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Target Publications Pvt. Ltd. Chapter 06: Dissolution of Partnership Firm
1
06 Dissolution of partnership firm Solution to Practice Q.1.: In the Books of Firm
Realisation Account Dr. Cr.
Particulars Amount `
Amount `
Particulars Amount `
Amount `
To Sundry Assets A/c By Sundry Liability A/c Stock 20,000 Sundry Creditors 42,000Motor Van 10,000 Bills Payable 25,000 67,000Machinery 18,000 By Cash A/c Sundry Debtor 24,000 Stock 18,000Furniture 12,000 Motor Van 70,000Land & Building 60,000 1,44,000 Machinery 16,000
To Cash A/c Furniture 10,000Sundry Creditors 42,000 Debtor 22,000Bills Payable 25,000 Land & Building 72,000 2,08,000Dissolution Expenses 2,000 69,000
To Partners Capital A/c (Profit on Realisation)
Soni 31,000 Moni 31,000 62,000
2,75,000 2,75,000 Partner’s Capital Account
Dr. Cr.
Particulars Soni `
Moni `
Particulars Soni `
Moni `
To Cash A/c 76,000 71,000 By Balance b/d 30,000 25,000 By General Reserve A/c 15,000 15,000 By Realisation A/c (Profit) 31,000 31,000 76,000 71,000 76,000 71,000
Cash Account Dr. Cr.
Particulars Amount `
Particulars Amount `
To Balance b/d 8,000 By Realisation A/c 69,000 To Realisation A/c 2,08,000 By Soni’s Capital A/c 76,000 By Moni’s Capital A/c 71,000
2,16,000 2,16,000 Solution to Practice Q.2.: In the Books of Firm
Realisation Account Dr. Cr.
Particulars Amount `
Amount `
Particulars Amount `
Amount `
To Sundry Assets A/c By Sundry Liability A/c Sundry Debtors 45,000 Bank Loan 15,000Land & Building 70,000 Creditors 32,000Furniture 50,000 Bills Payable 8,000Machinery 25,000 Outstanding Expenses 1,000 56,000Stock 24,000 2,14,000
Target Publications Pvt. Ltd. Std. XII (Commerce): Book-Keeping & Accountancy
2
To Bank A/c By Bank A/c Bank Loan 15,000 Building 65,000Creditors 26,000 Furniture 35,000Bills Payable 8,000 Stock 20,000Outstanding Expenses 1,000 Debtors 40,000 1,60,000Realisation Expenses 1,000 51,000 By Piyush’s Capital A/c Machinery 25,000
By Partners Capital A/c (Loss on Realisation)
Piyush 16,000 Nathalal 8,000 24,000
2,65,000 2,65,000
Partner’s Capital Account
Dr. Cr.
Particulars Piyush `
Nathalal `
Particulars Piyush `
Nathalal `
To Realisation A/c (Loss) 16,000 8,000 By Balance b/d 75,000 75,000To Realisation A/c 25,000 − By Profit & Loss A/c 12,000 6,000 To Bank A/c 46,000 73,000 87,000 81,000 87,000 81,000
Bank Account
Dr. Cr.
Particulars Amount `
Particulars Amount `
To Balance b/d 10,000 By Realisation A/c 50,000To Realisation A/c 1,60,000 By Realisation A/c 1,000 By Piyush’s Capital A/c 46,000 By Nathalal’s Capital A/c 73,000
1,70,000 1,70,000
Journal Entries Date Particulars L.F. Debit
` Credit
`2012 Apr 1 Realisation A/c
To Sundry Assets A/c (Being assets transferred to realisation A/c)
Dr. 2,14,000 2,14,000
Apr 1 Sundry Liabilities A/c To Realisation A/c
(Being liabilities transferred to realisation A/c)
Dr. 56,000 56,000
Apr 1 Profit and Loss A/c To Piyush’s Capital A/c To Nathalal’s Capital A/c (Being balance of profit and loss A/c distributed)
Dr. 18,000 12,000 6,000
Apr 1 Bank A/c To Realisation A/c
(Being building, furniture, debtors and stock realised)
Dr. 1,60,000 1,60,000
Apr 1 Realisation A/c To Bank A/c
(Being liabilities paid)
Dr. 50,000 50,000
Target Publications Pvt. Ltd. Chapter 06: Dissolution of Partnership Firm
3
Apr 1 Realisation A/c To Bank A/c
(Being realisation expenses paid)
Dr. 1,000 1,000
Apr 1 Piyush’s Capital A/c To Realisation A/c
(Being machinery taken over)
Dr. 25,000 25,000
Apr 1 Piyush’s Capital A/c Nathalal’s Capital A/c
To Realisation A/c (Being loss on realisation transferred to capital A/c)
Dr. Dr.
16,000 8,000
24,000
Apr 1 Piyush’s Capital A/c Nathalal’s Capital A/c
To Bank A/c (Being cash paid on final settlement)
Dr. Dr.
46,000 73,000
1,19,000
Total: 6,67,000 6,67,000 Solution to Practice Q.3.: In the Books of Firm
Journal Entries Date Particulars L.F. Debit
` Credit
`2012
Mar 31 Realisation A/c To Debtors A/c To Stock A/c To Building A/c To Furniture A/c To Bills Receivable A/c
(Being Assets transferred to Realisation)
Dr. 40,000 8,000 6,000
22,000 3,000 1,000
Mar 31 Creditors A/c Bills Payable A/c
To Realisation A/c (Being Liabilities transferred to Realisation)
Dr. Dr.
4,600 1,400
6,000
Mar 31 Reserve Fund A/c To Anandrao’s Capital A/c To Baburao’s Capital A/c
(Being Reserve Fund distributed)
Dr. 5,000 2,500 2,500
Mar 31 Cash A/c To Realisation A/c
(Being Assets Realised)
Dr. 31,800 31,800
Mar 31 Anandrao’s Capital A/c To Realisation A/c
(Being Furniture Takenover by Anandrao)
Dr. 2,500 2,500
Mar 31 Realisation A/c To Cash A/c
(Being Liabilities and Expense paid)
Dr. 6,500 6,500
Mar 31 Anandrao’s Capital A/c Baburao’s Capital A/c
To Realisation A/c (Being loss on realisation transferred to capital A/c)
Dr. Dr.
