Question

Anju, Manju and Sanju were partners in a firm sharing profits in the ratio of 2 : 2 : 1. On 31st March, 2018, their Balance Sheet was:
On this date , the firm was dissolved. Anju was appointed to realise the assets. Anju was to receive 5% commission on the sale of assets (except cash) and was to bear all expenses of realisation.
Anju realised the assets as follows: Debtors ₹ 60,000; Stock ₹ 35,500; Investments ₹ 16,000; Plant 90% of the book value. Expenses of Realisation amounted to ₹ 7,500. Commission received in advance was returned to customers after deducting ₹ 3,000.
Firm had to pay ₹ 8,500 for Outstanding Salary, not provided for earlier, Compensation paid to employees amounted to ₹ 17,000. This liability was not provided for in the above Balance Sheet. ₹ 20,000 had to be paid for Employees Provident Fund.
Prepare Realisation Account, Capital Accounts of Partners and Cash Account.

Answer 1

HEYA MATE YOUR ANSWER IS

realisation.

Anju realised the assets as follows: Debtors ₹ 60,000; Stock ₹ 35,500; Investments ₹ 16,000; Plant 90% of the book value. Expenses of Realisation amounted to ₹ 7,500. Commission received in advance was returned to customers after deducting ₹ 3,000.

Firm had to pay ₹ 8,500 for Outstanding Salary, not provided for earlier, Compensation paid to employees

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Answer 2

The Realisation Account, Partner’s Capital Accounts and Bank Account are calculated and prepared below:

Explanation:

Calculating Realisation Account :

It is prepared by: moving all assets to the debit side of the account except Cash or Bank account.  Transferring all the liabilities to the credit side of the account except Partner's Loan Account and Partners' Capital Accounts. Crediting the receipt on the account's sale of assets.

Calculating Partner's Capital Account:

The opening capital account balance of a partner usually exceeds the amount of its contribution to the partnership. (i.e. cash + the total value of any qualified property).

Here,

Calculation of Realisation of Plant

Anju's Commission

= Assets Realised $\times \frac{5}{100}$

Anju's Commission

$=1,56,500 \times \frac{5}{100}=7,825$

Calculation of Realisation of Plant

Realisation of Plant

$=50,000 \times \frac{90}{100}=45,000$