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

 

 

By Bank A/c

 

--Creditor’s    

28,800

 

 --Debtors          

18,800 

 

--X’s Son loan

13,000

41,800

 --Fixed assets    

71,000 

 

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

 

 

   --Y’s Capital :         15,375

30,750

 --Investment    

9,450 

 

 

 

 --Typewriter        

300 

9,750

 

1,73,550

 

1,73,550

 

 

 

 

                                                         Bank Account

 

Dr.

 

Cr.

 

Particulars

Amount

Rs

Particulars

Amount

Rs

 

To Balance b/d

   48,500

By Realisation A/c

 

 

To Realisation A/c

   --Investments     8,000

 

  --Creditors      28,800

  --X’s Son loan  13,000

 

41,800

 

   --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

 

  

1,46,300

 

1,46,300

 

 

 

 

 

 

              

                                                 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

 --

 

 

 

 

 

 

To Bank A/c

63,125

41,375

 

 

 

  (balancing figure)

 

 

 

 

 

 

76,375

55,375

 

76,375

55,375

 

 

 

 

 

 

 

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