Practical Problem 10
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 |
Captital : | 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 Sweta, Nupur and Sanika | |||||
Dr Realisation A/c Cr | |||||
Particular | Amt | Amt | Particular | Amt | Amt |
To Sundry Asset A/c | 1,60,000 | By Sundry Liabilities A/c | 95,000 | ||
(Sundry Creditors) | |||||
To Shweta’s Capital A/c | 2,000 | By Bank A/c | 96,000 | ||
Realisation Exp A/c | (Asset Realised) | ||||
To Bank A/c | 95,000 | ||||
Sundry Creditor | |||||
By Partner’s Capital A/c | |||||
(Loss on realisation) | |||||
Shweta | 33,000 | ||||
Nupur | 22,000 | ||||
Sanika | 11,000 | 66,000 | |||
2,57,000 | 2,57,000 | ||||
Dr Partner’s Capital A/c Cr | |||||||
Particular | Shweta | Nupur | Sanika | Particular | 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 Realisation A/c | 2,000 | ||
To Nupur’s Capital A/c | 4,000 | By Bank A/c | 3,000 | 8,000 | |||
To Sanika’s Capital A/c | 13,000 | By Shweta’s Capital A/c | 4,000 | 13,000 | |||
To Bank A/c | 17,000 | ||||||
67,000 | 22,000 | 21,000 | 67,000 | 22,000 | 21,000 | ||
Dr Bank A/c Cr | |||||
Particular | Amount | Amount | Particular | Amount | Amount |
To Balance b/d | 5,000 | By Sundry Creditors A/c | 95,000 | ||
To Realisation A/c | 96,000 | By Shweta’s Capital A/c | 17,000 | ||
To Nupur’s Capital A/c | 3,000 | ||||
To Sanika’s Capital A/c | 8,000 | ||||
1,12,000 | 1,12,000 | ||||