HSC Commerce 12th Board ExamMaharashtra State Board
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Ashwin, Bhavin and Pravin Carried on Business. They Share Profits an Losses in the Ratio of 5 : 3 : 2 Respectively. Their Balance Sheet as on 31st March, 2016 Was as Under : - HSC Commerce 12th Board Exam - Book Keeping and Accountancy

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Question

Ashwin, Bhavin and Pravin carried on business. They share profits an losses in the ratio of 5 : 3 : 2 respectively. Their Balance Sheet as on 31st March, 2016 was as under :

Balance Sheet as on 31st March, 2016 

Liabilities Amount Assets Amount
Sundry creditors 42,000 Plant and machinery 40,000
Bhavin's loan 10,000 Investment 16,000
Reserve fund 40,000 Stock 60,000
Capital accounts :   Debtors                          36,000  
Ashwin 40,000 Less : R.D.D                    2,000  
Bhavin 20,000 Bank 10,000
Pravin 8,000    
  1,96,000   1,60,000

On the above date, the firm was dissolved, and the assets realised were as under :

1. Investment Rs 10,000. Stock Rs 48,000, and Debtors Rs  30,000

2. Plant and machinery were taken over by Ashwin at book value.

3. Sundry creditors and Bhavin's loan were paid in full.

4. Realisation expenses incurred Rs 2,000.

Prepare :
(1) Realisation Account
(2) Partners' Capital Account
(3) Bank Account

Solution

Realisation A/c

Particulars
Rs.
Rs.
Particulars
Rs.
Rs.
To Sundry Assets:
   
By Sundry Liabilities:
 
10000
Plant and Machinery
40000
 
Sundry Creditors
 
42000
Investments
16000
 
By R.D.D. A/c
 
2000
Stock
60000
 
By Bank A/c
   
Debtors
36000
152000
Investment
10000
 
To Bank A/c
   
Stock
48000
 
Realisation Expenses
2000
 
Debtors
30000
88000
Creditors
42000
       
     
By Ashwin Capital A/c
[Machinery Took Over]
 
40000
           
     
By Realization Loss:
   
     
Ashwin Capital A/c
12000
 
     
Bhavin Capital A/c
7200
 
     
Pravin Capital A/c
4800
24000
           
   
196000
   
196000

Partner's Capital A/c

Particulars
Ashwin
Bhavin
Pravin
Particulars
Ashwin
Bhavin
Pravin
To Realisation A/c
40000
   
By Balance b/d
40000
20000
8000
To Realisation A/c
[Loss]
12000
7200
4800
By Reserve Fund A/c
20000
12000
8000
To Bank A/c
8000
24800
11200
       
               
 
60000
32000
16000
 
60000
32000
16000

Bank A/c

Particulars
Rs.
Particulars
Rs.
To Balance b/d
10000
By Realization A/c
44000
To Realisation A/c
88000
By Bhavin’s Loan A/c
10000
   
By Ashwin Capital A/c
8000
   
By Bhavin Capital A/c
24800
   
By Pravin Capital A/c
11200
       
 
98000
 
98000
  Is there an error in this question or solution?

APPEARS IN

 2017-2018 (March) (with solutions)
Question 5.1 | 10.00 marks
Solution Ashwin, Bhavin and Pravin Carried on Business. They Share Profits an Losses in the Ratio of 5 : 3 : 2 Respectively. Their Balance Sheet as on 31st March, 2016 Was as Under : Concept: Dissolution of Partnership Firm.
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