Practical Problem 01
SOLUTION :
IN THE BOOKS OF FIRM | |||||
Dr Realisation A/c Cr | |||||
Particular | Amt | Amt | Particular | Amt | Amt |
To Sundry Asset | By Sundry Liabilities | ||||
Building | 88,000 | Creditors | 18,400 | ||
Furniture | 12,000 | Bills Payable | 5,600 | 24,000 | |
Debtors | 32,000 | ||||
Stock | 24,000 | By Cash/Bank A/c | |||
Bills Receivable | 4,000 | 1,60,000 | Building | 82,000 | |
Debtors | 22,000 | ||||
To Cash/Bank A/c | Stock | 20,000 | |||
Realisation Expenses | 2,000 | Bills Receivable | 3,200 | 1,27,200 | |
creditor | 18,400 | By Ganesh Capital A/c | 10,000 | ||
Bills Payable | 5,600 | 26,000 | Furniture | ||
By Partners Capital A/c | |||||
(Loss on Realisation) | |||||
Ganesh Capital A/c | 12,400 | ||||
Kartik Capital A/c | 12,400 | 24,800 | |||
1,86,000 | 1,86,000 | ||||
Dr Partner’s Capital A/c Cr | |||||
Particular | Ganesh | Kartik | Particular | Ganesh | Kartik |
To Realisation A/c | 10,000 | By Balance b/d | 40,000 | 80,000 | |
To Realisation A/c | 12,400 | 12,400 | By Reserve Fund | 10,000 | 10,000 |
(Loss on realisation) | |||||
To Cash/Bank A/c | 27,600 | 77,600 | |||
50,000 | 90,000 | 50,000 | 90,000 | ||
Dr Cash/Bank A/c Cr | |||||
Particular | Amount | Amount | Particular | Amount | Amount |
To bal b/d | 4,000 | By Realisation A/c | 26,000 | ||
To Realisation A/c | 1,27,200 | By Ganesh Capital A/c | 27,600 | ||
By Kartik Capital A/c | 77,600 | ||||
1,31,200 | 1,31,200 | ||||