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Video tutorials - Dissolution of a Partnership Firm - Preparation of Realization Account, and Other Related Accounts Accountancy CBSE (Arts)

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Description

  • capital accounts of partners
  • cash/bank a/c (excluding piecemeal distribution, sale to a company and insolvency of partner(s)).

Related QuestionsVIEW ALL [7]

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

 

Chopra, Shah and Patel were partners sharing profits in the ratio of 3:2:1. On 31.3.2014 their firm was dissolved. The assets were realized and liabilities were paid off. The accountant prepared Realisation Account, Partner's Capital Accounts and Cash Account but forgot to post few amounts in these accounts.

You are required to complete the below give accounts by posting correct amounts

Realisation Account
Dr.   Cr.
Particulars

Amount

Rs

Particulars

Amount

Rs

To Plant and Machinery 1,60,000 By Sundry Creditors 1,50,000
To Stock 1,50,000 By Mrs. Chopra Loan 1,30,000
To Sundry Debtors 2,00,000 By Repairs and Renewals Reserve 12,000
To Prepaid Insurance 4,000 By Provision for Bad debts 10,000
To Investment 30,000 By Cash A/c – (Assets sold)  
To Chopra’s Capital A/c
(Mrs. Chopra’s Loan)
1,30,000 Plant       1,20,000  
To Cash A/c (Dishonored Bill) 50,000 Stock      1,20,000  
To Cash (Creditors) 1,50,000 Debtors   1,60,000 3,80,000
To Cash (Expenses) 8,000 By Chopra’s Capital A/c
(Investment)
20,000
    ----------------- -------
  8,82,000   8,82,000

 

Capital Account
Dr.   Cr.
Particulars

Chopra

Rs

Shah

Rs

Patel

Rs

Particulars

Chopra

Rs

Shah

Rs

Patel

Rs

To Realisation 20,000 ----- ------ By bal b/d      
-------- -------- -------- -------- By Realisation
(Loan)
1,30,000    
-------- -------- -------- -------- ------------- -------- -------- --------
  2,30,000 1,50,000 30,000   2,30,000 1,50,000 30,000

 

Cash Account
Dr.   Cr.
Particulars

Amount

Rs

Particulars

Amount

Rs

--------------- -------- By Realisation A/c (Dishonored
Bill)
50,000
--------------- -------- By Realisation (Sundry  Creditors) 1,50,000
To Patel’s Capital A/c 10,000 --------------- --------
    By Chopra’s Capital A/c 1,20,000
    By Shah’s Capital A/c 90,000
  4,18,000   4,18,000
S
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