3,100 3,100
6,200
Mar 31 Anandrao’s Capital A/c Baburao’s Capital A/c
To Cash A/c (Being Amount Paid to Partner’s on final Settelement of Accounts)
Dr. Dr.
6,900 19,400
26,300
Total: 1,24,300 1,24,300
Target Publications Pvt. Ltd. Std. XII (Commerce): Book-Keeping & Accountancy
4
Solution to Practice Q.4.: In the Books of Firm Journal Entries
Date Particulars L.F. Debit
` Credit
`
2013 Realisation A/c
To Debtors A/c To Stock A/c To Furniture A/c To Motor Car A/c
(Being Assets transferred to Realisation A/c)
Dr.
2,31,250
56,250 1,12,500
25,000 37,500
Mar 31
Mar 31 Reserve Fund A/c To Devendra’s Capital A/c To Ganesh’s Capital A/c
(Being Reserve Fund distributed among Partners)
Dr. 15,000 9,000 6,000
Mar 31 R.D.D. A/c To Realisation A/c
(Being R.D.D. transferred to Realisation)
Dr.
6,250 6,250
Mar 31 Creditors A/c Bank Overdraft A/c
To Realisation A/c (Being Liabilities transferred to Realisation)
Dr. Dr.
12,500 10,000
22,500
Mar 31 Bank A/c To Realisation A/c
(Being Assets Realised)
Dr. 1,45,000 1,45,000
Mar 31 Devendra’s Capital A/c Ganesh’s Capital A/c
To Realisation A/c (Being Motor Car and Furniture taken over by Devendra and Ganesh respectively)
Dr. Dr.
35,000 30,000
65,000
Mar 31 Realisation A/c To Bank A/c
(Being Realisation Expenses paid off)
Dr. 5,000 5,000
Mar 31 Bank A/c To Realisation A/c
(Being Goodwill Realised)
Dr.
12,500 12,500
Mar 31 Realisation A/c To Bank A/c
(Being Liabilites Paid off)
Dr. 21,250 21,250
Mar 31 Devendra’s Capital A/c Ganesh’s Captial A/c
To Realisation A/c (Being Loss on Realisation transferred to capital A/c)
Dr. Dr.
3,750 2,500
6,250
Mar 31 Devendra’s Capital A/c Ganesh’s Captial A/c
To Bank A/c (Being Amount Paid to Partner’s for final Settelement of Accounts)
Dr. Dr.
85,250 48,500
1,33,750
Total: 6,63,750 6,63,750
Target Publications Pvt. Ltd. Chapter 06: Dissolution of Partnership Firm
5
Solution to Practice Q.5.: In the Books of Firm Realisation Account
Dr. Cr.
Particulars Amount `
Amount `
Particulars Amount `
Amount`
To Sundry Assets A/c By Sundry Liabilities A/c Bills Receivable 4,000 Sundry Creditors 14,000Computer 18,000 Bills Payable 20,000 34,000Vehicles 20,000 By Bank A/c Machines & Plant 18,000 Bills Receivable 3,800Furniture & Fixture 2,000 Computer 16,000Land & Building 40,000 1,02,000 Vehicle 18,000
To Bank A/c Land & Building 50,000Sundry Creditors 11,200 Plant & Machinery 18,000Bills Payable 18,000 Furniture 2,000 1,07,800Dissolution Expenses 3,000 32,200
By Partner’s Capital A/c (Profit on Realisation)
Ajay 3,040 Vijay 3,040 Sunny 1,520 7,600
1,41,800 1,41,800 Partners Capital Account
Dr. Cr.
Particulars Ajay `
Vijay `
Sunny `
Particulars Ajay `
Vijay `
Sunny `
To Bank A/c 30,240 30,240 15,120 By Balance b/d 20,000 20,000 10,000 By Reserve Fund 7,200 7,200 3,600 By Realisation A/c 3,040 3,040 1,520 (Profit) 30,240 30,240 15,120 30,240 30,240 15,120
Sunny’s Loan Account
Dr. Cr.
Particulars Amount `
Particulars Amount`
To Bank A/c 6,000 By Balance b/d 6,000 6,000 6,000
Bank Account
Dr. Cr.
Particulars Amount `
Particulars Amount`
To Balance b/d 6,000 By Realisation A/c 32,200To Realisation A/c 1,07,800 By Sunny’s Loan A/c 6,000 By Ajay’s Capital A/c 30,240 By Vijay’s Capital A/c 30,240 By Sunny’s Capital A/c 15,120
1,13,800 1,13,800
Target Publications Pvt. Ltd. Std. XII (Commerce): Book-Keeping & Accountancy
6
Solution to Practice Q.6.: In the Books of Firm Realisation Account
Dr. Cr.
Particulars Amount `
Amount `
Particulars Amount `
Amount `
To Sundry Assets A/c By Sundry Liabilities Goodwill 4,000 Creditors 6,000Land & Building 12,000 Bills Payable 2,000 8,000Furniture 2,400 By Bank A/c Stock 10,000 Land & Building 14,000Debtors 7,200 35,600 Stock 8,000
To Bank A/c Debtors 7,200 29,200Creditors 5,400 By Pravin’s Capital A/c Bills Payable 2,000 Furniture 4,000Realisation Expenses 1,000 8,400 By Partner’s Capital A/c (Loss on Realisation) Pravin 1,400 Angel 1,400 2,800
44,000 44,000
Partner’s Capital Account
Dr. Cr.
Particulars Pravin `
Angel `
Particulars Pravin `
Angel `
To Realisation A/c 4,000 – By Balance b/d 12,000 10,000To Realisation A/c (Loss) 1,400 1,400 By Reserves A/c 2,000 2,000 To Bank A/c 8,600 10,600
14,000 12,000 14,000 12,000
Pravin’s Loan Account Dr. Cr.
Particulars Amount `
Particulars Amount `
To Bank A/c 4,000 By Balance b/d 4,000
4,000 4,000
Bank Account Dr. Cr.
