Home
Class 12
ACCOUNTS
Bale and Yale are equal partners of a fi...

Bale and Yale are equal partners of a firm . They decide to dissolve their partnership on 31st March , 2019 at which date their Balance Sheet stood as :

(a) The assets realised were :
Stock ₹ 22,000 , Debtors ₹ 7,500 , Machinery ₹ 16,000 , Building ₹ 35,000 .
(b) Yale took over the Furniture at ₹ 9,000.
(c) Bale agreed to accept ₹2,500 in full settlement of his Loan Account .
(d) Dissolution Expenses amounted to ₹ 2,500.
Prepare the :
(i) Realisation Account `" "` (ii) Capital Accounts of Partners ,
(iii) Bale's Loan Account , `" "` (iv) Bank Account .

Text Solution

Verified by Experts

Loss on Realisation -₹ 16,500 , Amount Paid to Bale - ₹ 45, 750 , Yale - ₹ 26, 750 . Total of Bank Account - ₹ 91, 500.
Promotional Banner

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

Anup and Sumit are equal partners in a firm. They decided to dissolve the parntership on December 31, 2017. When the balance sheet is as under : The Assets were realised as follows : Rs. Lease hold land 72,000 Furniture 22,500 Stock 40,500 Plant 48,000 Sundry Debtors 10,500 The Creditors were paid Rs. 25,500 in full settlement. Expenses of realisation amount to Rs. 2,500. Prepare Realisation Account, Bank Account, Partners Capital Accounts to close the books of the firm.

X and Y , who were sharing profits and losses in the ratio of 3 : 1 respectively , decided to dissolve the firm on 31st March , 2019 at which date some of the balances were : X's Capital -₹ 1,00,000 , Y's Capital - ₹ 10 ,000 (Debit Balance) , Profit and Loss A/c - ₹ 8,000 (Debit Balance) , Trade Creditors - ₹ 30,000 , Loan from Mrs .X - ₹ 10,000 , Cash at Bank - ₹ 2,000 . Assets (other than cash at bank) realised ₹ 1,10,000 and liabilities were paid at 5 % discount . Realisation expenses amounted to ₹ 1,000. Prepare Realisation Account , Capital Accounts of the Partners and Bank Account assuming that both the partners are solvent .

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 .

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 .

(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 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 .

(Dissolution and Unrecorded Asset) X, Y and Z who were sharing profits in the ratio of 3 : 2 : 1 decided to dissolve the firm on 31st March , 2019 when their Balance Sheet was as follows : Following transactions took place at the time of dissolution : Assets realised are : Tools ₹ 5,000 , Machinery ₹ 82, 000 , Car ₹ 25,000 , Goodwill ₹ 60,000 , Debtors ₹ 59,000 . Creditors accepted Stock in settlement of their dues. There was an unrecorded asset valued at ₹ 3,000 , which was taken by X for ₹ 2,000 . There was an old furniture which had been written off from the books . Y agreed to take it at ₹8,000 . Firm had to pay ₹ 8,000 for outstanding salary which were not provided earlier . Prepare Realisation Account , Partners' Capital Accounts and Cash Account .

Krishna and Arjun are partners in a firm . They share profits in the ratio of 4 : 1 . They decide to dissolve the firm on 31st March , 2019 at which date their Balance Sheet stood as : The realisation shows the following results : (a) Goodwill was sold for ₹ 1,000 . (b) Debtors were realised at book value less 10% . (c) Trademarks realised ₹ 800 . (d) Machinery and Stock-in-Trade were taken by Krishna for ₹ 14,400 and ₹ 3,600 respectively . (e) An unrecorded asset estimated at ₹ 500 was sold for ₹ 200 . (f) Creditors for goods were settled at a discount of ₹ 80 . The expenses on realisation were ₹800 . Prepare Realisation Account , Partner's Capital Accounts and Bank Account .

Param and Raman were partners in a firm sharing profits in the ratio of 3 : 2 . Their partnership firm was dissolved on 1st April 2019 . Param was deputed to realise the assets and to pay the liabilities . He was paid ₹ 10 , 000 as remuneration for his services. Balance Sheet of the firm on 31st March , 2019 was as follows : Following was agreed upon : (i) Param agreed to pay his wife's loan. (ii) Debtors realised by ₹ 24, 000. (iii) Raman took all investments at ₹ 27,000 . (iv) Building realised ₹ 1,52, 000. (v) Creditors were payable after 20 months . They were paid immediately at a discount of 15% p.a. (vi) Bills Receivable were settled at a loss of ₹ 1,400 . (vii) Realisation expenses amounted to ₹ 2,500. Prepare Realisation Account , Partners' Capital Accounts and Cash Account to close the books of the firm .

A , B and C were in partnership sharing profits and losses in the ratio of 2 : 2 : 1 . They decided to dissolve the partnership . On that date of dissolution . Sundry Assets (including cash ₹ 5,000) amounted to ₹ 88,000 , assets realised ₹ 80,000 (including an unrecorded asset which realised ₹ 4,000) . A contingent liability on account of bills discounted ₹ 8,000 was paid by the firm. The Capital Accounts of A , B and C showed a balance of ₹ 20,000 each. Prepare Realisation Account , Partner's Capital Accounts and Cash Account .

TS GREWAL-DISSOLUTION OF A PARTNERSHIP FIRM-Realisation Account , Partner s Capital Accounts and Bank/Cash Account
  1. Balance Sheet of a firm as at 31st March , 2019 , when it was decided ...

    Text Solution

    |

  2. Achal and Vichal were partners in a firm sharing profits in the ratio ...

    Text Solution

    |

  3. Bale and Yale are equal partners of a firm . They decide to dissolve t...

    Text Solution

    |

  4. Shilpa , Meena and Nanda decided to dissolve their partnership on 31st...

    Text Solution

    |

  5. A and B are partners in a firm sharing profits and losses in the ratio...

    Text Solution

    |

  6. Balance Sheet of P , Q and R as at 31st March , 2019 , who were sharin...

    Text Solution

    |

  7. Vinod , Vijay and Venkat are partners sharing profits and losses in t...

    Text Solution

    |

  8. P , Q and R were partners in a firm sharing profits and losses in the ...

    Text Solution

    |

  9. Ashu and Harish are partners sharing profits and losses as 3 : 2 . T...

    Text Solution

    |

  10. A , B and C were equal partners . On 31st March , 2019, their Balance ...

    Text Solution

    |

  11. Yogesh and Naresh were partners sharing profits equally . They dissolv...

    Text Solution

    |

  12. A , B and C are in partnership sharing profits and losses in the prop...

    Text Solution

    |

  13. A and B are partners in a firm sharing profits and losses in the ratio...

    Text Solution

    |

  14. Ashok , Babu and Chetan are in partnership sharing profit in the propo...

    Text Solution

    |

  15. X, Y and Z carrying on business as merchants and sharing profits and l...

    Text Solution

    |

  16. Rita and Sobha are partners in a firm ,Fancy Garments Exports profits ...

    Text Solution

    |

  17. Following is the Balance Sheet of Arvind and Balbir as at 31st March 2...

    Text Solution

    |

  18. Anju , Manju and Sanju were partners in a firm sharing profits in the ...

    Text Solution

    |

  19. A, B and C in partnership sharing profits in the ratio of 7 : 2 : 1 a...

    Text Solution

    |

  20. Srijan , Raman and Manan were partners in a firm sharing profits and l...

    Text Solution

    |