Question

Bale and Yale are equal partners of a firm. They decide to dissolve their partnership on 31st March,2018 at which date their Balance Sheet stood as:
(a) The assets realised were:
Stock ₹ 22,000; Debtors ₹ 7,500; Machinery ₹ 16,000; Building ₹ 35,00.
(b) Yale took over the Furniture at ₹ 9,000.
(c) Bale agreed to accept ₹ 2,500 in full settlement of his Loan Account.
(d) Dissolution Expenses amounted to ₹ 2,500.
Prepare the:
(i) Realisation Account
(ii) Capital Accounts of Partners
(iii) Bale’s Loan Account
(iv) Bank Account.

Answer 1

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statement

Answer 2

The given accounts are calculated and prepared below:

(i) Realisation Account

(ii) Capital Accounts of Partners

(iii) Bale’s Loan Account

(iv) Bank Account.

Explanation:

REALISATION ACCOUNT:

Particulars (Dr.)

To Building A/c - Rs. 45,000

To Machinery A/c - Rs. 15,000

To Furniture A/c  - Rs. 12,000

To Debtors A/c - Rs. 8000

To Stock A/c - Rs. 24,000

To Bank A/c:

• Creditors  - Rs. 14,000
• Expenses - Rs. 2,500

Total = Rs. 16,500

Adding the Building A/c , Machinery A/c, Furniture A/c, Debtors A/c, Stock A/c  and the Bank A/c, we get

= Rs. 45,000 + Rs. 15,000 + Rs. 12,000 +  Rs. 8000 + Rs. 24,000 + Rs. 16,500

= Rs. 1,20,500

Particulars (Cr.)

By Sundry Creditors A/c - Rs. 14000

By Bank A/c:

• Stock  - Rs. 22,000
• Debtors  - Rs. 7,500
• Machinery - Rs. 16000
• Building  - Rs. 35,000

Total = Rs. 80,500

By Bale's Loan A/c - Rs. 500

By Yale's Capital A/c - Rs. 9000

By Loss transferred to:

• Bale's Capital A/c  - Rs. 8,250
• Yale's Capital A/c - Rs. 8,250

Total = Rs. 16,500

Adding the Sundry Creditors A/c, Bank A/c, Bale's Loan A/c, Yale's Capital A/c and the loss we get:

= Rs. 14000 + Rs. 80500 + Rs. 500 + Rs. 9000 + Rs. 16500

= Rs. 1,20,500

The Capital Accounts of Partners, Bale’s Loan Account , Bank Account are calculated and prepared below: