Following is the Balance Sheet of Vaibhav, Sanjay, and Santosh. - Book Keeping and Accountancy

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


Practical problem | Q 9 | Page 248

Following is the Balance Sheet of Vaibhav, Sanjay, and Santosh.

Balance Sheets as on 31st March 2019

Liabilities

Amount ₹

Assets

Amount ₹

Captital Accounts :


Machinery

6,000

Vaibhav

36,000

Goodwill

9,000

Sanjay

27,000

Stock and Debtors

57,000

Creditors

12,000

Profit and Loss Account

18,000

Bank Overdraft

18,000

Santosh’s Capital

3,000


93,000


93,000

Santosh is declared insolvent so firm is dissolved and assets realised as follows:

1. Stock and Debtors  54,000, Goodwill - NIL, Machinery at Book value.

2. Creditors allowed discount at 10%.

3. Santosh could pay only 25 paise in rupee of the balance due.

4. Profit-sharing ratio was 8:4:3.

5. A contingent liability against the firm  9,000 is cleared.

Give Ledger Account to close the books of the firm.

SOLUTION: In the books of Vaibhav, Sanjay and Santosh 

Realisation Account

Particulars

Amount (₹)

Amount (₹)

Particulars

Amount (₹)

Amount (₹)

To Sundry Assets A/c



By Sundry Liabilities A/c – Creditors


12,000

Machinery

6,000


By Bank A/c



Goodwill

9,000


Stock and Debtors

54,000


Stock and Debtors

57,000

72,000

Machinery

6,000

60,000

To Bank A/c



By Partners’ Capital A/c (Loss on realisation transferred



Creditors

10,800


Vaibhav

10,560


Contingent Liability

9,000

19,800

Sanjay

5,280





Santosh

3,960

19,800



91,800



91,800

 

Partners’ Capital Accounts

Particulars

Vaibhav

 (₹)

Sanjay

(₹)

Santosh

(₹)

Particulars

Vaibhav 

(₹)

Sanjay 

(₹)

Santosh 

(₹)

To Balance c/d



3,000

By Balance b/d

36,000

27,000


To Profit and Loss A/c

9,600

4,800

3,600

By Bank A/c  (25 % of due amount)



2,640

To Realisation A/c – Loss

10,560

5,280

3,960

By Vaibhav’s Capital A/c



5,280

To Santosh’s Capital A/c

5,280

2,640


By Sanjay’s Capital A/c



2,640

To Bank A/c

10,560

14,280







36,000

27,000

10,560


36,000

27,000

10,560

 

Bank Account

Particulars

Amount (₹)

Particulars

Amount (₹)

To Realisation A/c – Assets

60,000

By Balance b/d (overdraft)

18,000

To Santosh’s Capital A/c (25 % of amount due received from him)

2,640

By Realisation A/c – Liabilities

19,800



By Vaibhav’s Capital A/c

10,560



By Sanjay’s Capital A/c

14,280


62,640


62,640


Working Notes :

(1) Contingent liability paid, so realisation A/c is debited and Bank A/c is credited.

(2) Santosh could pay only 25 paise in a rupee of the balance due i.e. Balance due from Santosh (Debit side of Partners Capital A/c) =  10,560 25 % of  10,560 =  2,640 (Amount recorded on debit side of Bank A/c) Capital deficiency of Santosh = 10,560 – 2,640 =  7,920

 7,920 to be distributed among continuing partner in their profit-loss ratio = 8 : 4 i.e. 2 : 1.

7920 × (2/3) =  5280

7920 × (1/3) =  2640

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