Shashwat and Shiv are equal partners. Their Balance Sheet stood as under : - Book Keeping and Accountancy

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

Practical problem | Q 12 | Page 250

Shashwat and Shiv are equal partners. Their Balance Sheet stood as under :

Balance Sheets as on 31st March 2019.

Liabilities

Assets

Shaswat’s Capital A/c

6,000

Plant and Machinery

14,750

Creditors

39,000

Furniture

4,000



Debtors

5,000



Stock

6,250



Cash at Bank

3,000



Shiv’s Capital

12,000


45,000


45,000


Due to weak financial position, all partners were declared bankrupt

The Assets were realised as follows :

Stock ₹3,500, Furniture ₹ 2,000, Debtors ₹ 5,000 and Machinery ₹ 7,000 The cost of collection and distributing the estate amounted to ₹ 1,500. Shashwat’s private estate in not sufficient even to pay his private debts, whereas in Shiv’s private estate there is a surplus of ₹ 500.

Prepare necessary ledger accounts to close the books of the firm.

SOLUTION: In the books of Shashwat and Shiv 

Realisation Account

Particulars

Particulars

To Sundry Assets A/c



By Bank A/c



Plant and Machinery

14,750


Stock

3,500


Furniture

4,000


Furniture

2,000


Debtors

5,000


Debtors

5,000


Stock

6,250

30,000

Machinery

5,000

17,500

To Bank A/c


1,500

By Partners’ Capital A/c

(Loss on realisation transferred)



Realisation Exp.



Shashwat

7,000





Shiv

7,000

14000



31,500



31,500

 

Partners’ Capital Accounts

Particulars

Shashwat

(₹)

Shiv

(₹)

Particulars

Shashwat 

(₹)

Shiv 

(₹)

To Balance b/d


12,000

By Balance b/d

6000


To realisation A/c – Loss

7,000

7,000

By Bank A/c


500




By Deficiency A/c

1000

18,500


7,000

19,000


7000

19,000

 

Creditors Account

Particulars

Particulars

To Deficiency A/c

19,500

By Balance b/d

39,000

To Bank A/c

19,500




39,000


39,000

 

Deficiency Account

Particulars

Particulars

To Shashwat’s Capital A/c

1000

By Creditors A/c

19,500

To Shiv’s Capital A/c

18,500




19,500


19,500

 

Bank Account

Particulars

Particulars

To Balance b/d

3,000

By realisation Expense A/c

1,500

To Shiv’s Capital A/c

500

By Creditors A/c

19,500

To realisation A/c (Assets)

17,500




21,000


21,000


Working Note:

As partners were not able to pay their loss amount, difference of amount is considered as deficiency of partners.

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