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:
Question 1:
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:
Question 2:
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) | |||||
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:
Question 3:
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) | |||||
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:
Question 4:
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) |
|
|
|
|
|
|
|
|
|
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:
Question 5:
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 |
||
|
|
|
|
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:
Question 6:
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 | ||
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:
Question 7:
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 | ||
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:
Question 8:
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 | ||
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:
Question 9:
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 |
|
|
|
|
|
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:
Question 10:
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 | ||
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:
Question 11:
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 | ||
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:
Question 12:
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 | ||
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:
Question 13:
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 |
||
|
|
|
|
||
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:
Question 14:
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 |
||
|
|
|
|
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:
Question 15:
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 |
|
|
|
|
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:
Question 16:
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 |
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:
Question 17:
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 | ||
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
WN 2: Calculation of amount paid to Creditors and Bills Payable
Page No 7.65:
Question 18:
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
WN 2: Calculation of amount paid to Creditors and Bills Payable
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:
Question 19:
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 | ||
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 | A | B | C | ||
Current A/c | − | − | 7,98,000 | Balance b/d | 4,00,000 | 3,00,000 | 2,00,000 | ||
Bank (b/f) | 5,29,000 | 3,14,000 | − | Current A/c | 1,29,000 | 14,000 | − | ||
Bank (b/f) | − | − | 5,98,000 | ||||||
5,29,000 | 3,14,000 | 7,98,000 | 5,29,000 | 3,14,000 | 7,98,000 | ||||
Partners’ Current Accounts | |||||||||
Dr. | Cr. | ||||||||
Particulars | A | B | C | Particulars | A | B | C | ||
Balance b/d | − | − | 30,000 | Balance b/d | 60,000 | 40,000 | − | ||
Realisation A/c | − | 90,000 | 8,00,000 | Profit & Loss A/c | 40,000 | 40,000 | 20,000 | ||
Bank A/c | 15,000 | − | − | Realisation A/c | 20,000 | − | − | ||
Partner’s Capital A/c (Bal. Fig.) | 1,29,000 | 14,000 | − | Realisation A/c | 24,000 | 24,000 | 12,000 | ||
Partner's Capital A/c (Bal. Fig.) | − | − | 7,98,000 | ||||||
1,44,000 | 1,04,000 | 8,30,000 | 1,44,000 | 1,04,000 | 8,30,000 | ||||
Bank Account | |||
Particulars | Amount (Rs) | Particulars | Amount (Rs) |
Balance b/d | 50,000 | Realisation A/c | 90,000 |
Realisation A/c | 3,00,000 | A’s Capital A/c | 5,29,000 |
C’s Capital A/c | 5,98,000 | B’s Capital | 3,14,000 |
A’s Current A/c | 15,000 | ||
9,48,000 | 9,48,000 | ||
Page No 7.66:
Question 20:
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 | A | B | C | ||
Current A/c | − | − | 7,98,000 | Balance b/d | 4,00,000 | 3,00,000 | 2,00,000 | ||
Bank (b/f) | 5,29,000 | 3,14,000 | − | Current A/c | 1,29,000 | 14,000 | − | ||
Bank (b/f) | − | − | 5,98,000 | ||||||
5,29,000 | 3,14,000 | 7,98,000 | 5,29,000 | 3,14,000 | 7,98,000 | ||||
Partners’ Current Accounts | |||||||||
Dr. | Cr. | ||||||||
Particulars | A | B | C | Particulars | A | B | C | ||
Balance b/d | − | − | 30,000 | Balance b/d | 60,000 | 40,000 | − | ||
Realisation A/c | − | 90,000 | 8,00,000 | Profit & Loss A/c | 40,000 | 40,000 | 20,000 | ||
Bank A/c | 15,000 | − | − | Realisation A/c | 20,000 | − | − | ||
Partner’s Capital A/c (Bal. Fig.) | 1,29,000 | 14,000 | − | Realisation A/c | 24,000 | 24,000 | 12,000 | ||
Partner's Capital A/c (Bal. Fig.) | − | − | 7,98,000 | ||||||
1,44,000 | 1,04,000 | 8,30,000 | 1,44,000 | 1,04,000 | 8,30,000 | ||||
Bank Account | |||
Particulars | Amount (Rs) | Particulars | Amount (Rs) |
Balance b/d | 50,000 | Realisation A/c | 90,000 |
Realisation A/c | 3,00,000 | A’s Capital A/c | 5,29,000 |
C’s Capital A/c | 5,98,000 | B’s Capital | 3,14,000 |
A’s Current A/c | 15,000 | ||
9,48,000 | 9,48,000 | ||
Answer:
Realisation Account | ||||||
Particulars | Amount (Rs) | Particulars | Amount (Rs) | |||
Debtors | 50,000 | Creditors | 60,000 | |||
Stock | 60,000 | Employees’ Provident fund | 5,000 | |||
Furniture | 1,25,000 | Loan from Mrs. A | 5,000 | |||
Patents | 35,000 | B’s Current A/c (Stock) | 55,000 | |||
Building | 3,20,000 | C’s Current A/c (Building) | 4,00,000 | |||
A’s Current A/c (Expenses) | 10,000 | Bank A/c: | ||||
Bank A/c: |
Debtors
|
48,000 | ||||
Creditors
|
55,000 |
Furniture
|
97,000 | 1,45,000 | ||
Employees’ Provident Fund
|
5,000 | |||||
Loan from Mrs. A
|
5,000 | 65,000 | ||||
Profit transferred to: | ||||||
A’s Capital A/c
|
2,500 | |||||
B’s Capital A/c
|
1,500 | |||||
C’s Capital A/c
|
1,000 | 5,000 | ||||
6,70,000 | 6,70,000 | |||||
Partners’ Capital Accounts | |||||||||
Dr. | Cr. | ||||||||
Particulars | A | B | C | Particulars | A | B | C | ||
Current A/c | − | 3,63,500 | − | Balance b/d | 2,00,000 | 1,50,000 | 1,50,000 | ||
Bank (Balancing Figure) | 2,00,500 | − | 1,51,000 | Current A/c | 500 | − | 1,000 | ||
Bank A/c (Balancing Figure) | − | 2,13,500 | − | ||||||
2,00,500 | 3,63,500 | 1,51,000 | 2,00,500 | 3,63,500 | 1,51,000 | ||||
Partners’ Current Accounts | |||||||||
Dr. | Cr. | ||||||||
Particulars | A | B | C | Particulars | A | B | C | ||
Balance b/d | − | − | 12,000 | Balance b/d | 25,000 | 17,000 | − | ||
Bank A/c | 12,000 | − | − | Profit & Loss A/c | 25,000 | 15,000 | 10,000 | ||
Realisation A/c | 55,000 | 4,00,000 | − | Workmen Compensation Reserve A/c | 5,000 | 3,000 | 2,000 | ||
Partner's Capital A/c (Bal. Fig.) | 500 | − | 1,000 | Realisation A/c | 10,000 | − | − | ||
Realisation A/c | 2,500 | 1,500 | 1,000 | ||||||
Partner's Capital A/c (Bal. Fig.) | − | 3,63,500 | − | ||||||
67,500 | 4,00,000 | 13,000 | 67,500 | 4,00,000 | 13,000 | ||||
Bank Account | |||
Particulars | Amount (Rs) | Amount (Rs) | |
Balance b/d | 70,000 | Realisation A/c | 65,000 |
Realisation A/c | 1,45,000 | A’s Capital A/c | 2,00,500 |
B’s Capital A/c | 2,13,500 | C’s Capital | 1,51,000 |
A’s Current A/c | 12,000 | ||
4,28,500 | 4,28,500 | ||
Note: The final amounts payable (or brought in) to (or by) the partners is not same as per the textbook. Also, the total of Bank Account is different from the total given in the textbook.
Page No 7.67:
Question 21:
Realisation Account | ||||||
Particulars | Amount (Rs) | Particulars | Amount (Rs) | |||
Debtors | 50,000 | Creditors | 60,000 | |||
Stock | 60,000 | Employees’ Provident fund | 5,000 | |||
Furniture | 1,25,000 | Loan from Mrs. A | 5,000 | |||
Patents | 35,000 | B’s Current A/c (Stock) | 55,000 | |||
Building | 3,20,000 | C’s Current A/c (Building) | 4,00,000 | |||
A’s Current A/c (Expenses) | 10,000 | Bank A/c: | ||||
Bank A/c: |
Debtors
|
48,000 | ||||
Creditors
|
55,000 |
Furniture
|
97,000 | 1,45,000 | ||
Employees’ Provident Fund
|
5,000 | |||||
Loan from Mrs. A
|
5,000 | 65,000 | ||||
Profit transferred to: | ||||||
A’s Capital A/c
|
2,500 | |||||
B’s Capital A/c
|
1,500 | |||||
C’s Capital A/c
|
1,000 | 5,000 | ||||
6,70,000 | 6,70,000 | |||||
Partners’ Capital Accounts | |||||||||
Dr. | Cr. | ||||||||
Particulars | A | B | C | Particulars | A | B | C | ||
Current A/c | − | 3,63,500 | − | Balance b/d | 2,00,000 | 1,50,000 | 1,50,000 | ||
Bank (Balancing Figure) | 2,00,500 | − | 1,51,000 | Current A/c | 500 | − | 1,000 | ||
Bank A/c (Balancing Figure) | − | 2,13,500 | − | ||||||
2,00,500 | 3,63,500 | 1,51,000 | 2,00,500 | 3,63,500 | 1,51,000 | ||||
Partners’ Current Accounts | |||||||||
Dr. | Cr. | ||||||||
Particulars | A | B | C | Particulars | A | B | C | ||
Balance b/d | − | − | 12,000 | Balance b/d | 25,000 | 17,000 | − | ||
Bank A/c | 12,000 | − | − | Profit & Loss A/c | 25,000 | 15,000 | 10,000 | ||
Realisation A/c | 55,000 | 4,00,000 | − | Workmen Compensation Reserve A/c | 5,000 | 3,000 | 2,000 | ||
Partner's Capital A/c (Bal. Fig.) | 500 | − | 1,000 | Realisation A/c | 10,000 | − | − | ||
Realisation A/c | 2,500 | 1,500 | 1,000 | ||||||
Partner's Capital A/c (Bal. Fig.) | − | 3,63,500 | − | ||||||
67,500 | 4,00,000 | 13,000 | 67,500 | 4,00,000 | 13,000 | ||||
Bank Account | |||
Particulars | Amount (Rs) | Amount (Rs) | |
Balance b/d | 70,000 | Realisation A/c | 65,000 |
Realisation A/c | 1,45,000 | A’s Capital A/c | 2,00,500 |
B’s Capital A/c | 2,13,500 | C’s Capital | 1,51,000 |
A’s Current A/c | 12,000 | ||
4,28,500 | 4,28,500 | ||
Note: The final amounts payable (or brought in) to (or by) the partners is not same as per the textbook. Also, the total of Bank Account is different from the total given in the textbook.
