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Answer1:Journal
S.N.ParticularsL.F.DebitsAmountRsCreditAmountRs
(a)Realisation A/cDr.1,500
To Cash A/c1,500
(Realisation expenses paid)
(b)Realisation A/cDr.600
To Mohans Capital A/c600
(Realisation expenses paid by Mohan)
(c)Realisation A/cDr.2,000
To Mohans capital A/c2,000
(Commission allowed to Mohan on dissolution of the firm)
(d)No entryNo journal entry is passed because both motor car and creditors accounts have already been transferred to Realisation Account and nothing is recovered or paid in terms of Cash and Bank
Answer2:Journal
S.N.ParticularsL.F.DebitsAmountRsCreditAmountRs
(a)Realisation A/cDr.10,000
To Ajays Capital A/c10,000
(Expenses on Realisation paid by Ajay)
(b)Rahuls Capital A/cDr.15,000
To Cash A/c15,000
(Realisation Expenses paid by Rahul )
(c)Realisation A/cDr.25,000
To Rameshs Capital A/c25,000
(Remuneration allowed to Ramesh on account of taking responsibility of dissolution)
(d)Realisation A/cDr.20,000
To Anujs Capital A/c20,000
(Remunation allowed to Anuj)
Anujs Capital A/cDr.5,000
To Bank A/c5,000
(Realisation expenses paid by the firm on behalf of Anuj)
Answer3:Journal
S.N.ParticularsL.F.DebitsAmountRsCreditAmountRs
(a)Realisation A/cDr.7,500
To Aloks Capital A/c7,500
(Remuneration allowed to Alok)
Aloks capital A/cDr.10,000
To Bank A/c10,000
(Expenses paid by the firm on behalf of Alok)
Alternatively, only one single entry can also be passed instead of above two entries.
Realisation A/cDr.7,500
Aloks Capital A/cDr.2,500
To Bank A/c10,000
(Realisation expenses paid)
(b)Realisation A/cDr.2,000
Ravinders Capital A/cDr.3,000
To Bank A/c5,000
(Realisation expenses paid)
(c)Realisation A/cDr.10,000
To Amits Capital A/c10,000
(Realisation expenses paid by Amit on behalf of the firm)
Answer4:
Journal
S.N.ParticularsL.F.DebitsAmountRsCreditAmountRs
(a)Bank A/cDr.50,000
To Realisation A/c50,000
(Assets realized for cash)
(b)Realisation A/cDr.10,000
To Bank A/c10,000
(Payment of liabilities made)
(c)Realisation A/cDr.2,500
To Xs Capital A/c2,500
(5% commission allowed to Mr. Xs on sale of assets of Rs 50,000)
(d)Realisation A/cDr.10,000
To Amrits Capital A/c10,000
(Amrit was allowed remuneration on account of realisation)
Amrits Capital A/cDr.15,000
To Bank A/c15,000
(Realisation expenses paid on behalf of amrit)
Alternatively, only one single entry can also be passed instead of above two entries.
Realisation A/cDr.10,000
Amrits Capital A/cDr.5,000
To Bank A/c15,000
(Realisation expenses paid)
(e)Bad debts Recovered A/cDr.3,600
To Realisation A/c3,600
(Bad debts recovered)
(f)Cash A/cDr.15,000
To Realisation A/c15,000
(Investments are realised at 150%)
Answer5:
Journal
S.N.ParticularsL.F.DebitsAmountRsCreditAmountRs
(a)Realisation A/cDr.12,000
To Bank A/c12,000
(Bank loan paid at the time of dissolution)
(b)Qs Capital A/cDr.16,000
To Realisation A/c16,000
(Stock taken over by Q)
(c)Realisation A/cDr.4,000
To Ps Capital A/c4,000
(Creditors paid by P)
(d)Bank A/cDr.1,200
To Realisation A/c1,200
(Unrecorded assets realised)
(e)Realisation A/cDr.2,000
To Qs Capital A/c2,000
(Realisation expenses paid by Q)
(f)Realisation A/cDr.36,000
To Ps Capital A/c20,000
To Qs Capital A/c16,000
(Realisation Profit distributed )
Answer6:Journal
DateParticularsL.F.DebitAmountRsCredit AmountRs
Realisation A/cDr.9,22,000