Particulars Amount `
Particulars Amount `
To Balance b/d 2,400 By Pravin’s Loan A/c 4,000To Realisation A/c 29,200 By Realisation A/c 7,400 By Realisation A/c 1,000 By Pravin’s Capital A/c 8,600 By Angel’s Capital A/c 10,600
31,600 31,600
Target Publications Pvt. Ltd. Chapter 06: Dissolution of Partnership Firm
7
Journal Entries Date Particulars L.F. Debit
` Credit
`2012 Apr 1 Realisation A/c
To Sundry Assets A/c (Being assets transferred to realisation A/c)
Dr. 35,600 35,600
Apr 1 Sundry Liabilities A/c To Realisation A/c
(Being liabilities transferred to realisation A/c)
Dr. 8,000 8,000
Apr 1 Reserves A/c To Pravin’s Capital A/c To Angel’s Capital A/c (Being balance of reserves A/c distributed)
Dr. 4,000 2,000 2,000
Apr 1 Bank A/c To Realisation A/c
(Being land & building, debtors and stock realised)
Dr. 29,200 29,200
Apr 1 Realisation A/c To Bank A/c
(Being liabilities paid)
Dr. 7,400 7,400
Apr 1 Realisation A/c To Bank A/c
(Being realisation expenses paid)
Dr. 1,000 1,000
Apr 1 Pravin’s Capital A/c To Realisation A/c
(Being furniture taken over)
Dr. 4,000 4,000
Apr 1 Pravin’s Capital A/c Angel’s Capital A/c
To Realisation A/c (Being loss on realisation transferred to capital A/c)
Dr. Dr.
1,400 1,400
2,800
Apr 1 Pravin’s Loan A/c To Bank A/c (Being settlement of loan)
Dr. 4,000 4,000
Apr 1 Pravin’s Capital A/c Angel’s Capital A/c
To Bank A/c (Being cash paid on final settlement)
Dr. Dr.
8,600 10,600
19,200
Total: 1,15,200 1,15,200 Solution to Practice Q.7.: In the Books of Firm
Realisation Account Dr. Cr.
Particulars Amount `
Amount `
Particulars Amount `
Amount `
To Sundry Assets A/c By R.D.D. A/c 1,000Plant & Machinery 20,000 By Sundry Liabilities Investments 8,000 Creditors 21,000Stock 30,000 By Bank A/c Debtors 18,000 76,000 Investments 5,000
To Bank A/c Stock 24,000Creditors paid 21,000 Debtors 15,000 44,000Realisation Expense 1,000 22,000 By Eknath’s Capital A/c Plant & Machinery 20,000
Target Publications Pvt. Ltd. Std. XII (Commerce): Book-Keeping & Accountancy
8
By Partner’s Capital A/c (Loss on Realisation)
Eknath 6,000 Namdeo 3,600 Tukaram 2,400 12,000
98,000 98,000
Partner’s Capital Account
Dr. Cr.
Particulars Eknath `
Namdeo`
Tukaram`
Particulars Eknath `
Namdeo `
Tukaram`
To Realisation A/c 20,000 – – By Balance b/d 20,000 10,000 4,000To Realisation A/c (Loss) 6,000 3,600 2,400 By Reserve Fund A/c 10,000 6,000 4,000 To Bank A/c 4,000 12,400 5,600
30,000 16,000 8,000 30,000 16,000 8,000
Namdeo’s Loan Account Dr. Cr.
Particulars Amount `
Particulars Amount `
To Cash A/c 5,000 By Balance b/d 5,000
5,000 5,000
Bank Account Dr. Cr.
Particulars Amount `
Particulars Amount `
To Balance b/d 3,000 By Namdeo’s Loan A/c 5,000To Cash A/c 2,000 By Realisation A/c 21,000To Realisation A/c 44,000 By Realisation A/c 1,000 By Eknath’s Capital A/c 4,000 By Namdeo’s Capital A/c 12,400 By Tukaram’s Capital A/c 5,600
49,000 49,000 Solution to Practice Q.8.: In the Books of Firm
Realisation Account Dr. Cr.
Particulars Amount `
Amount `
Particulars Amount `
Amount `
To Sundry Assets A/c By Sundry Liabilities A/c Debtors 9,000 Creditors 6,400Furniture 3,000 Bills Payable 3,600 10,000Stock 10,000 By Cash A/c Building 10,000 Debtors 8,300Bills Receivable 1,000 33,000 Stock 9,200
To Cash A/c Bills Receivable 990 18,490Creditors 6,400 By Pramod’s Capital A/c Bills Payable 3,600 Building 9,000Realisation Expenses 300 10,300 By Prakash’s Capital A/c Furniture 2,700
Target Publications Pvt. Ltd. Chapter 06: Dissolution of Partnership Firm
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By Partner’s Capital A/c (Loss on Realisation) Prakash 1,555 Pramod 1,555 3,110
43,300 43,300
Partner’s Capital Account Dr. Cr.
Particulars Prakash `
Pramod `
Particulars Prakash `
Pramod `
To Realisation A/c 2,700 9,000 By Balance b/d 10,000 12,000To Realisation A/c (Loss) 1,555 1,555 By Reserve Fund A/c 2,000 2,000 To Bank A/c 7,745 3,445 12,000 14,000 12,000 14,000
Cash Account Dr. Cr.
Particulars Amount `
Particulars Amount `
To Balance b/d 3,000 By Realisation A/c 10,300To Realisation A/c 18,490 By Prakash’s Capital A/c 7,745 By Pramod’s Capital A/c 3,445
21,490 21,490 Journal Entries
Date Particulars L.F. Debit `
Credit `
2012 Mar 31 Realisation A/c
To Debtors To Furniture To Stock To Building To Bills Receivable
(Being Sundry Assets Transferred to Realisation)
Dr. 33,000 9,000 3,000
10,000 10,000 1,000
Mar 31 Creditors A/c Bills Payable A/c
To Realisation A/c (Being Sundry Liabilities Transferred to Realisation)
Dr. Dr.
6,400 3,600
10,000
Mar 31 Reserve Fund A/c To Prakash’s Capital A/c To Pramod’s Capital A/c
(Being Reserve Fund Distributed as per profit sharing ratio)
Dr. 4,000 2,000 2,000
Mar 31 Cash A/c To Realisation A/c
(Being Assets realised for Cash)
Dr. 18,490 18,490
Mar 31 Pramod’s Capital A/c Prakash’s Capital A/c
To Realisation A/c (Being Building taken over by Pramod and Furniture taken over by Prakash)
Dr. Dr.
