Page 248 - VIRANSH COACHING CLASSES

Dr. Partners’ Capital Account Cr.
Particulars Rane Kane Mane Particulars Rane Kane Mane
(`) (`) (`) (`) (`) (`)
To Balance b/d 20,000 By Balance b/d 10,000 6,000
To Realisation A/c 12,000 12,000 12,000 By Rane loan A/c 20,000
(Loss on By Cash A/c 3,000
Realisation) By Deficiency A/c 6,000 32,000
To Deficiency A/c 21,000

33,000 12,000 32,000 33,000 12,000 32,000
Dr. Cash Account Cr.
Particulars Amount ` Particulars Amount `

To Balance b/d 2,000 By Realisation A/c 6,000
To Rane’s Capital A/c 3,000 By Creditors A/c 63,000
To Realisation A/c 64,000

69,000 69,000
Dr. Creditors Account Cr.
Particulars Amount ` Particulars Amount `
To Cash A/c 63,000 By Balance b/d 80,000
To Deficiency A/c 17,000
80,000 80,000

Dr. Deficiency A/c Cr.
Particulars Amount ` Particulars Amount `
To Kane’s Capital A/c 6,000 By Rane’s Capital A/c 21,000
To Mane’s Capital A/c 32,000 By Creditors A/c 17,000
38,000 38,000

3 Dinesh, Mangesh and Ramesh are partners sharing Profits and Losses in the ratio 2:2:1.
They decided to dissolved the firm on 31st March 2018. When their position was as under.

Balance Sheet as on 31 March 2018.
st
Liabilities Amount ` Assets Amount `
Capital : Building 78,000
Dinesh 26,000 Computer 45,000
Mangesh 22,000 Debtors 20,000
Ramesh 18,000 Goodwill 35,000
Creditors 80,000 Bank 8,000
Bill Payable 40,000
1,86,000 1,86,000

The firm was dissolved on above date and the following is the result of realisation.
1. The assets were realised as Building ` 40,000, Computer ` 30,000, Debtors ` 10,000.
2. Realisation expenses amounted to ` 2,000.

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