How to solve 18 pls solve - Accountancy - Dissolution of Partnership Firm

Question

How to solve 18?pls solve

Prateek Bansal · Accepted Answer

Dear Student,

Realisation A/c

Date
Particulars
Amount
Date
Particulars
Amount

To Debtors A/c
17000

By Provision for Doubtful debts A/c
2000

To Stock A/c
15000

By Creditors A/c
8000

To investments A/c
25000

By X's Brothers loan A/c
8000

To Building A/c
25000

By Investment Fluctuation Fund A/c
5000

To Goodwill A/c
10000

By Bank A/c
Debtors : 12000
Investments : 20000
Goodwill :6000
38000

To X's Capital A/c ( loan for X's Brother)
8000

By Bank A/c
(Building Auctioned)
30000

To bank A/c (Auctioneer's Commission)
1000

By y's Capital A/c(1)
(Stock taken over by Y)
4000

To Bank A/c (creditor)
(8000- 2000)
6000

By Bank A/c ( Remaining Stock Realised)
5000

To Bank A/c
(Realisation Expenses)
2000

To Profit transferred to partner's Capital A/c
X;7200
Y:1800
9000

109000

* Working Note -
1) Calculation of stock taken over by Y
Stock taken by Y At = Rs 4000
taken over by 20 % less value
let take the value of actual stock Rs x
x - 20% of x = Rs 4000
(80/100)*x = 4000
x = 400000/ 80
x = Rs 5000

Regards

Particulars	Amount	Particulars	Amount
To Debtors A/c	17000	By Provision for Doubtful debts A/c	2000
To Stock A/c	15000	By Creditors A/c	8000
To investments A/c	25000	By X's Brothers loan A/c	8000
To Building A/c	25000	By Investment Fluctuation Fund A/c	5000
To Goodwill A/c	10000	By Bank A/c Debtors : 12000 Investments : 20000 Goodwill :6000	38000
To X's Capital A/c ( loan for X's Brother)	8000	By Bank A/c (Building Auctioned)	30000
To bank A/c (Auctioneer's Commission)	1000	By y's Capital A/c⁽¹⁾ (Stock taken over by Y)	4000
To Bank A/c (creditor) (8000- 2000)	6000	By Bank A/c ( Remaining Stock Realised)	5000
To Bank A/c (Realisation Expenses)	2000	To Profit transferred to partner's Capital A/c X;7200 Y:1800	9000

	109000		109000