9,000 2,700
11,700
Mar 31 Realisation A/c To Cash A/c
(Being Creditors, Bills Payable and Realisation Expenses Paid)
Dr. 10,300 10,300
Target Publications Pvt. Ltd. Std. XII (Commerce): Book-Keeping & Accountancy
10
Mar 31 Prakash’s Capital A/c Pramod’s Capital A/c
To Realisation A/c (Being Loss On Realisation transferred to partners capital A/c)
Dr. Dr.
1,555 1,555
3,110
Mar 31 Prakash’s Capital A/c Pramod’s Capital A/c
To Cash A/c (Being Cash paid to partners on final settlement)
Dr. Dr.
7,745 3,445
11,190
Total: 1,01,790 1,01,790 Solution to Practice Q.9.: In the Books of Firm
Realisation Account Dr. Cr.
Particulars Amount `
Amount `
Particulars Amount `
Amount `
To Sundry Assets A/c By R.D.D. A/c 800Building 30,000 By Sundry Liabilities A/c Machinery 10,000 Creditors 15,000Furniture 12,000 By Bank A/c Debtors 8,800 Stock 19,000Stock 20,000 Debtors 7,500Investments 4,000 Machinery 11,000Commission Receivable 1,000 85,800 Building 14,000 51,500
To Bank A/c By Shital’s Capital A/c Creditors 15,000 Investments 5,000Dissolution Expenses 2,000 17,000 Furniture 12,000 17,000 By Abhijit’s Loan A/c Settlement of Loan 500
By Partner’s Capital A/c (Loss on Realisation) Abhijit 9,000 Shital 9,000 18,000
1,02,800 1,02,800
Partners Capital Account
Dr. Cr.
Particulars Abhijit `
Shital `
Particulars Abhijit `
Shital `
To Realisation A/c – 17,000 By Balance b/d 40,000 30,000To Realisation A/c (Loss) 9,000 9,000 By Reserve Fund A/c 4,000 4,000 To Bank A/c 35,000 8,000 44,000 34,000 44,000 34,000
Abhijit’s Loan Account
Dr. Cr.
Particulars Amount `
Particulars Amount `
To Bank A/c 1,500 By Balance b/d 2,000To Realisation A/c 500
2,000 2,000
Target Publications Pvt. Ltd. Chapter 06: Dissolution of Partnership Firm
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Bank Account Dr. Cr.
Particulars Amount `
Particulars Amount `
To Balance b/d 10,000 By Realisation A/c 17,000To Realisation A/c 51,500 By Abhijit’s Loan A/c 1,500 By Abhijit’s Capital A/c 35,000 By Shital’s Capital A/c 8,000
61,500 61,500 Solution to Practice Q.10.: In the Books of Firm
Realisation Account Dr. Cr.
Particulars Amount `
Amount `
Particulars Amount `
Amount `
To Sundry Assets A/c By R.D.D. A/c 1,000Stock 46,000 By Sundry Liabilities A/c Debtors 20,000 Sundry Creditors 38,000Furniture 14,000 Mrs. Patil’s Loan 10,000 48,000Plant and Machinery 78,000 By Patil’s Capital A/c Investment 10,000 1,68,000 Investments 8,000
To Patil’s Capital A/c By Bank A/c Mrs. Patil’s Loan 10,000 Stock 45,000
To Bank A/c Debtors 18,500Creditors 37,050 Furniture 14,500Dissolution Expense 1,100 38,150 Plant and Machinery 75,000 1,53,000
By Partner’s Capital A/c (Loss on Realisation)
Patil 3,690 Kumbhar 2,460 6,150
2,16,150 2,16,150
Partner’s Capital Account
Dr. Cr.
Particulars Patil `
Kumbhar`
Particulars Patil `
Kumbhar`
To Profit & Loss A/c 4,500 3,000 By Balance b/d 70,000 48,000To Realisation A/c 8,000 – By Reserve A/c 3,000 2,000To Realisation A/c (Loss) 3,690 2,460 By Realisation A/c 10,000 – To Bank A/c 66,810 44,540 83,000 50,000 83,000 50,000
Kumbhar’s Loan Account
Dr. Cr.
Particulars Amount `
Particulars Amount `
To Bank A/c 15,000 By Balance b/d 15,000
15,000 15,000
Target Publications Pvt. Ltd. Std. XII (Commerce): Book-Keeping & Accountancy
12
Bank Account Dr. Cr.
Particulars Amount `
Particulars Amount `
To Balance b/d 11,500 By Realisation A/c 38,150To Realisation A/c 1,53,000 By Kumbhar’s Loan A/c 15,000 By Patil’s Capital A/c 66,810 By Kumbhar’s Capital A/c 44,540
1,64,500 1,64,500 Solution to Practice Q.11.: In the Books of Firm
Realisation Account Dr. Cr.
Particulars Amount `
Amount `
Particulars Amount `
Amount `
To Sundry Assets A/c By Sundry Liabilities A/c Fixed Assets 34,000 Sundry Creditors 12,000Debtors 46,000 Loans 3,000 15,000Stock 15,600 By Manda’s Capital A/c Fixture 2,000 97,600 Fixtures 1,600
To Manda’s Capital A/c Debtors 34,400 36,000Creditors 12,000 By Nanda’s Capital A/c
To Kunda’s Capital A/c Stock 14,000Loan 3,000 Fixed Assets 14,400 28,400Interest 90 3,090 By Kunda’s Capital A/c
To Cash A/c Fixed Assets 16,200Dissolution Expenses 500 By Cash A/c
Debtors 3,000
By Partner’s Capital A/c (Loss on Realisation) Manda 8,754 Nanda 2,918 Kunda 2,918 14,590
1,13,190 1,13,190
Partner’s Capital Account Dr. Cr.
Particulars Manda `
Nanda `
Kunda`
Particulars Manda `
Nanda `
Kunda`
To Realisation A/c 36,000 28,400 16,200 By Balance b/d 55,000 20,000 14,000To Realisation A/c (Loss) 8,754 2,918 2,918 By Realisation A/c 12,000 – 3,090 To Cash A/c 22,246 – – By Cash A/c – 11,318 2,028
67,000 31,318 19,118 67,000 31,318 19,118 Cash Account
Dr. Cr.
