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Question - 19 (A)
Shilpa, Meena and Nanda decided to dissolved their firm on March 31, 2006 their profit- sharing ratio wsa 3:2:1 and their Balance sheet was as under :
Liabilities Amt.
Capital
Shilpa 80,000
Meena 40,000
Bank loan 20,000
Creditor's 37,000
Provision for doubtful debts 1,200
Genral reserve 12,000
1,90,000
Assets Amt.
Building 81,000
Stock 56,760
Debtor 18,600
Capital of Nanda 23,000
Cash 10,840
1,90,000
The stock of value of Rs. 41,660 are taken over by shilpa for Rs. 35,000 and she agreed to discharge bank loan. the remaining stock was sold at Rs. 14,000 and debtors amounting to Rs. 10,000 realised Rs. 8,000 land is sold for Rs. 1,10,000 the remaining in debtors realised 50% at their book vlaue cost of relaization amounted to Rs. 1,200 there was a typewriter not recorded in the worth Rs. 6,000 which were taken over by one of the creditors at this value prepare realization accout.
Question - 19 (B)
Jaya, Priya and Siya are partners in a firm and sharing profit and loss in the ratio of 3:2:1 they dissolved the firm on 31st Dec., 1998 on this date the balance sheet of the firm was as follows:
Liabilities Amt.
Creditors 1,20,000
Capital :
Jaya 60,000
Priya 60,000
Siya 60,000 1,80,000
3,00,000
Assets Amt.
Fixed Aseets 2,00,000
Current Assets 80,000
Cash 20,000
3,00,000
Assets realized 10% less than the book value creditors were paid in full dissolution exp. to Rs. 1,000 (paid in cash) An amount of Rs. 1,000 was paid for contingent liabilities for which non provision was made in the books.
prepare Realization Account and partners capital Account.
Question - 19 (C)
Vinod and Rajesh are partners who share profits and losses in their capital ratio on 31-12-1995 their balance sheet stood as ahead :
Liabilities Amt.
Creditors 12,000
Loan from Vinod's wife 8,000
Capital A/c:
Vinod 30,000
Rajesh 30,000 60,000
80,000
Assets Amt.
Cash 2,000
Debtors 10,000
Furniture 6,000
Stock 12,000
Building 30,000
Machinery 20,000
80,000
They decided to dissolve the firm on the above date they realized Rs. 51,000 from the sale of all the assets in addition to this they realized Rs. 3,000 from the sale of a typewriter which was not recorded in the books of accounts.
They spent Rs. 1,500 as realization expenses all the liabilies were paid off in thier book value.
Show neccessary ledger accounts to close the various accounts at the time of dissolution of the firm.
NOTE : Please purchase the book for looking question.
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