Sitaram, Gangaram and Rajaram are partners sharing Profits and Losses in the ratio of 4:2:3. On. 1st April 2019 they agreed to dissolve the partnership, their Balance Sheet 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 8 | Page 248

Sitaram, Gangaram, and Rajaram are partners sharing Profits and Losses in the ratio of 4:2:3. On. 1st April 2019 they agreed to dissolve the partnership, their Balance Sheet was as follows :

Balance Sheets as on 31st March 2019

Liabilities

Amount ₹

Assets

Amount ₹

Capital:


Building

55,000

Sitaram

65,000

Machinery

25,000

Gangaram

45,000

Furniture

12,000

Rajaram

7,000

Investment

15,000

Reserve Fund

18,000

Bills Receivable

3,500

Profit and Loss Account

5,400

Sundry Debtors

21,000

Loan from Tukaram

10,000

Stock

28,000

Sundry Creditors

12,000

Cash in hand

5,500

Bills Payable

4,600

Cash at Bank

2000


1,67,000


1,67,000

The assets realised: Building  46,750 Machinery  18,550 Furniture  9,600; Investment  10,650 Bill Receivable and Debtors  20,750; All the liabilities were paid off. The cost of realisation was  800. Rajaram becomes bankrupt and  1,100 only was recovered from his estate.

Show Realisation Account, Bank Account, and Capital Account of the partners.

SOLUTION: In the books of Sitaram, Gangaram and Rajaram 

Realisation Account.

Particulars

Amount (₹)

Amount (₹)

Particulars

Amount (₹)

Amount (₹)

To Sundry Assets A/c



By Sundry Liabilities A/c



Building

55,000


Loan from Tukaram

10,000


Machinery

25,000


Sundry Creditors

12,000


Furniture

12,000


Bills Payable

4,600

26,600

Investments

15,000


By Bank A/c



Bills receivable

3,500


Building

46,750


Sundry Debtors

21,000


Machinery

18,550


Stock

28,000

1,59,500

Furniture

9,600


To Bank A/c



Investments

10,650


Loan from Tukaram

10,000


Bills receivable and Debtors

20,750

1,06,300

Realisation Expense

800


By Partners’ Capital A/c

(Loss on realisation transferred)



Sundry Creditors

12,000


Sitaram

24,000


Bills Payable

4,600

27,400

Gangaram

12,000





Rajaram

18,000

54,000



1,86,900



1,86,900

Partners’ Capital Accounts

Particulars

Sita

ram 

(₹)

Ganga

ram 

(₹)

Raja

ram 

(₹)

Particulars

Sita

ram 

(₹)

Ganga

ram 

(₹)

Raja

ram 

(₹)

To Realistion A/c – Loss

24,000

12,000

18,000

By Balance b/d

65,000

45,000

7,000

To Rajaram's Capital A/

1,400

700


By reserve Fund A/c

8,000

4,000

6,000

To Bank A/c

50,000

37,500


By Profit and Loss A/c

2,400

1,200

1,800





By Bank A/c (Amount recovered)



1,100





By Sitaram’s Capital A/c



1,400





By Gangaram’s Capital A/c



700


75,400

50,200

18,000


75,400

50,200

18,000

 

Bank Account

Particulars

Amount (₹)

Particulars

Amount (₹)

To Balance b/d

2,000

By Realisation A/c – Liabilities

27,400

To Cash A/c

5,500

By Sitaram’s Capital A/c

50,000

To Realisation A/c – Assets

1,06,300

By Gangaram’s Capital A/c

37,500

To Rajarams’ Capital A/c

1,100




1,14,900


1,14,900

Working Notes :

(1)  1,100 is recovered from Rajaram's estate which is recorded in credit side of Rajaram's Capital Account and on debit side of Bank A/c.

(2) Capital deficiency of Rajaram = Debit total of Capital A/c – Credit total of Capital A/c

= 18,000 – 15,900 =  2,100

Deficit amount of Rajaram A/c   2,100 is distributed among continuing partners’ in 2: 1 ratio.

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