To Land & Building A/c4,00,000
To Machinery A/c3,00,000
To Debtors A/c2,22,000
(Being assets transferred)
Creditors A/cDr.1,79,000
Employees Provident Fund A/cDr.21,000
To Realisation A/c2,00,000
(Being liabilities transferred)
Bank A/cDr.4,30,000
To Realisation A/c4,30,000
(Being Land & Building realised)
Bank A/c (2,25,000 + 1,000)Dr.2,26,000
To Realisation A/c2,26,000
(Being Debtors realised along-with Bad-debts recovered)
Bank A/cDr.25,000
To Realisation A/c25,000
(Being Unrecorded Investments sold)
Bank A/cDr.2,80,000
To Realisation A/c2,80,000
(Being Machinery took over by Vichal for Cash)
Realisation A/cDr.1,75,000
To Bank A/c (85,500 + 89,500)1,75,000
(Being 50% Creditors of Rs 89,500 were paid at a discount of Rs 4,000 and remaining 50% were settled in full)
Realisation A/cDr.64,000
To Achals Capital A/c24,000
To Vichals Capital A/c40,000
(Being profits on realisation transferred)
Achals Capital A/cDr.3,24,000
Vichals Capital A/cDr.5,40,000
To Bank A/c8,64,000
(Being Partners paid off)
Answer7:Journal
DateParticularsL.F.DebitAmountRsCredit AmountRs
Realisation A/cDr.6,000
To Kunals Capital A/c6,000
(Being Kunal agrees to pay off his wifes loan)
Realisation A/cDr.27,000
To Cash A/c27,000
(Being Creditors worth Rs 30,000 paid off at a discount of 10%)
Rohits Loan A/cDr.70,000
To Cash A/c70,000
(Being Loan paid by the firm)
Kunals Capital A/cDr.3,000
To Realisation A/c3,000
(Being asset taken over by Kunal)
Rohits Capital A/cDr.5,000
Kunals Capital A/cDr.5,000
Sarthaks Capital A/cDr.5,000
To Profit and Loss A/c15,000
(Being Loss distributed equally)
Realisation A/cDr.15,000
To Sarthaks Capital A/c15,000
(Being remuneration of Rs 15,000 paid for completion of dissolution process)
Answer8:Journal
S.N.ParticularsL.F.DebitsAmountRsCreditAmountRs
(a)Realisation A/cDr.5,000
To Bank A/c5,000
(Payment made for realisation expenses)
(b)No Entry
(c)Ys Capital A/cDr.10,000
To Realisation A/c10,000
(Machine taken over by Y)
(d)Realisation A/cDr.20,000
To Xs Capital A/c20,000
(X accepted the liabilities)
(e)
(f)Ys Loan A/cDr.20,000
To bank A/c20,000
(Payment of Ys Loan made)
Xs Capital A/cDr.25,000
Ys Capital A/cDr.15,000
Zs Capital A/cDr.10,000
To Profit and Loss A/c50,000
(Balance of Profit and Loss account distributed among partners in their old ratio)
(g)Realisation A/cDr.50,000
To Bank A/c50,000
(Bank Loan paid)
(h)Bank A/cDr.17,000
To Realisation A/c17,000
(Unrecorded assets sold)
(i)Zs Capital A/cDr.14,000
To Realisation A/c14,000
(Stock taken over by Z)
(j)Realisation A/cDr.30,000
To Xs Capital A/c15,000
To Ys Capital A/c9,000
To Zs Capital A/c6,000
(Profit on realisation distributed among partners)
Answer9:Realisation Account
Dr.Cr.
ParticularsAmountRsParticularsAmountRs
Machinery10,580Sundry Creditors14,000
Stock4,740Bank (Assets Realised)19,500
Debtors5,540
Bank A/c:Loss transferred to:
Creditors14,000Xs Capital A/c1,200
Expenses44014,440Ys Capital A/c6001,800
35,30035,300
Partners Capital Accounts
Dr.Cr.
ParticularsXYParticularsXY
Realisation A/c (Loss)1,200600Balance b/d4,0003,000
Reserve for Contingencies333167
Bank A/c3,1332,567
4,3333,1674,3333,167
Bank Account
Dr.Cr.
ParticularsAmountRsParticularsAmountRs
Balance b/d640Realisation A/c14,440
Realisation A/c19,500Xs Capital A/c3,133
Ys Capital A/c2,567
20,14020,140
Answer10:Realisation Account
Dr.Cr.
