the following is the balance sheet of x and y as on 31st march 2013
liabilities :
loan from x's son 13,000 , loan from mrs. x 10,000 ,sundry creditors 30,000 , reserve 40,000 , investment fluctuation fund 2,000 , x's capital 30,000 ,y's capital 20,000
assets:
cash at bank 48,500 , stock 10,000 , sundry debtors 20,000 , less provisions on debtors 2,000 , investment 21,000 , fixed assest 39,000 , advertisement suspense a/c 5,500 , profit loss a/c 3,000
the firm was dissolved on 31st march,2013 and the following was:
(i) debtors were realised at a discount of 6% per annum.
(ii) creditors talling due on 30th may,2013 were paid at discount of 6% p.a
(iii) x promised to pay mrs. x's loan and took the stock at 10% discount .
(iv) y took half the investment at 10% discount.
(v) fixed assets realised rs. 71,000 and investment realised rs . 8,000.
(vi) there was an old furniture which has been written off completlly from books . y agreed to take the same for rs. 300.
(vii) realisation expenses were rs. 1,000 paid by x.
you are reqired to prepare realisation a/c, bank a/c, and partener capital a/c of the parteners .
Realisation Account | |||||||||||||
Dr. |
| Cr. | |||||||||||
Particulars | Amount Rs | Particulars | Amount Rs | ||||||||||
To Stock | 10,000 | By Provision on doubtful debts | 2,000 | ||||||||||
To Sundry debtors | 20,000 | By X’s Son loan A/c | 13,000 | ||||||||||
To Investments | 21,000 | By Mrs. X’s loan A/c | 10,000 | ||||||||||
To Fixed assets | 39,000 | By Creditors | 30,000 | ||||||||||
To X’s Capital A/c(Mrs.X’s loan) | 10,000 | By Investment fluctuation fund | 2,000 | ||||||||||
To Bank A/c |
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| By Bank A/c |
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--Creditor’s | 28,800 |
| --Debtors | 18,800 |
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--X’s Son loan | 13,000 | 41,800 | --Fixed assets | 71,000 |
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To X’s Capital A/c(expenses) | 1,000 | --Investments | 8,000 | 97,800 | |||||||||
To Profit on realisation |
| By X’s Capital A/c | 9,000 | ||||||||||
--X’s Capital : 15,375 |
| By Y’s Capital A/c |
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--Y’s Capital : 15,375 | 30,750 | --Investment | 9,450 |
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| --Typewriter | 300 | 9,750 | |||||||||
| 1,73,550 |
| 1,73,550 | ||||||||||
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Bank Account |
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Dr. |
| Cr. |
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Particulars | Amount Rs | Particulars | Amount Rs |
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To Balance b/d | 48,500 | By Realisation A/c |
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To Realisation A/c --Investments 8,000 |
| --Creditors 28,800 --X’s Son loan 13,000 |
41,800 |
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--Debtors 18,800 --Fixed assets 71,000 |
97,800 |
By X’s Capital A/c By Y’s Capital A/c |
63,125 41,375 |
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| 1,46,300 |
| 1,46,300 |
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Partners’ Capital Accounts
Dr. Cr.
Particulars | X | Y | Particulars | X | Y |
To Advertisement Suspense A/c | 2,750 | 2,750 | By Balance b/d | 30,000 | 20,000 |
To Profit & loss A/c | 1,500 | 1,500 | By Reserve A/c | 20,000 | 20,000 |
To Realisation A/c (stock) | 9,000 | -- | By Realisation(profit) | 15,375 | 15,375 |
To Realisation A/c (investments) | -- | 9,450 | By Realisation A/c (Mrs. X’s loan) | 10,000 | -- |
To Realisation A/c(typewriter) | -- | 300 | By Realisation A/c (expenses) | 1,000 | -- |
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To Bank A/c | 63,125 | 41,375 |
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(balancing figure) |
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| 76,375 | 55,375 |
| 76,375 | 55,375 |
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