question_answer

Y and Z who were sharing profits and losses in the ratio of 3 : 1 respectively, decided to dissolve the firm on 31st March, 2017. Complete the following realisation account, partners' capital accounts and bank account. Dr                                                                     Realisation Account                                                    Cr

Particulars	Amt (Rs.)	Particulars		Amt (Rs.)
To Sundry Assets A/c	60,000	By Sundry Liabilities A/c
To Bank A/c (Trade creditors)	14,250	Trade Creditors	15,000
To Bank A/c (Loan from Mr.s Y)	4,750	Loan from Mr.s Y	5,000	20,000
To Bank A/c (Expenses)	500	By Bank A/c (Sundry assets realised)		55,000
		By ......		....
	79,500			79,500

Dr                                                                     Partners' Capital Account                                            Cr

Particulars	Y (Rs.)	Z (Rs.)	Particulars	Y (Rs.)	Z (Rs.)
To Balance b/d	....	5,000	By Balance b/d	50,000	.....
To Profit and loss A/c (Loss)	3,000	1,000	By Bank A/c (Cash brought in)	......	7,125
To Realisation A/c	....	.....
To Bank A/c	....	.....
	50,000	7,125		50,000	7,125

Dr                                                                     Bank Account                                                              Cr

Particulars	Amt (Rs.)	Particulars	Amt (Rs.)
To Balance b/d	1,000	By......	....
To Realisation A/c (Assets realised)	55,000	By.......	....
To Z's Capital A/c (Cash brought in)	7,125	By.......	....
		By Y's Capital A/c (Final payment)	43,625
	63,125		63,125

           

Answer:

Dr                                                         Realisation Account                                                                Cr

Particulars	Amt (Rs.)	Particulars		Amt (Rs.)
To Sundry Assets A/c	60,000	By Sundry Liabilities A/c
To Bank A/c (Trade creditors)	14,250	Trade Creditors	15,000
To Bank A/c (Loan from Mr.s Y)	4,750	Loan from Mr.s Y	5,000	20,000
To Bank A/c (Expenses)	500	By Bank A/c (Sundry assets realized)		55,000
		By Loss transferred to Capital A/cs
		Y	3,375
		Z	1,125	4,500
	79,500			79,500

Dr                                                         Partners? Capital Account                                                        Cr

Particulars	Y (Rs.)	Z (Rs.)	Particulars	Y (Rs.)	Z (Rs.)
To Balance b/d	-	5,000	By Balance b/d	50,000	-
To Profit and Loss A/c (Loss)	3,000	1,000	By Bank A/c (Cash brought in)	-	7,125
To Realisation A/c (Loss)	3,375	1,125
To Bank A/c	43,625	-
	50,000	7,125		50,000	7,125

Dr                                                                     Bank Account                                                              Cr

Particulars	Amt (Rs.)	Particulars	Amt (Rs.)
To Balance b/d	1,000	By Realisation (creditors)	14,250
To Realisation A/c (Assets realised)	55,000	By Realisation Y A/c	4,750
To Z's Capital A/c (Cash brought in)	7,125	By Realisation Expenses A/c	500
		By Y's Capital A/c (Final payment)	43,625
	63,125		63,125