ParticularsAmountRsParticularsAmountRs
Building45,000Creditors14,000
Machinery15,000Bank A/c:
Furniture12,000Stock22,000
Debtors8,000Debtors7,500
Stock24,000Machinery16,000
Building35,00080,500
Bank A/c:
Creditors14,000Bales Loan500
Expenses2,50016,500Yales Capital A/c (Furniture )9,000
Loss transferred to:
Bales Capital A/c8,250
Yales Capital A/c8,25016,500
1,20,5001,20,500
Partners Capital Accounts
Dr.Cr.
ParticularsBaleYaleParticularsBaleYale
Realisation A/c (Loss)8,2508,250Balance b/d50,00040,000
Realisation A/c9,000General Reserve(Old Ratio) 4,0004,000
Bank A/c45,75026,750
54,00044,00054,00044,000
Bales Loan Account
Dr.Cr.
ParticularsAmountRsParticularsAmountRs
Bank A/c2,500Balance b/d3,000
Realisation A/c500
3,0003,000
Bank Account
Dr.Cr.
ParticularsAmountRsParticularsAmountRs
Balance b/d11,000Bales Loan2,500
Realisation A/c80,500Realisation A/c16,500
Bales Capital A/c45,750
Yales Capital A/c26,750
91,50091,500
Answer11:
Realisation Account
Dr.Cr.
ParticularsAmountRsParticularsAmountRs
Furniture11,000Provision for Bad Debts400
Investments7,000Sundry creditors9,500
Stoke38,000
Debtors8,000Rathis Capital (Investment)7,500
Cash A/c:Cash A/c (Furniture, debtors, stock )48,400
Sundry Creditors9,000Loss transferred to:
Expenses6009,600Jathis Capital A/c3,900
Sethi s Capital A/c2,340
Rathis Capital A/c1,5607,800
73,60073,600
Partners Capital Accounts
Dr.Cr.
ParticularsJathiSethiRathiParticularsJathiSethiRathi
Realisation A/c (Loss)3,9002,3401,560Balance b/d28,00019,0008,000
Realisation A/c7,500
Cash A/c24,10016,660Cash A/c1,060
28,00019,0009,06028,00019,0009,060
Cash Account
Dr.Cr.
ParticularsAmountRsParticularsAmountRs
Balance b/d900Realisation A/c9,600
Realisation A/c48,400Jathis Capital A/c24,100
Rathis Capital1,060Sethis Capital A/c16,660
50,36050,360
Answer12:Realisation Account
Dr.Cr.
ParticularsAmountRsParticularsAmountRs
Stock25,000Sundry Creditors21,500
Debtors18,000Loan21,500
Furniture5,000
Machinery8,000Cash A/c:
Fixed Assets2,000
Cash A/c:Stock and Debtors33,00035,000
Sundry creditors21,500
Expenses600Loss transferred to:
Loan21,50043,600Sharmas Capital A/c10,800
Vermas Capital A/c7,200
Guptas Capital A/c3,60021,600
99,60099,600
Partners Capital Accounts
Dr.Cr.
ParticularsSharmaVermaGuptaParticularsSharmaVermaGupta
Realisation A/c (Loss)10,8007,2003,600Balance b/d6,0005,0003,000
Cash A/c4,8002,200600
10,8007,2003,60010,8007,2003,600
Cash Account
Dr.Cr.
ParticularsAmountRsParticularsAmountRs
Balance b/d1,000Realisation A/c43,600
Realisation A/c35,000
Sharmas Capital4,800
Vermas Capital2,200
Guptas Capital600
43,60043,600
Answer13:Realisation Account
Dr.Cr.
ParticularsAmountRsParticularsAmountRs
Debtors16,000Provision for Doubtful Debts400
Stock12,000Creditors24,000
Furniture4,000
Building44,000Bank A/c:
Bank A/c:Stock10,000
Creditors22,000Furniture2,000
Liability for damages6,000Building50,000
Expense2,00030,000Debtors14,00076,000
Loss transferred to:
As Capital A/c2,240
Bs Capital A/c2,240
Cs Capital A/c1,1205,600
1,06,0001,06,000
Partners Capital Accounts
Dr.Cr.
ParticularsABCParticularsABC
Realisation A/c (Loss)2,2402,2401,120Balance b/d30,00024,00012,000
Reserve A/c4,0004,0002,000
Bank A/c31,76025,76012,880
34,00028,00014,00034,00028,00014,000
Bank Account
Dr.Cr.
