question_answer

Ishu and Nishu are partners sharing profits and losses in the ratio of 2 : 1. On 31st December, 2017, the partners decided to dissolve the firm. Complete the realisation account, partners' capital account and cash account. Dr                                                         Realisation Account                                                                Cr

Particulars		Amt (Rs.)	Particulars		Amt (Rs.)
To Sundry Assets A/c			By Sundry  Liabilities A/c
Debtors	26,000		Provision for Doubtful Debts	2,000
Investments	40,000		Investment Fluctuation Fund	20,000
Inventory	10,000		Bank Overdraft	30,000	52,000
Plant	10,000		By Ishu?s Capital A/c (Investments taken)		35,000
Buildings	60,000	1,46,000	By Bank A/c (Assets Realised)
To Bank A/c (Bank Overdraft Paid)		30,000	Debtors	26,000
To Bank A/c (Payment of Compensation to Employees)		10,000	Inventory	8,500
To???.		.	Plant	8,000
			Buildings	1,00,000	1,42,500
		2,29,500			2,29,500

            Dr                                                         Partners? Capital Account                                                        Cr

Particulars	Ishu (Rs.)	Nishu (Rs.)	Particulars	Ishu (Rs.)	Nishu (Rs.)
To Balance b/d	-	30,000	By.....	50,000	...
To???..	.	.	By.....	.	.
To Bank A/c (Final Payment)	.	.	By General Reserve A/c	37,333	18,667
	1,16,333	33,167		1,16,333	33,167

            Dr                                                                     Bank Account                                                              Cr

Particulars	Amt (Rs.)	Particulars	Amt (Rs.)
To Balance b/d		By ......	.
Cash in Hand	6,000	By ......	.
Cash in Bank	10,000	By Ishu's Loan A/c	34,000
To Realisation A/c (Assets Realised)	1,42,500	By Ishu's Capital A/c	81,333
		By Nishu's Capital A/c	3,167
	1,58,000		1,58,500

 

Answer:

            Dr                                                                     Realisation Account                                                    Cr

Particulars		Amt (Rs.)	Particulars		Amt (Rs.)
To Sundry Assets A/c			Sundry Liabilities A/c
Debtors	26,000		Provision for doubtful Debts	2,000
Investments	40,000		Investments Fluctuation Fund	20,000
Inventory	10,000		Bank Overdraft	30,000	52,000
Plant	10,000		By Ishu?s Capital A/c (Investments taken)		35,000
Building	60,000	1,46,000	By Bank A/c (Assets realised)
To Bank A/c (Bank Overdraft Paid)		30,000	Debtors	26,000
To Bank A/c (Payment of Compensation to Employees)		10,000	Inventory	8,500
To Profit transferred to capital A/cs			Plant	8,000
Ishu	29,000		Buildings	1,00,000	1,42,500
Nishu	14,500	43,500
		2,29,500			2,29,500

            Dr                                                         Partners? Capital Account                                                        Cr

Particulars	Ishu (Rs.)	Nishu (Rs.)	Particulars	Ishu (Rs.)	Nishu (Rs.)
To Balance b/d	-	30,000	By Balance b/d	50,000	-
To Ishu?s Capital A/c	35,000	-	By Realisation A/c	29,000	14,500
To Bank A/c (Final Payment)	81,333	3,167	By General Reserve A/c	37,333	18,667
	1,16,333	33,167		1,16,333	33,167

            Dr                                                                     Bank Account                                                              Cr

Particulars	Amt (Rs.)	Particulars	Amt (Rs.)
To Bank b/d		By Realisation A/c (Bank Overdraft)	30,000
To Cash in Hand	6,000	By Realisation A/c (Compensation to Employees)	10,000
Cash at Bank	10,000	By Ishu?s Loan A/c	34,000
To Realisation A/c (Assets Realised)	1,42,500	By Ishu?s Capital A/c	81,333
		By Nishu?s Capital A/c	3,167
	1,58,500		1,58,500