Balance Sheet as on 31st Mar, 2013
Liabilities
|
Amount
(Rs. )
|
Assets
|
Amount
(Rs.)
|
Amount
(Rs.)
|
Sundry Creditors
|
20000
|
Cash at Bank
|
8000
| |
Bills Payable
|
5000
|
Debtors
|
16000
| |
General Reserve
|
6000
|
Less: R.D.D.
|
-1000
|
15000
|
Rahul’s Loan A/c
|
16000
|
Stock
|
20000
| |
Capital Account
|
Plant and Machinery
|
30000
| ||
Rahul
|
25000
|
Furniture
|
6000
| |
Rohit
|
10000
|
Ramesh’s Capital Account
|
3000
| |
82000
|
82000
|
The firm was dissolved on the above date:
(1) Assets realised as follows:
Debtors Rs. 9,000, Plant and Machinery Rs. 26,000, Stock Rs. 14,000, and Furniture Rs. 3,000.
(2) The creditors were paid Rs. 18,000, in full settlement and the bills payable were paid in full.
(3) The realisation expenses amounted to Rs. 3,000.
(4) Ramesh became insolvent and was able to bring in only Rs. 1,800 from his private estate.
Prepare:
(1) Realisation account
(2) Partner’s capital account and
(3) Bank account.
Solution: In the books of Rahul, Rohit and Ramesh
Realisation A/c
Particulars
|
Amount
Rs.
|
Amount
Rs.
|
Particulars
|
Amount
Rs.
|
Amount
Rs.
|
To Sundry Assets
|
By R.D.D. A/c
|
1000
| |||
Debtors
|
16000
|
By Sundry Liabilities
| |||
Stock
|
20000
|
Sundry Creditors
|
20000
| ||
Plant and Machinery
|
30000
|
Bills Payable
|
5000
|
25000
| |
Furniture
|
6000
|
72000
|
By Bank A/c
| ||
To Bank A/c
|
Debtors
|
9000
| |||
Creditors
|
18000
|
Plant and Machinery
|
26000
| ||
Bills Payable
|
5000
|
Stock
|
14000
| ||
Realisation Expenses
|
3000
|
26000
|
Furniture
|
3000
|
52000
|
By Loss on realisation.
| |||||
Rahul
|
8000
| ||||
Rohit
|
8000
| ||||
Ramesh
|
4000
|
20000
| |||
98000
|
98000
|
Partners Capital A/c
Particulars
|
Rahul
|
Rohit
|
Ramesh
|
Particulars
|
Rahul
|
Rohit
|
Ramesh
|
To balance b/d
|
3000
|
By Balance b/d
|
25000
|
10000
|
-
| ||
To Loss on Realisation A/c
|
8000
|
8000
|
4000
|
By General Reserve
|
2400
|
2400
|
1200
|
To Ramesh A/c
|
2000
|
2000
|
By Bank A/c
|
1800
| |||
By Rahul's Capital A/c
|
2000
| ||||||
| By Rohit's Capital A/c | 2000 | ||||||
To Balance C/d
|
17400
|
2400
| |||||
27400
|
12400
|
7000
|
27400
|
12400
|
7000
|
Bank A/c
Particulars
|
Amount
Rs.
|
Amount
Rs.
|
Particulars
|
Amount
Rs.
|
Amount
Rs.
|
To Balance b/d
|
8000
|
By Realisation A/c
|
26000
| ||
To Realisation A/c
|
52000
|
By Rahul’s loan A/c
|
16000
| ||
| To Ramesh's Capital A/c | 1800 |
By Rahul’s Capital A/c
|
17400
| ||
By Rohit’s Capital A/c
|
2400
| ||||
61800
|
61800
|
Rahul/s Loan A/c
Particulars
|
Amount
Rs.
|
Amount
Rs.
|
Particulars
|
Amount
Rs.
|
Amount
Rs.
|
To Bank A/c
|
16000
|
By Balance b/d
|
16000
| ||
16000
|
16000
|
