Question

WY
th
Long Practical/Comprehensive Questions
9. The following Balance Sheet was prepared on 31st March, 2019 :
Liabilities
Amount
Assets
Amount
₹
Creditors
15,000 Bank
12,000
Reserve Fund
3,500 Stock
8,000
Capitals :
Debtors
9,000
Bimal
18,000
Less : Provision
500 8,500
Shyamal
22,000 40,000 Fixed Assets
30,000
58,500
58,500
The partners decide to dissolve the firm as on the date of Balance Sheet.
Assets realised as follows:
₹
Stock
6,500
Fixed Assets
28,500
Debtors
8,000
Expenses of Realisation
1,100
Creditors were fully paid off.
Bimal and Shyamal share profits in the ratio of 2:3. Make entries in the books of the firm to close
its books.
(Ans. Realisation Loss 4,600 : Bimal– 1,840, Shyamal—2,760, Final Payment : Bimal
17,560, Shyamal * 21,340.]
437​

Answer 1

Answer:

On the above date the firm was dissolved.

a) The assets were realised as follows:

Bills Receivable Rs.7,500; Debtors and stock 10% less than book value; Machinery realised 5% more than book value ; buildings valued for Rs.15000

b) Furniture and Investments were taken by Rashmi and Rahul at Rs.5,000 each respectively.

c) Dissolution expenses were Rs.1000

d) All the liabilities were discharged in full

Prepare:

i) Realisation Account

ii) Partners capital Account

iii) Bank Account

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Answer 2

Explanation:

Realisation and partner capital account