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
Total		210000	Total		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
Total	64000	24000	22000	Total	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
Total		157000	Total		157000

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