Particulars Amount `
Particulars Amount `
To Balance b/d 6,400 By Realisation A/c 500To Realisation A/c 3,000 By Manda’s Capital A/c 22,246To Nanda’s Capital A/c 11,318 To Kunda’s Capital A/c 2,028
22,746 22,746
Target Publications Pvt. Ltd. Chapter 06: Dissolution of Partnership Firm
13
Working Note: Calculation of amount of Fixed Assets taken over by Kunda: Book Value of Assets taken over by Nanda Assets taken over by Nanda = ` 14,400 (90% of Book Value) Book Value of Assets taken over by Nanda = ` 14,400 × = ` 16,000 Book Value of Assets taken over by Kunda = 34000 – 16000 = 18000 Assets taken over by Kunda at 90% of the book value = 18000 × 90/100 = 16,200 Solution to Practice Q.12.: In the Books of Firm
Realisation Account Dr. Cr.
Particulars Amount `
Amount `
Particulars Amount `
Amount `
To Sundry Assets A/c By R.D.D. A/c 2,000Building 32,000 By Sundry Liabilities A/c Sundry Debtors 18,000 Bank Loan 10,000Plant & Machinery 12,000 Sundry Creditor 10,000Stock 4,200 Bills Payable 5,000 25,000Furniture 1,800 By Sunita’s Capital A/c Goodwill 10,000 78,000 Building 20,000
To Sunita’s Capital A/c Stock 4,000 24,000Bank Loan 10,000 By Amita’s Capital A/c Interest on Loan 200 10,200 Sundry Debtors 2,000
To Amita’s Capital A/c Plant & Machinery 8,000 10,000Sundry Creditors 10,000 By Madhu’s Capital A/c Bills Payable 5,000 15,000 Furniture 1,500
To Madhu’s Capital A/c Realisation Expenses 1,000 By Partner’s Capital A/c (Loss on Realisation) Sunita 20,850
Amita 12,510 Madhu 8,340 41,700 1,04,200 1,04,200
Partners Capital Account Dr. Cr.
Particulars Sunita `
Amita `
Madhu `
Particulars Sunita `
Amita `
Madhu `
To Realisation A/c 24,000 10,000 1,500 By Balance b/d 20,000 15,000 10,000To Realisation A/c (Loss) 20,850 12,510 8,340 By Reserve Fund A/c 3,000 1,800 1,200 By Realisation A/c 10,200 15,000 − By Realisation A/c − − 1,000To Bank A/c − 9,290 2,360 By Bank A/c 11,650 − − 44,850 31,800 12,200 44,850 31,800 12,200
Sunita’s Loan Account Dr. Cr.
Particulars Amount`
Particulars Amount`
To Bank A/c 4,000 By Balance b/d 4,000
4,000 4,000
Target Publications Pvt. Ltd. Std. XII (Commerce): Book-Keeping & Accountancy
14
Bank Account Dr. Cr.
Particulars Amount `
Particulars Amount `
To Balance b/d 4,000 By Sunita’s Loan A/c 4,000To Sunita’s Capital A/c 11,650 By Amita’s Capital A/c 9,290 By Madhu’s Capital A/c 2,360 15,650 15,650
Solution to Practice Q.13.: In the Books of Firm
Realisation Account Dr. Cr.
Particulars Amount `
Amount `
Particulars Amount `
Amount `
To Sundry Assets A/c By R.D.D. A/c 800Building 40,000 By Sundry Liabilities A/c Machinery 22,000 Creditors 17,000Furniture 15,000 By Cash/Bank A/c Debtors 9,800 Stock 15,000Stock 13,000 Machinery 17,200Investment 25,000 1,24,800 Debtors 8,800
To Commission Receivable A/c 1,000 Building 46,000 87,000To Bank A/c By B’s Capital A/c
Creditors 17,000 Investments 24,000Dissolution Expenses 3,500 20,500 By C’s Capital A/c Furniture 12,000
By Partner’s Capital A/c (Loss on Realisation) A 1,833 B 1,833 C 1,834 5,500
1,46,300 1,46,300
Partner’s Capital Account
Dr. Cr.
Particulars A `
B `
C `
Particulars A `
B `
C `
To Realisation A/c − 24,000 – By Balance b/d 40,000 30,000 30,000To Realisation A/c − − 12,000 By Reserve Fund A/c 8,000 8,000 8,000To Realisation A/c (Loss) 1,833 1,833 1,834 To Bank A/c 46,167 12,167 24,166
48,000 38,000 38,000 48,000 38,000 38,000
A’s Loan Account Dr. Cr.
Particulars Amount `
Particulars Amount `
To Commission Receivable A/c 10,000 By Balance b/d 10,000
10,000 10,000
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Bank Account Dr. Cr.
Particulars Amount `
Particulars Amount `
To Balance b/d 16,000 By Realisation A/c 17,000To Realisation A/c 87,000 By Realisation A/c 3,500 By A’s Capital A/c 46,167 By B’s Capital A/c 12,167 By C’s Capital A/c 24,166
1,03,000 1,03,000
Journal Entries Date Particulars L.F. Debit
` Credit
`2012
Mar 31 Realisation A/c To Sundry Assets A/c
(Being assets transferred to realisation A/c)
Dr. 1,24,800 1,24,800
Mar 31 R.D.D. A/c To Realisation A/c
(Being liabilities transferred to realisation A/c)
Dr. 800 800
Mar 31 Sundry Liabilities A/c To Realisation A/c
(Being liabilities transferred to realisation A/c)
Dr. 17,000 17,000
Mar 31 Reserve Fund A/c To A’s Capital A/c To B’s Capital A/c To C’s Capital A/c (Being balance of reserve fund distributed)
Dr. 24,000 8,000 8,000 8,000
Mar 31 Bank A/c To Realisation A/c
(Being building, machinery, debtors and stock realised)
Dr. 87,000 87,000
Mar 31 Realisation A/c To Bank A/c
(Being liabilities paid)
Dr. 17,000 17,000
Mar 31 Realisation A/c To Bank A/c
(Being realisation expenses paid)
Dr. 3,500 3,500
Mar 31 B’s Capital A/c To Realisation A/c
(Being investments taken over)
Dr. 24,000 24,000
Mar 31 C’s Capital A/c To Realisation A/c
(Being furniture taken over)
Dr. 12,000 12,000
Mar 31 A’s Loan A/c Realisation A/c To Commission Receivable A/c (Being settlement of A’s loan by take over of Commission receivable)
Dr. Dr.
10,000 1,000
11,000
Mar 31 A’s Capital A/c B’s Capital A/c C’s Capital A/c
To Realisation A/c (Being loss on realisation transferred to capital A/c)
Dr. Dr. Dr.
