Saiesh, Sumit and Hemant were in partnership sharing Profits and Losses in the ratio 2:2:1. - Book Keeping and Accountancy

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


Practical problem | Q 7 | Page 247

Saiesh, Sumit, and Hemant were in partnership sharing Profits and Losses in the ratio 2:2:1. They decided to dissolve their partnership firm on 31st March 2019 and their Balance Sheet on that date stood as;

Balance Sheets as on 31st March 2019

Liabilities

Amount ₹

Assets

Amount ₹


Capital :


Plant

1,20,000


Saiesh

90,000


Debtors

45,000

Sumit

60,000


Stock

75,000

Hemant

30,000

1,80,000



Loan

12,000




Sundry Creditors

9,000




Bank Overdraft

39,000





2,40,000


2,40,000


It was agreed that;

1. Saiesh to discharge Loan and to take Debtors at book value.

2. Plant realised  35,000.

3. Stock realised  72,000.

4. Creditors were paid off at a discount of  45

Show Realisation A/c, Partners’ Capital A/c and Bank A/c

SOLUTION: In the books of Saiesh, Sumit and Hemant

Realisation Account

Particulars

Amount (₹)

Amount (₹)

Particulars

Amount (₹)

Amount (₹)

To Sundry Assets A/c



By Sundry Liabilities A/c



Plant

1,20,000


Loan

12,000


Debtors

45,000


Sundry Creditors

9,000

21000

Stock

75,000

2,40,000

By Bank A/c



To Bank A/c


8,955

Plant

1,35,000


Sundry Creditors



Stock

72,000

2,07,000

To Saiesh’s Capital A/c – Loan


12,000

By Saiesh’s Capital A/c


45,000

To Partners’ Capital A/c

(Profit on realisation transferred)



Debtors



Saiesh

4,818





Sumit

4,818





Hemant

2,409

12,045






2,73,000



2,73,000

 

Partners’ Capital Accounts

Particulars

Saiesh (₹)

Sumit (₹)

Hemant (₹)

Particulars

Saiesh (₹)

Sumit (₹)

Hemant (₹)

To Debtors A/c

45,000



By Balance b/d

90,000

60,000

30,000

To Bank A/c

61,818

64,818

32,409

By Loan A/c

12,000







By realisation A/c – Profit

4,818

4,818

2,409


1,06,818

64,818

32,409


1,06,818

64,818

32,409

Bank Account


Particulars

Amount (₹)

Particulars

Amount (₹)

To realisation A/c – (Assets)

2,07,000

By Balance b/d (overdraft)

39,000



By realisation A/c

8,955



By Saiesh’s Capital A/c

61,818



By Sumit’s Capital A/c

64,818



By Hemant’s Capital A/c

32,409


2,07,000


2,07,000


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