Double Entry Book Keeping Ts Grewal (2016) Solutions for Class 12 Commerce Accountancy Chapter 7 Dissolution Of A Partnership Firm are provided here with simple step-by-step explanations. These solutions for Dissolution Of A Partnership Firm are extremely popular among class 12 Commerce students for Accountancy Dissolution Of A Partnership Firm Solutions come handy for quickly completing your homework and preparing for exams. All questions and answers from the Double Entry Book Keeping Ts Grewal (2016) Book of class 12 Commerce Accountancy Chapter 7 are provided here for you for free. You will also love the ad-free experience on Meritnation’s Double Entry Book Keeping Ts Grewal (2016) Solutions. All Double Entry Book Keeping Ts Grewal (2016) Solutions for class 12 Commerce Accountancy are prepared by experts and are 100% accurate.

Page No 7.58:

Answer:

Journal
Date Particulars L.F. Debit
Amount
(Rs)
Credit
Amount
(Rs)
1) Realisation A/c Dr.   2,500  
 
To Bank A/c
      2,500
  (Dissolution expenses paid)        
           
2) Bank A/c Dr.   12,500  
 
To Realisation A/c
      12,500
  (Bad debts recovered)        
           
3) A’s Capital A/c Dr.   5,000  
 
To Realisation A/c
      5,000
  (Stock taken by A)        
           
4) Realisation A/c Dr.   8,000  
 
To Bank A/c
      8,000
  (Payment made to creditors)        
           
5) Bank A/c Dr.   15,000  
 
To Realisation A/c
      15,000
  (Investment realised at 150%)        
           
6) Realisation A/c Dr.   24,000  
 
To A’s Capital A/c
      18,000
 
To B’s Capital A/c
      6,000
  (Profit made on realisation transferred to Partners’ Capital Accounts)      
         



Page No 7.59:

Answer:

Journal
Date Particulars L.F. Debit
Amount
(Rs)
Credit
Amount
(Rs)
1) Realisation A/c Dr.   10,000  
 
To Bank A/c
      10,000
  (Realisation expenses paid)        
           
2) No Entry        
           
3) Y’s Capital A/c Dr.   20,000  
 
To Realisation A/c
      20,000
  (Machine taken over by Y)        
           
4) Realisation A/c Dr.   20,000  
 
To Z’s Capital A/c
      20,000
  (Payment of creditors made by Z)        
           
5) X’s Loan A/c Dr.   50,000  
 
To Bank A/c
      50,000
  (Loan repaid)        
           
6) X’s Capital A/c Dr.   10,000  
  Y’s Capital A/c Dr.   10,000  
  Z’s Capital A/c Dr.   10,000  
 
To Profit & Loss A/c
      30,000
  (Balance of Profit and Loss Account distributed among the partners)      
           
7) X’s Capital A/c Dr.   25,000  
 
To Realisation A/c
      25,000
  (Goodwill taken over by Z)        
         

Page No 7.59:

Answer:

Journal

Date

Particulars

L.F.

Debit

Amount

(Rs)

Credit

Amount

(Rs)

1)

Realisation A/c

Dr.

 

10,000

 

 

  To Bank A/c

 

 

 

10,000

 

(Realisation expenses paid)

 

 

 

 

 

 

 

 

 

 

2)

Aman’s Capital A/c

Dr.

 

5,000

 

 

    To Bank A/c

 

 

 

5,000

 

(Realisation expenses paid by firm, to be borne by partner)

 

 

 

 

 

 

 

 

 

 

3)

Realisation A/c

Dr.

 

6,000

 

 

  To Ramesh’s Capital A/c

 

 

 

6,000

 

(Realisation expenses paid by partner)

 

 

 

 

 

 

 

 

 

 

4)

Realisation A/c

Dr.

 

8,000

 

 

  To Sanjay’s Capital A/c

 

 

 

8,000

 

(Realisation expenses to be borne by firm)

 

 

 

 

 

 

 

 

 

 

5)

Realisation A/c

Dr.

