X and Y are equal partners. The firm was dissolved on 31st March, 2012.

The following is their Balance Sheet as on 31st March, 2012.

Liabilities
Rs.
Rs.
Assets
Rs.
Rs.
X’s Capital
Y’s Capital
Reserve Fund
X’s Loan
Creditors
40000
30000
8000
2000
15000
Building
Machinery
Furniture
Debtors
Less: R.D.D.
Stock
Investments
Commission Receivable
Bank



8800
- 800
30000
10000
12000

8000
20000
4000
1000
10000
95000
95000
The firm was dissolved on 31st March, 2012. 
(i) The Assets realised as follows:
Stock Rs. 19,000, Debtors Rs. 7,500, Machinery Rs. 11,000, Building Rs. 14,000
ii. Y took over the investments Rs. 5000 and Furniture at Book Value.
iii. X agreed to accept Rs. 1500 in full settlement of his Loan Account.
iv. Dissolution expenses amounted to Rs. 2000.
v. Commission Receivable could not be recovered.
Prepare Realisation Account, X’s Loan Account, Capital Accounts and Bank Account.

Solution:
Realisation Account


Particulars
Rs.
Rs.
Particulars
Rs.
Rs
To Sundry Assets
By Sundry Liabilities
Building
30000
Creditors
15000
Machinery
10000
By R.D.D. A/c
800
Furniture
12000
By Bank A/c
Debtors
8800
Stock
19000
Stock
20000
Debtors
7500
Investments
4000
Machinery
11000
Commission Receivable
1000
85800
Building
14000
51500
To Bank A/c
2000
BY Y’s Capital A/c
(Dissolution Expenses)
Investments
5000
To Bank A/c
Furniture
12000
17000
Creditors
15000
By X’s Loan A/c
500
By Loss on Realisation A/C
X
9000
Y
9000
18000
102800
102800


Partners Capital Account
Particulars
X
Y
Particulars
X
Y
To Realisation A/c
17000
By Balance b/d
40000
30000
To Realisation A/c
(loss)
9000
9000
By Reserve Fund (1:1)
4000
4000
To Bank A/c
35000
8000
44000
34000
44000
34000


X’s Loan Account
Particulars
Rs.
Rs.
Particulars
Rs.
Rs
To Bank A/c
1500
By Balance b/d
2000
To Realisation A/c 
500
2000
2000



Bank Account

Particulars
Rs.
Rs.
Particulars
Rs.
Rs
To Balance b/d
10000
By Realisation A/c
2000
To Realisation A/c
51500
By Realisation A/c
15000
By X’s Loan A/c
1500
By X’s Capital A/c
35000
By Y’s Capital A/c
8000
61500
61500



PDF FILE TO YOUR EMAIL IMMEDIATELY PURCHASE NOTES & PAPER SOLUTION. @ Rs. 50/- each (GST extra)

HINDI ENTIRE PAPER SOLUTION

MARATHI PAPER SOLUTION

SSC MATHS I PAPER SOLUTION

SSC MATHS II PAPER SOLUTION

SSC SCIENCE I PAPER SOLUTION

SSC SCIENCE II PAPER SOLUTION

SSC ENGLISH PAPER SOLUTION

SSC & HSC ENGLISH WRITING SKILL

HSC ACCOUNTS NOTES

HSC OCM NOTES

HSC ECONOMICS NOTES

HSC SECRETARIAL PRACTICE NOTES

2019 Board Paper Solution

HSC ENGLISH SET A 2019 21st February, 2019

HSC ENGLISH SET B 2019 21st February, 2019

HSC ENGLISH SET C 2019 21st February, 2019

HSC ENGLISH SET D 2019 21st February, 2019

SECRETARIAL PRACTICE (S.P) 2019 25th February, 2019

HSC XII PHYSICS 2019 25th February, 2019

CHEMISTRY XII HSC SOLUTION 27th, February, 2019

OCM PAPER SOLUTION 2019 27th, February, 2019

HSC MATHS PAPER SOLUTION COMMERCE, 2nd March, 2019

HSC MATHS PAPER SOLUTION SCIENCE 2nd, March, 2019

SSC ENGLISH STD 10 5TH MARCH, 2019.

HSC XII ACCOUNTS 2019 6th March, 2019

HSC XII BIOLOGY 2019 6TH March, 2019

HSC XII ECONOMICS 9Th March 2019

SSC Maths I March 2019 Solution 10th Standard11th, March, 2019

SSC MATHS II MARCH 2019 SOLUTION 10TH STD.13th March, 2019

SSC SCIENCE I MARCH 2019 SOLUTION 10TH STD. 15th March, 2019.


SSC SCIENCE II MARCH 2019 SOLUTION 10TH STD. 18th March, 2019.

SSC SOCIAL SCIENCE I MARCH 2019 SOLUTION20th March, 2019

SSC SOCIAL SCIENCE II MARCH 2019 SOLUTION, 22nd March, 2019

XII CBSE - BOARD - MARCH - 2019 ENGLISH - QP + SOLUTIONS, 2nd March, 2019

HSC Maharashtra Board Papers 2020

(Std 12th English Medium)

HSC ECONOMICS MARCH 2020

HSC OCM MARCH 2020

HSC ACCOUNTS MARCH 2020

HSC S.P. MARCH 2020

HSC ENGLISH MARCH 2020

HSC HINDI MARCH 2020

HSC MARATHI MARCH 2020

HSC MATHS MARCH 2020

SSC Maharashtra Board Papers 2020

(Std 10th English Medium)

English MARCH 2020

HindI MARCH 2020

Hindi (Composite) MARCH 2020

Marathi MARCH 2020

Mathematics (Paper 1) MARCH 2020

Mathematics (Paper 2) MARCH 2020

Sanskrit MARCH 2020

Sanskrit (Composite) MARCH 2020

Science (Paper 1) MARCH 2020

Science (Paper 2)

Geography Model Set 1 2020-2021

MUST REMEMBER THINGS on the day of Exam

Are you prepared? for English Grammar in Board Exam.

Paper Presentation In Board Exam

How to Score Good Marks in SSC Board Exams

Tips To Score More Than 90% Marks In 12th Board Exam

How to write English exams?

How to prepare for board exam when less time is left

How to memorise what you learn for board exam

No. 1 Simple Hack, you can try out, in preparing for Board Exam

How to Study for CBSE Class 10 Board Exams Subject Wise Tips?

JEE Main 2020 Registration Process – Exam Pattern & Important Dates


NEET UG 2020 Registration Process Exam Pattern & Important Dates

How can One Prepare for two Competitive Exams at the same time?

8 Proven Tips to Handle Anxiety before Exams!

BUY FROM PLAY STORE

DOWNLOAD OUR APP

HOW TO PURCHASE OUR NOTES?

S.P. Important Questions For Board Exam 2021

O.C.M. Important Questions for Board Exam. 2021

Economics Important Questions for Board Exam 2021

Chemistry Important Question Bank for board exam 2021

Physics – Section I- Important Question Bank for Maharashtra Board HSC Examination

Physics – Section II – Science- Important Question Bank for Maharashtra Board HSC 2021 Examination