question_answer
S and T were partners from 1st April, 2015 with capitals of Rs. 1,20,000 and Rs. 80,000 respectively. They shared profits in the ratio of 3 : 2. They carried on business for two years. In the first year ended 31st March, 2016, they earned a profit of Rs. 1,00,000 but in the second year ended 31st March, 2017, a loss of Rs. 40,000 was incurred. As the business was no longer profitable, they dissolved the firm on 31st March, 2017. Complete the realisation account, partners' capital account and cash account. DrRealisation AccountCr
| Particulars |
Amt (Rs.) |
Particulars |
|
Amt (Rs.) |
| To Sundry Assets A/c |
2,36,000 |
By Creditors |
|
40,000 |
| To Cash A/c (Creditors) |
40,000 |
By Cash A/c (Assets realised) |
|
2,00,000 |
| To Cash A/c, (Expenses) |
6,000 |
By ..... |
|
|
| |
|
.......... |
? |
|
| |
|
.......... |
? |
42,000 |
| |
2,82,000 |
|
|
2,82,000 |
DrPartners' Capital Account Cr
| Particulars |
S (Rs.) |
T (Rs.) |
Particulars |
S (Rs.) |
T (Rs.) |
| ............... |
. |
. |
By Balance b/d |
1,24,000 |
72,000 |
| To Cash A/c (Final payment) |
98,800 |
55,200 |
|
|
|
| |
1,24,000 |
72,000 |
|
1,24,000 |
72,000 |
DrCash AccountCr
| Particulars |
Amt (Rs.) |
Particulars |
Amt (Rs.) |
| To Realisation A/c (Assets realised) |
2,00,000 |
By ....... |
. |
| |
|
By ....... |
. |
| |
|
By S?s Capital A/c (Final Payment) |
. |
| |
|
By T?s Capital A/c (Final payment) |
. |
| |
2,00,000 |
|
2,00,000 |
Answer:
DrRealisation AccountCr
| Particulars |
Amt (Rs.) |
Particulars |
|
Amt (Rs.) |
| To Sundry Assets A/c |
2,36,000 |
By Creditors |
|
40,000 |
| To Cash A/c (Creditors) |
40,000 |
By Cash A/c (Assets realised) |
|
2,00,000 |
| To Cash A/c (Expenses) |
6,000 |
By Loss transferred to |
|
|
| |
|
S?s Capital A/c |
25,200 |
|
| |
|
T?s Capital A/c |
16,800 |
42,000 |
| |
2,82,000 |
|
|
2,82,000 |
DrPartners' Capital AccountCr
| Particulars |
S (Rs.) |
T (Rs.) |
Particulars |
S (Rs.) |
T (Rs.) |
| To Realisation A/c (Loss) |
25,200 |
16,800 |
By Balance b/d |
1,24,000 |
72,000 |
| To Cash A/c (Final payment) |
98,800 |
55,200 |
|
|
|
| |
1,24,000 |
72,000 |
|
1,24,000 |
72,000 |
DrCash AccountCr
| Particulars |
Amt (Rs.) |
Particulars |
Amt (Rs.) |
| To Realisation A/c (Assets realised) |
2,00,000 |
By Realisation A/c (Creditors) |
40,000 |
| |
|
By Realisation A/c (Expenses) |
6,000 |
| |
|
By S's Capital A/c (Final Payment) |
98,800 |
| |
|
By T's Capital A/c (Final Payment) |
55,200 |
| |
2,00,000 |
|
2,00,000 |
