Question - 15 (A)

Ashu and Harish are partners sharing profit and loss as 3:2 they decided to dissolve the firm on december 31, 2006. their Balance sheet on the above date was on follows :

Liabilities                                  Amt.

Capital 

Ashu              1,08,000

Harish               54,000            1,62,000

Creditor                                      88,000

 Bank O/D                                  50,000

                                                 3,00,000

Assets                                         Amt.

Building                                    80,000

Machinery                                 70,000

Furniture                                   14,000

Stock                                         20,000

Investment                                60,000

Debtors                                     48,000

Cash                                            8,000

                                                 3,00,000

Ashu is to take over the building at Rs. 95,000 and Machinery and Furniture is take over by Harish at value of Rs. 80,000 Ashu agreed to pay creditor and Harish agreed to meet bank overdraft stock and investment are taken by both partner in profit sharing ratio Debtors realized for Rs. 46,000 Expenses of realization amounted of Rs. 3,000 prepare necessary ladger account.

Question - 15 (B)

Ayush and Aryan are partners in a firm and share profit and loss in equal ratio the firm was dissolved on 31st December, 2015 on the date their balance sheet stood as follows:

Liabilities                                  Amt.

Capital 

Ayush            30,000

Aryan            25,000                  55,000

Creditor                                      10,000

 Aryan Loan                                 5,000

                                                   70,000

Assets                                         Amt.

Building                                    25,000

Machinery                                 15,000

Furniture                                     3,000

Stock                                         10,000

Debtors                                     10,000

Cash at Bank                              7,000

                                                  70,000

Assets realize as under:

Building Rs. 40,000, Machinery Rs. 16,500, Furniture Rs. 2,500, Stock Rs. 8,000, Debtors Rs. 7,000, Dissolution Expenses Rs. 2,100 and A took the remaining stock at Rs. 1,500, the creditors were paid Rs. 9,900 in full settlement prepare Realization Account.

Question - 15 (C)

Pooja and Rakhi are partners who share profits and losses in the ratio of 3:2 their balance sheet on 31-03-1995 stood as above:

Liabilities                                  Amt.

Capital 

Pooja               60,000

Rakhi               20,000               80,000

Creditor                                       5,280

 Bank Loan                                 10,000

                                                 1,00,280

Assets                                         Amt.

Building                                    45,000

Furniture                                    2,500

Stock                                          8,750

Investment                                20,800

Debtors                                     19,600

Cash                                            3,630

                                                 1,00,280

They dissolved the firm on the above date Excluding investment all the other assets were sold for Rs. 69,000 Rakhi took the investments at Rs. 22,000 and agreed to pay the bank loan the realization expenses were Rs. 1,100 and the creditors were paid Rs. 5,030.

Show necessary journal entries and preapre Realization Account.

Question - 15 (D)

A, B and C are parntners in a firm and share profit and loss in ratio of 2:2:1 balance sheet as on 31-03-2018 is as under:

Liabilities                                  Amt.

Creditor                                     24,000

Genral Res                                 10,000

Capital 

A                      30,000

B                      24,000

C                      12,000               66,000

                                                 1,00,000

Assets                                         Amt.

Building                                    38,500

Furniture                                   19,000

Stock                                         15,000

Debtors        16,000

(-) Reserve        500                  15,500

Cash                                          12,000

                                                 1,00,000

Firm dissolved on the above date Assets realized as under debtors Rs. 14,700, Stock Rs. 14,000, Furniture Rs. 18,000, Building Rs. 41,500, Creditors settled at Rs. 23,000, Realization Exp. Rs. 1,000. Prepare realization A/c & Partners Capital A/c.

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