Question

Q.3 Following is the balance Sheet of Kulkarni, Solkar and Bhave as on 31^ prime prime march, 2020. They were sharing profits and losses in the ration of (10M) Balance Sheet as on march, 2020 31^ * mt.(Rs) 19.000 13,500 3,000 liabilities Capitals Kulkami Solkar General Reserve Kulkami's Loan Creditors Bills payable 24,000 21,500 12,000 7,500 12.500 7,500 Assets Buildings Machinery Furniture Stock Debtors Bels Receivable Bank Profit and Loss A/c Shave's Capital 20,500 10.000 8,000 3,000 1,500 8,500 85,000 85,000 On the above date the firm was dissolved and the assets realized as under: 1) Building Rs. 18, 000, machinery Rs.12, 000; Debtors Rs.5000 and goodwill Rs.900. 2) Kulkami took over furniture and stock at Rs.20,000 and agreed to pay creditors at a discount of Rs. 500. 3) Solkar took over bills receivable at Rs. 5,200 and paid bills payable in full 4) Dissolution expenses paid amounted Rs. 1,600 5) Bhave became insolvent. No amount was recovered from his estate. Show: Realisation A/c 1 ^ prime Capital Accounts and bank A/c.

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Answer 1

Answer:

Realisation and Partner's Capital Account

Explanation:

                                    Realisation A/C

Particulars                  Amount    Amount  Particulars    Amount       Amount                                          

To Sundry Assets                                      By Sundry Liabilities

Building                      19000                          Creditors        12500

Machinery                   12000                          Bill Payable     7500     20000

Stock                           20500                    By Bank A/C

Debtors                       10000                           Building A/C    18000

B/R                                 6000     72000          Machinery A/C 12000

To Solkar's Capital                                            Debtors   A/C    5000

Bill Payable                                     7500           Goodwill A/C     900 35900

To Kulkarni Capital                                     By  Kulkarni Capital A/C

Creditors                                        12000        Furniture & Stock        20000

To Bank A/C                                                By Solkar's Capital A/C

Dissolution Expenses                      1600        Bil Receivable                5200

                                                                     By Realisation Loss

                                                                           Kulkarni's Capital A/C  6000

                                                                            Solkar Capital A/C     2000

                                                                            Bhave Capital A/C      4000

                                                        93100                                           93100

                                                Partners Captial Accounts

Particulars     Kulkarni Solkar Bhave   Particulars   Kulkarni  Solkar Bhave

To bal b/d         -            -         8500     By Bal b/d   24000    21500  -

To P/L A/C      750         250    500       By G/R A/C  6000      2000   4000

To Realisaton  20000   5200   -            By Realisation 12000   7500 -

To Realisation   6000    2000  4000      By Kulkarni Cap-        -            675

To Bhave Capital 6750  2250   -            By Solkar Cap   -          -           225

To Bank A/C       8500    21300  -

                        42000    31000  13000                       42000   31000 13000

Answer 2

Answer:

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