Page 228 - VIRANSH COACHING CLASSES

Solution :
In the books of Jajeev and Sanjeev.
Journal Entries
Date Particulars L.F. Debit (`) Credit (`)
1. Realisation A/c...................................................................Dr. 66,000
To Building A/c 20,000
To Furniture A/c 6,000
To Debtors A/c 18,000
To Stock A/c 20,000
To Bills Receivable A/c 2,000
(Being Sundry Assets transferred to Realisation A/c
2. Creditors A/c ......................................................................Dr. 12,800
Bills Payable ......................................................................Dr. 7,200
To Realisation A/c 20,000
(Being Sundry Liabilities transferred to Realisation A/c
3. General Reserves A/c .........................................................Dr. 8,000
To Rajeev’s Capital A/c 4,000
To Sanjeev’s Capital A/c 4,000
(Being General Reserve transferred to Partners Capital A/c)
4. Cash A/c .............................................................................Dr. 36,980
To Realisation A/c 36,980
(Being assets realised.)
5. Sanjeev’s Capital A/c ........................................................Dr. 18,000
To Realisation A/c 18,000
(Being Building taken over by Sanjeev)
6. Rajeev’s Capital A/c ..........................................................Dr. 5,400
To Realisation A/c 5,400
(Being Furniture taken over by Rajeev)
7. Realisation A/c...................................................................Dr. 20,000
To Cash A/c 20,000
(Being Sundry Liabilities Paid)
8. Realisation A/c...................................................................Dr. 600
To Cash A/c 600
(Being Realisation expenses Paid)
9. Rajeev’s Capital A/c .........................................................Dr. 3,110
Sanjeev’s Capital A/c ........................................................Dr. 3,110
To Realisation A/c 6,220
(Being Realisation loss transferred to partners Capital A/c
10. Rajeev’s Capital A/c ..........................................................Dr. 15,490
Sanjeev’s Capital A/c ........................................................Dr. 6,890
To Cash A/c 22,380
(Being final settlement made.)

219