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Question -

The following is the Balance sheet of Tanu and Manu, who shares profit and losses in the ratio of 5:3, On December 31, 2017:

Balance Sheet of Tanu and Manu as on December 31, 2017

 

Liabilities

Amount

₹

Assets

Amount

₹

Sundry Creditors

62,000

Cash at Bank

16,000

Bills Payable

32,000

Sundry Debtors

55,000

Bank Loan

50,000

Stock

75,000

Reserve fund

16,000

Motor car

90,000

Capital:

Machinery

45,000

Tanu

1,10,000

Investment

70,000

Manu

90,000

2,00,000

Fixtures

9,000

 

 

3,60,000

3,60,000

 

 

 

 

 
On the above date the firm is dissolved and the following agreement was made: Tanu agree to pay the bank loan and took away the sundry debtors. Sundry creditors accepts stock and paid ₹ 10,000 to the firm. Machinery is taken over by Manu for ₹ 40,000 and agreed to pay of bills payable at a discount of 5%.. Motor car was taken over by Tanu for ₹ 60,000. Investment realised ₹ 76,000 and fixtures ₹ 4,000. The expenses of dissolution amounted to ₹ 2,200.
Prepare Realisation Account, Bank Account and Partners Capital Accounts.



Answer -

 Books of Tanu and Manu

 

Realisation Account

Dr.

 

Cr.

Particulars

Amount

₹

Particulars

Amount

₹

Sundry Debtors

55,000

Sundry Creditors

62,000

Stock

75,000

Bills Payable

32,000

Motor Car

90,000

Bank Loan

50,000

Machinery

45,000

Tanu’s Capital A/c:

Investment

70,000

Sundry Debtors

55,000

Fixtures

9,000

Motor Car

60,000

1,15,000

Manu’s Capital A/c  (Bills Payable)

30,400

Bank:

Bank  (Expenses)

2,200

Stock

10,000

Tanu’s Capital A/c (Bank Loan)

50000

Investment

76,000

Fixtures

4,000

90,000

Manu’s Capital (Machinery)

40,000

Loss transferred to

Manu’s Capital A/c

23,500

Manu’s Capital A/c

14,100

37,600

4,26,600

4,26,600

Partners’ Capital Account

Dr.

 

Cr.

Particulars

Tanu

Manu

Particulars

Tanu

Manu

Realisation (Assets taken)

1,15,000

40,000

Balance b/d

1,10,000

90,000

Realisation  (Loss)

23,500

14,100

Realisation  (Liabilities)

50,000

30,400

Bank

31,500

72,300

Reserve Fund

10,000

6,000

1,70,000

1,26,400

1,70,000

1,26,400

 

Bank Account

Dr.

 

Cr.

Particulars

Amount

₹

Particulars

Amount

₹

Balance b/d

16,000

Realisation (Expenses)

2,200

Realisation (Assets)

90,000

Tanu’s Capital A/c

31,500

Manu’s Capital A/c

72,300

1,06,000

1,06,000

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