question_answer

Golu and Monu are partners sharing profits in the ratio of 3 : 2. The court ordered for the dissolution of their partnership firm on 31st March, 2017. From the following information complete realisation account, partners' capital accounts and cash account. Dr                                                                     Realisation Account                                                    Cr

Particulars		Amt (Rs.)	Particulars		Amt (Rs.)
To Sundry Assets A/c			By Sundry Liabilities A/c
Building	1,20,000		Creditors	80,000
Investments	30,600		Mrs Golu?s Loan	40,000
Debtors	34,000		Provision for doubtful Debts	4,000
Bills Receivable	37,400		Investment Fluctuation Fund	8,000	1,32,000
Goodwill	4,000	2,26,000	By Cash A/c (Assets Realised)
To Golu's Capital A/c			Debtors	24,000
Commission	1,000		Building	1,52,000
Mrs Golu's Loan	40,000	41,000	Bills Receivable	36,000	2,12,000
To Cash A/c (Liabilities Paid)			By Monu?s Capital A/c (Investments)		27,000
Realisation Expenses	2,500
Creditors	72,000	74,500
To???..		?
		3,71,000			3,71,000

            Dr                                                         Partners? Capital Account                                                        Cr

Particulars	Golu (Rs.)	Monu (Rs.)	Particulars	Glou (Rs.)	Monu (Rs.)
To Profit and Loss A/c	4,800	3,200	By Balance b/d	42,000	42,000
To Realisation A/c (Investment)	....	....	......	.....	.....
To Cash A/c (Balancing Figure)	95,900	23,600	......	.....	.....
	1,00,700	53,800		1,00,700	53,800

                        Dr                                                                     Cash Account                                                              Cr

Particulars	Amt (Rs.)	Particulars	Amt (Rs.)
To Balance b/d	6,000	By Realisation A/c (Liabilities Paid)	74,500
To Realisation A/c	2,12,000	By Monu?s Loan A/c	24,000
(Assets realised)		............	....
		............	....
	2,18,000		2,18,000

 

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