Balance Sheet of a firm as at 31st March , 2019 was :

The firm was dissolved on the above date . X took the Investments at a value of ₹ 1, 90 , 000 . Cash realised was : Freehold Property ₹ 9 , 00 , 000 , Sundry Debtors ₹ 90, 000 and Stock ₹ 1, 40 , 000 . Creditors were paid at a discount of 5% . Realisation Expenses were ₹ 20 , 000 .
Pass Journal entries and prepare necessary Ledger Accounts to close the books .

(Goodwill Appears in Balance Sheet) . A , B and C are partners in a firm sharing profits in the ratio of 2 : 1 : 1 . Their Balance Sheet as at 31st March , 2019 was as follows : The firm was dissolved on that date . Assets realised : Goodwill ₹ 20 , 000 , Land and Building ₹ 1, 00 , 000 , Plant and Machinery ₹ 50,000 , Car ₹ 28,000 and Debtors 50% of the book value . Realisation Expenses were ₹ 2, 000 . Prepare Realisation Account , Capital Accounts of Partners and Cash Account to close the books of the firm .

A , B and C were partners sharing profits in the ratio of 2: 2 :1 . They decided to dissolve their firm on 31st March , 2019 when the Balance Sheet was : Following transactions took place : (a) A took over Stock at ₹ 36,000 . He also took over his wife's loan . (b) B took over half of Debtors at ₹ 28,000. (c) C took over investments at ₹ 54,000 and half of Creditors at their book value. (d) Remaining Debtors realised 60% of their book value. Furniture sold for ₹ 30,000 , Machinery ₹ 82,000 and Land ₹ 1,20,000. (e) An unrecorded asset was sold for ₹ 22,000 . (f) Realisation expenses amounted to ₹ 4,000 . Prepare necessary Ledger Accounts to close the books of the firm.

Following was the Balance Sheet of D , T and G as at 31st March 2019 : The firm was dissolved on the above date . The assets realised and liabilities were paid as follows : (i) Debtors realised ₹ 28,000 , Creditors and Bills Payable were paid at a discount of 10% . (ii) Stock was taken by T for ₹ 15,000 and Furniture was sold to N for ₹ 12,000 . (iii) Land and Building was sold for ₹ 2,80, 000 . (iv) An unrecorded asset of estimated value of ₹ 1,20,000 was sold for ₹ 1, 00,000 . Prepare Realisation Account , Capital Accounts of D , T and G and Bank Account .

Ashok , Babu and Chetan are in partnership sharing profit in the proportion of 1/2 , 1/3 , 1/6 respectively . They dissolve the partnership of the 31st March , 2019 when the Balance Sheet of the firm as under : The Machinery was taken over by Babu for ₹ 45,000 , Ashok took over the investment for ₹ 40,000 and Freehold property took over by Chetan at ₹ 55,000 . The remaining Assets realised as follows : Sundry Debtors ₹ 56,500 and Stock ₹ 36, 500 . Sundry Creditors were settled at discount of 7% . A office computer , not shown in the books of accounts realised ₹ 9,000 . Realisation expenses amounted to ₹ 9,000 . Realisation expenses amounted to ₹ 3,000 . Prepare Realisation Account , Partner's Capital and Bank Account .

P , Q and R were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2 . They agreed to dissolve their partnership firm on 31st March , 2019 . P was deputed to realise the assets and pay the liabilities . He was paid ₹ 1,000 as commission for his services . The financial position of the firm was : P took over investments for ₹ 12,500. Stock and Debtors realised ₹ 11, 500 . Plant and Machinery were sold to Q for ₹ 22,500 for cash . Unrecorded assets realised ₹ 1,500 . Realisation expenses paid amounted to ₹ 900. Prepare necessary Ledger Accounts to close the books of the firm .

X and Y were partners sharing profits and losses in the ratio of 3 : 2 . They decided to dissolve the firm on 31st March , 2019 . On that date , their Capitals were X - ₹ 40,000 and Y - ₹ 30,000 . Creditors amounted to ₹ 24,000 . Assets were realised for ₹ 88,500 . Creditors of ₹ 16,000 were taken over by X at ₹ 14,000 . Remaining Creditors were paid at ₹ 7,500 . The cost of realisation came to ₹ 500 . Prepare necessary accounts .

A and B are partners in a firm sharing profits and losses in the ratio of 3: 2 . On 31st March , 2019, their Balance Sheet was as follows : The firm was dissolved on 31st March , 2019 , and both the partners agreed to the following : (a) A took investments at an agreed value of ₹ 8,000 . He also agreed to settle Mrs. A's Loan. (b) Other assets realised as : Stock - ₹ 5,000 , Debtors - ₹ 18,500 , Furniture - ₹ 4, 500 , Plant - ₹ 25,000. (c) Expenses of realisation came to ₹ 1,600 . (d) Creditors agreed to accept ₹ 37,000 in full settlement of their claims . Prepare Realisation Account , Partner's Capital Accounts and Bank Account .

Rita and Sobha are partners in a firm ,Fancy Garments Exports profits and losses equally . On 1st April , 2019 , the Balance Sheet of the firm was : The firm was dissolved on the date given above. The following transactions took place : (a) Rita took 25% of the Stock at a discount of 20% in settlement of her loan. (b) Book Debts realised ₹ 54,000 , balance of the Stock was sold at a profit of 30% on cost . (c) Sundry Creditors were paid out at a discount of 10% . Bills Payable were paid in full. (d) Plant and Machinery realised ₹ 75,000 . Land and Building ₹ 1,20,000. (e) Rita took the goodwill of the firm at a value of ₹ 30,000 . (f) An unrecorded asset of ₹ 6,900 was handed over to an unrecorded liability of ₹ 6,000 in full settlement . (g) Realisation expenses were ₹ 5,250 . Show Realisation Account , Partner's Capital Accounts and Bank Account in the books of the firm .

Following is the Balance Sheet of Arvind and Balbir as at 31st March 2019: The firm was dissolved on the above date under the following arrangement : (a) Arvind promised to pay off Mrs. Arvind's Loan and took Stock at ₹ 6,000 . (b) Balbir took half the investments @10% discount . (c) Book Debts realised ₹ 28,500. (d) Trade Creditors and Bills Payable were due on average basis of one month after 31st March but were paid immediately on 31st March @ 2% discount per annum . (e) Plant realised ₹ 37, 500 , Building ₹ 60,000 , Goodwill ₹ 9, 000 and remaining investments ₹ 6,750. (f) An old typewriter written off completely from the firm's books , now estimated to realise ₹ 450 . It was taken by Balbir at this estimated price. (g) Realisation expenses were ₹ 1,500. Show Realisation Account , Capital Accounts of Partners and Bank Account .

A and B dissolve their partnership . Their position as at 31st March , 2019 was : The balance of A's Loan Account to the firm stood at ₹ 10,000 . The realisation expenses amounted to ₹ 350 . Stock realised ₹ 20,000 and Debtors ₹ 25,000 . B took a machine at the agreed valuation of ₹ 7,500 . Other fixed assets realised ₹ 20,000 . You are required to close the books of the firm .