1,833 1,833 1,834
5,500
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Mar 31 A’s Capital A/c B’s Capital A/c C’s Capital A/c
To Bank A/c (Being cash paid on final settlement)
Dr. Dr. Dr.
46,167 12,167 24,166
82,500
Total: 4,09,100 4,09,100 Solution to Practice Q.14.: In the Books of Firm
Realisation Account Dr. Cr.
Particulars Amount `
Amount `
Particulars Amount `
Amount `
To Sundry Assets A/c By Sundry Liability A/c Building 30,000 Bills Payable 4,000Stock 5,000 By Cash A/c Debtors 12,000 Stock 6,000Joint Life Policy 4,000 51,000 Debtors 11,000
To Bank A/c Building 40,000 57,000Bills Payable 4,000 By Mr. R’s Capital A/c Joint Life Policy 4,000
To Partners Capital A/c (Profit on Realisation)
Mr. R 6,667 Mrs. R 3,333 10,000
65,000 65,000
Partner’s Capital Account Dr. Cr.
Particulars Mr. R `
Mrs. R `
Particulars Mr. R `
Mrs. R `
To Realisation A/c 4,000 − By Balance b/d 20,000 10,000 By Partners Current A/c 5,000 3,000 By Reserve Fund A/c 8,000 4,000To Cash A/c 35,667 20,333 By Realisation A/c (Profit) 6,667 3,333 39,667 20,333 39,667 20,333
Cash Account Dr. Cr.
Particulars Amount `
Particulars Amount `
To Balance b/d 3,000 By Realisation A/c 4,000 By Mr. R’s Capital A/c 35,667To Realisation A/c 57,000 By Mrs. R’s Capital A/c 20,333
60,000 60,000 Journal Entries
Date Particulars L.F. Debit `
Credit `
2012 Mar 31 Realisation A/c
To Sundry Assets A/c (Being assets transferred to realisation A/c)
Dr. 51,000 51,000
Mar 31 Sundry Liabilities A/c To Realisation A/c
(Being liabilities transferred to realisation A/c)
Dr. 4,000 4,000
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Mar 31 Reserve Fund A/c To Mr. R’s Capital A/c To Mrs. R’s Capital A/c (Being balance of reserve fund distributed)
Dr. 12,000 8,000 4,000
Mar 31 Mr.R’s Current A/c To Mr. R’s Capital A/c
(Being balance of current A/c transferred to capital A/c)
Dr. 5,000 5,000
Mar 31 Mrs.R’s Current A/c To Mrs. R’s Capital A/c
(Being balance of current A/c transferred to capital A/c)
Dr. 3,000 3,000
Mar 31 Cash A/c To Realisation A/c
(Being building, debtors and stock realised)
Dr. 57,000 57,000
Mar 31 Realisation A/c To Cash A/c
(Being liabilities paid)
Dr. 4,000 4,000
Mar 31 Creditors A/c To Plant & Machinery A/c (Being plant & machinery transferred to creditors in full settlement of their claim)
Dr. 15,000 15,000
Mar 31 Mr. R’s Capital A/c To Realisation A/c
(Being Joint Life Policy taken over)
Dr. 4,000 4,000
Mar 31 Realisation A/c To Mr. R’s Capital A/c To Mrs. R’s Capital A/c (Being profit on realisation transferred to capital A/c)
Dr. 10,000 6,667 3,333
Mar 31 Mr. R’s Capital A/c Mrs. R’s Capital A/c
To Cash A/c (Being cash paid on final settlement)
Dr. Dr.
35,667 20,333
56,000
Total: 2,21,000 2,21,000 Solution to Practice Q.15.: In the Books of Firm
Realisation Account Dr. Cr.
Particulars Amount `
Amount `
Particulars Amount `
Amount `
To Sundry Assets A/c By R.D.D. A/c 1,000Debtors 16,000 By Sundry Liabilities A/c Stock 20,000 Creditors 20,000Plant & Machinery 30,000 Bills Payable 5,000 25,000Furniture 6,000 72,000 By Bank A/c
To Bank A/c Debtors 9,000Creditors 18,000 Plant & Machinery 26,000Bills Payable 5,000 Stock 14,000Realisation Expenses 3,000 26,000 Furniture 3,000 52,000
By Partner’s Capital A/c
(Loss on Realisation) Rajani 8,000 Rohini 8,000 Rani 4,000 20,000 98,000 98,000
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Partner’s Capital Account Dr. Cr.
Particulars Rajani `
Rohini `
Rani `
Particulars Rajani `
Rohini `
Rani `
To Balance b/d – – 3,000 By Balance b/d 25,000 10,000 –To Realisation A/c (Loss) 8,000 8,000 4,000 By General Reserve A/c 2,400 2,400 1,200To Rani’s Capital A/c 2,000 2,000 – By Bank A/c – – 1,800 By Rajani’s Capital A/c – – 2,000To Bank A/c 17,400 2,400 – By Rohini’s Capital A/c – – 2,000
27,400 12,400 7,000 27,400 12,400 7,000
Rajani’s Loan Account Dr. Cr.
Particulars Amount `
Particulars Amount `
To Bank A/c 16,000 By Balance b/d 16,000 16,000 16,000
Bank Account
Dr. Cr.
Particulars Amount `
Particulars Amount `
To Balance b/d 8,000 By Realisation A/c 26,000To Realisation A/c 52,000 By Rajani’s Capital A/c 16,000 By Rohini’s Capital A/c 2,400To Rani’s Capital A/c 1,800 By Rajani’s Capital A/c 17,400 61,800 61,800
Solution to Practice Q.16.: In the Books of Firm
Realisation Account Dr. Cr.
Particulars Amount `
Amount `
Particulars Amount `
Amount `
To Sundry Assets A/c By Sundry Liabilities A/c Sundry Debtors 7,000 Sundry Creditors 12,000Plant & Machinery 14,000 Bills Payable 8,000 20,000Stock 4,000 By Bank A/c Land & Building 10,000 Debtors 4,000Goodwill A/c 6,000 41,000 Machinery 8,000
To Bank A/c Goodwill 4,800Creditors 10,800 Building 8,000Bills Payable 8,000 18,800 Stock 4,000 28,800
By Partner’s Capital A/c
(Loss on Realisation) Sony 5,500
Mony 3,300 Tony 2,200 11,000
59,800 59,800
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Partners Capital Account Dr. Cr.
