Practical Problem 07

Practical problem \| Q 7 \| Page 247 Saiesh, Sumit and Hemant were in partnership sharing Profits and Losses in the ratio 2:2:1.
They decided to dissolve their partnership firm on 31st March 2019 .
and their Balance Sheet on that date stood as;
Balance Sheets as on 31st March 2019.
Liabilities	Amount	Assets	Amount
Capital :		Plant	1,20,000
Saiesh 90,000		Debtors	45,000
Sumit 60,000		Stock	75,000
Hemant 30,000	1,80,000
Loan	12,000
Sundry Creditors	9,000
Bank Overdraft	39,000
	2,40,000		2,40,000
It was agreed that;
1. Saiesh to discharge Loan and to take Debtors at book value.
2. Plant realised Rs 1,35,000.
3. Stock realised Rs72,000.
4. Creditors were paid off at a discount of Rs 45
Show Realisation A/c, Partners’ Capital A/c and Bank A/c

SOLUTION :

IN THE BOOKS OF FIRM
Dr Realisation A/c Cr
Particular	Amt	Amt	Particular	Amt	Amt
To Sundry Asset			By Sundry Liability :
Plant	1,20,000		Loan	12,000
Debtors	45,000		Sundry Creditors	9,000	21,000
Stock	75,000	2,40,000

To saiesh Capital A/c		12,000	By Saiesh Capital A/c		45,000
(Loan)			(Debtor)

To Cash/Bank A/c		8,955	By Cash/Bank A/c
(Sundy Creditor)			Plant	1,35,000
			Stock	72,000	2,07,000
To Partner’s Capital A/c
(Profit on Realisation)
Saiesh Capital A/c	4,818
Sumit Capital A/c	4,818
Hemant Capital A/c	2,409	12,045
		2,73,000			2,73,000

Dr Partner’s Capital A/c Cr
Particular	Saiesh	Sumit	Hemant	Particular	Saiesh	Sumit	Hemant
ToRealisation A/c	45,000			By Bal b/d	90,000	60,000	30,000
To BankA/c	61,818	64,818	32,409	By Realisation A/c	12,000
				By Realisation A/c (Profit)	4,818	4,818	2,409
	1,06,818	64,818	32,409		1,06,818	64,818	32,409

Dr Bank A/c Cr
Particular	Amount	Amount	Particular	Amount	Amount
To Realisation A/c		2,07,000	By Balance b/d (Overdraft)		39,000
			By Realisation A/c		8,955
			By Saiesh Capital A/c		61,818
			By Sumit Capital A/c		64,818
			By Hemant Capital A/c		32,409

		2,07,000			2,07,000