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Question -

Sanjay, Tarun and Vineet shared profit in the ratio of 3:2:1. On December 31, 2017 their balance sheet was as follows:

Balance Sheet of Sanjay, Tarun and Vineet as on December 31, 2017

 

Liabilities

Amount

₹

Assets

Amount

₹

Capitals:

Plant

90,000

Sanjay

1,00,000

Debtors

60,000

Tarun

1,00,000

Furniture

32,000

Vineet

70,000

2,70,000

Stock

60,000

Creditors

80,000

Investments

70,000

Bills payable

30,000

Bills receivable

36,000

Cash in hand

32,000

 

 

3,80,000

3,80,000

 

 

 

 

 
On this date the firm was dissolved. Sanjay was appointed to realise the assets. Sanjay was to receive 6% commission on the sale of assets (except cash) and was to bear all expenses of Realisation.
Sanjay realised the assets as follows: Plant ₹ 72,000, Debtors ₹ 54,000, Furniture ₹ 18,000, Stock 90% of the book value, Investments ₹ 76,000 and Bills receivable ₹ 31,000. Expenses of Realisation amounted to ₹ 4,500.
Prepare Realisation Account, Capital Accounts and Cash Account



Answer -

Books of Sanjay, Tarun and Vineet

 

Realisation Account

Dr.

 

Cr.

Particulars

Amount

₹

Particulars

Amount

₹

Plant

90,000

Creditors

80,000

Debtors

60,000

Bills Payable

30,000

Furniture

32,000

Cash:

Stock

60,000

Plant

72,000

Investment

70,000

Debtors

54,000

Bills Receivable

36,000

Furniture

18,000

Cash :

Stock

54,000

Creditors

80,000

Investments

76,000

Bills Payable

30,000

1,10,000

Bills Receivable

31,000

3,05,000

Sanjay’s Capital A/c

18,300

Loss transferred to

(6% commission)

Sanjay’s Capital

30,650

Tarun’s Capital A/c

20,433

Vineet’s Capital A/c

10,217

61,300

4,76,300

4,76,300

Partners’ Capital Account

Dr.

 

Cr.

Particulars

Sanjay

Tarun

Vineet

Particulars

Sanjay

Tarun

Vineet

Realisation (Loss)

30,650

20,433

10,217

Balance b/d

1,00,000

1,00,000

70,000

Cash

87,650

79,567

59,783

Realisation (commission)

18,300

1,18,300

1,00,000

70,000

1,18,300

1,00,000

70,000

 

Cash Account

Dr.

 

Cr.

Particulars

Amount

₹

Particulars

Amount

₹

Balance b/d

32,000

Realisation

1,10,000

Realisation

3,05,000

Sanjay’s Capital A/c

87,650

Tarun’s Capital A/c

79,567

Vineet’s Capital A/c

59,783

3,37,000

3,37,000

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