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Question -

Shilpa, Meena and Nanda decided to dissolve their partnership on March 31, 2017. Their profit sharing ratio was 3:2:1 and their Balance Sheet was as under:

Balance Sheet of Shilpa, Meena and Nanda as on March 31, 2017

 

Liabilities

Amount

₹

Assets

Amount

₹

Capitals:

Land

81,000

Shilpa

80,000

Stock

56,760

Meena

40,000

Debtors

18,600

Bank loan

20,000

Nanda’s Capital Account

23,000

Creditors

37,000

Cash

10,840

Provision for doubtful debts

1,200

General Reserve

12,000

 

1,90,200

1,90,200

 

 

 

 
The stock of value of ₹ 41,660 are taken over by Shiplap for ₹ 35,000 and she agreed to discharge bank loan. The remaining stock was sold at ₹ 14,000 and debtors amounting to ₹ 10,000 realised ₹ 8,000. Land is sold for ₹ 1, 10,000. The remaining debtors realised 50% at their book value. Cost of Realisation amounted to ₹ 1,200. There was a typewriter not recorded in the books worth ₹ 6,000 which were taken over by one of the Creditors at this value. Prepare Realisation Account.



Answer -

In the books of Shilpa, Meena and Nanda

 

Realisation Account

Dr.

 

Cr.

Particulars

Amount

₹

Particulars

Amount

₹

Land

81,000

Bank Loan

20,000

Stock

56,760

Creditors

37000

Debtors

18,600

Provision for doubtful debts

1,200

Shilpa’s Capital A/c

20,000

Shilpa’s Capital A/c (Stock)

35,000

Cash :

Cash:

Creditors

31000

Stock

14000

Realisation Expenses

1,200

32200

Debtors

12300

Profit transferred to

Land

1,10,000

1,36,300

Shilpa’s Capital A/c

10,470

Meena’s Capital A/c

6,980

Nanda’s Capital A/c

3,490

20,940

2,29,500

2,29,500

Partners’ Capital Account

Dr.

 

Cr.

Particulars

Shilpa

Meena

Nanda

Particulars

Shilpa

Meena

Nanda

Balance b/d

–

–

23,000

Balance b/d

80,000

40,000

–

Realisation

35,000

General Reserve

6,000

4,000

2,000

(Stock)

Realisation

20,000

Cash

81,470

50,980

(Bank Loan)

Realisation (Profit)

10,470

6,980

3,490

Cash

17,510

1,16,470

50,980

23,000

1,16,470

50,980

23,000

 

Cash Account

Dr.

 

Cr.

Particulars

Amount

₹

Particulars

Amount

₹

Balance b/d

10,840

Realisation (Expenses)

32,200

Realisation (Assets)

1,36,300

Shilpa’s Capital A/c

81,470

Nanda’s Capital A/c

17,510

Meena’s Capital A/c

50,980

1,64,650

1,64,650

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