Home
Class 12
ACCOUNTS
Shilpa , Meena and Nanda decided to diss...

Shilpa , Meena and Nanda decided to dissolve their partnership on 31st March , 2019 . Their profit-sharing ratio was `3 : 2 : 1` and their Balance Sheet was as under :

It is agreed as follows :
The stock of value of ₹ 41, 660 are taken over by Shilpa for ₹ 35,000 and she agreed to discharge bank loan .
The remaining stock was sold at ₹ 14,000 and debtors amounting to ₹ 10,000 realised ₹ 8,000 . Land is sold for ₹ 1,10,000 . The remaining debtors realised 50% at their book value . Cost of realisation amounted to ₹ 1,200 . There was a typewriter not recorded in the books worth of ₹ 6,000 which were taken over by one of the Creditors at this value . Prepare Realisation Account , Partner's Capital Accounts and Cash Account to Close the books of the firm .

Text Solution

Verified by Experts

Gain (Profit) on Realisation - ₹ 20,940 , Final Payments , Shilpa - ₹ 81,470 , Meena - ₹ 50, 980 , Amount brought in by Nanda - ₹ 17,510. Total of Cash Account - ₹ 1, 64, 650.
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

Shilpa, Meena and Nanda decided to dissolve their partnership on March 31,2017. Their profit sharing ratio was 3:2:1 and their Balance Sheet was as under: The stock of value of Rs. 41,660 are taken over by Shilpa for Rs. 35,000 and she agreed to discharge bank loan. The remaining stock was sold at Rs. 14,000 and debtors amounting to Rs. 10,000 realised Rs. 8,000. land is sold for Rs. 1,10,000. The remaining debtors realised 50% at their book value. Cost of realisation amounted to Rs. 1,200. There was a typewriter not recorded in the books worth Rs. 6,000 which were taken over by one of the Creditors at this value. Prepare Realisation Account.

A , B and C are in partnership sharing profits and losses in the proportions of 1/2 , 1/3 and 1/6 respectively . On 31st March , 2019, they decide to dissolve the partnership and the position of the firm on this date is represented by the following Balance Sheet : During the course of realisation , a liability under a suit for damage is settled at ₹ 20,000 as against ₹ 5,000 only provided for in the books of the firm . Land and Building were sold for ₹ 40,000 and the Stock and Sundry Debtors realised ₹ 30,000 and ₹ 42 ,000 respectively. The expenses of realisation amounted to ₹ 1,200. There was a car in the firm , which was completely written off from the books. It was taken by A for ₹ 20,000 . He also agreed to pay Outstanding Salary of ₹ 20,000 not provided in books. Prepare Realisation Account , Partner's Capital Accounts and Bank Account in the books of the firm.

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 .

A and B are partners in a firm sharing profits and losses in the ratio of 2 : 1 . On 31st March ,2019 , their Balance Sheet was : On that date , the partners decide to dissolve the firm . A took over Investments at an agreed valuation of ₹ 35,000 . Other assets were realised as follows : Sundry Debtors : Full amount . The firm could realise Stock at 15% less and Furniture at 20% less than the book value . Building was sold at ₹ 1,00,000 . Compensation to employees paid by the firm amounted to ₹ 10,000 . This liability was not provided for in the above Balance Sheet . You are required to close the books of the firm by preparing Realisation Account , Partner's Capital Accounts and Bank Account .

Balance sheet had the following amounts as at 31st march 2019:

Ashu and Harish are partners sharing profits and losses as 3 : 2 . They decided to dissolve the firm on 31st March 2019. Their Balance Sheet on the above date was : Ashu is to take over the building at ₹ 95,000 and Machinery and Furniture is taken over by Harish at value of ₹ 80,000 . Ashu agreed to pay Creditor and Harish agreed to meet Bank overdraft . Stock and investments are taken by both partner in profit-sharing ratio. Debtors realised for ₹ 46,000 , expenses of realisation amounted to ₹ 3,000 . Prepare necessary Ledger 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, 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 .

From the following balances, as on 31st March, 2019, prepare Trading and Profit and Loss Account and Balance Sheet: Closing Stock on 31 st March, 2019 valued at Rs 14,500

TS GREWAL-DISSOLUTION OF A PARTNERSHIP FIRM-Realisation Account , Partner s Capital Accounts and Bank/Cash Account
  1. Achal and Vichal were partners in a firm sharing profits in the ratio ...

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

  20. A , B and C were partners sharing profits in the ratio of 2: 2 :1 . T...

    Text Solution

    |