Ganesh and Kartik are partners sharing Profits and Losses equally. They decided to dissolve the firm on 31st March 2018. Their Balance Sheets - Book Keeping and Accountancy

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


Practical problem | Q 1 | Page 244

Ganesh and Kartik are partners sharing Profits and Losses equally. They decided to dissolve the firm on 31st March 2018. Their Balance Sheets was as under :

Balance Sheets as on 31st March 2018.

Liabilities

Amount 

Assets

Amount 

Creditors

18,400

Building

88,000

Bills Payable

5,600

Furniture

12,000

Reserve Fund

20,000

Debtors

32,000

Capital A/c :


Stock

24,000

Ganesh

40,000

Bills Receivable

4,000

Kartik

80,000

Cash

4,000


1,64,000


1,64,000

Assets were realised as under :

Building 82,000, Debtors  22,000, Stock  20,000. Bills Receivable  3,200 and Ganesh agreed to take over Furniture for 10,000. Realisation Expenses amounted to  2,000.

Show Realisation A/c, Partners’ Capital A/c and Cash A/c.


SOLUTION: 

In the books of Ganesh and Kartik 

Realisation Account

 

Dr



Cr



Particulars

Amount 

(₹)

Amount

(₹)

Particulars

Amount 

(₹)

Amount 

(₹)

To Sundry Assets A/c



By Sundry Liabilities A/c



Building

88,000


Creditors

18,400


Furniture

12,000


Bills Payable

5,600

24,000

Debtors

32,000


By cash A/c



Stock

24,000


Building

82,000


Bills receivable

4,000

1,60,000

Debtors

22,000


To Cash A/c



Stock

20,000


Creditors

18,400


Bills receivable

3,200

1,27,200

Bills Payable

5,600


By Ganesh’s Capital A/c



realisation Expense

2,000

26,000

Furniture


10,000




By Partners’ Capital A/c

(Loss on realisation transferred)






Ganesh

12,400





Kartik

12,400

24,800



1,86,000



1,86,000

 

Partners’ Capital Accounts

Particulars

Ganesh 

(₹)

Kartik 

(₹)

Particulars

Ganesh 

(₹)

Kartik
(₹)

To realisation A/c
(Furniture)

10,000


By Balance b/d

40,000

80,000

To realisation A/c
(Loss on realisation)

12,400

12,400

By reserve Fund A/c

10,000

10,000

To Cash A/c

27,600

77,600





50,000

90,000


50,000

90,000

 

Cash Account

Particulars

Amount (₹)

Particulars

Amount (₹)

To Balance b/d

4,000

By realisation A/c (Liabilities)

26,000

To realisation A/c (Assets)

1,27,200

By Ganesh’s Capital A/c

27,600



By Kartik’s Capital A/c

77,600


1,31,200


1,31,200

Working Notes :

(1) Amount paid to Ganesh and Kartik are   27,600 and  77,600 respectively.

(2) Loss on realisation and reserve fund amounts are equally distributed.

(3) Furniture is taken over by Ganesh so his Capital A/c is debited.

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