Subjective Type

A, B and C started business on 1st April, 2016 with capitals of Rs. 1,00,000; Rs. 80,000 and Rs. 60,000 respectively sharing profits (losses) in the ratio of 4 : 3 : 3. For the year ended 31st March, 2017, the firm suffered a loss of Rs. 50,000. Each of the partners withdrew Rs. 10,000 during the year. On 31st March, 2017; the firm was dissolved, the creditors of the firm stood at Rs. 24,000 on that date and Cash in Hand was Rs. 4,000. The assets realised Rs. 3,00,000 and Creditors wrere paid Rs. 23,500 in full settlement of their claims. Prepare Realisation Account and show your workings clearly.

Solution

Realisation Account Particulars Amount Particulars Amount To Sundry Assets (working notes 2) 180000 By Sundry Creditors 24000 To Cash A/c (creditors paid) 23500 By Cash A/c (assets realised) 300000 To Profit (transferred to partner's capital a/c) A- 48200 B- 36150 C- 36150 120500 Total 324000 Total 324000 Partner's Capital A/c Particulars A B C Particulars A B c To Cash A/c 118200 91150 71150 By Balance b/d 70000 55000 35000 By Realisation A/c 48200 36150 36150 Total 118200 91150 71150 total 118200 91150 71150 Cash Account Particulars Amount Particulars Amount To Balance b/d 4000 By Realisation A/c (liabilities paid) 23500 To Realisation A/c (assets realised) 300000 By A's Capital A/c 118200 By B's Capital A/c 91150 By C's Capital A/c 71150 304000 304000 Working Notes: 1 Calculation of Partner's Capital as on 31st March 2017 Particulars X Y Z Capital as on 1st April, 2016 100000 80000 60000 Less: Drawings 10000 10000 10000 Less: Share of Loss(50000) 20000 15000 15000 Capital as on 31st March,2017 70000 55000 35000 Working Notes: 2 Memorandum Balance Sheet as on 31st March, 2017 liabilities Amount Assets Amount Capital A- 70000 B- 55000 C- 35000 160000 Cash in Hand 4000 Creditors 24000 Sundry Assets (Balancing figure) 180000 Total 184000 Total 184000

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