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Mala, Neela and Kala Were Partners Sharing Profits in the Ratio of 3: 2: 1. on 1.3.2015 Their Firm Was Dissolved You Are Required to Complete These Below-given Accounts by Posting Correct Amounts. - CBSE (Arts) Class 12 - Accountancy

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Mala, Neela and Kala were partners sharing profits in the ratio of 3: 2: 1. On 1.3.2015 their firm was dissolved. The assets were realized and liabilities were paid off. The accountant prepared Realisation Account, Partners' Capital Accounts and Cash Account, but forgot to post few amounts in these accounts.

You are required to complete these below-given accounts by posting correct amounts.

Realisation Account
Dr.   Cr.
Particulars

Amount

Rs

Particulars

Amount

Rs

To Sundry Assets :

   Machinery             10,000

   Stock                   21,000

   Debtors               20,000

   Prepaid Insurance     400

  Investment            3,000

To Mala’s Capital A/c

     Sheela Loan

To Cash – Creditors paid

To Cash – Dishonored bill paid

To Cash Expenses

 

 

 

 

 

54,400

13,000

 

15,000

5,000

800

By Provision for bad debts

By Sundry Creditors

By Sheela’s Loan

By Repairs and Renewals Reserve

By Cash – Assets sold

   Machinery         8,000

   Stock              14,000

   Debtors           16,000

By Mala’s Capital Investments

By ___________

 

1,000

15,000

13,000

1,200

 

 

 

38,000

2,000

______

 

 

88,200

 

88,200

 

Capital Account
Dr.   Cr.
Particulars

Mala

Rs

Neela

Rs

Kala

Rs

Particulars

Mala

Rs

Neela

Rs

Kala

Rs

----------

----------

To Cash

-----

-----

12,000

-----

-----

9,000

-----

-----

 

---------

---------

To Cash

-----

-----

 

-----

-----

 

-----

-----

1000

  23,000 15,000 3,000   23,000 15,000 3,000

 

Cash Account
Dr.   Cr.
Particulars

Amount

Rs

Particulars

Amount

Rs

To Balance b/d

To Realisation A/c

    Sale of Assets

To Kala’s Capital A/c

 

 

2,800

38,000

 

1,000

 

 

By Realisation A/c

    Creditors paid

By Dishonoured bill

_____________

By Mala’s Capital A/c

By Neela’s Capital A/c

15,000

 

5,000

 

12,000

9,000

 

41,800

 

41,800

 

Solution

Realisation Account
Dr.   Cr.
Particular Rs Particular Rs

To Machinery A/c

To Stock A/c

To Debtors A/c

To Prepaid Insurance A/c

To Investment A/c

To Mala’s Capital A/c (Sheela’ Loan)

To Cash A/c (Dishonored Bill)

To Cash A/c (Creditors)

To Cash A/c (Expenses)

 

 

 

 

 

10,000

21,000

20,000

400

3,000

13,000

5,000

15,000

800

 

 

 

 

 

By Sundry Creditors A/c

By Sheela’s Loan A/c

By Repairs and Renewals Reserve A/c

By Provision for Bad debts A/c

By Cash A/c (assets sold)

    Machinery   8,000

    Stock         14,000

    Debtors     16,000

By Mala’s Capital A/c (Investment)

By Loss transferred to :

  Mala’s Capital A/c     9,000

  Neela’s Capital A/c   6,000

  Kala’s Capital A/c     3,000

 

15,000

13,000

1,200

1,000

 

 

 

38,000

2,000

 

 

 

18,000

 

  88,200   88,200

 

Partner’s Capital Account
Dr.   Cr.
Particulars Mala Neela Kala Particulars Mala Neela Kala

To Realisation A/c (Investment)

To Realisation A/c

To Cash A/c

2,000

9,000

12,000

 

6,000

9,000

 

3,000

 

By Balance b/d

By Realisation A/c (loss)

By Cash A/c

10,000

13,000

 

15,000

 

 

2,000

 

1,000

  23,000 15,000 3,000   23,000 15,000 3,000

 

Cash Account
Dr.   Cr.
Particulars Rs Particulars Rs

To Balance b/d

To Realisation A/c (Assets sold)

To Kala’s Capital A/c

 

 

2,800

38,000

1,000

 

 

By Realisation A/c (Dishonored Bill)

By Realisation A/c (Sundry Creditors)

By Realisation A/c (Expenses)

By Mala’s Capital A/c

By Neela’s Capital A/c

5,000

15,000

800

12,000

9,000

  41,800   41,800
  Is there an error in this question or solution?
Solution Mala, Neela and Kala Were Partners Sharing Profits in the Ratio of 3: 2: 1. on 1.3.2015 Their Firm Was Dissolved You Are Required to Complete These Below-given Accounts by Posting Correct Amounts. Concept: Dissolution of a Partnership Firm - Preparation of Realization Account, and Other Related Accounts.
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