Asha, Usha, and Nisha were partners sharing Profits and Losses in the ratio of 2:2:1. The following is the Balance Sheet as on 31st March 2019. - Book Keeping and Accountancy

[6] Dissolution of Partnership Firm - Practical problem - (Balbharati Book Keeping and Accountancy 12th Board Exam)


Practical problem | Q 4 | Page 245

Asha, Usha, and Nisha were partners sharing Profits and Losses in the ratio of 2:2:1. The following is the Balance Sheet as on 31st March 2019.

Balance Sheets as on 31st March 2019






Liabilities

Amount ₹

Assets

Amount ₹


Capital Accounts :


Machinery

1,00,000


Asha

1,20,000

Investment

48,000


Usha

40,000

Debtors

1,10,000


Nisha

40,000

Less: R. D. D.

6,000

1,04,000

General Reserve

12,000

Stock

40,000


Creditors

80,000

Profit and Loss A/c

36,000


Asha’s Loan A/c

16,000

Bank

8,000


Bills payable

28,000





3,36,000


3,36,000


On the above date, the partners decided to dissolve the firm.

1. Assets were realised as under Machinery  90,000, Stock   36,000, Investment  42,000 and Debtors  90,000.

2. Dissolution expenses were  6,000.

3. Goodwill of the firm realised  48,000

Pass Journal Entries to close the books of firm. :

SOLUTION: In the books of Asha, Usha and Nisha

Journal Entries





Date

Particulars

Amount (₹)

Amount (₹)

1

Realisation A/c Dr

2,98,000



To Machinery A/c


1,00,000


To Investments A/c


48,000


To Debtors A/c


1,10,000


To Stock A/c


40,000


(Being sundry assets transferred to realisation A/c)



2

Creditors A/c Dr

80,000



Bills Payable A/c

28,000



R.D.D. A/c Dr

6,000



To realisation A/c


1,14,000


( Being sundry liabilities transferred to realisation A/c)



3

General reserve A/c Dr

12,000



To Asha’s Capital A/c


4,800


To Usha’s Capital A/c


4,800


To Nisha’s Capital A/c


2,400


(Being General reserve transferred to Partners’ Capital A/c)



4

Bank A/c Dr

3,06,000



To Realisation A/c


3,06,000


(Being assets realised)



5

Realisation A/c Dr

1,14,000



To Bank A/c


1,14,000


(Being Liabilities paid off)



6

Realisation A/c Dr.

8000



To Asha’s Capital A/c


3200


To Usha’s Capital A/c


3200


To Nisha’s Capital A/c


1600


( Being realisation profit transferred to Partner’s Capital A/c)



7

Asha’s Capital A/c Dr

113600



Usha’s Capital A/c Dr

33600



Nisha’s Capital A/c Dr

36800



To Bank A/c


184000


(Being final settlement made)





1036000

1036000

Working Notes : 

In the books of Asha, Usha and Nisha

Realisation Account

Particulars

Amount (₹)

Amount (₹)

Particulars

Amount (₹)

Amount (₹)

To Sundry Assets A/c



By Sundry Liabilities A/c



Machinery

1,00,000


Creditors

80,000


Investments

48,000


Bills Payable

28,000


Debtors

1,10,000


R.D.D

6,000

1,14,000

Stock

40,000

2,98,000

By Bank A/c



To Bank A/c



Machinery

90,000


Dissolution Expense

6,000


Stock

36,000


Creditors

80,000


Investments

42,000


Bills Payable

28,000

1,14,000

Debtors

90,000


To Partners’ Capital A/c (Profit on realisation transferred)



Goodwill

48,000

3,06,000

Asha

3,200





Usha

3,200





Nisha

1,600

8000






420000



420000

 

Partners’ Capital Accounts

Particulars

Asha (₹)

Usha (₹)

Nisha (₹)

Particulars

Asha (₹)

Usha (₹)

Nisha (₹)

To Profit and Loss A/c

14,400

14,400

7,200

By Balance b/d

1,20,000

40,000

40,000

To Balance c/d

1,13,600

33,600

36,800

By Realisation A/c – Profit

3,200

3,200

1,600





By General reserve A/c

4,800

4,800

2,400


128000

48,000

44,000


128000

48,000

44,000

 

Bank Account

Particulars

Amount (₹)

Particulars

Amount (₹)

To Balance b/d

8000

By Realisation A/c (Liabilities

1,14,000

To Realisation A/c (Assets)

3,06,000

By Asha’s Loan A/c

16,000



By Asha’s Capital A/c

1,13,600



By Usha’s Capital A/c

33,600



By Nisha’s Capital A/c

36,800


3,14,000


3,14,000


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