Sangeeta, Anita and Smita were in partnership sharing Profits and Losses in the ratio 2:2:1. Their Balance Sheet as on 31st March 2019 was as under : - Book Keeping and Accountancy

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


Practical problem | Q 6 | Page 246

Sangeeta, Anita, and Smita were in partnership sharing Profits and Losses in the ratio 2:2:1. Their Balance Sheet as on 31st March 2019 was as under :

Balance Sheets as on 31st March 2019

Liabilities

Amount ₹

Assets

Amount ₹

Capital :


Land

2,10,000

Sangeeta

60,000

Plant

20,000

Anita

40,000

Goodwill

15,000

Smita

30,000

Debtors

1,25,000

Sangeeta’s Loan A/c

1,20,000

Loans and Advances

15,000

Sundry Creditors

1,20,000

Bank

5,000

Bills Payable

20,000




3,90,000


3,90,000


They decided to dissolve the firm as follows :

1. Assets realised as; Land recovered  1,80,000; Goodwill for  75,000; Loans and Advances realised  12,000; 10% of the Debts proved bad;

2. Sangeeta took Plant at book value.

3. Creditors and Bills payable paid at 5% discount.

4. Sandhya’s Loan was discharged along with  6,000 as Interest.

5. There was a contingent liability in respect of bills of  1,00,000 which was under discount. Out of them, a holder of one bill of  20,000 became insolvent

Show Realisation Account, Partners Capital Account, and Bank Account.

SOLUTION: In the books of Sangeeta, Anita and Smita 

Realisation Account

Particulars

Amount (₹)

Amount (₹)

Particulars

Amount (₹)

Amount (₹)

To Sundry Assets A/c



By Sundry Liabilities A/c



Land

2,10,000


Sundry Creditors

1,20,000


Plant

20,000


Bills Payable

20,000


Goodwill

15,000


Sandhya’s Loan

1,20,000

2,60,000

Debtors

1,25,000


By Sangeeta’s Capital A/c

(Plant)


20,000

Loans and Advances

15,000

3,85,000

By Bank A/c



To Bank A/c



Land

1,80,000


Creditors

1,14,000


Goodwill

75,000


Bills Payable

19,000

1,33,000

Loans and Advances

12,000


To Bank A/c



Debtors

1,12,500

3,79,500

Sandhya’s Loan


1,26,000

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



To Bank A/c

(Contingent liability paid)


20,000

Sangeeta

1,800





Anita

1,800





Smita

900

4,500



6,64,000



6,64,000

 

Partners’ Capital Accounts

Particulars

Sangeeta (₹)

Anita (₹)

Smita (₹)

Particulars

Sangeeta (₹)

Anita (₹)

Smita (₹)

To Realisation A/c

20,000



By Balance b/d

60,000

40,000

30,000

To Realisation A/c – Loss

1,800

1,800

900





To Bank A/c

38,200

38,200

29,100






60,000

40,000

30,000


60,000

40,000

30,000

 

Bank Account

Dr


Cr


Particulars

Amount (₹)

Particulars

Amount (₹)

To Balance b/d

5,000

By Sandhya’s Loan A/c

1,26,000

To realisation A/c – Assets

3,79,500

By realisation A/c

20,000



By realisation A/c – Liabilities

1,33,000



By Sangeeta’s Capital A/c

38,200



By Anita’s Capital A/c

38,200



By Smita’s Capital A/c

29,100


3,84,500


3,84,500


Working Notes :

(1) Amount paid towards Sandhya’s Loan = Loan amount + Interest due on loan

= 1,20,000 + 6,000 =  1,26,000

(2) Amount received from Debtors = Debtors – Bad debts

= 1,25,000 – 10 % of 1,25,000 = 1,25,000  – 12,500

 1,12,500

(3) Amount paid to Creditors = Creditor – 5 % discount

= 1,20,000 – 5 % on 1,20,000

= 1,20,000 – 6,000

 1,14,000

(4) Amount paid towards Bills payable = Bills payable  –  5 % discount

= 20,000 –  5 % on 20,000

= 20,000  – 1,000 =

 19,000

(5) Bill of   1,00,000 was discounted with the Bank. On the due date bank could not recover  20,000 from one bill holder as he was declared insolvent. Therefore, we required to settle that contingent liability of  20,000.

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