Shweta, Nupur and Sanika are partners sharing Profits and Losses in the ratio of 3:2:1. 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 10 | Page 249

Shweta, Nupur, and Sanika are partners sharing Profits and Losses in the ratio of 3:2:1. Their Balance Sheet as on 31^st March 2019 was as follows :

Balance Sheets as on 31^st March 2019.

Liabilities	Amount ₹	Assets	Amount ₹
Capital A/c		Sundry Assets	1,60,000
Shweta	65,000	Cash at Bank	5,000
Nupur	15,000	Capital A/c: Sanika	10,000
Sundry Creditors	95,000
	1,75,000		1,75,000

The firm is dissolved as on 31^st March 2019. Sundry Assets realised @ 60% of its book value. Realisation expenses ₹ 2000 paid by Shweta, Nupur, and Sanika both are insolvent. Nupur’s private estate has got a surplus of ₹3,000 and that of Sanika ₹ 8,000.

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

SOLUTION: In the books of Shweta, Nupur and Sanika

Realisation Account

Particulars	Amount (₹)	Amount (₹)	Particulars	Amount (₹)	Amount (₹)
To Sundry Assets A/c		1,60,000	By Sundry Liabilities A/c (Sundry Creditors)		95,000
To Bank A/c		95,000	By Bank A/c		96,000
Sundry Creditors			Sundry Assets (60 %)
To Shweta’s Capital A/c (realisation expense)		2,000	By Partners’ Capital A/c (Loss on realisation transferred)
			Shweta	33,000
			Nupur	22,000
			Sanika	11,000	66,000
		2,57,000			2,57,000

 

Partners’ Capital Accounts

Particulars	Shweta (₹)	Nupur (₹)	Sanika (₹)	Particulars	Shweta (₹)	Nupur (₹)	Sanika (₹)
To Balance b/d			10,000	By Balance b/d	65,000	15,000
To realisation A/c – Loss	33,000	22,000	11,000	By Bank A/c (Private assets surplus)		3,000	8,000
To Nupur’s Capital A/c	4,000			By Shweta’s Capital A/c (Deficiency)		4,000	13,000
To Sanika’s Capital A/c	13,000			By realisation A/c (realisation exp.)	2,000
To Bank A/c	17,000
	67,000	22,000	21,000		67,000	22,000	21,000

 

Bank Account

Particulars	Amount (₹)	Particulars	Amount (₹)
To Balance b/d	5,000	By Sundry Creditors A/c	95,000
To Nupur’s Capital A/c	3,000	By Shweta’s Capital A/c	17,000
To Sanika’s Capital A/c	8,000
Words to describe people	96,000
	1,12,000		1,12,000

 

Working Notes :

(1) From the private assets of Nupur and Sanika, ₹ 3,000 and ₹ 8,000 received and added to the capital accounts. The deficiency of ₹ 4,000 and ₹ 13,000 arrived. Shweta alone has to bear this deficiency.

(2) 60 % of Debtors realised i.e. 60 % of ₹ 1,60,000 = ₹ 96,000.