 

22,000

 

 

Sonu’s Capital A/c

 

 

8,000

 

 

  To Bank A/c

 

 

 

30,000

 

(Realisation expenses paid by firm)

 

 

 

 

 

 

 

 

 

 

6)

No Entry

 

 

 

 

 

 

 

 

 

 

7)

Realisation A/c

Dr.

 

5,000

 

 

 To Subrato Mukerjee’s Capital A/c

 

 

 

5,000

 

(Realisation expenses paid by partner)

 

 

 

 

 

 

 

 

 

 

Page No 7.59:

Answer:

 

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Furniture

11,000

Provision for Bad Debts

400

Investments

7,000

Sundry creditors

9,500

Stock

38,000

 

 

Debtors

8,000

Rathi’s Capital (Investment)

7,500

Cash A/c:

 

Cash A/c (Furniture, debtors, stock )

48,400

Sundry Creditors

9,000

 

Loss transferred to:

 

Expenses

600

9,600

Jathi’s Capital A/c

3,900

 

 

 

Sethi s Capital A/c

2,340

 

 

 

Rathis Capital A/c

1,560

7,800

 

 

 

 

 

 

 

 

 

73,600

 

73,600

 

 

 

 

               

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Jathi

Sethi

Rathi

Particulars

Jathi

Sethi

Rathi

Realisation A/c (Loss)

3,900

2,340

1,560

Balance b/d

28,000

19,000

8,000

Realisation A/c

7,500

 

 

 

 

Cash A/c

24,100

16,660

Cash A/c

1,060

 

 

 

 

 

 

 

 

 

28,000

19,000

9,060

 

28,000

19,000

9,060

 

 

 

 

 

 

 

 

                   

 

 

Cash Account  

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

900

Realisation A/c

9,600

Realisation A/c

48,400

Jathi’s Capital A/c

24,100

Rathi’s Capital

1,060

Sethi’s Capital A/c

16,660

 

 

 

 

 

50,360

 

50,360

 

 

 

 

Page No 7.59:

Answer:

Realisation Account
Particulars Amount
(Rs)
Particulars Amount
(Rs)
Sundry Debtors 10,000 Sundry Creditors 20,000
Investments 20,000 X’s Capital (Investments) 19,000
Machinery 80,000 Bank:  
Stock 15,000
Debtors
9,000  
Bank:  
Stock
14,000  
Expenses
2,000  
Machinery
90,000 1,13,000
Creditors
19,000 21,000    
Profit transferred to:      
X’s Capital A/c
2,000      
Y’s Capital A/c
2,000      
Z’s Capital A/c
2,000 6,000    
  1,52,000   1,52,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars X Y Z Particulars X Y Z
Realisation A/c 19,000 Balance b/d 50,000 40,000 30,000
Bank (Final Payment) 38,000 47,000 37,000 Profit & Loss A/c 5,000 5,000 5,000
        Realisation A/c 2,000 2,000 2,000
  57,000 47,000 37,000   57,000 47,000 37,000
               

 

Bank Account
Particulars Amount
(Rs)
  Amount
(Rs)
Balance b/d 30,000 Realisation A/c 21,000
Realisation A/c 1,13,000 X’s Capital A/c 38,000
    Y’s Capital A/c 47,000
    Z’s Capital A/c 37,000
  1,43,000   1,43,000
       



Page No 7.60:

Answer:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Furniture 24,000 Creditors 28,000
Debtors 16,000 B’s Capital (Furniture) 18,000
Investments 90,000 A’s Loan A/c 1,000
Machinery 30,000 Bank:  
Stock 48,000
Debtors
15,000  
Bank:  
Investments
70,000  
Expenses
5,000  
Stock
44,000  
Creditors
28,000 33,000
Machinery
32,000 1,61,000
    Loss transferred to:  
   
A’s Capital A/c
16,500  
   
B’s Capital A/c
16,500 33,000
  2,41,000   2,41,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars A B Particulars A B
Realisation A/c 18,000 Balance b/d 1,00,000 80,000
Realisation A/c 16,500 16,500 General Reserve 8,000 8,000
Bank (Final Payment) 91,500 53,500      
  1,08,000 88,000   1,08,000 88,000
           

