Balance Sheet of a firm as at 31st March...

Balance Sheet of a firm as at 31st March , 2019 , when it was decided to dissolve the same , was :

₹ 19,500 were realised from all assets except Cash at Bank . The cost of winding up came to ₹ 440 .
X and Y sharing profits in the ratio of `2 : 1` respectively.
Prepare Realisation Account and Capital Accounts of Partners.

Text Solution

Verified by Experts

Loss on Realisation - ₹ 1,800 , Cash paid to X and Y ₹ 3,133 and ₹ 2,567 respectively . Total of Bank Account - ₹ 20,140.

Topper's Solved these Questions

DISSOLUTION OF A PARTNERSHIP FIRM
TS GREWAL|Exercise Preparation of Memorandum Balance Sheet|12 Videos
DISSOLUTION OF A PARTNERSHIP FIRM
TS GREWAL|Exercise Evaluation Questions : Questions with Missing Values|4 Videos
DISSOLUTION OF A PARTNERSHIP FIRM
TS GREWAL|Exercise Realisation Account|2 Videos
COMPANY ACCOUNTS- ACCOUNTING FOR SHARE CAPITAL
TS GREWAL|Exercise Evaluation Questions: Questions With Missing Values|6 Videos
FINANCIAL STATEMENT ANALYSIS
TS GREWAL|Exercise Short Answer Type Questions|16 Videos

Similar Questions

Explore conceptually related problems

P , Q and R commenced business on 1st April , 2018 with capitals of : P - ₹ 2,00,000 , Q - ₹ 2,00,000 and R - ₹ 1,00,000 . Profits are shared in the ratio of 4 : 3 : 3 . Capital carried interest @ 5% p.a. During the year 2018-19 , the firm suffered a loss of ₹ 1,50,000 before allowing interest on capital. Drawings of each partner during the year were ₹ 20,000. On 31st March , 2019, the partners agreed to dissolve the firm as it was no longer profitable . The creditors on that date were ₹ 40,000 . The assets realised a net value of ₹ 3,20,000 and the expenses of realisation were ₹ 7,000 . Prepare Realisation Account , Partner's Capital Accounts and Cash Account along with necessary working to close the books of the firm .

(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 in partnership sharing profits in the ratio of 7 : 2 : 1 and the Balance Sheet of the firm as at 31st March , 2019 was : It was agreed to dissolve the partnership as on 31st March , 2019 and the terms of dissolution were - (a) A to take over the Building at an agreed amount of ₹ 31, 500. (b) B , who was to carry on the business , to over the Goodwill , Stock and Debtors at book value , the Patents at ₹ 30,000 and Plant at ₹ 5,000 . He was also to pay the Creditors . (c) C to take over shares in X Ltd. at ₹ 15 each . (d) The Shares in Y Ltd. to be dividend in the profit - sharing ratio . Show Ledger Accounts recording the dissolution in the books of the firm .

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 .

A , B and C were partners sharing profits in the ratio of 5 : 3 : 2 . On 31st March , 2019 , A's Capital and B's Capital were ₹ 30,000 and ₹ 20,000 respectively but C owed ₹ 5,000 to the firm . The liabilities were ₹ 20,000 . The assets of the firm realised ₹ 50,000 . Prepare Realisation Account , Partner's Capital Accounts and Bank Account.

A , B and C started business on 1st April ,2018 with capitals of ₹ 1,00,000 , ₹ 80,000 and ₹ 60,000 respectively sharing profits (losses) in the ratio of 4 : 3 :3 . For the year ended 31st March , 2019 , the firm suffered a loss of ₹ 50,000 . Each of the partners withdrew ₹ 10,000 during the year . On 31st March , 2019 , the firm was dissolved , the creditors of the firm stood at ₹ 24,000 on that date and Cash in Hand was ₹ 4,000 . The assets realised ₹ 3,00,000 and Creditors were paid ₹ 23,500 in full settlement of their claims . Prepare Realisation Account and show your working clearly :

A and B were partners from 1st April , 2016 with capitals of ₹ 60,000 and ₹ 40,000 respectively . They shared profits in the ratio of 3 : 2 . They carried on business for two years . In the first year ended 31st March 2017 , they earned a profit of ₹ 50,000 but in the second year ended 31st March , 2018 , a loss of ₹ 20 , 000 was incurred . As the business was no longer profitable , they dissolved the firm on 31st March , 2018 . Creditors on that date were ₹ 20,000 . The partners withdrew for personal use ₹ 8,000 per partner per year . The assets realised ₹ 1,00,000 . The expenses of realisation were ₹ 3,000 . Prepare Realisation Account , Partner's Capital Accounts and Cash Account.

A , B and C are partners sharing profits in the ratio of 5 : 3 : 2 . Their Balance Sheet as at 31st March 2019 , the date on which they dissolve the firm , was as follows : Following transactions took place at the time of dissolution : (i) Realisation expenses were to be borne by A for which he is to get a credit of ₹ 10,000 . Actual realisation expenses paid out of firm's Bank Account amounted to ₹ 12 , 000 . (ii) B took stock for ₹ 55,000 and C took over Building for ₹ 4,00,000 . (iii) Other assets realised : Debtors ₹ 48,000 , Furniture ₹17,000 and Machinery ₹ 80,000 . (iv) Trade Creditors were settled in full by paying from ₹ 65,000 . Prepare Realisation Account , Partner's Current Accounts , Capital Accounts and Bank Account.

Balance sheet of Blue Bell Ltd. As at 31st March, 2019 is given below: Balance sheet as at 31st March,2019 Prepare Comparative Balance sheet showing percentage changes from 2018 to 2019

TS GREWAL-DISSOLUTION OF A PARTNERSHIP FIRM-Realisation Account , Partner s Capital Accounts and Bank/Cash Account

Balance Sheet of a firm as at 31st March , 2019 , when it was decided ...
Text Solution
|
Achal and Vichal were partners in a firm sharing profits in the ratio ...
Text Solution
|
Bale and Yale are equal partners of a firm . They decide to dissolve t...
Text Solution
|
Shilpa , Meena and Nanda decided to dissolve their partnership on 31st...
Text Solution
|
A and B are partners in a firm sharing profits and losses in the ratio...
Text Solution
|
Balance Sheet of P , Q and R as at 31st March , 2019 , who were sharin...
Text Solution
|
Vinod , Vijay and Venkat are partners sharing profits and losses in t...
Text Solution
|
P , Q and R were partners in a firm sharing profits and losses in the ...
Text Solution
|
Ashu and Harish are partners sharing profits and losses as 3 : 2 . T...
Text Solution
|
A , B and C were equal partners . On 31st March , 2019, their Balance ...
Text Solution
|
Yogesh and Naresh were partners sharing profits equally . They dissolv...
Text Solution
|
A , B and C are in partnership sharing profits and losses in the prop...
Text Solution
|
A and B are partners in a firm sharing profits and losses in the ratio...
Text Solution
|
Ashok , Babu and Chetan are in partnership sharing profit in the propo...
Text Solution
|
X, Y and Z carrying on business as merchants and sharing profits and l...
Text Solution
|
Rita and Sobha are partners in a firm ,Fancy Garments Exports profits ...
Text Solution
|
Following is the Balance Sheet of Arvind and Balbir as at 31st March 2...
Text Solution
|
Anju , Manju and Sanju were partners in a firm sharing profits in the ...
Text Solution
|
A, B and C in partnership sharing profits in the ratio of 7 : 2 : 1 a...
Text Solution
|
Srijan , Raman and Manan were partners in a firm sharing profits and l...
Text Solution
|