Leela, Manda, and Kunda are partners in the firm ‘Janki Stores’ sharing Profits and Losses in the ratio of 3:2:1 respectively. On 31st March 2018, - Book Keeping and Accountancy

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


Practical problem | Q 2 | Page 244

Leela, Manda, and Kunda are partners in the firm ‘Janki Stores’ sharing Profits and Losses in the ratio of 3:2:1 respectively. On 31st March 2018, they decided to dissolve the firm when their Balance Sheet was as under.

Balance Sheets as on 31st March 2018.

Liabilities

Amount ₹

Assets

Amount ₹

Creditors

28,800

Building

1,02,000

Bills Payable

21,600

Machinery

73,000

Capital A/c’s


Motor Car

1,67,600

Leela

2,27,160

Goodwill

45,600

Manda

1,44,000

Investment

62,400

Kunda

1,08,000

Debtors

30,600



Stock

45,000



Bank

3,360


5,29,560


5,29,560

Leela agreed to take over the Building at  1,23,600.

Manda took over Goodwill, Stock, and Debtors at Book values and agreed to pay Creditors and Bills payable.

Motor Car and Machinery realised  1,51,080 and  31,680 respectively.

Investments were taken by Kunda at an agreed value of ` 55,440.

Realisation expenses amounted to  6,800.

Pass necessary entries in the books of ‘Janki Stores.’

SOLUTION: In the books of ‘Janki Stores’

Journal Entries

Date

Particulars

Debit (₹)

Credit (₹)

1

Realisation A/c Dr.

5,26,200



To Building A/c


1,02,000


To Machinery A/c


73,000


To Motor Car A/c


1,67,600


To Goodwill A/c


45,600


To Investments A/c


62,400


To Debtors A/c


30,600


To Stock A/c


45,000


(Being sundry assets transferred to Realisation A/c)



2

Creditors A/c Dr

28,800



Bills Payable A/c Dr

21,600



To Realisation A/c


50,400


(Being sundry liabilities transferred to realisation A/c)



3

Bank A/c Dr

1,82,760



To Realisation A/c


1,82,760


(Being amount received for assets sold)



4

realisation A/c Dr

6,800



To Bank A/c


6,800


(Being amount paid for realisation expense)



5

Leela’s Capital A/c Dr

1,23,600



To Realisation A/c


1,23,600


(Being Building taken over by Leela)



6

Manda’s Capital A/c Dr

1,21,200



To Realisation A/c


1,21,200


( Being Goodwill, Stock, Debtors taken over by Manda)



7

Kunda’s Capital A/c Dr.

55,440



To Realisation A/c


55,440


(Being Investments taken over by Kunda)



8

Realisation A/c Dr

50,400



To Manda’s Capital A/c


50,400


(Being creditors and Bills payable amount paid by Manda)



9

Leela’s Capital A/c Dr

25,000



Manda’s Capital A/c Dr

16,667



Kunda’s Capital A/c Dr

8,333



To Realisation A/c


50,000


( Being loss of realisation transferred to Partners’ Capital A/c)



10

Leela’s Capital A/c Dr

78,560



Manda’s Capital A/c Dr

56,533



Kunda’s Capital A/c Dr

44,227



To Realisation A/c


1,79,320


( Being final settlement made)





1346120

1346120

Working Notes : 

In the books of Leela, Manda and Kunda

Realisation Account

Particulars

Amount (₹)

Amount (₹)

Particulars

Amount (₹)

Amount (₹)

To Sundry Assets A/c



By Sundry Liabilities A/c



Building

1,02,000


Creditors

28,800


Machinery

73,000


Bills Payable

21,600

50,400

Motor car

1,67,600


By Bank A/c



Goodwill

45,600


Motor Car

1,51,080


Investments

62,400


Machinery

31,680

1,82,760

Debtors

30,600


By Leela’s Capital A/c


1,23,600

Stock

45,000

5,26,200

Building



To Bank A/c



By Manda’s Capital A/c



Realisation Expense


6,800

Goodwill

45,600


To Manda’s Capital A/c



Stock

45,000


Creditors

28,800


Debtors

30,600

1,21,200

Bills Payable

21,600

50,400

By Kunda’s Capital A/c


55,440




Investments






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






Leela

25,000





Manda

16,667





Kunda

8,333

50,000



583400



583400


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