 

Bank Account
Particulars Amount
(Rs)
  Amount
(Rs)
Balance b/d 22,000 Realisation A/c 33,000
Realisation A/c 1,61,000 A’s Loan A/c 5,000
    A’s Capital A/c 91,500
    B’s Capital A/c 53,500
  1,83,000   1,83,000
       

 

A’s Loan Account
Particulars Amount
(Rs)
  Amount
(Rs)
Bank A/c 5,000 Balance b/d 6,000
Realisation A/c 1,000    
  6,000   6,000
       

Page No 7.60:

Answer:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Debtors 16,000 Creditors 24,000
Furniture 4,000 Provision for Doubtful Debts 400
Building 44,000 Bank:  
Stock 12,000
Debtors
14,000  
Bank:  
Stock
10,000  
Liability for Damages
6,000  
Furniture
2,000  
Expenses
2,000  
Building
50,000 76,000
Creditors
22,000 30,000 Loss transferred to:  
   
X’s Capital A/c
2,240  
   
Y’s Capital A/c
2,240  
   
Z’s Capital A/c
1,120 5,600
  1,06,000   1,06,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars X Y Z Particulars X Y Z
Advertisement Suspense A/c 2,000 2,000 1,000 Balance b/d 30,000 24,000 12,000
Realisation A/c 2,240 2,240 1,120 Reserve 6,000 6,000 3,000
Bank (Final Payment) 31,760 25,760 12,880        
  36,000 30,000 15,000   36,000 30,000 15,000
               

 

Bank Account
Particulars Amount (Rs)   Amount (Rs)
Balance b/d 24,400 Realisation A/c 30,000
Realisation A/c 76,000 X’s Capital A/c 31,760
    Y’s Capital A/c 25,760
    Z’s Capital A/c 12,880
  1,00,400   1,00,400
       



Page No 7.61:

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Freehold property

16,000

Sundry creditors

2,000

Investments

4,000

 

 

Sundry  Debtors

2,000

Dipali’s Capital A/c (Investment)

3,800

Stock

3,000

Bank A/c:

 

Bank A/c:

 

Freehold Property

18,000

 

Creditors

1,900

 

Sundry Debtors

1,800

 

Expenses

400

2,300

Stock

2,800

 

 

 

Typewriter

1,000

23,600

Profit transferred to:

 

 

 

Dipali’s Capital A/c

1,260

 

 

 

Rajashri’s Capital A/c

840

2,100

 

 

 

29,400

 

29,400

 

 

 

 

                 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Dipali

Rajashri

Particulars

Dipali

Rajashri

Realisation A/c (Investments)

3,800

Balance b/d

17,500

10,000

 

 

 

Profit and Loss A/c

900

600

Bank A/c

15,860

11,440

Realisation A/c (Profit)

1,260

840

 

19,660

   11,440

 

19,660

11,440

 

 

 

 

 

 

               

 

Bank Account 

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

2,000

Realisation A/c

2,300

Cash A/c

4,000

Dipali’s Capital A/c

15,860

Realisation A/c

23,600

Rajashri’s Capital A/c

11,440

 

 

 

 

 

29,600

 

29,600

 

 

 

 

 

Page No 7.61:

Answer:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Building 60,000 Employees’ Provident Fund 18,000
Plant 1,32,000 Depreciation Reserve 30,000
Stock 36,000 Creditors 66,000
Computers 37,200 X’s Capital A/c (Building) 60,000
Debtors 30,000 Cash:  
Accrued Commission 6,000
Debtors
27,600  
X’s Capital A/c (Creditors) 66,000
Plant
1,50,000  
Cash:  
Stock
30,000  
Expenses
3,600  
Computers
37,200 2,44,800
Contingent Liability
3,600      
Employees’ Provident Fund
18,000 25,200    
Profit transferred to:      
X’s Capital A/c
13,200      
Y’s Capital A/c
8,800      
Z’s Capital A/c
4,400 26,400    
  4,18,800   4,18,800
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars X Y Z Particulars X Y Z
Realisation 60,000     Balance b/d 72,000 51,600 62,400
Cash A/c (Final Payment) 1,00,200 66,400 69,800 Reserve 9,000 6,000 3,000
        Realisation A/c 66,000    
        Realisation A/c 13,200 8,800 4,400
  1,60,200 66,400 69,800   1,60,200 66,400 69,800
               

