |
| Bank | 20000 | |||
| 2,02,000 | 2,02,000 |
On 1st April, 2019 Shubham is admitted for 1/2 share on the following terms:
- He paid ₹ 1,00,000 as Capital ₹ 40,000 as his shares of goodwill by RTGS.
- Plant & Machinery revalued at ₹ 48,000.
- Building is taken over by Mandar at ₹ 100,000.
- Reserve for Doubtful Debts (RDD) to be increased upto ₹ 4,000.
- The old partners decided to retain half of the amount of goodwill in the business.
- The old partners decided to sacrifice equally.
Prepare Partners' Capital Account Only and show your working clearly.
Concept: Concept of Dissolution of Partnership Firm
Riddhi and Siddhi are partners sharing profits and losses in the ratio of 2:1. The following is their balance sheet as on 31st March, 2019.
| Balance Sheet as on 31st March, 2019 | ||||
| Liabilities | Amount (₹) | Assets | Amount (₹) | |
| Capital A/c: | Building | 60,000 | ||
| Riddhi | 80,000 | Furniture | 24,000 | |
| Siddhi | 60,000 | Machinery | 20,000 | |
| Reserve Fund | 16,000 | Debtors | 17,600 | 16,000 |
| Siddhi's Loan A/c | 4,000 | Less: RDD | 1,600 | |
| Creditors | 30,000 | Stock | 40,000 | |
| Investment | 8,000 | |||
| Interest Receivable | 2,000 | |||
| Bank | 20,000 | |||
| 1,90,000 | 1,90,000 | |||
The firm was dissolved on 31st March 2019.
- The assets realised were: Machinery ₹ 22,000, Building ₹ 28,000, Stock ₹ 38,000 and Debtors ₹ 15,000.
- Riddhi took over the Investment at ₹ 10,000 and Furniture at book value.
- Siddhi agreed to accept ₹ 3,000 in full settlement of her Loan Account.
- Dissolution expenses amounted to ₹ 4,000.
- Interest receivable could not be recovered.
Prepare Realisation Account, Partners' Capital Account, Siddhi's Loan Account and Bank Account.
Concept: Concept of Dissolution of Partnership Firm
A firm consisting of partners Mukund, Sachin and Yuvraj decided to dissolve the partnership They decided to take over certain assets and liabilities and continue the business separately. The Balance Sheet was as under.
| Balance Sheet as on 31st March, 2020 | |||||
| Liabilities | Amount (₹) |
Assets | Amount (₹) |
||
| Capital A/c: | Furniture | 2,000 | |||
| Mukund | 55,000 | 89,000 | Sundry Assets | 34,000 | |
| Sachin | 20,000 | Debtors | 48,400 | 46,000 | |
| Yuvraj | 14,000 | Less: RDD | 2,400 | ||
| Creditors | 12,000 | Stock | 15,600 | ||
| Loan | 3,000 | Cash | 6,400 | ||
| 1,04,000 | 1,04000 | ||||
It was agreed as under:
- Mukund is to take Furniture at ₹ 1,600 and the Debtors amounting to ₹ 40,000 at ₹ 34,400 only. He accepted the Creditors on ₹ 12,000 at that figure.
- Sachin is to take over all Stock at ₹ 14,000 and Sundry Assets worth ₹ 16,000 at ₹ 14,400 only.
- Yuvraj is to take over the remaining Sundry Assets at ₹ 16,000 and assume the responsibility for the discharge of the loan together will accrued interest on a loan of ₹ 60. which has not been recorded in accounts.
- The dissolution expenses were ₹ 540.
- The remaining debtors realised only ₹ 4,200.
- The necessary adjustments were made by partners to settle their accounts.
Prepare Realisation Account, Partners Capital Account, and Cash Account, after giving effect to the above adjustments.
Concept: Concept of Dissolution of Partnership Firm
Dino, Manu and Ramu are Partners Sharing Profits and Losses in the Ratio 2 : 2 : 1. They decided to dissolved the firm on 31st March, 2020. When their position was as under.
| Balance Sheet as on 31st March, 2020 | ||||
| Liabilities | Amount (₹) |
Assets | Amount (₹) |
|
| Capital A/c: | Building | 78,000 | ||
| Dino | 26,000 | 66,000 | Computer | 45,000 |
| Manu | 22,000 | Debtors | 20,000 | |
| Ramu | 18,000 | Goodwill | 35,000 | |
| Creditors | 80,000 | Bank | 8,000 | |
| Bill Payable | 40,000 | |||
| 1,86,000 | 1,86,000 | |||
The firm was dissolved on above date and the following is the result of realisation.
