Maharashtra State BoardHSC Commerce 12th Board Exam

Jay , Ajay and Vijay Were Partners Sharing Profits and Losses in the Proportion of 2 : 2 : 1 . - Book Keeping and Accountancy

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Ledger

Jay , Ajay and Vijay were partners sharing profits and losses in the proportion of 2 : 2 : 1 . Following is their balance sheet as on 31.03.2013.

Balance sheet as on 31st March 2013

Liabilities Amount (₹) Assets Amount (₹)
Capital A/c   Machinery 50000
Jay 60000 Stock 20000
Ajay 20000 Debtors 55000 52000
Vijay 20000 Less : R.D.D. (3000)
General Reserve 6000 Investments 24000
Creditors 40000 Profit and loss A/c 18000
Jay's Loan A/c 8000 Bank 4000
Bills Payable 14000    
  168000   168000

On the above date the partners decided to dissolve the firm.

(1) Assets were realised as :

Machinery ₹45000 ; Stock ₹ 18000;

Investment ₹ 21000 ; Debtors ₹ 45000

(2) Dissolution expenses were ₹ 3000.

(3) Goodwill of the firm realised ₹ 24000.

Prepare : (1) Realisation Account (2) Partner's Capital Account (3) Bank Account.

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Solution

In the books of the firm.
Realisation A/c
Particulars
Amount
Amount
Particulars
Amount
Amount
To Sundry Assets:
   
By Sundry  Liabilities
   
Machinery
50000
149000
Creditors
40000
 
Stock
20000
Bills Payable
14000
54000
Debtors
55000
By R.D.D. A/c
 
3000
Investment
24000
By Bank A/c
   
To Bank A/c
   
Machinery
45000
 
Dissolution Expenses
 
3000
Stock
18000
 
To Bank A/c
   
Investment
21000
 
Creditors
40000
54000
Debtors
45000
 
Bills Payable
14000
Goodwill
24000
153000
To Profit on Realisation Transferred to Partners Capital A/c
         
Jay Capital A/c
1600
4000
Ajay Capital A/c
1600
Vijay Capital A/c
800
 
210000
 
210000


Partners’ Capital A/c

Particulars
Jay
Ajay
Vijay
Particulars
Jay
Ajay
Vijay
To Profit & Loss A/c
7200
7200
3600
By Balance b/d
60000
20000
20000
To Bank A/c
56800
16800
18400
By General Reserve A/c
2400
2400
1200
       
By Realisation A/c
[Profit]
1600
1600
800
 
64000
24000
22000
 
64000
24000
22000


Bank A/c

Particulars
Amount
Amount
Particulars
Amount
Amount
To Balance b/d
 
4000
By Realisation A/c
 
3000
To Realisation A/c
 
153000
By Realisation A/c
 
54000
     
By Jay’s Loan A/c
 
8000
By Jay Capital A/c
 
56800
By Ajay Capital A/c
 
16800
By Vijay Capital A/c
 
18400
 
157000
 
157000
Concept: Dissolution of Partnership Firm
  Is there an error in this question or solution?

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