Question

3
(ii) Accrued Commission was not collected whereas a contingent liability of 3,600 was paid
(iii) Other assets realised: Plant * 1,50,000; Stock 30,000; Debtors * 27,600; Computers 737200
(v) A car which was written off from the books was taken by Ritvik for 24,000. He also agree
Prepare Realisation Account, Partners' Capital Accounts and Bank
Ritvik, Shom and Mohit were in partnership sharing profits and losses in the ratio of 3 : 2:17
Balance Sheet as at 31st March, 2020 was as follows:
pilities
₹
Assets
pital A/cs:
Building
vik
72,000
Plant
om
51,600
Stock
ohit
62,400 1,86,000 Computers
eserve
18,000 Debtors
mployees' Provident Fund
18,000 Accrued Commission
Depreciation Reserve
30,000 Cash
Creditors
66,000
3,18,000
The firm was dissolved on the above date. The terms of the dissolution were:
(1) Ritvik took Building at book value and agreed to pay the Creditors.
(iv) Realisation Expenses 3,600.
pay Outstanding Salary of * 24,000 which was not provided in the books.
Prepare Realisation Account, Capital Accounts of Partner​

Answer 1

ANSWER

(a) (i) Realisation A/C.... Dr. 2500

To Bank A/C 2500

(Being settlement of unrecorded liability)

(ii) Bank A/C...... Dr. 1250

To Realisation A/C 1250

(Being realisation of an unrecorded asset at 50 paisa per rupee)

(b) Realisation A/C.... Dr. 50000

To A's Capital A/C 50000

(Being liability discharged off by A)

(c) Realisation A/C...... Dr. 10000

To Bank A/C 10000

(Being settlement of an unrecorded liability)

(d) Realisation A/C....... Dr. 3500

To Bank A/C 3500

(Being settlement of damages claimed by customer at 70% of the total amount)