Answer:
Realisation Account | |||||
Particulars | Amount (Rs) |
Particulars | Amount (Rs) |
||
Fixed Assets | 1,50,000 | Provision for Doubtful Debts | 1,500 | ||
Insurance Claim Receivable | 75,000 | Creditors | 55,500 | ||
Debtors | 30,000 | Investment Fluctuation Reserve | 1,500 | ||
Stock | 24,000 | Employees’ Provident Fund | 6,000 | ||
Investments | 24,000 | A’s Capital A/c (Investments) | 18,000 | ||
B’s Capital A/c (Creditors) | 29,700 | Bank A/c: | |||
B’s Capital (Salary) (1,200 × 4) | 4,800 |
Stock
|
21,000 | ||
Bank A/c: |
Debtors
|
27,000 | |||
Creditors
|
22,500 |
Recovery of Bad Debts
|
2,400 | ||
Unrecorded Liability
|
7,500 |
Unrecorded Assets
|
3,900 | ||
Employees’ Provident Fund
|
6,000 | 36,000 |
Insurance Claim
|
60,000 | |
Profit transferred to: |
Fixed Assets
|
2,10,000 | 3,24,300 | ||
A’s Capital A/c
|
13,320 | ||||
B’s Capital A/c
|
13,320 | ||||
C’s Capital A/c
|
6,660 | 33,300 | |||
4,06,800 | 4,06,800 | ||||
Partners’ Capital Accounts | |||||||||
Dr. | Cr. | ||||||||
Particulars | A | B | C | Particulars | A | B | C | ||
Balance b/d | − | − | 6,000 | Balance b/d | 1,20,000 | 90,000 | − | ||
Realisation A/c | 18,000 | − | − | Reserve A/c | 28,000 | 28,000 | 14,000 | ||
Bank A/c (Expenses) | − | 3,300 | − | Workmen Compensation Reserve | 14,000 | 14,000 | 7,000 | ||
Bank A/c (Final Payment) | 1,57,320 | 1,76,520 | 21,660 | Realisation A/c | − | 29,700 | − | ||
Realisation A/c | − | 4,800 | − | ||||||
Realisation A/c | 13,320 | 13,320 | 6,660 | ||||||
1,75,320 | 1,79,820 | 27,660 | 1,75,320 | 1,79,820 | 27,660 | ||||
Bank Account | |||
Particulars | Amount (Rs) | Particulars | Amount (Rs) |
Balance b/d | 70,500 | Realisation A/c | 36,000 |
Realisation A/c | 3,24,300 | B’s Capital A/c | 1,79,820 |
A’s Capital A/c | 1,57,320 | ||
C’s Capital A/c | 21,660 | ||
3,94,800 | 3,94,800 | ||
Page No 7.67:
Question 22:
Realisation Account | |||||
Particulars | Amount (Rs) |
Particulars | Amount (Rs) |
||
Fixed Assets | 1,50,000 | Provision for Doubtful Debts | 1,500 | ||
Insurance Claim Receivable | 75,000 | Creditors | 55,500 | ||
Debtors | 30,000 | Investment Fluctuation Reserve | 1,500 | ||
Stock | 24,000 | Employees’ Provident Fund | 6,000 | ||
Investments | 24,000 | A’s Capital A/c (Investments) | 18,000 | ||
B’s Capital A/c (Creditors) | 29,700 | Bank A/c: | |||
B’s Capital (Salary) (1,200 × 4) | 4,800 |
Stock
|
21,000 | ||
Bank A/c: |
Debtors
|
27,000 | |||
Creditors
|
22,500 |
Recovery of Bad Debts
|
2,400 | ||
Unrecorded Liability
|
7,500 |
Unrecorded Assets
|
3,900 | ||
Employees’ Provident Fund
|
6,000 | 36,000 |
Insurance Claim
|
60,000 | |
Profit transferred to: |
Fixed Assets
|
2,10,000 | 3,24,300 | ||
A’s Capital A/c
|
13,320 | ||||
B’s Capital A/c
|
13,320 | ||||
C’s Capital A/c
|
6,660 | 33,300 | |||
4,06,800 | 4,06,800 | ||||
Partners’ Capital Accounts | |||||||||
Dr. | Cr. | ||||||||
Particulars | A | B | C | Particulars | A | B | C | ||
Balance b/d | − | − | 6,000 | Balance b/d | 1,20,000 | 90,000 | − | ||
Realisation A/c | 18,000 | − | − | Reserve A/c | 28,000 | 28,000 | 14,000 | ||
Bank A/c (Expenses) | − | 3,300 | − | Workmen Compensation Reserve | 14,000 | 14,000 | 7,000 | ||
Bank A/c (Final Payment) | 1,57,320 | 1,76,520 | 21,660 | Realisation A/c | − | 29,700 | − | ||
Realisation A/c | − | 4,800 | − | ||||||
Realisation A/c | 13,320 | 13,320 | 6,660 | ||||||
1,75,320 | 1,79,820 | 27,660 | 1,75,320 | 1,79,820 | 27,660 | ||||
Bank Account | |||
Particulars | Amount (Rs) | Particulars | Amount (Rs) |
Balance b/d | 70,500 | Realisation A/c | 36,000 |
Realisation A/c | 3,24,300 | B’s Capital A/c | 1,79,820 |
A’s Capital A/c | 1,57,320 | ||
C’s Capital A/c | 21,660 | ||
3,94,800 | 3,94,800 | ||
Answer:
Realisation Account | ||||||
Particulars | Amount (Rs) | Particulars | Amount (Rs) | |||
Stock | 80,000 | Provision for Doubtful Debts | 2,500 | |||
Debtors | 50,000 | Sundry Creditors | 41,500 | |||
Investments | 55,000 | Bills Payable | 20,000 | |||
Premises | 1,51,500 | Bank Loan | 40,000 | |||
Bank A/c: | Investment Fluctuation Reserve | 40,000 | ||||
Creditors (including Bills Payable)
|
57,500 | Bank A/c: | ||||
Liability for Bills Receivable
|
5,000 |
Assets
|
3,25,000 | |||
Expenses
|
15,000 |
Investments
|
56,500 | |||
Bank Loan
|
40,000 | 1,17,500 |
Bill Received (50% of 5,000)
|
2,500 | 3,84,000 | |
Profit transferred to: | ||||||
X’s Capital A/c
|
29,600 | |||||
Y’s Capital A/c
|
29,600 | |||||
Z’s Capital A/c
|
14,800 | 74,000 | ||||
5,28,000 | 5,28,000 | |||||
Partners’ Capital Accounts | |||||||||
Dr. | Cr. | ||||||||
Particulars | X | Y | Z | Particulars | X | Y | Z | ||
Bank (Final Payment) | 1,24,600 | 1,24,600 | 39,800 | Balance b/d | 75,000 | 75,000 | 15,000 | ||
General Reserve | 20,000 | 20,000 | 10,000 | ||||||
Realisation A/c | 29,600 | 29,600 | 14,800 | ||||||
1,24,600 | 1,24,600 | 39,800 | 1,24,600 | 1,24,600 | 39,800 | ||||
Bank Account | |||
Particulars | Amount (Rs) | Amount (Rs) | |
Balance b/d | 22,500 | Realisation A/c | 1,17,500 |
Realisation A/c | 3,84,000 | X’s Capital A/c | 1,24,600 |
Y’s Capital A/c | 1,24,600 | ||
Z’s Capital A/c | 39,800 | ||
4,06,500 | 4,06,500 | ||
Page No 7.68:
Question 23:
Realisation Account | ||||||
Particulars | Amount (Rs) | Particulars | Amount (Rs) | |||
Stock | 80,000 | Provision for Doubtful Debts | 2,500 | |||
Debtors | 50,000 | Sundry Creditors | 41,500 | |||
Investments | 55,000 | Bills Payable | 20,000 | |||
Premises | 1,51,500 | Bank Loan | 40,000 | |||
Bank A/c: | Investment Fluctuation Reserve | 40,000 | ||||
Creditors (including Bills Payable)
|
57,500 | Bank A/c: | ||||
Liability for Bills Receivable
|
5,000 |
Assets
|
3,25,000 | |||
Expenses
|
15,000 |
Investments
|
56,500 | |||
Bank Loan
|
40,000 | 1,17,500 |
Bill Received (50% of 5,000)
|
2,500 | 3,84,000 | |
Profit transferred to: | ||||||
X’s Capital A/c
|
29,600 | |||||
Y’s Capital A/c
|
29,600 | |||||
Z’s Capital A/c
|
14,800 | 74,000 | ||||
5,28,000 | 5,28,000 | |||||
Partners’ Capital Accounts | |||||||||
Dr. | Cr. | ||||||||
Particulars | X | Y | Z | Particulars | X | Y | Z | ||
Bank (Final Payment) | 1,24,600 | 1,24,600 | 39,800 | Balance b/d | 75,000 | 75,000 | 15,000 | ||
General Reserve | 20,000 | 20,000 | 10,000 | ||||||
Realisation A/c | 29,600 | 29,600 | 14,800 | ||||||
1,24,600 | 1,24,600 | 39,800 | 1,24,600 | 1,24,600 | 39,800 | ||||
Bank Account | |||
Particulars | Amount (Rs) | Amount (Rs) | |
Balance b/d | 22,500 | Realisation A/c | 1,17,500 |
Realisation A/c | 3,84,000 | X’s Capital A/c | 1,24,600 |
Y’s Capital A/c | 1,24,600 | ||
Z’s Capital A/c | 39,800 | ||
4,06,500 | 4,06,500 | ||
Answer:
Realisation Account | |||||
Particulars | Amount (Rs) | Particulars | Amount (Rs) | ||
Debtors | 24,200 | Provision for Doubtful Debts | 1,200 | ||
Stock | 7,800 | Creditors | 6,000 | ||
Furniture | 1,000 | Loan | 1,500 | ||
Sundry Assets | 17,000 | A’s Capital A/c | |||
A’s Capital A/c: |
Furniture
|
800 | |||