 

Cash Account
Particulars Amount (Rs)   Amount (Rs)
Balance b/d 16,800 Realisation A/c 25,200
Realisation A/c 2,44,800 X’s Capital A/c 1,00,200
    Y’s Capital A/c 66,400
    Z’s Capital A/c 69,800
  2,61,600   2,61,600
       

Page No 7.61:

Answer:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Goodwill 60,000 Bank Loan 60,000
Machinery 2,50,000 Sundry Creditors 1,20,000
Furniture 30,000 X’s Capital A/c (Stock) 32,000
Stock 1,00,000 Y’s Capital A/c (Furniture) 24,000
Debtors 60,000 Cash A/c:  
Cash A/c:  
Debtors
51,000  
Expenses
3,000  
Machinery
2,20,000  
Creditors
1,20,000  
Stock
35,000 3,06,000
Bank Loan
60,000 1,83,000 Loss transferred to:  
   
X’s Capital A/c
70,500  
   
Y’s Capital A/c
47,000  
   
Z’s Capital A/c
23,500 1,41,000
  6,83,000   6,83,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars X Y Z Particulars X Y Z
Realisation A/c 32,000 24,000 Balance b/d 1,80,000 1,20,000 60,000
Realisation A/c 70,500 47,000 23,500        
Cash A/c (Final Payment) 77,500 49,000 36,500        
  1,80,000 1,20,000 60,000   1,80,000 1,20,000 60,000
               

 

Cash Account
Particulars Amount (Rs)   Amount (Rs)
Balance b/d 40,000 Realisation A/c 1,83,000
Realisation A/c 3,06,000 X’s Capital A/c 77,500
    Y’s Capital A/c 49,000
    Z’s Capital A/c 36,500
  3,46,000   3,46,000
       



Page No 7.62:

Answer:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Debtors 90,000 Creditors 1,50,000
Stock 60,000 Bills Payable 30,000
Furniture 45,000 R’s Loan A/c 36,000
Land and Building 7,35,000 Z’s Capital A/c (Stock) 45,000
Bank A/c:   Bank A/c:  
Creditors
1,35,000  
Debtors
84,000  
Bills Payable
27,000  
Furniture
36,000  
R’s Loan
36,000 1,98,000
Land and Building
8,40,000  
Profit transferred to:  
Unrecorded Assets
3,00,000 12,60,000
X’s Capital A/c
1,31,000      
Y’s Capital A/c
1,31,000      
Z’s Capital A/c
1,31,000 3,93,000    
  15,21,000   15,21,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars X Y Z Particulars X Y Z
Balance b/d   60,000   Balance b/d 3,00,000   4,50,000
Realisation A/c     45,000 General Reserve 20,000 20,000 20,000
Bank A/c (Final Payment) 4,51,000 91,000 5,56,000 Realisation A/c 1,31,000 1,31,000 1,31,000
  4,51,000 1,51,000 6,01,000   4,51,000 1,51,000 6,01,000
               

 

Bank Account
Particulars Amount (Rs)   Amount (Rs)
Balance b/d 60,000 Realisation A/c 1,98,000
Realisation A/c 12,60,000 X’s Capital A/c 4,51,000
    Y’s Capital A/c 91,000
    Z’s Capital A/c 5,56,000
    Y’s Loan A/c 24,000
  13,20,000   13,20,000
       

Page No 7.62:

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Stock

20,100

Creditors

50,400

Debtors

62,600

 

 

Investments

16,000

A’s Capital A/c (Investments)

