Akbar and Birbal were partners in a firm sharing profits and losses in the ratio of 3: 2 respectively.

5. In the books of Partnership Firm
Realisation Account.

Particulars
Amount
Amount
Particulars
Amount
Amount
To Sundry Assets:


By Sundry Liabilities
(Sundry Creditors)

39700
Plant and Machinery A/c
40000

By R.D.D. A/c

1000
Furniture A/c
12000

By Bank A/c


Sundry Debtors A/c
61000

Plant and Macinery
30000

Stock A/c
28300
141300
Sundry Debtors
58000
88000
To Bank A/c
(Sundry Creditors)

38000
By Akbar’s Capital A/c
(Plant and Machinery)

10000
To Bank A/c
(Realisation Expenses)

2000
By Birbal’s Capital A/c
[Stock ]

27000



By Partners’ Capital A/c





Akbar
9360




Birbal
6240
15600








181300


181300


Partners’ Capital Accounts

Particulars
Akbar
Birbal
Particulars
Akbar
Birbal
To Realization A/c
(Assets taken over)
10000
27000
By Balace b/d
60000
40000
To Realisation A/c
(Loss)
9360
6240
By General Reserve A/c
[Transfer]
12000
8000
To Bank A/c
(Final Settlement)
52640
14760










72000
48000

72000
48000


Bank Account.


Particulars
Amount
Amount
Particulars
Amount
Amount
To Balance b/d

19400
By Realisation A/c
(Sundry Creditors)

38000
To Realisation A/c
(Assets Sold)

88000
By Realization A/c
(Expenses paid)

2000



By Akbar’s Capital A/c
[Final settlement]

52640



By Birbal’s Capital A/c
[Final Settlement]

14760








107400


107400

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    (Furniture)

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