Home
Class 12
ACCOUNTS
X and Y were partners in a firm sharing ...

X and Y were partners in a firm sharing profits and losses in the ratio of `2 : 3` . They decided to dissolve the firm on 1st May , 2018 . From the information given below , complete Realisation Account , Partner's Capital Account and Bank Account :

Text Solution

Verified by Experts



Working Note : After taking the value of Realisation Expenses from the Bank Account , the balancing figure of ₹ 41,250 is the Realisation Loss , which is divided between X and Y in the ratio of ` 2 : 3`.
Promotional Banner

Topper's Solved these Questions

  • DISSOLUTION OF A PARTNERSHIP FIRM

    TS GREWAL|Exercise Preparation of Memorandum Balance Sheet|12 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

(Dissolution of firm ). Ashish and Neha were partners in a firm sharing profits and losses in the ratio of 4 : 3 . They decided to dissolve the firm on 1st May , 2014 . From the information given below , complete Realisation Account , Partner's Capital Accounts and Bank Account :

A , B and C are partners sharing profits and losses in the ratio of 2 : 1 : 1 . They decided to dissolve their firm on 1st April , 2019 . Complete the Realisation Account , Partner's Capital Accounts and Bank Account from the information given below :

Bora , Singh and Ibrahim were partners in a firm sharing profits in the ratio of 5 : 3 : 1 . On 2nd March , 2019 , their firm was dissolved . The assets were realised and the liabilities were paid off . Given below are the Realisation Account , Partner's Capital Accounts and Bank Account of the firm . The accountant of the firm left a few amounts unposted in these accounts . You are required to complete these accounts by posting the correct amounts .

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 .

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 .

A, B and C were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. The partners decide to share future profits and losses in the ratio of 2 : 2 : 1. Indicate each partner's gain or sacrifice due to change in ratio.

A, B and C were partners in a firm sharing profits and losses in the ratio of 3:2:1. The partners decide to share future profits and losses in ratio of 2:2:1. Each partner's gain or sacrifice due to change in ratio will be :

A and B are partners in a firm sharing profits and losses in the ratio of 2 : 3. C is admitted for 1/5 share in the profits of the firm. If C gets it wholly from A, the new profit sharing ratio after C's admission will be :

Vinod , Vijay and Venkat are partners sharing profits and losses in the ratio of 3 : 2 :1 . They decided to dissolve their firm on 31st March 2019 , the date on which their Balance Sheet stood as : The following additional information is given : (a) The Investments are taken by Vinod for ₹ 5,000 in settlement of his loan {:((b) , "Assets realised as follows:" ,, "₹"), (,"Stock",, 17","500), (,"Debtors",, 14","500), (,"Furniture" ,, 6","800), (,"Machinery",, 30","300):} (c) Expenses on realisation amounted to ₹ 2,000. Close the books of the firm giving relevant Ledger Accounts.