OMTEX CLASSES: Jay, Ajay and Vijay were partners sharing Profits and Losses in the Proportion of 2:2:1.

Jay, Ajay and Vijay were partners sharing Profits and Losses in the Proportion of 2:2:1.

Jay, Ajay and Vijay were partners sharing Profits and Losses in the Proportion of 2:2:1. Following is their Balance Sheet as on 31st March,, 2013.

Solution: In the books of the firm.

Realisation A/c

Particulars
Amount
Amount
Particulars
Amount
Amount
To Sundry Assets:


By Sundry  Liabilities


Machinery
50000

Creditors
40000

Stock
20000

Bills Payable
14000
54000
Debtors
55000

By R.D.D. A/c

3000
Investment
24000
149000
By Bank A/c


To Bank A/c


Machinery
45000

Dissolution Expenses

3000
Stock
18000

To Bank A/c


Investment
21000

Creditors
40000

Debtors
45000

Bills Payable
14000
54000
Goodwill
24000
153000






To Profit on Realisation Transferred to Partners Capital A/c





Jay Capital A/c
1600




Ajay Capital A/c
1600




Vijay Capital A/c
800
4000





210000


210000


Partners’ Capital A/c

Particulars
Jay
Ajay
Vijay
Particulars
Jay
Ajay
Vijay
To Profit & Loss A/c
7200
7200
3600
By Balance b/d
60000
20000
20000
To Bank A/c
56800
16800
18400
By General Reserve A/c
2400
2400
1200




By Realisation A/c
[Profit]
1600
1600
800









64000
24000
22000

64000
24000
22000

Bank A/c

Particulars
Amount
Amount
Particulars
Amount
Amount
To Balance b/d

4000
By Realisation A/c

3000
To Realisation A/c

153000
By Realisation A/c

54000



By Jay’s Loan A/c

8000



By Jay Capital A/c

56800



By Ajay Capital A/c

16800



By Vijay Capital A/c

18400








157000


157000