Creditors
|
6,000 |
Debtors
|
17,200 | 18,000 | |
Remuneration
|
270 | 6,270 | B’s Capital A/c | ||
C’s Capital A/c (Loan) | 1,530 |
Stock
|
7,000 | ||
Sundry Assets
|
7,200 | 14,200 | |||
C’s Capital A/c | |||||
Sundry Assets (WN) | 8,000 | ||||
Bank A/c (Debtors) | 2,100 | ||||
Loss transferred to: | |||||
A’s Capital A/c
|
4,080 | ||||
B’s Capital A/c
|
1,360 | ||||
C’s Capital A/c
|
1,360 | 6,800 | |||
57,800 | 57,800 | ||||
Partners’ Capital Accounts | |||||||||
Dr. | Cr. | ||||||||
Particulars | A | B | C | Particulars | A | B | C | ||
Advertisement Suspense A/c | 3,000 | 1,000 | 1,000 | Balance b/d | 24,500 | 9,000 | 6,000 | ||
Realisation A/c | 18,000 | 14,200 | 8,000 | Reserve | 6,000 | 2,000 | 2,000 | ||
Realisation A/c | 4,080 | 1,360 | 1,360 | Realisation A/c | 6,270 | − | 1,530 | ||
Bank A/c (Amount paid) | 11,690 | − | − | Bank A/c (Amount brought) | − | 5,560 | 830 | ||
36,770 | 16,560 | 10,360 | 36,770 | 16,560 | 10,360 | ||||
Bank Account | |||
Particulars | Amount (Rs) | Amount (Rs) | |
Balance b/d | 3,200 | A’s Capital A/c | 11,690 |
Realisation A/c | 2,100 | ||
B’s Capital A/c | 5,560 | ||
C’s Capital A/c | 830 | ||
11,690 | 11,690 | ||
Working Notes: Calculation of Sundry Assets taken over by C
Page No 7.69:
Question 24:
Realisation Account | |||||
Particulars | Amount (Rs) | Particulars | Amount (Rs) | ||
Debtors | 24,200 | Provision for Doubtful Debts | 1,200 | ||
Stock | 7,800 | Creditors | 6,000 | ||
Furniture | 1,000 | Loan | 1,500 | ||
Sundry Assets | 17,000 | A’s Capital A/c | |||
A’s Capital A/c: |
Furniture
|
800 | |||
Creditors
|
6,000 |
Debtors
|
17,200 | 18,000 | |
Remuneration
|
270 | 6,270 | B’s Capital A/c | ||
C’s Capital A/c (Loan) | 1,530 |
Stock
|
7,000 | ||
Sundry Assets
|
7,200 | 14,200 | |||
C’s Capital A/c | |||||
Sundry Assets (WN) | 8,000 | ||||
Bank A/c (Debtors) | 2,100 | ||||
Loss transferred to: | |||||
A’s Capital A/c
|
4,080 | ||||
B’s Capital A/c
|
1,360 | ||||
C’s Capital A/c
|
1,360 | 6,800 | |||
57,800 | 57,800 | ||||
Partners’ Capital Accounts | |||||||||
Dr. | Cr. | ||||||||
Particulars | A | B | C | Particulars | A | B | C | ||
Advertisement Suspense A/c | 3,000 | 1,000 | 1,000 | Balance b/d | 24,500 | 9,000 | 6,000 | ||
Realisation A/c | 18,000 | 14,200 | 8,000 | Reserve | 6,000 | 2,000 | 2,000 | ||
Realisation A/c | 4,080 | 1,360 | 1,360 | Realisation A/c | 6,270 | − | 1,530 | ||
Bank A/c (Amount paid) | 11,690 | − | − | Bank A/c (Amount brought) | − | 5,560 | 830 | ||
36,770 | 16,560 | 10,360 | 36,770 | 16,560 | 10,360 | ||||
Bank Account | |||
Particulars | Amount (Rs) | Amount (Rs) | |
Balance b/d | 3,200 | A’s Capital A/c | 11,690 |
Realisation A/c | 2,100 | ||
B’s Capital A/c | 5,560 | ||
C’s Capital A/c | 830 | ||
11,690 | 11,690 | ||
Working Notes: Calculation of Sundry Assets taken over by C
Answer:
Realisation Account | |||||
Dr. |
|
Cr. |
|||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||
Land |
8,000 |
Depreciation on Plant |
1,000 |
||
Plant |
17,000 |
Provision for Doubtful Debts |
2,000 |
||
Loose tools |
3,000 |
Sundry Creditors |
9,000 |
||
Stock |
20,000 |
Amar’s Capital A/c: |
|
||
Sundry Debtors |
30,000 |
Good will |
10,000 |
|
|
|
|
Land |
8,000 |
|
|
|
|
Plant |
12,000 |
30,000 |
|
Bank A/c: |
|
Bank A/c: |
|
||
Sundry Creditors |
8,100 |
|
Loose Tools |
2,000 |
|
Expenses |
1,500 |
|
Stock |
15,000 |
|
Contingent Liability |
1,000 |
10,600 |
Sundry Debtors |
22,000 |
39,000 |
|
|
Loss transferred to: |
|
||
|
|
Amar’s Capital A/c |
3,040 |
|
|
|
|
Akbar’s Capital A/c |
3,040 |
|
|
|
|
Antony’s Capital A/c |
1,520 |
7,600 |
|
|
88,600 |
|
88,600 |
||
|
|
|
|
Partners’ Capital Accounts |
|||||||||
Dr. |
|
Cr. |
|||||||
Particulars |
Amar |
Akbar |
Antony |
Particulars |
Amar |
Akbar |
Antony |
||
Realisation A/c |
30,000 |
– |
– |
Balance b/d |
24,000 |
20,000 |
15,000 |
||
Realisation A/c (Loss) |
3,040 |
3,040 |
1,520 |
Reserve Fund |
2,000 |
2,000 |
1,000 |
||
Bank A/c |
– |
18,960 |
14,480 |
Bank A/c |
7,040 |
– |
– |
||
|
|
|
|
|
|
|
|
||
|
33,040 |
22,000 |
16,000 |
|
33,040 |
22,000 |
16,000 |
||
|
|
|
|
|
|
|
|
Amar's Loan Account |
||||
Dr. |
|
Cr. |
||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
|
|
Balance b/d |
7,000 |
|
|
|
|
|
|
Cash A/c |
7,000 |
|
|
|
|
|
|
|
|
|
7,000 |
|
7,000 |
|
|
|
|
|
Bank Account |
||||
Dr. |
|
Cr. |
||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
Balance b/d |
5,000 |
Realisation A/c |
10,600 |
|
Realisation A/c |
39,000 |
Akbar’s Capital A/c |
18,960 |
|
Amar’s Capital A/c |
7,040 |
Antony’s Capital A/c |
14,480 |
|
Amar's Loan A/c | 7,000 | |||
|
|
|
|
|
|
51,040 |
|
51,040 |
|
|
|
|
|
Note: As per textbook, Amar is to be paid an amount of Rs 2,960. However, as per the above worked out solution Amar is to bring in an amount of Rs 7,040. Also, the total of Bank Account is different from the total given in the textbook.
Page No 7.69:
Question 25:
Realisation Account | |||||
Dr. |
|
Cr. |
|||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||
Land |
8,000 |
Depreciation on Plant |
1,000 |
||
Plant |
17,000 |
Provision for Doubtful Debts |
2,000 |
||
Loose tools |
3,000 |
Sundry Creditors |
9,000 |
||
Stock |
20,000 |
Amar’s Capital A/c: |
|
||
Sundry Debtors |
30,000 |
Good will |
10,000 |
|
|
|
|
Land |
8,000 |
|
|
|
|
Plant |
12,000 |
30,000 |
|
Bank A/c: |
|
Bank A/c: |
|
||
Sundry Creditors |
8,100 |
|
Loose Tools |
2,000 |
|
Expenses |
1,500 |
|
Stock |
15,000 |
|
Contingent Liability |
1,000 |
10,600 |
Sundry Debtors |
22,000 |
39,000 |
|
|
Loss transferred to: |
|
||
|
|
Amar’s Capital A/c |
3,040 |
|
|
|
|
Akbar’s Capital A/c |
3,040 |
|
|
|
|
Antony’s Capital A/c |
1,520 |
7,600 |
|
|
88,600 |
|
88,600 |
||
|
|
|
|
Partners’ Capital Accounts |
|||||||||
Dr. |
|
Cr. |
|||||||
Particulars |
Amar |
Akbar |
Antony |
Particulars |
Amar |
Akbar |
Antony |
||
Realisation A/c |
30,000 |
– |
– |
Balance b/d |
24,000 |
20,000 |
15,000 |
||
Realisation A/c (Loss) |
3,040 |
3,040 |
1,520 |
Reserve Fund |
2,000 |
2,000 |
1,000 |
||
Bank A/c |
– |
18,960 |
14,480 |
Bank A/c |
7,040 |
– |
– |
||
|
|
|
|
|
|
|
|
||
|
33,040 |
22,000 |
16,000 |
|
33,040 |
22,000 |
16,000 |
||
|
|
|
|
|
|
|
|
Amar's Loan Account |
||||
Dr. |
|
Cr. |
||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
|
|
Balance b/d |
7,000 |
|
|
|
|
|
|
Cash A/c |
7,000 |
|
|
|
|
|
|
|
|
|
7,000 |
|
7,000 |
|
|
|
|
|
Bank Account |
||||
Dr. |
|
Cr. |
||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
Balance b/d |
5,000 |
Realisation A/c |
10,600 |
|
Realisation A/c |
39,000 |
Akbar’s Capital A/c |
18,960 |
|
Amar’s Capital A/c |
7,040 |
Antony’s Capital A/c |
14,480 |
|
Amar's Loan A/c | 7,000 | |||
|
|
|
|
|
|
51,040 |
|
51,040 |
|
|
|
|
|
Note: As per textbook, Amar is to be paid an amount of Rs 2,960. However, as per the above worked out solution Amar is to bring in an amount of Rs 7,040. Also, the total of Bank Account is different from the total given in the textbook.
