Practical Problem 06
SOLUTION :
IN THE BOOKS OF FIRM | |||||
Dr Realisation A/c Cr | |||||
Particular | Amt | Amt | Particular | Amt | Amt |
To Sundry Asset | By Sundry Liabilities | ||||
Land | 2,10,000 | Sundry Creditors | 1,20,000 | ||
Plant | 20,000 | Bills Payable | 20,000 | ||
Goodwill | 15,000 | Sandhya’s Loan | 1,20,000 | 2,60,000 | |
Debtors | 1,25,000 | By Cash/Bank A/c | |||
Loans and Advances | 15,000 | 3,85,000 | Land | 1,80,000 | |
Goodwill | 75,000 | ||||
To Cash A/c | Loans and Advances | 12,000 | |||
Sundry Creditors | 1,14,000 | Debtors | 1,12,500 | 3,79,500 | |
Bills Payable | 19,000 | 1,33,000 | |||
By Sangeeta Capital A/c | 20,000 | ||||
To Cash/Bank A/c | Plant | ||||
Sandhya’s Loan | 1,20,000 | ||||
Intrest | 6,000 | 1,26,000 | |||
To Cash/Bank A/c | 20,000 | By Partner’s Capital A/c | |||
Contigent Liability | (Loss on Realisation) | ||||
Sangeeta | 1,800 | ||||
Anita | 1,800 | ||||
Smita | 900 | 4,500 | |||
6,64,000 | 6,64,000 | ||||
Dr Partner’s Capital A/c Cr | |||||||
Particular | Sangeeta | Anita | Smita | Particular | Sangeeta | Anita | Smita |
To Realisation A/c | 20,000 | By Bal b/d | 60,000 | 40,000 | 30,000 | ||
To Realisation A/c | 1,800 | 1,800 | 900 | ||||
To Cash/Bank A/c | 38,200 | 38,200 | 29,100 | ||||
60,000 | 40,000 | 30,000 | 60,000 | 40,000 | 30,000 | ||
Dr Cash/Bank A/c Cr | |||||
Particular | Amount | Amount | Particular | Amount | Amount |
To Bal b/d | 5,000 | By Realisation A/c | 1,33,000 | ||
To Realisation A/c | 3,79,500 | By Realisation A/c | 1,26,000 | ||
By Realisation A/c | 20,000 | ||||
By Sangeeta’s Capital A/c | 38,200 | ||||
By Anita Capital A/c | 38,200 | ||||
By Smita Capital A/c | 29,100 | 1,05,500 | |||
3,84,500 | 3,84,500 | ||||