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

Answer 1

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