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 |