Umesh and Prakash were partners sharing profit and losses in the proportion of 3/5 and 2/5 respectively

Umesh and Prakash were partners sharing profit and losses in the proportion of 3/5 and 2/5 respectively. They dissolved their partnership firm on 31st March, 2013, when their financial position was us under: [10]

Balance sheet as on 31st March, 2012

Liabilities
Amount
Assets
Amount
Sundry Creditors
7500
Cash at Bank
1500
Umesh’s Wife’s Loan
15000
Debtors    33750

Capital Accounts:

Less: R.D.D. - 3750
30000
Umesh
69000
Stock
67500
Prakash
45000
Machinery
22500


Furniture
15000





136500

136500

(1) The assets realised as under.
Goodwill Rs. 7500; Stock Rs. 60000; Debtors Rs. 27000

(2) Machinery was taken over by Prakash at Rs. 20,000 and furniture by Umesh at book value.

(3) Umesh agreed to discharge his wife’s loan.

(4) The creditors were paid at a rebate of Rs. 1500.

(5) The expenses of dissolution amounted to Rs. 3000

Solution: Journal Entries in the books of the firm.


Date
Particulars
L.F.
Debit
(Rs.)
Credit
(Rs.)
31.3.13
Realisation A/c ... Dr.

138750


To Debtor’s A/c


33750

To Stock A/c


67500

To Machinery A/c


22500

To Furniture A/c


15000

[Being various assets transferred to Realisation A/c at their book value]








31.3.13
Sundry Creditors A/c .... Dr.

7500


Umesh’s wife’s Loan A/c ... Dr.

15000


R.D.D. A/c ... Dr.

3750



To Realisation A/c


26250

[Being various liabilities and R.D.D. transferred to Realisation A/c at their book value]








31.3.13
Bank A/c .... Dr.

94500


To Realisation A/c


94500

[Being assets realised]








31.3.13
Prakash’s A/c ... Dr.

20000


To Realisation A/c


20000

[Being Machinery taken over]








31.3.13
Umesh Capital A/c ... Dr.

15000


To Realisation A/c


15000

[Being furniture taken over]








31.3.13
Realisation A/c ... Dr.

3000


To Bank A/c


3000

[Being dissolution expenses paid]








31.3.13
Realisation A/c ... Dr.

15000


To Umesh’s Capital A/c


15000

[Being wife’s loan taken over]








31.3.13
Realisation A/c .... Dr.

6000


To Bank A/c


6000

[Being creditors paid off]








31.3.13
Umesh Capital A/c ...Dr.

4200


Prakash’s Capital A/c ... Dr.

2800


To Realisation A/c


7000

[Being loss on realisation distributed]








31.3.13
Umesh’s Capital A/c ...Dr.

64800


Prakash Capital A/c ...Dr.

22200


To Bank A/c


87000





2 comments:

Unknown said...

Vo capital and loss on realisation kese aya.. Plz explain ..

Anonymous said...

helpfull

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

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

You can also pay the necessary amount (Rs. 50 for Each Notes) to our UPI ID:

After paying Rs. 50 you will get your notes and paper solution either by email or through WhatsApp in PDF digital form.


If you are not certain how this will work then please contact on this number: 8169449238 (Only WhatsApp) No personal Calls allowed. All the best for upcoming Board Exam.


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 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


BUY FROM PLAY STORE

DOWNLOAD OUR APP



HOW TO PURCHASE OUR NOTES?




S.P. Important Questions For Board Exam 2020


O.C.M. Important Questions for Board Exam. 2020


Economics Important Questions for Board Exam 2020


Chemistry Important Question Bank for board exam 2020


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


Physics – Section II – Science- Important Question Bank for Maharashtra Board HSC 2020 Examination


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