Answer:
Realisation Account |
||||||||
Dr. |
|
Cr. |
||||||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|||||
Stock |
75,000 |
Provision for Doubtful Debts |
6,000 |
|||||
Book Debts |
66,000 |
Sundry Creditors |
75,000 |
|||||
Plant and Machinery |
45,000 |
Bills Payable |
30,000 |
|||||
Land and building |
48,000 |
Mr. Chowdhary’s Loan |
15,000 |
|||||
Mrs. Rita Chowdhary’s Capital A/c (Mr. Chowdhary’s Loan A/c) |
15,000 |
Mrs. Rita Chowdhary’s Capital A/c: |
|
|||||
Bank A/c: |
|
Stock |
30,000 |
|
||||
Sundry Creditors |
67,500 |
|
Goodwill |
30,000 |
60,000 |
|||
Bills Payable |
30,000 |
|
Bank A/c: |
|
||||
Expenses |
5,250 |
1,02,750 |
Book Debts |
54,000 |
|
|||
Profit transferred to: |
|
Stock |
48,750 |
|
||||
Mrs. Rita Chowdhary’s Capital A/c |
66,000 |
|
Plant and Machinery |
75,000 |
|
|||
Miss Sobha’s Capital A/c |
66,000 |
1,32,000 |
Land and Building |
1,20,000 |
2,97,750 |
|||
|
4,83,750 |
|
4,83,750 |
|||||
|
|
|
|
Partners’ Capital Accounts |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Mrs. Rita Chowdhary |
Miss Sobha |
Particulars |
Mrs. Rita Chowdhary |
Miss Sobha |
||
Realisation A/c (Assets) |
60,000 |
– |
Balance b/d |
90,000 |
30,000 |
||
|
|
|
Reserve Fund |
12,000 |
12,000 |
||
|
|
|
Realisation A/c (Mr. Chowdhary Loan) |
15,000 |
– |
||
|
|
|
|
|
|
||
Bank A/c |
1,23,000 |
1,08,000 |
Realisation A/c (Profit) |
66,000 |
66,000 |
||
|
|
|
|
|
|
||
|
1,83,000 |
1,08,000 |
|
1,83,000 |
1,08,000 |
||
|
|
|
|
|
|
||
Bank Account |
|||||
Dr. |
|
Cr. |
|||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||
Balance b/d |
30,000 |
Realisation A/c |
1,02,750 |
||
Cash A/c |
6,000 |
Mrs. Rita Chowdhary’s Capital A/c |
1,23,000 |
||
Realisation A/c |
2,97,750 |
Miss Sobha’s Capital A/c |
1,08,000 |
||
|
|
|
|
||
|
3,33,750 |
|
3,33,750 |
||
|
|
|
|
Working Notes
WN 1 Value of Stock taken by Mrs. Rita Chowdhary
WN 2 Value of Stock sold
Page No 7.70:
Question 26:
Realisation Account |
||||||||
Dr. |
|
Cr. |
||||||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|||||
Stock |
75,000 |
Provision for Doubtful Debts |
6,000 |
|||||
Book Debts |
66,000 |
Sundry Creditors |
75,000 |
|||||
Plant and Machinery |
45,000 |
Bills Payable |
30,000 |
|||||
Land and building |
48,000 |
Mr. Chowdhary’s Loan |
15,000 |
|||||
Mrs. Rita Chowdhary’s Capital A/c (Mr. Chowdhary’s Loan A/c) |
15,000 |
Mrs. Rita Chowdhary’s Capital A/c: |
|
|||||
Bank A/c: |
|
Stock |
30,000 |
|
||||
Sundry Creditors |
67,500 |
|
Goodwill |
30,000 |
60,000 |
|||
Bills Payable |
30,000 |
|
Bank A/c: |
|
||||
Expenses |
5,250 |
1,02,750 |
Book Debts |
54,000 |
|
|||
Profit transferred to: |
|
Stock |
48,750 |
|
||||
Mrs. Rita Chowdhary’s Capital A/c |
66,000 |
|
Plant and Machinery |
75,000 |
|
|||
Miss Sobha’s Capital A/c |
66,000 |
1,32,000 |
Land and Building |
1,20,000 |
2,97,750 |
|||
|
4,83,750 |
|
4,83,750 |
|||||
|
|
|
|
Partners’ Capital Accounts |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Mrs. Rita Chowdhary |
Miss Sobha |
Particulars |
Mrs. Rita Chowdhary |
Miss Sobha |
||
Realisation A/c (Assets) |
60,000 |
– |
Balance b/d |
90,000 |
30,000 |
||
|
|
|
Reserve Fund |
12,000 |
12,000 |
||
|
|
|
Realisation A/c (Mr. Chowdhary Loan) |
15,000 |
– |
||
|
|
|
|
|
|
||
Bank A/c |
1,23,000 |
1,08,000 |
Realisation A/c (Profit) |
66,000 |
66,000 |
||
|
|
|
|
|
|
||
|
1,83,000 |
1,08,000 |
|
1,83,000 |
1,08,000 |
||
|
|
|
|
|
|
||
Bank Account |
|||||
Dr. |
|
Cr. |
|||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||
Balance b/d |
30,000 |
Realisation A/c |
1,02,750 |
||
Cash A/c |
6,000 |
Mrs. Rita Chowdhary’s Capital A/c |
1,23,000 |
||
Realisation A/c |
2,97,750 |
Miss Sobha’s Capital A/c |
1,08,000 |
||
|
|
|
|
||
|
3,33,750 |
|
3,33,750 |
||
|
|
|
|
Working Notes
WN 1 Value of Stock taken by Mrs. Rita Chowdhary
WN 2 Value of Stock sold
Answer:
Realisation Account | ||||
Particulars | Amount (Rs) | Particulars | Amount (Rs) | |
Fixed Assets | 21,000 | Creditors | 14,320 | |
Stock | 11,200 | Elephant Ltd. (Purchase Consideration) | 48,000 | |
Debtors | 19,600 | Bank (Debtors) | 19,200 | |
Bank A/c (Creditors) | 14,000 | Cat’s Capital A/c (Furniture) | 4,200 | |
Profit transferred to: | ||||
Cat’s Capital A/c
|
14,940 | |||
Rat’s Capital A/c
|
4,980 | 19,920 | ||
85,720 | 85,720 | |||
Partners’ Capital Accounts | |||||||
Dr. | Cr. | ||||||
Particulars | Cat | Rat | Particulars | Cat | Rat | ||
Realisation A/c | 4,200 | Balance b/d | 24,000 | 8,000 | |||
Equity Shares A/c (3:1) | 15,000 | 5,000 | Current A/c | 4,200 | 2,000 | ||
Preference Share A/c (WN) | 4,500 | 4,500 | Realisation A/c | 14,940 | 4,980 | ||
Bank A/c | 19,440 | 5,480 | |||||
43,140 | 17,980 | 43,140 | 17,980 | ||||
Bank Account | |||
Particulars | Amount (Rs) |
Amount (Rs) |
|
Balance b/d | 3,720 | Realisation A/c, | 14,000 |
Realisation A/c | 19,200 | Cat’s Capital A/c | 19,440 |
Elephant ltd | 16,000 | Rat’s Capital A/c | 5,480 |
38,920 | 38,920 | ||
Elephant Ltd. Account | |||
Particulars | Amount (Rs) | Amount (Rs) | |
Realisation A/c | 48,000 | Bank A/c | 16,000 |
Pref. Share Capital A/c (160 75) | 12,000 | ||
Equity Share Capital A/c (Bal. Fig.) | 20,000 | ||
48,000 | 48,000 | ||
Working Notes:
Page No 7.70:
Question 27:
Realisation Account | ||||
Particulars | Amount (Rs) | Particulars | Amount (Rs) | |
Fixed Assets | 21,000 | Creditors | 14,320 | |
Stock | 11,200 | Elephant Ltd. (Purchase Consideration) | 48,000 | |
Debtors | 19,600 | Bank (Debtors) | 19,200 | |
Bank A/c (Creditors) | 14,000 | Cat’s Capital A/c (Furniture) | 4,200 | |
Profit transferred to: | ||||
Cat’s Capital A/c
|
14,940 | |||
Rat’s Capital A/c
|
4,980 | 19,920 | ||
85,720 | 85,720 | |||
Partners’ Capital Accounts | |||||||
Dr. | Cr. | ||||||
Particulars | Cat | Rat | Particulars | Cat | Rat | ||
Realisation A/c | 4,200 | Balance b/d | 24,000 | 8,000 | |||
Equity Shares A/c (3:1) | 15,000 | 5,000 | Current A/c | 4,200 | 2,000 | ||
Preference Share A/c (WN) | 4,500 | 4,500 | Realisation A/c | 14,940 | 4,980 | ||
Bank A/c | 19,440 | 5,480 | |||||
43,140 | 17,980 | 43,140 | 17,980 | ||||
Bank Account | |||
Particulars | Amount (Rs) |
Amount (Rs) |
|
Balance b/d | 3,720 | Realisation A/c, | 14,000 |
Realisation A/c | 19,200 | Cat’s Capital A/c | 19,440 |
Elephant ltd | 16,000 | Rat’s Capital A/c | 5,480 |
38,920 | 38,920 | ||
Elephant Ltd. Account | |||
Particulars | Amount (Rs) | Amount (Rs) | |
Realisation A/c | 48,000 | Bank A/c | 16,000 |
Pref. Share Capital A/c (160 75) | 12,000 | ||
Equity Share Capital A/c (Bal. Fig.) | 20,000 | ||
48,000 | 48,000 | ||
Working Notes:
Answer:
Realisation Account | ||||||
Particulars | Amount (Rs) | Particulars | Amount (Rs) | |||
Goodwill | 10,000 | Provision for Doubtful Debts | 2,000 | |||
Building | 25,000 | Creditors | 20,000 | |||
Plant & Machinery | 25,000 | Bills Payable | 20,000 | |||
Investments | 15,300 | Bank Overdraft | 10,000 | |||
Stock | 8,700 | Mrs. Rahul’s Loan | 20,000 | |||
Bills Receivable | 10,000 | Investment Fluctuation Fund | 2,800 | |||
Debtors | 17,000 | Employees’ Provident Fund | 1,200 | |||
Rahul’s Capital A/c (Loan) | 20,000 | Bank A/c: | ||||
Bank A/c: |
Debtors
|
12,000 | ||||
Creditors
|
19,000 |
Plant & Machinery
|
20,000 | |||
Bills Payable
|
19,000 |
Building
|
50,000 | |||
Employees’ Provident Fund
|
1,200 |
Goodwill
|
6,000 | 88,000 | ||
Bank Overdraft
|
10,000 | Rohit’s Capital A/c | ||||
Expenses
|
2,000 | 51,200 |
Investments
|
12,000 | ||
Profit transferred to: |
Bills Receivable
|
8,000 | 20,000 | |||
Ranvi’s Capital A/c
|
4,900 | Rahul’s Capital A/c (Stock) | 8,000 | |||
Rohit’s Capital A/c
|
4,900 | 9,800 | ||||
1,92,000 | 1,92,000 | |||||
Partners’ Capital Accounts | |||||||
Dr. | Cr. | ||||||
Particulars | Rahul | Rohit | Particulars | Rahul | Rohit | ||
Profit & Loss A/c | 2,000 | 2,000 | Balance b/d | 20,000 | 20,000 | ||
Realisation A/c | 8,000 | 20,000 | General Reserve A/c | 1,000 | 1,000 | ||
Realisation A/c | 20,000 | − | |||||
Bank A/c (Balancing Figure) | 35,900 | 3,900 | Realisation A/c | 4,900 | 4,900 | ||
45,900 | 25,900 | 45,900 | 25,900 | ||||
Bank Account | |||
Particulars | Amount (Rs) | Amount (Rs) | |
Balance b/d | 13,000 | Rohit’s Loan A/c | 10,000 |
Realisation A/c | 88,000 | Realisation A/c | 51,200 |
Rahul’s Capital | 35,900 | ||
Rohit’s Capital | 3,900 | ||
1,01,000 | 1,01,000 | ||
Note: There seems to be a printing error in the answer given in the textbook. The amount paid to Rohit is 3,900 and not Rs 13,900.
