MENU
Question -

Ashu and Harish are partners sharing profit and losses as 3:2. They decided to dissolve the firm on December 31, 2017. Their balance sheet on the above date was:

Balance Sheet of Ashu and Harish as on December 31, 2017

 

Liabilities

Amount

₹

Assets

Amount

₹

Capitals:

Building

80,000

Ashu

1,08,000

Machinery

70,000

Harish

54,000

1,62,000

Furniture

14,000

Creditors

88,000

Stock

20,000

Bank overdraft

50,000

Investments

60,000

Debtors

48,000

Cash in hand

8,000

 

 

3,00,000

3,00,000

 

 

 

 

 
Ashu is to take over the building at ₹ 95,000 and Machinery and Furniture is take over by Harish at value of ₹ 80,000. Ashu agreed to pay Creditor and Harish agreed to meet Bank overdraft. Stock and Investments are taken by both partner in profit sharing ratio. Debtors realised for ₹ 46,000, expenses of Realisation amounted to ₹ 3,000. Prepare necessary ledger Account.



Answer -

 Books of Ashu and Harish

 

Realisation Account

Dr.

 

Cr.

Particulars

Amount

₹

Particulars

Amount

₹

Building

80,000

Creditors

88,000

Machinery

70,000

Bank overdraft

50,000

Furniture

14,000

Ashu’s Capital A/c (Assets taken)

1,43,000

Stock

20,000

Harish’s Capital A/c (Assets taken)

1,12,000

Investments

60,000

Cash  (Debtors)

46,000

Debtors

48,000

Ashu’s Capital A/c (Creditors)

88,000

Harish’s Capital A/c (Bank Overdraft)

50,000

Cash (Expenses)

3,000

Profit transferred to

Ashu’s Capital A/c

3,600

Harish’s Capital A/c

2,400

6,000

4,39,000

4,39,000

Partners’ Capital Account

Dr.

 

Cr.

Particulars

Ashu

Harish

Particulars

Ashu

Harish

Realisation (Assets taken)

1,43,000

1,12,000

Balance b/d

1,08,000

54,000

Cash

56,600

Realisation (Liabilities)

88,000

50,000

Realisation (Profit)

3,600

2,400

Cash

5,600

1,99,600

1,12,000

1,99,600

1,12,000

 

Cash Account

Dr.

 

Cr.

Particulars

Amount

₹

Particulars

Amount

₹

Balance b/d

8,000

Realisation (Expenses)

3,000

Realisation (Debtors)

46,000

Ashu’s Capital A/c

56,600

Harish’s Capital A/c

5,600

59,600

59,600

 

WorkingNotes:

Ashu

Harish

Building

95,000

Machinery and Furniture

80,000

Stock (3:2)

12,000

8,000

Investment (3:2)

36,000

24,000

₹ 1,43,000

₹ 1,12,000

Comment(S)

Show all Coment

Leave a Comment

Free - Previous Years Question Papers
Any questions? Ask us!
NodeJS Interview Questions Answers
ASP.Net Interview Questions Answers
Interview Questions Answers
×