Shailesh and Shashank were partners sharing Profits and Losses in the ratio of 3:2. Their Balance Sheet as on 31st March 2019 was as follows : - Book Keeping and Accountancy

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


Practical problem | Q 3 | Page 245

Shailesh and Shashank were partners sharing Profits and Losses in the ratio of 3:2. Their Balance Sheet as on 31st March 2019 was as follows.

Balance Sheets as on 31st December 2019.

Liabilities

Amount ₹

Assets

Amount ₹

Capital Account :


Building

7000

Shailesh

10,000

Plant

9,000

Shashank

6,000

Debtors

14,000

Current Account :


Stock

5,000

Shailesh

3,000

Bank

6,000

Shashank

2,000



Creditors

17,400



Bills payable

2,600




41,000


41,000

The firm was dissolved on the above date and the assets realised as under.

1. Plant  8,000, Building  6,000, Stock  4,000 and Debtors  12,000.

2. Shailesh agreed to pay of the Bills Payable.

3. Creditors were paid in full.

4. Dissolution expenses were  1,400

Prepare Realisation A/c, Partners Current A/c, Partners Capital A/c, and Bank A/c

SOLUTION: In the books of Shailesh and Shashank

Realisation Account

Dr


Cr




Particulars

Amount (₹)

Amount (₹)

Particulars

Amount (₹)

Amount (₹)

To Sundry Assets A/c



By Sundry Liabilities A/c



Building

7,000


Creditors

17,400


Plant

9,000


Bills Payable

2,600

20,000

Debtors

14,000


By Bank A/c



Stock

5,000

35000

Plant

8,000


To Shailesh’s Current A/c



Building

6,000


Bills Payable


2,600

Stock

4,000


To Bank A/c



Debtors

12,000

30,000

Dissolution Expense

1,400


By Partners’ Current A/c

(Loss on realisation transferred



Creditors

17,400

18,800

Shailesh

3,840





Shashank

2,560

6,400



56,400



56,400

 

Partners’ Current Account

Dr


Cr




Particulars

Shailesh (₹)

Shashank (₹)

Particulars

Shailesh (₹)

Shashank (₹)

To realisation A/c – Loss

3,840

2,560

By Balance b/d

3,000

2000

To Partners’ Capital A/c

1,760


By Bills Payable A/c

2,600





By Partners’ Capital A/c


560


5,600

2,560


5,600

2,560

 

Partners’ Capital Account

Dr


Cr




Particulars

Shailesh (₹)

Shashank (₹)

Particulars

Shailesh (₹)

Shashank (₹)

To Partner's current A/c


560

By Balance b/d

10,000

6000

To Bank A/c

11,760

5,440

By Partner’s Current  A/c

1,760



11,760

6,000


11,760

6000

 

Bank Account

Dr


Cr


Particulars

Amount (₹)

Particulars

Amount (₹)

To Balance b/d

6,000

By realisation A/c

(Exp. and Liabilities)

18,800

To realisation A/c (Assets)

30,000

By Shailesh’s Capital A/c

11,760



By Shashank’s Capital A/c

5,440


36,000


36,000


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