Page No 7.71:
Question 28:
Realisation Account | ||||||
Particulars | Amount (Rs) | Particulars | Amount (Rs) | |||
Goodwill | 10,000 | Provision for Doubtful Debts | 2,000 | |||
Building | 25,000 | Creditors | 20,000 | |||
Plant & Machinery | 25,000 | Bills Payable | 20,000 | |||
Investments | 15,300 | Bank Overdraft | 10,000 | |||
Stock | 8,700 | Mrs. Rahul’s Loan | 20,000 | |||
Bills Receivable | 10,000 | Investment Fluctuation Fund | 2,800 | |||
Debtors | 17,000 | Employees’ Provident Fund | 1,200 | |||
Rahul’s Capital A/c (Loan) | 20,000 | Bank A/c: | ||||
Bank A/c: |
Debtors
|
12,000 | ||||
Creditors
|
19,000 |
Plant & Machinery
|
20,000 | |||
Bills Payable
|
19,000 |
Building
|
50,000 | |||
Employees’ Provident Fund
|
1,200 |
Goodwill
|
6,000 | 88,000 | ||
Bank Overdraft
|
10,000 | Rohit’s Capital A/c | ||||
Expenses
|
2,000 | 51,200 |
Investments
|
12,000 | ||
Profit transferred to: |
Bills Receivable
|
8,000 | 20,000 | |||
Ranvi’s Capital A/c
|
4,900 | Rahul’s Capital A/c (Stock) | 8,000 | |||
Rohit’s Capital A/c
|
4,900 | 9,800 | ||||
1,92,000 | 1,92,000 | |||||
Partners’ Capital Accounts | |||||||
Dr. | Cr. | ||||||
Particulars | Rahul | Rohit | Particulars | Rahul | Rohit | ||
Profit & Loss A/c | 2,000 | 2,000 | Balance b/d | 20,000 | 20,000 | ||
Realisation A/c | 8,000 | 20,000 | General Reserve A/c | 1,000 | 1,000 | ||
Realisation A/c | 20,000 | − | |||||
Bank A/c (Balancing Figure) | 35,900 | 3,900 | Realisation A/c | 4,900 | 4,900 | ||
45,900 | 25,900 | 45,900 | 25,900 | ||||
Bank Account | |||
Particulars | Amount (Rs) | Amount (Rs) | |
Balance b/d | 13,000 | Rohit’s Loan A/c | 10,000 |
Realisation A/c | 88,000 | Realisation A/c | 51,200 |
Rahul’s Capital | 35,900 | ||
Rohit’s Capital | 3,900 | ||
1,01,000 | 1,01,000 | ||
Note: There seems to be a printing error in the answer given in the textbook. The amount paid to Rohit is 3,900 and not Rs 13,900.
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 | ||||
(Balance amount of creditors paid) | |||||
2) | Bank A/c | Dr. | 20,000 | ||
To Realisation A/c
|
20,000 | ||||
(Excess amount received from creditors) | |||||
3) | Realisation A/c | Dr. | 45,000 | ||
To X’s Capital A/c
|
45,000 | ||||
(Creditors paid by X) | |||||
4) | Y’s Capital A/c | Dr. | 36,000 | ||
To Realisation A/c
|
36,000 | ||||
(Computer taken over by Y) | |||||
5) | Realisation A/c | Dr. | 10,000 | ||
To Bank A/c
|
10,000 | ||||
(Workmen compensation paid) | |||||
Workmen Compensation Reserve A/c | Dr. | 10,000 | |||
To X’s Capital A/c
|
5,000 | ||||
To Y’s Capital A/c
|
3,333 | ||||
To Z’s Capital A/c
|
1,667 | ||||
(Excess of workmen compensation reserve distributed among partners) | |||||
6) | No Entry | ||||
Page No 7.71:
Question 29:
Journal | |||||
Date | Particulars | L.F. | Debit Amount (Rs) | Credit Amount (Rs) |
|
1) | Realisation A/c | Dr. | 10,000 | ||
To Bank A/c
|
10,000 | ||||
(Balance amount of creditors paid) | |||||
2) | Bank A/c | Dr. | 20,000 | ||
To Realisation A/c
|
20,000 | ||||
(Excess amount received from creditors) | |||||
3) | Realisation A/c | Dr. | 45,000 | ||
To X’s Capital A/c
|
45,000 | ||||
(Creditors paid by X) | |||||
4) | Y’s Capital A/c | Dr. | 36,000 | ||
To Realisation A/c
|
36,000 | ||||
(Computer taken over by Y) | |||||
5) | Realisation A/c | Dr. | 10,000 | ||
To Bank A/c
|
10,000 | ||||
(Workmen compensation paid) | |||||
Workmen Compensation Reserve A/c | Dr. | 10,000 | |||
To X’s Capital A/c
|
5,000 | ||||
To Y’s Capital A/c
|
3,333 | ||||
To Z’s Capital A/c
|
1,667 | ||||
(Excess of workmen compensation reserve distributed among partners) | |||||
6) | No Entry | ||||
Answer:
Realisation Account |
|||||
Dr. |
|
Cr. |
|||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||
Sundry Assets (WN) |
21,250 |
Other liabilities |
5,000 |
||
Cash A/c (Liabilities) |
5,000 |
Cash A/c (Assets Realised) |
24,000 |
||
Profit transferred to: |
|
|
|
||
A’s Capital A/c |
1,750 |
|
|
|
|
B’s Capital A/c |
1,000 |
2,750 |
|
|
|
|
29,000 |
|
29,000 |
||
|
|
|
|
Partners’ Capital Accounts |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
A |
B |
Particulars |
A |
B |
||
Cash A/c |
8,750 |
5,000 |
Balance b/d |
7,000 |
4,000 |
||
|
|
|
Realisation A/c (Profit) |
1,750 |
1,000 |
||
|
8,750 |
5,000 |
|
8,750 |
5,000 |
||
|
|
|
|
|
|
Partners’ Loan Accounts |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
A |
B |
Particulars |
A |
B |
||
Cash A/c |
4,500 |
750 |
Balance b/d |
4,500 |
750 |
||
|
|
|
|
|
|
||
|
4,500 |
750 |
|
4,500 |
750 |
||
|
|
|
|
|
|
Cash Account | |||||
Dr. |
|
Cr. |
|||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||
Realisation A/c (Assets) |
24,000 |
A’s Capital A/c |
8,750 |
||
|
|
B’s Capital A/c |
5,000 |
||
|
|
A’s Loan A/c |
4,500 |
||
|
|
B’s Loan A/c |
750 |
||
|
|
Realisation A/c |
5,000 |
||
|
24,000 |
|
24,000 |
||
|
|
|
|
Working Note:
Memorandum Balance Sheet as on May 30, 2014 |
||||
Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Capital A/c |
|
Sundry Assets |
21,250 |
|
A |
7,000 |
|
(Balancing Figure) |
|
B |
4,000 |
11,000 |
|
|
A’s Loan |
4,500 |
|
|
|
B’s Loan |
750 |
|
|
|
Other liabilities |
5,000 |
|
|
|
|
21,250 |
|
21,250 |
|
|
|
|
|
Page No 7.71:
Question 30:
Realisation Account |
|||||
Dr. |
|
Cr. |
|||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||
Sundry Assets (WN) |
21,250 |
Other liabilities |
5,000 |
||
Cash A/c (Liabilities) |
5,000 |
Cash A/c (Assets Realised) |
24,000 |
||
Profit transferred to: |
|
|
|
||
A’s Capital A/c |
1,750 |
|
|
|
|
B’s Capital A/c |
1,000 |
2,750 |
|
|
|
|
29,000 |
|
29,000 |
||
|
|
|
|
Partners’ Capital Accounts |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
A |
B |
Particulars |
A |
B |
||
Cash A/c |
8,750 |
5,000 |
Balance b/d |
7,000 |
4,000 |
||
|
|
|
Realisation A/c (Profit) |
1,750 |
1,000 |
||
|
8,750 |
5,000 |
|
8,750 |
5,000 |
||
|
|
|
|
|
|
Partners’ Loan Accounts |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
A |
B |
Particulars |
A |
B |
||
Cash A/c |
4,500 |
750 |
Balance b/d |
4,500 |
750 |
||
|
|
|
|
|
|
||
|
4,500 |
750 |
|
4,500 |
750 |
||
|
|
|
|
|
|
Cash Account | |||||
Dr. |
|
Cr. |
|||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||
Realisation A/c (Assets) |