- The Assets were realised as Building ₹ 40,000, Computer ₹ 30,000, Debtors ₹ 10,000.
- Realisation expenses amounted to ₹ 2,000.
- All partners were insolvent The following amount was recovered from them Dino ₹ 2,000 and Manu ₹ 2,000.
Prepare Necessary ledger account to close the books of the firm.
Concept: Concept of Dissolution of Partnership Firm
Prepare a specimen of Bill of Exchange from the following information:-
- Drawer - Shri Mahesh Patil, Plot No. 25, "Ganesh Nivas" Mahesh Nagar, Koregaon.
- Drawee - Shri Vijay Jadhav, "Saket" M.G. Road, Pune 11.
- Payee - Shri Sanjay Bornare, Vaijapur.
- Period of Bill - 60 days
- Date of Bill - 16th March, 2013
- Amount of Bill - Rs. 15000
- Date of Acceptance - 20th March, 2013
Concept: Examples on Bills of Exchange
Prepare a specimen of Bill of Exchange from the following information:-
- Drawer - Shri Mahesh Patil, Plot No. 25, "Ganesh Nivas" Mahesh Nagar, Koregaon.
- Drawee - Shri Vijay Jadhav, "Saket" M.G. Road, Pune 11.
- Payee - Shri Sanjay Bornare, Vaijapur.
- Period of Bill - 60 days
- Date of Bill - 16th March, 2013
- Amount of Bill - Rs. 15000
- Date of Acceptance - 20th March, 2013
Concept: Examples on Bills of Exchange
Concept: Examples on Bills of Exchange
Concept: Examples on Bills of Exchange
On due date, Pradhan finds himself unable to make payment of the bill and requests Raja to renew it. Raja accepted a proposal on the condition that, Pradhan should pay Rs. 1,000 on account along with interest Rs. 250 in cash and should accept new bill for the balance at 2 months. These arrangements were carried through. Afterwards, one month before due date of new bill Pradhan retired his acceptance by paying Rs. 4,850.
Give Journal entries in the books of Raja of Nagpur.
Concept: Examples on Bills of Exchange
On due date, Pradhan finds himself unable to make payment of the bill and requests Raja to renew it. Raja accepted a proposal on the condition that, Pradhan should pay Rs. 1,000 on account along with interest Rs. 250 in cash and should accept new bill for the balance at 2 months. These arrangements were carried through. Afterwards, one month before due date of new bill Pradhan retired his acceptance by paying Rs. 4,850.
Give Journal entries in the books of Raja of Nagpur.
Concept: Examples on Bills of Exchange
Concept: Examples on Bills of Exchange
Concept: Examples on Bills of Exchange
A bill which is drawn in one country and made payable in other country is called __________.
Concept: Examples on Bills of Exchange
A bill which is drawn in one country and made payable in other country is called __________.
Concept: Examples on Bills of Exchange
From the following information prepare a format of a Bill of Exchange:
| (1) Drawer | – | Mr Avadhoot Raktade |
| 586, Main Road, Ajara | ||
| (2) Drawee | – | Mr Mukund Aglawe |
| 133, Chandni Chowk, Panvel | ||
| (3) Amount | – | Rs. 8,800 |
| (4) Period | – | Two months |
| (5) Date of Bill | – | 1st May, 2010 |
| (6) Date of Acceptance | – | 5th May, 2010 |
Concept: Examples on Bills of Exchange
From the following information prepare a format of a Bill of Exchange:
| (1) Drawer | – | Mr Avadhoot Raktade |
| 586, Main Road, Ajara | ||
| (2) Drawee | – | Mr Mukund Aglawe |
| 133, Chandni Chowk, Panvel | ||
| (3) Amount | – | Rs. 8,800 |
| (4) Period | – | Two months |
| (5) Date of Bill | – | 1st May, 2010 |
| (6) Date of Acceptance | – | 5th May, 2010 |
Concept: Examples on Bills of Exchange
The person who endorses bill.
Concept: Examples on Bills of Exchange
The person who endorses bill.
Concept: Examples on Bills of Exchange
Drawer and payee of a bill of exchange may be one and the same person.
Concept: Examples on Bills of Exchange
Drawer and payee of a bill of exchange may be one and the same person.
Concept: Examples on Bills of Exchange