18,000

Furniture

6,500

Cash A/c:

 

Building

23,500

Furniture and Building

29,700

 

Cash A/c:

 

Stock and Debtors

80,000

1,09,700

Expenses

1,300

 

 

 

Creditors

49,600

 

 

 

Bills

1,500

52,400

Loss transferred to :

 

 

 

A’s Capital A/c

1,000

 

 

 

B’s Capital A/c

1,000

 

 

 

C’s Capital A/c

1,000

3,000

 

 

 

 

 

1,81,100

 

1,81,100

 

 

 

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

C

Particulars

A

B

C

Realisation A/c (Investment)

18,000

Balance b/d

30,000

25,000

15,000

Realisation A/c (Loss)

1,000

1,000

1,000

Reserve

4,000

4,000

4,000

Cash A/c

15,000

28,000

18,000

 

 

 

 

 

34,000

29,000

19,000

 

34,000

29,000

19,000

 

 

 

 

 

 

 

 

                   

 

Cash  Account  

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

3,700

Realisation A/c

52,400

Realisation A/c

1,09,700

A’s Capital A/c

15,000

 

 

B’s Capital A/c

28,000

 

 

C’s Capital A/c

18,000

 

1,13,400

 

1,13,400

 

 

 

 

           



Page No 7.63:

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Land and Building

57,000

Creditors

40,000

Stock

50,000

Bank

 

Sundry Debtors

50,000

Land and building

40,000

 

 

 

Stock

30,000

 

Bank A/c:

 

Sundry   Debtors

42,000

1,12,000

Creditors (40,000 + 15,000)

55,000

 

 

 

Expenses

1,200

56,200

Loss transferred to:

 

 

 

A’s Capital A/c

30,600

 

 

 

B’s Capital A/c

20,400

 

 

 

C’s Capital A/c

10,200

61,200

 

2,13,200

 

2,13,200

 

 

 

 

                 

 

 

Partners’ Capital Accounts

 

 

Dr.

 

Cr.

 

Particulars

A

B

C

Particulars

A

B

C

Realisation A/c (Loss)

30,600

20,400

10,200

Balance b/d

60,000

40,000

10,000

Bank A/c

29,400

19,600

Bank A/c

200

 

 

 

 

 

 

 

 

 

60,000

40,000

10,200

 

60,000

40,000

10,200

 

 

 

 

 

 

 

 

                       

 

A’s Loan Account  

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

 

 

Balance b/d

10,000

Bank A/c

10,000

 

 

 

 

 

 

 

10,000

 

10,000

 

 

 

 

           

 

 

Bank Account  

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

3,000

Realisation A/c

56,200

Realisation A/c

1,12,000

A’s Capital A/c

29,400

C’s Capital A/c

200

B’s Capital A/c

19,600

 

 

A’s Loan A/c

10,000

 

1,15,200

 

1,15,200

 

 

 

 

 

Page No 7.63:

Answer:

Realisation Account

Particulars

Amount

(Rs)

Particulars

Amount (Rs)

Stock

54,800

Creditors

20,000

Investments

20,000

Provision for Doubtful Debts

1,800

Sundry Debtors

40,000

Bank A/c (Realisation of Assets):

 

Machinery

40,000

Stock

45,000

 

Land and Building

1,00,000

Machinery

32,000

 

Bank A/c (Creditors)

19,000

Debtors

35,000

 

Bank A/c (Realisation Expenses)

1,200

Typewriter

5,000

 

 

 

 

Land and Building

1,30,000

2,47,000

 

 

X’s Capital A/c (Investments)

15,000

Profit transferred to:

 

 

 

X’s Capital A/c

5,280

 

 

 

Y’s Capital A/c

3,520

8,800

 

 

 

2,83,800

 

2,83,800

 

 

 

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

X

Y

Particulars

X

Y

Loan to Y

 

10,000

Balance b/d

1,20,000

90,000

Realisation A/c (Investments)

15,000

 

Workmen Compensation Reserve

15,000

10,000

Bank A/c (Final Settlement)