24,000 |
A’s Capital A/c |
8,750 |
||
|
|
B’s Capital A/c |
5,000 |
||
|
|
A’s Loan A/c |
4,500 |
||
|
|
B’s Loan A/c |
750 |
||
|
|
Realisation A/c |
5,000 |
||
|
24,000 |
|
24,000 |
||
|
|
|
|
Working Note:
Memorandum Balance Sheet as on May 30, 2014 |
||||
Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Capital A/c |
|
Sundry Assets |
21,250 |
|
A |
7,000 |
|
(Balancing Figure) |
|
B |
4,000 |
11,000 |
|
|
A’s Loan |
4,500 |
|
|
|
B’s Loan |
750 |
|
|
|
Other liabilities |
5,000 |
|
|
|
|
21,250 |
|
21,250 |
|
|
|
|
|
Answer:
Realisation Account |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|||
Sundry Assets (WN) |
17,000 |
A’s Capital (Stock) |
5,000 |
|||
|
|
B’s Capital (Furniture) |
2,000 |
|||
|
|
C’s Capital (Debtors) |
3,000 |
|||
|
|
Bank A/c (Assets realised) |
1,000 |
|||
|
|
Loss transferred to: |
|
|||
|
|
A’s Capital A/c |
3,000 |
|
||
|
|
B’s Capital A/c |
2,000 |
|
||
|
|
C’s Capital A/c |
1,000 |
6,000 |
||
|
17,000 |
|
17,000 |
|||
|
|
|
|
Partners’ Capital Accounts |
|||||||||
Dr. |
|
Cr. |
|||||||
Particulars |
A |
B |
C |
Particulars |
A |
B |
C |
||
Realisation A/c |
5,000 |
2,000 |
3,000 |
Balance b/d |
8,100 |
5,300 |
3,600 |
||
Realisation A/c (Loss) |
3,000 |
2,000 |
1,000 |
Cash A/c |
- |
- |
400 |
||
Cash A/c |
100 |
1,300 |
- |
|
|
|
|
||
|
8,100 |
5,300 |
4,000 |
|
8,100 |
5,300 |
4,000 |
||
|
|
|
|
|
|
|
|
Bank Account | |||||
Dr. |
|
Cr. |
|||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||
Realisation A/c |
1,000 |
A’s Capital A/c |
100 |
||
C’s Capital A/c |
400 |
B’s Capital A/c |
1,300 |
||
|
1,400 |
|
1,400 |
||
|
|
|
|
Working Note:
Memorandum Balance Sheet as on March 31, 2014 |
||||
Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Capital A/cs: |
|
|
|
|
A |
10,000 – 1,900 |
8,100 |
Sundry Assets |
17,000 |
B |
7,000 – 1,700 |
5,300 |
(Balancing figure) |
|
C |
5000 – 1400 |
3,600 |
|
|
|
17,000 |
|
17,000 |
|
|
|
|
|
Page No 7.71:
Question 31:
Realisation Account |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|||
Sundry Assets (WN) |
17,000 |
A’s Capital (Stock) |
5,000 |
|||
|
|
B’s Capital (Furniture) |
2,000 |
|||
|
|
C’s Capital (Debtors) |
3,000 |
|||
|
|
Bank A/c (Assets realised) |
1,000 |
|||
|
|
Loss transferred to: |
|
|||
|
|
A’s Capital A/c |
3,000 |
|
||
|
|
B’s Capital A/c |
2,000 |
|
||
|
|
C’s Capital A/c |
1,000 |
6,000 |
||
|
17,000 |
|
17,000 |
|||
|
|
|
|
Partners’ Capital Accounts |
|||||||||
Dr. |
|
Cr. |
|||||||
Particulars |
A |
B |
C |
Particulars |
A |
B |
C |
||
Realisation A/c |
5,000 |
2,000 |
3,000 |
Balance b/d |
8,100 |
5,300 |
3,600 |
||
Realisation A/c (Loss) |
3,000 |
2,000 |
1,000 |
Cash A/c |
- |
- |
400 |
||
Cash A/c |
100 |
1,300 |
- |
|
|
|
|
||
|
8,100 |
5,300 |
4,000 |
|
8,100 |
5,300 |
4,000 |
||
|
|
|
|
|
|
|
|
Bank Account | |||||
Dr. |
|
Cr. |
|||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||
Realisation A/c |
1,000 |
A’s Capital A/c |
100 |
||
C’s Capital A/c |
400 |
B’s Capital A/c |
1,300 |
||
|
1,400 |
|
1,400 |
||
|
|
|
|
Working Note:
Memorandum Balance Sheet as on March 31, 2014 |
||||
Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Capital A/cs: |
|
|
|
|
A |
10,000 – 1,900 |
8,100 |
Sundry Assets |
17,000 |
B |
7,000 – 1,700 |
5,300 |
(Balancing figure) |
|
C |
5000 – 1400 |
3,600 |
|
|
|
17,000 |
|
17,000 |
|
|
|
|
|
Answer:
Realisation Account | ||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|||
Sundry Assets (WN) |
4,80,000 |
Trade Creditors |
2,00,000 |
|||
Cash A/c (Creditors) |
2,00,000 |
Cash (Assets realised) |
4,50,000 |
|||
|
|
Loss transferred to: |
|
|||
|
|
A’s Capital A/c |
20,000 |
|
||
|
|
B’s Capital A/c |
10,000 |
30,000 |
||
|
6,80,000 |
|
6,80,000 |
|||
|
|
|
|
Partners’ Capital Accounts |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
A |
B |
Particulars |
A |
B |
||
B’s Loan A/c |
- |
20,000 |
Balance b/d |
1,70,000 |
30,000 |
||
Realisation A/c (Loss) |
20,000 |
10,000 |
|
|
|
||
Cash A/c |
1,50,000 |
|
|
|
|
||
|
1,70,000 |
30,000 |
|
1,70,000 |
30,000 |
||
|
|
|
|
|
|
Cash Account | |||||
Dr. |
|
Cr. |
|||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||
Realisation A/c (Assets) |
4,50,000 |
Realisation A/c (Creditors) |
2,00,000 |
||
|
|
A’s Capital A/c |
1,50,000 |
||
|
|
A’s Loan A/c |
1,00,000 |
||
|
4,50,000 |
|
4,50,000 |
||
|
|
|
|
Working Note:
Memorandum Balance Sheet |
||||
Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Capital A/cs: |
|
B’s Loan |
20,000 |
|
A |
1,70,000 |
|
|
|
B |
30,000 |
2,00,000 |
Sundry Assets |
4,80,000 |
A’s Loan |
1,00,000 |
(Balancing figure) |
|
|
Trade Creditors |
2,00,000 |
|
|
|
|
5,00,000 |
|
5,00,000 |
|
|
|
|
|
Note: Final amount payable to B (Rs 20,000) has been adjusted against the loan receivable (Rs 20,000) from him.
Page No 7.72:
Question 32:
Realisation Account | ||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|||
Sundry Assets (WN) |
4,80,000 |
Trade Creditors |
2,00,000 |
|||
Cash A/c (Creditors) |
2,00,000 |
Cash (Assets realised) |
4,50,000 |
|||
|
|
Loss transferred to: |
|
|||
|
|
A’s Capital A/c |
20,000 |
|
||
|
|
B’s Capital A/c |
10,000 |
30,000 |
||
|
6,80,000 |
|
6,80,000 |
|||
|
|
|
|
Partners’ Capital Accounts |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
A |
B |
Particulars |
A |
B |
||
B’s Loan A/c |
- |
20,000 |
Balance b/d |
1,70,000 |
30,000 |
||
Realisation A/c (Loss) |
20,000 |
10,000 |
|
|
|
||
Cash A/c |
1,50,000 |
|
|
|
|
||
|
1,70,000 |
30,000 |
|
1,70,000 |
30,000 |
||
|
|
|
|
|
|
Cash Account | |||||
Dr. |
|
Cr. |
|||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||
Realisation A/c (Assets) |
4,50,000 |
Realisation A/c (Creditors) |
2,00,000 |
||
|
|
A’s Capital A/c |
1,50,000 |
||
|
|
A’s Loan A/c |
1,00,000 |
||
|
4,50,000 |
|
4,50,000 |
||
|
|
|
|
Working Note:
Memorandum Balance Sheet |
||||
Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Capital A/cs: |
|
B’s Loan |
20,000 |
|
A |
1,70,000 |
|
|
|
B |
30,000 |
2,00,000 |
Sundry Assets |
4,80,000 |
A’s Loan |
1,00,000 |
(Balancing figure) |
|
|
Trade Creditors |
2,00,000 |
|
|
|
|
5,00,000 |
|
5,00,000 |
|
|
|
|
|
Note: Final amount payable to B (Rs 20,000) has been adjusted against the loan receivable (Rs 20,000) from him.
