The Total solution for NCERT class 6-12
Balance Sheet of Gupta and Sharma as on December 31, 2017
Liabilities
Amount
₹
Assets
Sundry Creditors
38,000
Cash at Bank
12,500
Mrs.Gupta’s loan
20,000
Sundry Debtors
55,000
Mrs.Sharma’s loan
30,000
Stock
44,000
Reserve fund
6,000
Bills Receivable
19,000
Provision of doubtful debts
4,000
Machinery
52,000
Capital
Investment
38,500
Gupta
90,000
Fixtures
27,000
Sharma
60,000
1,50,000
2,48,000
42,000
Bills receivable
16,000
49,000
Books of Gupta and Sharma
Journal
Date
Particulars
L.F.
2012
Dec. 31
Realisation A/c
Dr.
2,35,500
To Sundry Debtors A/c
To Stock A/c
To Bills Receivable A/c
To Machinery A/c
To Investment A/c
To Fixtures A/c
(Assets transferred to Realisation Account)
Sundry Creditors A/c
Mrs. Gupta’s Loan A/c
Mrs. Sharma’s Loan A/c
Provision for Doubtful Debts
To Realisation A/c
92,000
(Liabilities transferred to Realisation Account)
Bank A/c
1,59,000
(Assets realised: Sundry Debtors ₹ 52,000, Stock ₹ 42,000,
Bills Receivable ₹ 16,000, Machinery ₹ 49,000)
To Gupta’s Capital A/c
(Gupta took over Mrs. Gupta’s Loan)
Gupta’s Capital A/c
36,000
(Investment taken over by Gupta)
66,860
To Bank A/c
(Liabilities paid: Mrs. Sharma’s Loan ₹ 30,000 and Creditors
₹ 38,000 paid off less 3% discount)
1,200
(Realisation expenses paid)
18,280
Sharma’s Capital A/c
36,560
(Loss on Realisation transferred to Partners’ capital Account)
Reserve Fund A/c
3,000
To Sharma’s Capital A/c
(Reserve fund distributed among partners ratio)
58,720
44,720
1,03,440
(Final payment made to partners)
Realisation Account
Cr.
Mrs. Gupta’s Loan
Mrs. Sharma’s Loan
Bank :
Gupta’s Capital A/c (Mrs. Gupta Loan)
Bank A/c:
Creditors
36,860
Gupta’s Capital A/c (Investment)
Expense
68,060
Loss transferred to
3,23,560
Partners’ Capital Account
Realisation (Investment)
Balance b/d
Realisation (Loss)
Realisation (Mrs. Gupta Loan)
Bank
Reserve Fund
1,13,000
63,000
Bank Account
Realisation
Realisation (Assets realised)
(Payment of expenses and liabilities)
1,71,500