Particulars Sony `
Mony `
Tony `
Particulars Sony `
Mony `
Tony `
To Balance b/d − − 2,000 By Balance b/d 18,000 7,000 −To Realisation A/c (Loss) 5,500 3,300 2,200 By Bank A/c − − 1,000To Tony’s Capital A/c 2,000 1,200 − By Sony’s Capital A/c − − 2,000 By Mony’s Capital A/c − − 1,200To Bank A/c 10,500 2,500 − 18,000 7,000 4,200 18,000 7,000 4,200
Bank Account Dr. Cr.
Particulars Amount `
Particulars Amount `
To Balance b/d 2,000 By Realisation A/c 18,800To Realisation A/c 28,800 By Sony’s Capital A/c 10,500To Tony’s Capital A/c 1,000 By Mony’s Capital A/c 2,500 31,800 31,800
Solution to Practice Q.17.: In the Books of Firm Realisation Account
Dr. Cr.
Particulars Amount `
Amount `
Particulars Amount `
Amount `
To Sundry Assets A/c By Sundry Liabilities A/c Building 1,00,000 Creditors 13,000Machinery 70,000 Bills Payable 9,000 22,000Furniture 20,000 By Bank A/c Stock 12,000 Building 1,20,000Debtors 12,000 Machinery 60,000Bills Receivable 6,000 2,20,000 Debtors 10,000
To Rushi’s Capital A/c Goodwill 2,000 1,92,000Creditors 12,000 By Rushi’s Capital A/c
To Rushabh’s Capital A/c Furniture and Stock 30,000Bills Payable 9,000 By Rushabh’s Capital A/c Dissolution Expenses 1,500 10,500 Bills Receivable 5,000 By Rushabh’s Loan A/c 1,000
To Partner’s Capital A/c (Profit on Realisation)
Rushabh 3,500 Rushi 2,500 Manali 1,500 7,500
2,50,000 2,50,000
Partner’s Capital Account Dr. Cr.
Particulars Rushabh `
Rushi `
Manali `
Particulars Rushabh `
Rushi `
Manali`
To Balance b/d − − 10,000 By Balance b/d 90,000 80,000 −To Realisation A/c − 30,000 − By General Reserve A/c 7,000 5,000 3,000To Realisation A/c 5,000 − − By Realisation A/c − 12,000 −To Manali’s Capital A/c 1,604 1,146 − By Realisation A/c 1,500 − −
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By Realisation A/c (Profit) 3,500 2,500 1,500 By Rushabh’s Loan A/c 26,000 − − By Bank A/c − − 2,750 By Rushabh’s Capital A/c − − 1,604To Bank A/c 1,21,396 68,354 − By Rushi’s Capital A/c − − 1,146
1,28,000 99,500 10,000 1,28,000 99,500 10,000 Rushabh’s Loan Account
Dr. Cr.
Particulars Amount `
Particulars Amount `
To Rushabh’s Capital A/c 26,000 By Balance b/d 27,000To Realisation A/c 1,000
27,000 27,000 Bank Account
Dr. Cr.
Particulars Amount `
Particulars Amount `
To Balance b/d 4,000 By Realisation A/c 9,000To Realisation A/c 1,92,000 By Rushabh’s Capital A/c 1,21,396To Manali’s Capital A/c 2,750 By Rushi’s Capital A/c 68,354
1,98,750 1,98,750 Solution to Practice Q.18.: In the Books of Firm
Realisation Account Dr. Cr.
Particulars Amount `
Amount `
Particulars Amount `
Amount `
To Sundry Assets A/c By Sundry Liabilities A/c Machinery 2,000 Creditors 4,000Goodwill 3,000 Overdraft 6,000 10,000Stock & Debtors 19,000 24,000 By Bank A/c
To Bank A/c Stock and Debtors 18,000Contingent Liability 3,000 Machinery 2,000 20,000Creditors 3,600 Overdraft 6,000 12,600 By Partner’s Capital A/c (Loss on Realisation) Vijay 3,520 Vinod 1,760
Vivek 1,320 6,600 36,600 36,600
Partner’s Capital Account Dr. Cr.
Particulars Vijay `
Vinod `
Vivek `
Particulars Vijay `
Vinod `
Vivek `
To Balance b/d – – 1,000 By Balance b/d 12,000 9,000 –To Profit & Loss A/c 3,200 1,600 1,200 By Bank A/c – – 880To Realisation A/c (Loss) 3,520 1,760 1,320 By Vijay’s Capital A/c – – 1,760To Vivek’s Capital A/c 1,760 880 – By Vinod’s Capital A/c – – 880 To Bank A/c 3,520 4,760 –
12,000 9,000 3,520 12,000 9,000 3,520
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Bank Account Dr. Cr.
Particulars Amount `
Particulars Amount `
To Realisation A/c 20,000 By Realisation A/c 12,600To Vivek’s Capital A/c 880 By Vijay’s Capital A/c 3,520 By Vinod’s Capital A/c 4.760 20,880 20,880
Solution to Practice Q.19.: In the Books of Firm Realisation Account
Dr. Cr.
Particulars Amount `
Amount `
Particulars Amount `
Amount `
To Sundry Assets A/c By Sundry Liabilities A/c Building 19,000 Creditors 12,500Machinery 13,500 Bills Payable 7,500 20,000Furniture 3,000 By Bank A/c Stock 20,500 Building 18,000Debtors 10,000 Machinery 12,000Bills Receivable 6,000 72,000 Debtors 5,000
To Kulkarni’s Capital A/c Goodwill 900 35,900Creditors 12,000 By Kulkarni’s Capital A/c
To Solkar’s Capital A/c Furniture & Stock 20,000Bills Payable 7,500 By Solkar’s Capital A/c
To Bank A/c Bills Receivable 5,200Dissolution Expenses 1,600 By Partner’s Capital A/c
(Loss on Realisation) Kulkarni 6,000 Solkar 2,000 Bhave 4,000 12,000 93,100 93,100
Partner’s Capital Account Dr. Cr.
