Question

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

 

Answer 1

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