1,25,280

93,520

Realisation A/c (Profit)

5,280

3,520

 

 

 

     

 

1,40,280

1,03,520

 

1,40,280

1,03,520

 

 

 

 

 

 

 

Bank Account

Particulars

Amount

(Rs)

 

Amount (Rs)

Balance b/d

8,000

Loan from X

16,000

Realisation (Assets)

2,47,000

Realisation Expenses

1,200

 

 

Realisation A/c (Creditors)

19,000

 

 

X’s Capital A/c

1,25,280

 

 

Y’s Capital A/c

93,520

 

2,55,000

 

2,55,000

 

 

 

 

 



Page No 7.64:

Answer:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Investments 60,000 Bills Payable 10,000
Machinery 80,000 Creditors 90,000
Furniture 50,000 Bank A/c:  
Stock 1,00,000
Investments
90,000  
Debtors 20,000
Machinery
56,000  
Bills Receivable 10,000
Bills Receivable
9,500  
Bank A/c:  
Debtors
19,000  
Unrecorded Liability
2,500  
Stock (WN)
80,000 2,54,500
Creditors
90,000   Z’s Capital A/c (Furniture) 40,000
Bills Payable
10,000 1,02,500 Loss transferred to:  
   
X’s Capital A/c
9,333  
   
Y’s Capital A/c
9,333  
   
Z’s Capital A/c
9,334 28,000
  4,22,500   4,22,500
       

Working Notes: Calculation of amount realised from sale of stock
Stock = Rs 1,00,000

Components of Stock-in-Trade Amount Realised
70,000 (70% of 1,00,000) 70,000 (full)
10,000 (10% of 1,00,000) Nil
20,000 (20% of 1,00,000) 10,000 (50% of book value)
Total 80,000

Page No 7.64:

Answer:

Realisation Account
Particulars Amount
(Rs)
Particulars Amount
(Rs)
Goodwill 30,000 Provision for Doubtful debts 4,000
Building 24,000 Sundry Creditors 4,000
Furniture 4,000 Bills Payable 10,000
Stock 14,000 Cash A/c:  
Sundry Debtors 30,000
Building
32,000  
Bills Receivable 6,000
Furniture
4,000  
Cash A/c:  
Sundry Debtors
24,000  
Expenses
3,400  
Stock
10,000  
Compensation to Employees
3,000  
Bills Receivable
5,000  
Bills Payable
10,000  
Cash A/c (Typewriter)
4,000 79,000
Sundry Creditors
3,600 20,000    
    Loss transferred to:  
   
A’s Capital A/c
15,500  
   
B’s Capital A/c
15,500 31,000
  1,28,000   1,28,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars A B Particulars A B
Realisation A/c 15,500 15,500 Balance b/d 34,000 28,000
Cash (Final Payment) 24,500 18,500 Reserve 6,000 6,000
  40,000 34,000   40,000 34,000
           

 

Cash Account
Particulars Amount
(Rs)
  Amount
(Rs)
Balance b/d 4,000 Realisation A/c 20,000
Realisation A/c 79,000 A’s Loan A/c 20,000
    A’s Capital 24,500
    B’s Capital 18,500
  83,000   83,000
       



Page No 7.65:

Answer:

Realisation Account
Particulars Amount
(Rs)
Particulars Amount
(Rs)
Investments 10,000 Provision for Doubtful Debts 2,000
Fixed Assets 39,000 Sundry Creditors 30,000
Stock 5,000 Bills Payable 8,000
Debtors 20,000 Fixed Assets Replacement Reserve 1,000
X’s Capital A/c   Loan from Mrs. X 5,000
Loan from Mrs. X
5,000   Loan from Mrs. Y 10,000
Expenses
1,000 6,000 Bank A/c  
Bank A/c  
Debtors (WN1)
19,000  
Creditors (WN2)
29,850  
Fixed Assets
71,000  
Bills Payable (WN2)
7,960  
Investments
4,500 94,500
Loan from Mrs. Y
10,000 47,810 X’s Capital A/c (Stock) 4,000
Profit transferred to:   Y’s Capital A/c    
X’s Capital A/c
15,745  
Investments
4,500  
Y’s Capital A/c
15,745 31,490
Furniture
300 4,800
  1,59,300   1,59,300
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars X Y Particulars X Y
Profit & Loss A/c 1,500 1,500 Balance b/d 10,000 10,000
Advertisement Suspense A/c 250 250 Workmen Compensation Reserve 5,000 5,000
Realisation A/c 4,000 4,800 Realisation A/c 6,000
Bank (Final Payment) 30,995 24,195 Realisation A/c 15,745 15,745
  36,745 30,745   36,745 30,745
           

