Practical Problem 11
SOLUTION :
IN THE BOOKS OF Priti, Priya and Prachi. | |||||
Dr Realisation A/c Cr | |||||
Particular | Amt | Amt | Particular | Amt | Amt |
To Sundry Asset | By Cash/Bank A/c | ||||
Machinery | 23,000 | Machinery | 18,000 | ||
Furniture | 16,000 | Furniture | 14,000 | ||
Stock | 47,000 | 86,000 | Stock | 35,000 | 67,000 |
To Cash/Bank A/c | 2,000 | By Partners Capital A/c | |||
Realisation Expenses | (Loss on Realisation) | ||||
Priti | 7,000 | ||||
Priya | 7,000 | ||||
Prachi | 7,000 | 21,000 | |||
88,000 | 88,000 | ||||
Dr Partner’s Capital A/c Cr | |||||||
Particular | Priti | Priya | Prachi | Particular | Priti | Priya | Prachi |
To Profit & Loss A/c | 28,000 | 28,000 | 28,000 | By Bal b/d | 40,000 | 35,000 | 25,000 |
To Realisation A/c (Loss) | 7,000 | 7,000 | 7,000 | By Cash A/c | 3,400 | ||
By Deficiency A/c | 10,000 | ||||||
To Deficiency | 8,400 | ||||||
43,400 | 35,000 | 35,000 | 43,400 | 35,000 | 35,000 | ||
Dr Deficiency A/c Cr | |||||
Particular | Amount | Amount | Particular | Amount | Amount |
To Prachi Capital A/c | 10,000 | By Priti Capital A/c | 8,400 | ||
By Trade Creditor A/c | 1,290 | ||||
By Loan A/c | 310 | ||||
10,000 | 10,000 | ||||
Dr Trade Creditor A/c Cr | |||||
Particular | Amount | Amount | Particular | Amount | Amount |
To Deficiency | 1,290 | By Bal b/d | 50,000 | ||
To Cash A/c | 48,710 | ||||
50,000 | 50,000 | ||||
Dr Loan A/c Cr | |||||
Particular | Amount | Amount | Particular | Amount | Amount |
TO Deficiency A/c | 310 | By Bal b/d | 30,000 | ||
To Cash A/c | 29,690 | ||||
30,000 | 30,000 | ||||
Dr Bank A/c Cr | |||||
Particular | Amount | Amount | Particular | Amount | Amount |
To Bal b/d | 10,000 | ||||
To Realisation A/c (Asset Sold) | 67,000 | By Realisaton A/c | 2,000 | ||
To Priti Capital A/c | 3,400 | By Trde Creditor A/c | 48,710 | ||
By Loan A/c | 29,690 | ||||
80,400 | 80,400 | ||||