Particulars Kulkarni `
Solkar `
Bhave `
Particulars Kulkarni `
Solkar `
Bhave `
To Balance b/d – – 8,500 By Balance b/d 24,000 21,500 – To Profit & Loss A/c 750 250 500 By General Reserve A/c 6,000 2,000 4,000 To Realisation A/c 20,000 5,200 – By Realisation A/c 12,000 7,500 – To Realisation A/c (Loss) 6,000 2,000 4,000 By Kulkarni’s Capital A/c – – 6,750 To Bhave’s Capital A/c 6,750 2,250 – By Solkar’s Capital A/c – – 2,250 To Bank A/c 8,500 21,300 –
42,000 31,000 13,000 42,000 31,000 13,000 Bank Account
Dr. Cr.
Particulars Amount `
Particulars Amount `
To Balance b/d 3,000 By Realisation A/c 1,600To Realisation A/c 35,900 By Kulkarni’s Loan A/c 7,500 By Kulkarni’s Capital A/c 8,500 By Solkar’s Capital A/c 21,300 38,900 38,900
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Solution to Practice Q.20.: In the Books of Firm Realisation Account
Dr. Cr.
Particulars Amount `
Amount `
Particulars Amount `
Amount `
To Sundry Assets A/c By Sundry Liabilities A/c Machinery 22,000 Creditors 29,000Stock 29,400 By Bank A/c Debtors 36,600 88,000 Machinery, Stock and Debtors 65,000
To Investments A/c Settlement of Nayan’s Loan 3,000
To Bank A/c Creditors 28,500 Dissolution Expenses 1,700 30,200 By Partner’s Capital A/c (Loss on Realisation) Nayan 13,600
Prem 9,067 Rupa 4,533 27,200
1,21,200 1,21,200
Partner’s Capital Account
Dr. Cr.
Particulars Nayan `
Prem `
Rupa `
Particulars Nayan `
Prem `
Rupa `
To Balance b/d − − 3,600 By Balance b/d 70,000 5,000 −To Realisation A/c (Loss) 13,600 9,067 4,533 By Bank A/c − − 3,253To Prem’s Capital A/c 4,067 − − By Nayan’s Capital A/c − 4,067 4,880To Rupa’s Capital A/c 4,880 − − To Bank A/c 47,453 − −
70,000 9,067 8,133 70,000 9,067 8,133
Nayan’s Loan Account Dr. Cr.
Particulars Amount `
Particulars Amount `
To Investments A/c 18,000 By Balance b/d 18,000
18,000 18,000
Bank Account Dr. Cr.
Particulars Amount `
Particulars Amount `
To Balance b/d 9,400 By Realisation A/c 1,700To Realisation A/c 65,000 By Realisation A/c 28,500To Rupa’s Capital A/c 3,253 By Nayan’s Capital A/c 47,453
77,653 77,653
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Journal Entries Date Particulars L.F. Debit
` Credit
`2012
Mar 31 Realisation A/c To Sundry Assets A/c
(Being assets transferred to realisation A/c)
Dr. 88,000 88,000
Mar 31 Sundry Liabilities A/c To Realisation A/c
(Being liabilities transferred to realisation A/c)
Dr. 29,000 29,000
Mar 31 Bank A/c To Realisation A/c
(Being machinery, debtors and stock realised)
Dr. 65,000 65,000
Mar 31 Realisation A/c To Bank A/c
(Being liabilities paid)
Dr. 28,500 28,500
Mar 31 Realisation A/c To Bank A/c
(Being realisation expenses paid)
Dr. 1,700 1,700
Mar 31 Nayan’s Loan A/c Realisation A/c To Investments A/c (Being settlement of Nayan’s loan by take over of Investments)
Dr. Dr.
18,000 3,000
21,000
Mar 31 Nayan’s Capital A/c Prem’s Capital A/c Rupa’s Capital A/c
To Realisation A/c (Being loss on realisation transferred to capital A/c)
Dr. Dr. Dr.
13,600 9,067 4,533
27,200
Mar 31 Bank A/c To Rupa’s Capital A/c (Being 40% recovered of the amount due from Rupa )
Dr. 3,253 3,253
Mar 31 Nayan’s Capital A/c To Rupa’s Capital A/c (Being deficiency of Rupa transferred to Nayan’s capital A/c)
Dr. 4,880 4,880
Mar 31 Nayan’s Capital A/c To Prem’s Capital A/c (Being deficiency of Prem transferred to Nayan’s capital A/c)
Dr. 4,067 4,067
Mar 31 Nayan’s Capital A/c To Bank A/c
(Being cash paid on final settlement)
Dr. 47,453 47,453
Total: 3,20,053 3,20,053 Solution to Practice Q.21.: In the Books of Firm
Realisation Account Dr. Cr.
Particulars Amount `
Amount `
Particulars Amount `
Amount `
To Sundry Assets A/c By Sundry Liabilities A/c Building 37,500 Bank Loan 33,000Machinery 7,500 Bank Overdraft 6,000 39,000Furniture 9,000 By Cash A/c Stock 5,550 Furniture 3,000Debtors 22,500 82,050 Debtors 10,000
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To Cash A/c Stock 3,500Bank Loan 33,000 Building 33,000Bank Overdraft 6,000 39,000 Machinery 7,000 56,500 By Partner’s Capital A/c (Loss on Realisation)
D 12,775 C 12,775 25,550
1,21,050 1,21,050Partner’s Capital Account
Dr. Cr.
Particulars D `
C `
Particulars D `
C `
To Realisation A/c (Loss) 12,775 12,775 By Balance b/d 12,000 9,000 By Bank A/c − 1,133 By Deficiency A/c 775 2,642
12,775 12,775 12,775 12,775
Cash Account Dr. Cr.
Particulars Amount `
Particulars Amount `
To Balance b/d 750 By Realisation A/c 39,000To Realisation A/c 56,500 By Creditors A/c 14,537To C’s Capital A/c 1,133 By Bills Payable A/c 4,846
58,383 58,383
Creditors Account Dr. Cr.
Particulars Amount `
Particulars Amount `
To Cash A/c 14,537 By Balance b/d 17,100 To Deficiency A/c 2,563
17,100 17,100
Bills Payable Account Dr. Cr.
Particulars Amount `
Particulars Amount `
To Cash A/c 4,846 By Balance b/d 5,700 To Deficiency A/c 854
5,700 5,700
Deficiency Account Dr. Cr.
Particulars Amount `
Particulars Amount `
To D’s Capital A/c 775 By Creditors A/c 2,563To C’s Capital A/c 2,642 By Bills Payable A/c 854
3,417 3,417