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 31st March 2019 was as follows :

Balance Sheets as on 31st 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 31st 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.

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