Answer:
Realisation Account | |||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||||
Sundry Assets |
94,000 |
Creditors |
24,000 |
||||
X’s Capital A/c (Creditors) |
14,000 |
Cash (Assets Realised) |
88,500 |
||||
Cash A/c: |
|
Loss transferred to: |
|
||||
Creditors |
7,500 |
|
X’s Capital A/c |
2,100 |
|
||
Expenses |
500 |
8,000 |
Y’s Capital A/c |
1,400 |
3,500 |
||
|
1,16,000 |
|
1,16,000 |
||||
|
|
|
|
Partners’ Capital Accounts |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
X |
Y |
Particulars |
X |
Y |
||
Realisation A/c (Loss) |
2,100 |
1,400 |
Balance b/d |
40,000 |
30,000 |
||
Cash A/c |
51,900 |
28,600 |
Realisation A/c (Creditors) |
14,000 |
- |
||
|
54,000 |
30,000 |
|
54,000 |
30,000 |
||
|
|
|
|
|
|
Cash Account | |||||
Dr. |
|
Cr. |
|||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||
Realisation A/c (Assets) |
88,500 |
Realisation A/c |
8,000 |
||
|
|
X’s Capital A/c |
51,900 |
||
|
|
Y’s Capital A/c |
28,600 |
||
|
88,500 |
|
88,500 |
||
|
|
|
|
Working Note:
Memorandum Balance Sheet as on July 31, 2014 |
||||
Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Capital A/cs: |
|
Sundry Assets |
94,000 |
|
X |
40,000 |
|
(Balancing figure) |
|
Y |
30,000 |
70,000 |
|
|
Creditors |
24,000 |
|
|
|
|
94,000 |
|
94,000 |
|
|
|
|
|
Page No 7.72:
Question 33:
Realisation Account | |||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||||
Sundry Assets |
94,000 |
Creditors |
24,000 |
||||
X’s Capital A/c (Creditors) |
14,000 |
Cash (Assets Realised) |
88,500 |
||||
Cash A/c: |
|
Loss transferred to: |
|
||||
Creditors |
7,500 |
|
X’s Capital A/c |
2,100 |
|
||
Expenses |
500 |
8,000 |
Y’s Capital A/c |
1,400 |
3,500 |
||
|
1,16,000 |
|
1,16,000 |
||||
|
|
|
|
Partners’ Capital Accounts |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
X |
Y |
Particulars |
X |
Y |
||
Realisation A/c (Loss) |
2,100 |
1,400 |
Balance b/d |
40,000 |
30,000 |
||
Cash A/c |
51,900 |
28,600 |
Realisation A/c (Creditors) |
14,000 |
- |
||
|
54,000 |
30,000 |
|
54,000 |
30,000 |
||
|
|
|
|
|
|
Cash Account | |||||
Dr. |
|
Cr. |
|||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||
Realisation A/c (Assets) |
88,500 |
Realisation A/c |
8,000 |
||
|
|
X’s Capital A/c |
51,900 |
||
|
|
Y’s Capital A/c |
28,600 |
||
|
88,500 |
|
88,500 |
||
|
|
|
|
Working Note:
Memorandum Balance Sheet as on July 31, 2014 |
||||
Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Capital A/cs: |
|
Sundry Assets |
94,000 |
|
X |
40,000 |
|
(Balancing figure) |
|
Y |
30,000 |
70,000 |
|
|
Creditors |
24,000 |
|
|
|
|
94,000 |
|
94,000 |
|
|
|
|
|
Answer:
Realisation Account | |||||
Particulars | Amount (Rs) | Particulars | Amount (Rs) | ||
Sundry Assets | 2,10,000 | Creditors | 25,000 | ||
Bank A/c: | Bank A/c (Assets) | 2,00,000 | |||
Creditors
|
25,000 | Loss transferred to: | |||
Expenses
|
3,000 | 28,000 |
P’s Capital A/c
|
5,200 | |
Q’s Capital A/c
|
3,900 | ||||
R’s Capital A/c
|
3,900 | 13,000 | |||
2,38,000 | 2,38,000 | ||||
Partners’ Capital Accounts | |||||||||
Dr. | Cr. | ||||||||
Particulars | P | Q | R | Particulars | P | Q | R | ||
Realisation A/c | 5,200 | 3,900 | 3,900 | Balance b/d | 1,06,000 | 64,500 | 14,500 | ||
Bank A/c | 1,00,800 | 60,600 | 10,600 | ||||||
1,06,000 | 64,500 | 14,500 | 1,06,000 | 64,500 | 14,500 | ||||
Bank Account | |||
Particulars | Amount (Rs) | Amount (Rs) | |
Realisation A/c | 2,00,000 | Realisation A/c | 28,000 |
P’s Capital A/c | 1,00,800 | ||
Q’s Capital A/c | 60,600 | ||
R’s Capital A/c | 10,600 | ||
2,00,000 | 2,00,000 | ||
Working Notes: Calculation of capital balance
Partners’ Capital Accounts | |||||||||
Dr. | Cr. | ||||||||
Particulars | P | Q | R | Particulars | P | Q | R | ||
Profit & Loss A/c | 34,000 | 25,500 | 25,500 | Cash A/c | 1,50,000 | 1,00,000 | 50,000 | ||
Drawings A/c | 10,000 | 10,000 | 10,000 | ||||||
Balance c/d | 1,06,000 | 64,500 | 14,500 | ||||||
1,50,000 | 1,00,000 | 50,000 | 1,50,000 | 1,00,000 | 50,000 | ||||
Memorandum Balance Sheet
as on March 31, 2014
|
||||
Liabilities | Amount (Rs) | Assets | Amount (Rs) | |
Capital: | Sundry Assets (Balancing Figure) | 2,10,000 | ||
P
|
1,06,000 | |||
Q
|
64,500 | |||
R
|
14,500 | 1,85,000 | ||
Creditors | 25,000 | |||
2,10,000 | 2,10,000 | |||
Note: No interest on capital is allowed because loss is incurred by the firm.
Page No 7.72:
Question 34:
Realisation Account | |||||
Particulars | Amount (Rs) | Particulars | Amount (Rs) | ||
Sundry Assets | 2,10,000 | Creditors | 25,000 | ||
Bank A/c: | Bank A/c (Assets) | 2,00,000 | |||
Creditors
|
25,000 | Loss transferred to: | |||
Expenses
|
3,000 | 28,000 |
P’s Capital A/c
|
5,200 | |
Q’s Capital A/c
|
3,900 | ||||
R’s Capital A/c
|
3,900 | 13,000 | |||
2,38,000 | 2,38,000 | ||||
Partners’ Capital Accounts | |||||||||
Dr. | Cr. | ||||||||
Particulars | P | Q | R | Particulars | P | Q | R | ||
Realisation A/c | 5,200 | 3,900 | 3,900 | Balance b/d | 1,06,000 | 64,500 | 14,500 | ||
Bank A/c | 1,00,800 | 60,600 | 10,600 | ||||||
1,06,000 | 64,500 | 14,500 | 1,06,000 | 64,500 | 14,500 | ||||
Bank Account | |||
Particulars | Amount (Rs) | Amount (Rs) | |
Realisation A/c | 2,00,000 | Realisation A/c | 28,000 |
P’s Capital A/c | 1,00,800 | ||
Q’s Capital A/c | 60,600 | ||
R’s Capital A/c | 10,600 | ||
2,00,000 | 2,00,000 | ||
Working Notes: Calculation of capital balance
Partners’ Capital Accounts | |||||||||
Dr. | Cr. | ||||||||
Particulars | P | Q | R | Particulars | P | Q | R | ||
Profit & Loss A/c | 34,000 | 25,500 | 25,500 | Cash A/c | 1,50,000 | 1,00,000 | 50,000 | ||
Drawings A/c | 10,000 | 10,000 | 10,000 | ||||||
Balance c/d | 1,06,000 | 64,500 | 14,500 | ||||||
1,50,000 | 1,00,000 | 50,000 | 1,50,000 | 1,00,000 | 50,000 | ||||
Memorandum Balance Sheet
as on March 31, 2014
|
||||
Liabilities | Amount (Rs) | Assets | Amount (Rs) | |
Capital: | Sundry Assets (Balancing Figure) | 2,10,000 | ||
P
|
1,06,000 | |||
Q
|
64,500 | |||
R
|
14,500 | 1,85,000 | ||
Creditors | 25,000 | |||
2,10,000 | 2,10,000 | |||
Note: No interest on capital is allowed because loss is incurred by the firm.
