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 |