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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 - CBSE (Arts) Class 12 - Accountancy

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Question

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
  Is there an error in this question or solution?
Solution 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 Concept: Preparation of Deceased Partner's Capital Account, Executor's Account.
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