Bora, Singh and Ibrahim were partners in a firm sharing profits in the ratio of 5: 3: 1. On 2-3-2015 their firm was dissolved. The assets were realized and the liabilities were paid off. Given below are the Realisation Account, Partners' Capital Account and Bank Account of the firm. The accountant of the firm left a few amounts unposted in these accounts. You are required to complete these accounts by posting the correct amounts.
| Realisation Account | |||
| Dr. | Cr. | ||
| Particular |
Amount Rs |
Particular |
Amount Rs |
|
To Stock To Debtors To Plant and Machinery To Bank Sundry Creditors 16,000 Bills Payable 3,400 Mortgage Loan 15,000 To Bank (Outstanding repairs) To Bank (Exp.)
|
10,000 25,000 40,000
34,400 400 620
|
By Provision of bad debts By Sundry Creditors By Bills Payables By Mortgage Loan By Bank – Assets realized Stock 6,700 Debtors 12,500 Plant & Machinery 36,000 By Bank – unrecorded unrecorded assets realized By ______________________
|
5,000 16,600 3,400 15,000
55,200 6,220 ------
|
|
1,10,420 |
1,10,420 | ||
| Capital Account | |||||||
| Dr. | Cr. | ||||||
| Particulars |
Bora Rs |
Singh Rs |
Ibrahim Rs |
Particulars |
Bora Rs |
Singh Rs |
Ibrahim Rs |
|
- - |
- - |
- - |
- - |
By Balance b/d By General Reserve |
22,000 2,500 |
18,000 1,500 |
10,000 500 |
| 24,500 | 19,500 | 10,500 | 24,500 | 19,500 | 10,500 | ||
| Bank Account | |||
| Particular |
Amount Rs |
Particular Rs |
Amount Rs |
|
To Balance b/d To Realisation _______________
|
19,500 55,200 -------
|
By Realisation (liabilities) By Realisation (Unrecorded liabilities) By __________ By __________
|
34,400 400
|
| 80,920 | 80,920 | ||
Solution
| Realisation Account | |||
| Dr. | Cr. | ||
| Particulars | Rs | Particulars | Rs |
|
To Stock A/c To Debtors A/c To Plant and Machinery A/c
To Bank A/c Sundry Creditors 16,000 Bills Payables 3,400 Mortgage Loan 15,000
To Bank A/c (outstanding repairs)
To Bank A/c (exp)
|
10,000 25,000 40,000
34,400
400
620
|
By Provision for Bad debts A/c By Sundry Creditors A/c By Bills Payables A/c By Mortgage Loan A/c By Bank A/c Stock 6,700 Debtors 12,500 Plant and Machinery 36,000 By Bank A/c (unrecorded assets realised) By Loan transferred to : Bora’s Capital A/c 5,000 Singh’s Capital A/c 3,000 Ibrahim’s Capital A/c 1,000 |
5,000 16,600 3,400 15,000
55,200 6,220
9,000 |
| 1,10,420 | 1,10,420 | ||
| Partner’s Capital Account | |||||||
| Dr. | Cr. | ||||||
| Particulars | Bora | Singh | Ibrahim | Particulars | Bora | Singh | Ibrahim |
|
To Realisation A/c To Bank A/c |
5,000 19,500 |
3,000 16,500 |
1,000 9,500 |
By Balance b/d By General Reserve A/c |
22,000 2,500 |
18,000 1,500 |
10,000 500 |
| 24,500 | 19,500 | 10,500 | 24,500 | 19,500 | 10,500 | ||
| Bank Account | |||
| Dr. | Cr. | ||
| Particulars | Rs | Particulars | Rs |
|
To Balance b/d To Realisation A/c (assets realized) To Realisation A/c (unrecorded assets realized)
|
19,500 55,200 6,200
|
By Realisation A/c (liabilities) By Realisation A/c (outstanding repairs) By Realisation A/c (exp)
By Partner’s Capital A/c Bora 19,500 Singh 16,500 Ibrahim 9,500 |
34,400 400 620
45,500 |
| 80,920 | 80,920 | ||