Answer:
Profit and Loss Appropriation Account for the year ended March 31, 2013 |
||||||||
Dr. |
|
Cr. |
||||||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|||||
Interest on Capital A/c: |
|
Profit and Loss A/c |
21,600 |
|||||
X (40,000 × 15%) |
6,000 |
|
Interest on Drawings |
|
||||
Y (30,000 × 15%) |
4,500 |
|
X (6,000 × 5%) |
300 |
|
|||
Z (20,000 × 15%) |
3,000 |
13,500 |
Y (6,000 × 5%) |
300 |
|
|||
|
|
Z (6,000 × 5%) |
300 |
900 |
||||
Profit transferred to: |
|
|
|
|||||
X’s Capital A/c |
4,500 |
|
|
|
||||
Y’s Capital A/c |
3,000 |
|
|
|
||||
Z’s Capital A/c |
1,500 |
9,000 |
|
|
||||
|
22,500 |
|
22,500 |
|||||
|
|
|
|
|||||
Partners’ Capital Accounts for the year 2012-13 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
X |
Y |
Z |
Particulars |
X |
Y |
Z |
Drawings A/c |
6,000 |
6,000 |
6,000 |
Cash A/c |
40,000 |
30,000 |
20,000 |
Interest on Drawings |
300 |
300 |
300 |
Interest on Capital A/c |
6,000 |
4,500 |
3,000 |
|
|
|
|
P/L Appropriation A/c |
4,500 |
3,000 |
1,500 |
Balance c/d |
44,200 |
31,200 |
18,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
50,500 |
37,500 |
24,500 |
|
50,500 |
37,500 |
24,500 |
|
|
|
|
|
|
|
|
Profit and Loss Appropriation Account for the year ended March 31, 2014 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||||
Interest on Capital A/c |
|
Profit and Loss |
25,140 |
||||
X (44,200 × 15%) |
6,630 |
|
Interest on Drawings |
|
|||
Y (31,200 × 15%) |
4,680 |
|
X (6,000 × 5%) |
300 |
|
||
Z (18,200 × 15%) |
2,730 |
14,040 |
Y (6,000 × 5%) |
300 |
|
||
Profit transferred to : |
|
Z (6,000 × 5%) |
300 |
900 |
|||
X’s Capital A/c |
6,000 |
|
|
|
|||
Y’s Capital A/c |
4,000 |
|
|
|
|||
Z’s Capital A/c |
2,000 |
12,000 |
|
|
|||
|
26,040 |
|
26,040 |
||||
|
|
|
|
||||
Partners’ Capital Accounts for the year ended March 31,2014 |
|||||||||
Dr. |
|
Cr. |
|||||||
Particulars |
X |
Y |
Z |
Particulars |
X |
Y |
Z |
||
Drawings A/c |
6,000 |
6,000 |
6,000 |
Balance b/d |
44,200 |
31,200 |
18,200 |
||
Interest on Drawing |
300 |
300 |
300 |
Interest on Capital A/c |
6,630 |
4,680 |
2,730 |
||
Balance c/d |
50,530 |
33,580 |
16,630 |
P/L Appropriation A/c |
6,000 |
4,000 |
2,000 |
||
|
|
|
|
|
|
|
|
||
|
56,830 |
39,880 |
22,930 |
|
56,830 |
39,880 |
22,930 |
||
|
|
|
|
|
|
|
|
||
|
|
|
|
Balance b/d |
50,530 |
33,580 |
16,630 |
||
Cash A/c |
51,280 |
34,080 |
16,880 |
Realisation A/c (Profit) |
750 |
500 |
250 |
||
|
|
|
|
|
|
|
|
||
|
51,280 |
34,080 |
16880 |
|
51,280 |
34,080 |
16,880 |
||
|
|
|
|
|
|
|
|
||
Realisation Account | |||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||||
Sundry Assets |
1,18,740 |
Creditors |
20,000 |
||||
Cash A/c: |
|
Cash (Assets realised) |
1,21,000 |
||||
Creditors |
20,000 |
|
|
|
|||
Expanses |
760 |
20,760 |
|
|
|||
Profit transferred to: |
|
|
|
||||
X’s Capital A/c |
750 |
|
|
|
|||
Y’s Capital A/c |
500 |
|
|
|
|||
Z’s Capital A/c |
250 |
1,500 |
|
|
|||
|
|
|
|
||||
|
1,41,000 |
|
1,41,000 |
||||
|
|
|
|
||||
Cash Account | |||||
Dr. |
|
Cr. |
|||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||
Balance b/d |
2,000 |
Realisation A/c |
20,760 |
||
Realisation A/c |
1,21,000 |
X’s Capital A/c |
51,280 |
||
|
|
Y’s Capital A/c |
34,080 |
||
|
|
Z’s Capital A/c |
16,880 |
||
|
|
|
|
||
|
1,23,000 |
|
1,23,000 |
||
|
|
|
|
||
Memorandum Balance Sheet as on March 31, 2013 |
||||
Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Capital A/cs: |
|
Cash |
2,000 |
|
X |
50,530 |
|
Sundry Assets |
1,18,740 |
Y |
33,580 |
|
|
|
Z |
16,630 |
1,00,740 |
|
|
Creditors |
20,000 |
|
|
|
|
|
|
|
|
|
1,20,740 |
|
1,20,740 |
|
|
|
|
|
Page No 7.72:
Question 35:
Profit and Loss Appropriation Account for the year ended March 31, 2013 |
||||||||
Dr. |
|
Cr. |
||||||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|||||
Interest on Capital A/c: |
|
Profit and Loss A/c |
21,600 |
|||||
X (40,000 × 15%) |
6,000 |
|
Interest on Drawings |
|
||||
Y (30,000 × 15%) |
4,500 |
|
X (6,000 × 5%) |
300 |
|
|||
Z (20,000 × 15%) |
3,000 |
13,500 |
Y (6,000 × 5%) |
300 |
|
|||
|
|
Z (6,000 × 5%) |
300 |
900 |
||||
Profit transferred to: |
|
|
|
|||||
X’s Capital A/c |
4,500 |
|
|
|
||||
Y’s Capital A/c |
3,000 |
|
|
|
||||
Z’s Capital A/c |
1,500 |
9,000 |
|
|
||||
|
22,500 |
|
22,500 |
|||||
|
|
|
|
|||||
Partners’ Capital Accounts for the year 2012-13 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
X |
Y |
Z |
Particulars |
X |
Y |
Z |
Drawings A/c |
6,000 |
6,000 |
6,000 |
Cash A/c |
40,000 |
30,000 |
20,000 |
Interest on Drawings |
300 |
300 |
300 |
Interest on Capital A/c |
6,000 |
4,500 |
3,000 |
|
|
|
|
P/L Appropriation A/c |
4,500 |
3,000 |
1,500 |
Balance c/d |
44,200 |
31,200 |
18,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
50,500 |
37,500 |
24,500 |
|
50,500 |
37,500 |
24,500 |
|
|
|
|
|
|
|
|
Profit and Loss Appropriation Account for the year ended March 31, 2014 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||||
Interest on Capital A/c |
|
Profit and Loss |
25,140 |
||||
X (44,200 × 15%) |
6,630 |
|
Interest on Drawings |
|
|||
Y (31,200 × 15%) |
4,680 |
|
X (6,000 × 5%) |
300 |
|
||
Z (18,200 × 15%) |
2,730 |
14,040 |
Y (6,000 × 5%) |
300 |
|
||
Profit transferred to : |
|
Z (6,000 × 5%) |
300 |
900 |
|||
X’s Capital A/c |
6,000 |
|
|
|
|||
Y’s Capital A/c |
4,000 |
|
|
|
|||
Z’s Capital A/c |
2,000 |
12,000 |
|
|
|||
|
26,040 |
|
26,040 |
||||
|
|
|
|
||||
Partners’ Capital Accounts for the year ended March 31,2014 |
|||||||||
Dr. |
|
Cr. |
|||||||
Particulars |
X |
Y |
Z |
Particulars |
X |
Y |
Z |
||
Drawings A/c |
6,000 |
6,000 |
6,000 |
Balance b/d |
44,200 |
31,200 |
18,200 |
||
Interest on Drawing |
300 |
300 |
300 |
Interest on Capital A/c |
6,630 |
4,680 |
2,730 |
||
Balance c/d |
50,530 |
33,580 |
16,630 |
P/L Appropriation A/c |
6,000 |
4,000 |
2,000 |
||
|
|
|
|
|
|
|
|
||
|
56,830 |
39,880 |
22,930 |
|
56,830 |
39,880 |
22,930 |
||
|
|
|
|
|
|
|
|
||
|
|
|
|
Balance b/d |
50,530 |
33,580 |
16,630 |
||
Cash A/c |
51,280 |
34,080 |
16,880 |
Realisation A/c (Profit) |
750 |
500 |
250 |
||
|
|
|
|
|
|
|
|
||
|
51,280 |
34,080 |
16880 |
|
51,280 |
34,080 |
16,880 |
||
|
|
|
|
|
|
|
|
||
Realisation Account | |||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||||
Sundry Assets |
1,18,740 |
Creditors |
20,000 |
||||
Cash A/c: |
|
Cash (Assets realised) |
1,21,000 |
||||
Creditors |
20,000 |
|
|
|
|||
Expanses |
760 |
20,760 |
|
|
|||
Profit transferred to: |
|
|
|
||||
X’s Capital A/c |
750 |
|
|
|
|||
Y’s Capital A/c |
500 |
|
|
|
|||
Z’s Capital A/c |
250 |
1,500 |
|
|
|||
|
|
|
|
||||
|
1,41,000 |
|
1,41,000 |
||||
|
|
|
|
||||
Cash Account | |||||
Dr. |
|
Cr. |
|||
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||
Balance b/d |
2,000 |
Realisation A/c |
20,760 |
||
Realisation A/c |
1,21,000 |
X’s Capital A/c |
51,280 |
||
|
|
Y’s Capital A/c |
34,080 |
||
|
|
Z’s Capital A/c |
16,880 |
||
|
|
|
|
||
|
1,23,000 |
|
1,23,000 |
||
|
|
|
|
||
Memorandum Balance Sheet as on March 31, 2013 |
||||
Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Capital A/cs: |
|
Cash |
2,000 |
|
X |
50,530 |
|
Sundry Assets |
1,18,740 |
Y |
33,580 |
|
|
|
Z |
16,630 |
1,00,740 |
|
|
Creditors |
20,000 |
|
|
|
|
|
|
|
|
|
1,20,740 |
|
1,20,740 |
|
|
|
|
|
Answer:
Realisation Account |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Investments |
60,000 |
Provision for Doubtful Debts |
10,000 |
||
Furniture |
50,000 |
Sundry Creditors |
70,000 |
||
Machinery |
1,50,000 |
Mrs. A’s Loan |
50,000 |
||
Debtors |
1,00,000 |
Bank A/c (Assets realised): |
|
||
|
|
Debtors |
95,000 |
|
|
A’s Capital A/c (Mrs. A’s Loan) |
50,000 |
Machinery |
1,30,000 |
|
|
B’s Capital A/c (Realisation Expenses) |
5,000 |
Investments |
29,000 |
2,54,000 |
|
Bank A/c |
|
A’s Capital A/c (Investments) |
28,800 |
||
Creditors (10,000 + 31,500) |
41,500 |
|
Loss transferred to: |
|
|
Liability against Workmen Compensation |
10,000 |
51,500 |
A’s Capital A/c |
32,220 |
|
|
|
B’s Capital A/c |
21,480 |
53,700 |
|
|
4,66,500 |
|
4,66,500 |
||
|
|
|
|
Partners’ Capital Accounts |
|||||
Dr. |
Cr. |
||||
Particulars |
A |
B |
Particulars |
A |
B |
Profit and Loss A/c |
12,000 |
8,000 |
Balance b/d |
2,00,000 |
1,00,000 |
Advertisement Suspense A/c |
6,000 |
4,000 |
Realisation A/c (Mrs A’s Loan) |
50,000 |
|
Realisation A/c (Investments) |
28,800 |
|
Realisation A/c (Realisation Exp.) |
5,000 |
|
Realisation A/c (Loss) |
32,220 |
21,480 |
General Reserve |
18,000 |
12,000 |
Bank A/c (Final Payment) |
1,88,980 |
83,520 |
|||
|
2,68,000 |
1,17,000 |
|
2,68,000 |
1,17,000 |
|
|
|
|
|
|
Bank Account |
|||
Particulars |
Amount (Rs) |
|
Amount (Rs) |
Balance b/d |
70,000 |
Bank A/c (Liabilities paid-off) |
51,500 |
Bank A/c (Assets realised) |
2,54,000 |
A’s Capital A/c (Final Payment) |
1,88,980 |
|
|
B’s Capital A/c (Final Payment) |
83,520 |
|
3,24,000 |
|
3,24,000 |
|
|
|
|
View NCERT Solutions for all chapters of Class 15