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TAMIL-NADU: 8TH 9TH 10TH 11TH 12TH சமையல் மற்றும் சினிமா அ முதல் ஃ வரை 

Uday and Prabhakar are partners sharing profit and losses in the proportion of 3/5 and 2/5 respectively. They dissolved their partnership firm on 31st March, 2012 when their financial position was as under.

Balance Sheet as on 31st March, 2012
Liabilities
Amount
Assets
Amount
Sundry creditors
15000
Cash at bank
3000
Uday’s wife’s loan
30000
Debtors   67500

Capital A/c

(-) R.D.D.  -7500
60000
Uday
138000
Stock
135000
Prabhakar
90000
Machinery
45000


Furniture
30000

273000

273000

The assets were realised as under:
Goodwill Rs. 15,000, Stock Rs. 1,20000 and Debtors Rs. 54,000.
Machinery was taken over by Prabhakar at Rs. 40000 and furniture by Uday at book value.
Uday agreed to discharge his wife’s loan.
The creditors were paid at a rebate of Rs. 3,000
The expenses of dissolution amounted to Rs. 6000
Pass necessary Journal Entries in the books of the firm.
Solution:
Journal Entries In the Books of the Firm.
Date
Particulars
LF.
Debit
Credit
31 Match 2012
Realisation A/c ………Dr.

277500


To Debtors A/c


67500

To Stock A/c


135000

To Machinery A/c


45000

To Furniture A/c


30000

[Being assets transferred at their book value]



31st March, 2012
Sundry creditors A/c ………Dr.

15000


Uday’s wife’s Loan A/c ………Dr.

30000


To Realisation A/c


45000

[Being outsiders liabilities transferred]



31st March, 2012
R.D.D. A/c ………Dr.

7500


To Realisation A/c


7500

[Being R.D.D. transferred to Realisation A/c ]



31st March, 2011
Bank A/c ………Dr.

189000


To Realisation A/c


189000

[Being R.D.D. transferred to Realisation A/c ]



31st March, 2011
Bank A/c ………Dr.

189000


To Realisation A/c


189000

[Being the assets realised]



31st March, 2012
Prabhakar’s Capital A/c ………Dr.

40000


Uday’s Capital A/c ………Dr.

30000


To Realisation A/c


70000

[Being the assets are taken over by Partners]



31st March, 2012
Realisation A/c ………Dr.

30000


To Uday’s Capital A/c


30000

[Being the loand from Uday’s wife discharged by Uday]



31st March, 2012
Realisation A/c ………Dr.

18000


To bank A/c


18000

[Being liabilities and expenses are paid in cash]



31st March, 2012
Uday’s Capital A/c ………Dr.

8400


Prabhakar’s Capital A/c ………Dr.

5600


To Realisation A/c


14000

[Being loss on realisation transferred to Partners Capital A/c]



31st March, 2012
Uday’s Capital A/c ………Dr.

129600


Prabhakar’s Capital A/c

44400


To Bank A/c


174000

[Being the Final settlement is made between the partners]




Working Notes
Realisation A/c
Debit
Credit
277500
52500
30000
189000
18000
40000

30000

14000 [Loss on Realisation A/c Transferred to Partners Capital A/c ]
325500
325500

Working Note: Division of loss on Realisation A/c in the Ratio of  3: 2.
Uday = (3/5) × 14000 = 8400

Prabhakar = (2/5) × 14000 = 5600

Working Note: Partners Capital A/c

Particulars
Uday
Prabhakar
Particular
Uday
Prabhakar
To Realisation A/c
30000
40000
By Balance b/d
138000
90000
To Realisation A/c
8400
5600
By Realisation A/c
30000
-
To Bank A/c
[Bal. Fig.]
129600
44400




168000
90000

168000
90000

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