Question 24 of 33
Q.
Lal, Bal and Pal were partners sharing profits and losses in the ratio of 2 : 2 : 1. The following is the Balance Sheet as on 31st March, 2020.
| Balance sheet as on 31st March 2020 | ||||
|---|---|---|---|---|
| Liabilities | Amount (₹) | Assets | Amount (₹) | |
| Capital A/c | Machinery | 50,000 | ||
| Lal | 60,000 | Investments | 24,000 | |
| Bal | 20,000 | Debtors | 55,000 | 52,000 |
| Pal | 20,000 | Less: R.D.D. | (3,000) | |
| General Reserve | 6,000 | Stock | 20,000 | |
| Creditors | 48,000 | Profit and loss A/c | 18,000 | |
| Bills Payable | 14,000 | Bank | 4,000 | |
| 168000 | 168000 | |||
| On the above date the partners decided to dissolve the firm. | ||||
| (1) Assets were realised as: | ||||
| Machinery | ₹ 45000 | |||
| --- | --- | |||
| Stock | ₹ 18000 | |||
| Investment | ₹ 21000 | |||
| Debtors | ₹ 45000 | |||
| (2) Dissolution expenses were ₹ 3000. | ||||
| (3) Goodwill of the firm realised ₹ 24000. | ||||
| Prepare: | ||||
| Realisation Account | ||||
| Partner's Capital Account | ||||
| Bank Account. |
Maharashtra MsbshseMaharashtra HSC (MSBSHSE) Board 2024Subjective· 10mImportance★★★★★
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Start your 14-day free trial to unlock the full solution →Realisation Account gives a profit of ₹4,000 (shared 2:2:1). Accumulated loss (P&L A/c ₹18,000) and General Reserve ₹6,000 are shared 2:2:1. Final cash paid: Lal ₹56,800, Bal ₹16,800, Pal ₹18,400; Bank Account totals ₹1,57,000.
Realisation Account
| Particulars | ₹ | Particulars | ₹ |
|---|---|---|---|
| To Machinery A/c | 50,000 | By R.D.D. A/c | 3,000 |
| To Investments A/c | 24,000 | By Creditors A/c | 48,000 |
| To Debtors A/c | 55,000 | By Bills Payable A/c | 14,000 |
| To Stock A/c | 20,000 | By Bank A/c (assets realised): | |
| To Bank A/c (Creditors) | 48,000 | Machinery 45,000 | |
| To Bank A/c (Bills Payable) | 14,000 | Stock 18,000 | |
| To Bank A/c (Dissolution exp.) | 3,000 | Investment 21,000 | |
| To Profit — Lal 1,600 / Bal 1,600 / Pal 800 | 4,000 | Debtors 45,000 | |
| Goodwill 24,000 | 1,53,000 | ||
| Total | 2,18,000 | Total | 2,18,000 |
Partners' Capital Accounts
| Particulars | Lal | Bal | Pal | Particulars | Lal | Bal | Pal |
|---|---|---|---|---|---|---|---|
| To Profit & Loss A/c (loss) | 7,200 | 7,200 | 3,600 | By Balance b/d | 60,000 | 20,000 | 20,000 |
| To Bank A/c (final payment) | 56,800 | 16,800 | 18,400 | By General Reserve | 2,400 | 2,400 | 1,200 |
| By Realisation A/c (profit) | 1,600 | 1,600 | 800 | ||||
| Total | 64,000 | 24,000 | 22,000 | Total | 64,000 | 24,000 | 22,000 |
Bank Account
| Particulars | ₹ | Particulars | ₹ |
|---|---|---|---|
| To Balance b/d | 4,000 | By Realisation A/c (Creditors) | 48,000 |
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