 

Bank Account
Particulars Amount
(Rs)
  Amount
(Rs)
Balance b/d 8,500 Realisation A/c 47,810
Realisation A/c 94,500 X’s Capital A/c 30,995
    Y’s Capital A/c 24,195
  1,03,000   1,03,000
       

Working Notes:

WN 1: Calculation of amount realised from debtors
Amount of Debtors = Rs 20,000Discount allowed to Debtors = Rs 20,000 × 6100 × 1012 = Rs 1,000 Amount realised = Rs 19,000

WN 2: Calculation of amount paid to Creditors and Bills Payable
Amount of Creditors = Rs 30,000Discount received = 30,000 × 6100 × 112 = Rs 150 Amount paid = Rs 29,850Amount of Bills Payable = Rs 8,000Discount received = 8,000 × 6100 × 112 = Rs 40 Amount paid = Rs 7,960 

Page No 7.65:

Answer:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Building 6,00,000 Employees’ Provident Fund 80,000
Equipments 1,20,000 Bank Loan 2,60,000
Sundry Debtors 3,60,000 Sundry Creditors 2,00,000
Stock 4,80,000 Bank A/c  
Bank A/c:  
Unrecorded Asset
45,000  
Sundry Creditors
72,000  
Bad Debts Recovered
1,50,000  
Bank Loan
30,000  
Equipments
18,000  
Employees’ Provident Fund
80,000 1,82,000
Building
5,85,000  
Y’s Capital A/c (Remuneration) 36,000
Debtors
3,30,000 11,28,000
    Loss transferred to:  
   
X’s Capital A/c
22,000  
   
Y’s Capital A/c
33,000  
   
Z’s Capital A/c
55,000 1,10,000
       
  17,78,000   17,78,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars X Y Z Particulars X Y Z
Bank A/c 33,600 Balance b/d 2,10,000 2,70,000 3,30,000
Realisation A/c 22,000 33,000 55,000 Realisation A/c 36,000
Bank A/c (Final Payment) 1,88,000 2,39,400 2,75,000        
               
  2,10,000 3,06,000 3,30,000   2,10,000 3,06,000 3,30,000
               

 

Bank Account
Particulars Amount
(Rs)
Particulars Amount
(Rs)
Balance b/d 1,80,000 X’s Loan A/c 3,90,000
Realisation A/c 11,28,000 Realisation A/c 1,82,000
    X’s Capital 1,88,000
    Y’s Capital 2,73,000
    Z’s Capital 2,75,000
  13,08,000   13,08,000
       



Page No 7.66:

Answer:

Realisation Account
Particulars Amount
(Rs)
Particulars Amount
(Rs)
Building 6,00,000 Creditors 1,00,000
Machinery 2,00,000 B’s Current A/c (Stock) 90,000
Patents 50,000 C’s Current A/c (Building) 8,00,000
Furniture 50,000 Bank A/c:  
Stock 1,00,000
Machinery
1,50,000  
Debtors 1,20,000
Furniture
40,000  
Bank A/c:  
Debtors
1,10,000 3,00,000
Creditors
90,000 90,000    
A’s Current A/c (Expenses) 20,000    
Profit transferred to:      
A’s Current A/c
24,000      
B’s Current A/c
24,000      
C’s Current A/c
12,000 60,000    
  12,90,000   12,90,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars A B C Particulars