Aadesh and Sandesh were partners sharing profits and losses
in the ratio 3:2. Their Balance Sheet on 31 March, 2016 was as
under:
Balance Sheet as on 31" March, 2016
Liabilities
Amount
Assets
Amount
Capital accounts
Aadesh
Sandesh
Current accounts
Aadesh
Sandesh
Creditors
Bills payable
Cash at bank
20,000 Stock in trade
14,000 Debtors
Bills receivable
3,000 Furniture
2,000
15,000
3,000
5,000
21,000
12.000
4,000
15,000
57,000
57,000
On the above date the firm was dissolved
(1) Assets were realised as follows:
Furniture 12,000, stock in trade? 18,000, bills receivable
2,500 and debtors could be realised ? 9,500 only.
(2) Aadesh agreed to discharge the bills payable.
(3) Creditors were paid under 5% discount
(4) Realisation expenses a nounted to 3,000.
Pass Journal Entries in the books of the firm.
please solve this question
Answers
Answer:
Explanation:
All solution for the simple dissolation
Answer:
Explanation:
Solution
Revaluation Account
Dr. Cr.
Particulars Amoun(₹) Particulars Amount(₹)
Reserve for D. Debts 2,500
Creditors 7,500 Liability for WCF 10,000
Loss transferred to X’s Current A/c 2,500
Y’s Current A/c
2,500
12,500
12,500
Partners’ Current Accounts
Dr.
Cr.
Particulars
X Y
Particulars
X Y
Revaluation A/c
2,500
2,500
Balance b/d
40,000
30,000
Balance c/d
37,500
27,500
40,000
30,000
40,000
30,000
Partners’ Capital Accounts
Dr.
Cr.
Particulars
X Y Z
Particulars
X Y Z
Balance b/d
1,50,000
1,00,000
Current A/c 37,500 27,500
Balance c/d
1,87,500 1,27,500
1,25,000
Bank
1,25,000
1,87,500 1,27,500
1,25,000
1,87,500 1,27,500
1,25,000
Balance Sheet
as on 1st April, 2019
Liabilities
Amount
(₹)
Assets
Amount
(₹)
Creditors (1,30,000 – 7,500 – 20,000)
1,02,500
Land and Building
1,50,000
Bills Payable (50,000 + 20,000)
70,000
Plant and Machinery
1,00,000
Capital A/cs:
Fixture and Fittings
25,000
X
1,87,500
Stock 75,000
Y
1,27,500
Bills Receivables
30,000
Z
1,25,000
4,40,000
Bank (50,000 + 1,25,000 + 50,000)
2,25,000
X's Loan
50,000
Debtors
75,000
Liability for WCF
10,000
Less: 10% Reserve for D. Debts
7,500
67,500
6,72,500
6,72,500
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