Practical Problem 08
SOLUTION :
IN THE BOOKS OF FIRM | |||||
Dr Realisation A/c Cr | |||||
Particular | Amt | Amt | Particular | Amt | Amt |
To Sundry Asset | By Sundry Liability | ||||
Building | 55,000 | Loan from Tukaram | 10,000 | ||
Machinery | 25,000 | Sundry Creditors | 12,000 | ||
Furniture | 12,000 | Bills Payable | 4,600 | 26,600 | |
Investment | 15,000 | ||||
Bills Receivable | 3,500 | By Bank A/c : | |||
Sundry Debtors | 21,000 | Building | 46,750 | ||
Stock | 28,000 | 1,59,500 | Machinery | 18,550 | |
Furniture | 9,600 | ||||
To Bank | Investment | 10,650 | |||
Realisation Expense | 800 | Bills Receivable & Debtors | 20,750 | 1,06,300 | |
Loan from Tukaram | 10,000 | ||||
Sundry Creditors | 12,000 | By Partner’s Capital A/c | |||
Bills Payable | 4,600 | 27,400 | (Loss on Realisation ) | ||
Sitaram | 24,000 | ||||
Gangaram | 12,000 | ||||
Rajaram | 18,000 | 54,000 | |||
1,86,900 | 1,86,900 | ||||
Dr Partner’s Capital A/c Cr | |||||||
Particular | Sitaram | Gangaram | Rajaram | Particular | Sitaram | Gangaram | Rajaram |
To Realisation A/c (Loss) | 24,000 | 12,000 | 18,000 | By Bal b/d | 65,000 | 45,000 | 7,000 |
To Rajaram Capital A/c | 1,400 | 700 | By Reserve Fund A/c | 8,000 | 4,000 | 6,000 | |
To Bank A/c | 50,000 | 37,500 | By Profit and Loss A/c | 2,400 | 1,200 | 1,800 | |
By Bank A/c (Amount Received) | 1,100 | ||||||
By Sitaram’s Capital A/c | 1,400 | ||||||
By Gangaram’s Capital A/c | 700 | ||||||
75,400 | 50,200 | 18,000 | 75,400 | 50,200 | 18,000 | ||
Dr Bank A/c Cr | |||||
Particular | Amount | Amount | Particular | Amount | Amount |
To Bal b/d | 2,000 | By Realisation A/c | 27,400 | ||
To Cash A/c | 5,500 | By Sitaram’s Capital A/c | 50,000 | ||
To Realisation A/c | 1,06,300 | By Gangaram’s Capital A/c | 37,500 | ||
To Rajaram’s Capital A/c | 1,100 | ||||
1,14,900 | 1,14,900 | ||||