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Question -

Surjit and Rahi were sharing profits (losses) in the ratio of 3:2, their Balance Sheet as on March 31, 2017 is as follows:

Balance Sheet of Surjit and Rahi as on March 31, 2017

 

 

Liabilities

Amount

₹

Assets

Amount

₹

Creditors

38,000

Bank

11,500

Mrs. Surjit loan

10,000

Stock

6,000

Reserve

15,000

Debtors

19,000

Rahi’s loan

5,000

Furniture

4,000

Capital’s:

 

Plant

28,000

Surjit

10,000

Investment

10,000

Rahi

8,000

Profit and Loss

7,500

 

86,000

 

86,000

 

 

 

 

 

 

 

 

 
The firm was dissolved on March 31, 2017 on the following terms:
1. Surjit agreed to take the investments at ₹ 8,000 and to pay Mrs. Surjit’s loan.
2. Other assets were realised as follows:

Stock

₹

5,000

Debtors

₹

18,500

Furniture

₹

4,500

Plant

₹

25,000
3. Expenses on Realisation amounted to ₹ 1,600.
4. Creditors agreed to accept ₹ 37,000 as a final settlement.
You are required to prepare Realisation Account, Partners’ Capital Account and Bank Account.



Answer -

8

Dr.

 

Cr.

Particulars

Amount

₹

Particulars

Amount

₹

Stock

6,000

Creditors

38,000

Debtors

19,000

Mrs. Surjit’s Loan

10,000

Furniture

4,000

Surjit’s Capital A/c (Investment)

8,000

Plant

28,000

Bank:

Investment

10,000

Stock

5,000

Surjit’s Capital A/c

10,000

Debtors

18,500

(Mrs. Surjit’s Loan)

Furniture

4,500

Bank:

Plant

25,000

53,000

Expenses

1,600

Loss transferred to:

Creditors

37,000

38,600

Surjit’s Capital A/c

3,960

Rahi’s Capital A/c

2,640

6,600

1,15,600

1,15,600

Partners’ Capital Account

Dr.

Cr.

Particulars

Surjit

Rahi

Particulars

Surjit

Rahi

Realisation (Investment)

8,000

Balance b/d

10,000

8,000

Realisation (Loss)

3,960

2,640

Realisation (Mrs. Surjit Loan)

10,000

Profit and Loss

4,500

3,000

Bank

12,540

8,360

Reserve

9,000

6,000

29,000

14,000

29,000

14,000

 

Rahi’s Loan Account

Dr.

 

Cr.

Particulars

Amount

₹

Particulars

Amount

₹

Balance b/d

5,000

Bank

5,000

5,000

5,000

Bank Account

Dr.

 

Cr.

Particulars

Amount

₹

Particulars

Amount

₹

Balance b/d

11,500

Realisation (Creditors and Expenses)

38,600

Realisation A/c (Assets realised)

53,000

Rahi’s Loan

5,000

Surjit’s Capital A/c

12,540

Rahi’s Capital A/c

8,360

64,500

64,500

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