Page 227 - VIRANSH COACHING CLASSES

Working Note :
Dr. Cash Account Cr.

Particulars Amount ` Particulars Amount `
To Balance b/d 6,400 By Realisation A/c 540
To Realisation A/c 4,200 By Mahesh’s Capital A/c 26,467
To Suresh’s Capital A/c 12,933
To Yogesh’s Capital A/c 3,474
27,007 27,007

3 Rajiv and Sanjeev are partners Sharing Profits and losses equally. They decided to dis-
solve their firm on 31st March 2019. The Balance Sheet of the firm on 31st March 2019
was as under.

Balance Sheet as on 31st March 2017

Liabilities Amount ` Assets Amount `
Reserve Fund 8,000 Building 20,000
Creditors 12,800 Furniture 6,000
Bills payable 7,200 Debtors 18,000
Capital A/c’s Stock 20,000
Rajeev 20,000 Bills Receivable 2,000
Sanjeev 24,000 Cash 6,000
72,000 72,000
The Assets realised as under :
Stock ` 18,400, Debtors ` 16,600, Bill Receivable ` 1,980. Sanjeev agreed to takeover the Building
for ` 18,000 and Ranjeev agreed to takeover the Furniture for ` 5,400. The realisation expenses
amounted to ` 600.

Pass necessary Journal Entries and write up the Realisation A/c and Partners’ Capital A/c.

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