ParticularsAmountRsParticularsAmountRs
Balance b/d24,400Realisation A/c30,000
Realisation A/c76,000As Capital A/c31,760
Bs Capital A/c25,760
Cs Capital A/c12,880
1,00,4001,00,400
Answer14:Realisation Account
Dr.Cr.
ParticularsAmountRsParticularsAmountRs
Stock6,000Creditors38,000
Debtors19,000Mrs. As Loan10,000
Furniture4,000
Plant28,000As Capital A/c (Investments)8,000
Investments10,000Bank A/c:
As Capital A/c (Mrs. As loan)10,000Stock5,000
Bank A/c :Debtors18,500
Expenses1,600Furniture4,500
Creditors37,00038,600Plant25,00053,000
Loss transferred to:
As Capital A/c3,960
Bs Capital A/c2,6406,600
1,15,6001,15,600
Partners Capital Accounts
Dr.Cr.
ParticularsABParticularsAB
Realisation (loss)3,9602,640Balance b/d10,0008,000
Realisation A/c8,000Reserve A/c3,0002,000
Profit and Loss A/c4,5003,000Realisation A/c10,000
Bank A/c6,5404,360
23,00010,00023,00010,000
Bs Loan Account
Dr.Cr.
ParticularsAmountRsParticularsAmountRs
Balance b/d15,000
Bank A/c15,000
15,00015,000
Bank Account
Dr.Cr.
ParticularsAmountRsParticularsAmountRs
Balance b/d11,500Realisation A/c38,600
Realisation A/c53,000As Capital A/c6,540
Bs Capital A/c4,360
Bs Loan A/c15,000
64,50064,500
Answer15:Realisation Account
Dr.Cr.
ParticularsAmountRsParticularsAmountRs
Building40,000Provision for Doubtful Debts2,000
Plant and machinery40,000Bills Payable40,000
Stock19,000Loan from Bank30,000
Sundry Debtors42,000
Bank A/c:Bank A/c:
Bills Payable32,000Stock23,400
Outstanding Bill800Debtors21,000
Expenses1,250Building36,000
Loan from Bank30,00064,050Plant and Machinery36,0001,16,400
Loss transferred to:
Ps Capital A/c9,250
Qs Capital A/c5,550
RCapital A/c1,85016,650
2,05,0502,05,050
Partners Capital Accounts
Dr.Cr.
ParticularsPQRParticularsPQR
Realisation A/c (Loss)9,2505,5501,850Balance b/d44,00036,00020,000
Reserve Fund5,0003,0001,000
Bank A/c39,75033,45019,150
49,00039,00021,00049,00039,00021,000
Bank Account
Dr.Cr.
ParticularsAmountRsParticularsAmountRs
Balance b/d40,000Realisation A/c64,050
Realisation A/c1,16,400Ps Capital A/c39,750
Qs Capital A/c33,450
Rs Capital A/c19,150
1,56,4001,56,400
Answer16:Realisation Account
Dr.Cr.
ParticularsAmountRsParticularsAmountRs
Freehold property16,000Sundry creditors2,000
Investments4,000
Sundry Debtors2,000Dipalis Capital A/c (Investment)3,800
Stock3,000Bank A/c:
Bank A/c:Freehold Property18,000
Creditors1,900Sundry Debtors1,800
Expenses4002,300Stock2,800
Computer Printer1,00023,600
Profit transferred to:
Dipalis Capital A/c1,260
Rajashris Capital A/c8402,100
29,40029,400
Partners Capital Accounts
Dr.Cr.
ParticularsDipaliRajashriParticularsDipaliRajashri
Realisation A/c (Investments)3,800Balance b/d17,50010,000
Profit and Loss A/c900600
Bank A/c15,86011,440Realisation A/c (Profit)1,260840
19,660 11,44019,66011,440
Bank Account
Dr.Cr.
ParticularsAmountRsParticularsAmountRs
Balance b/d2,000Realisation A/c2,300
Cash A/c4,000Dipalis Capital A/c15,860
Realisation A/c23,600Rajashris Capital A/c11,440
29,60029,600
Answer17:Realisation Account
Dr.Cr.
ParticularsAmountRsParticularsAmountRs
Stock19,800Provision for Doubtful Debts1,000
Debtors15,000Creditors17,000
Investments4,000Bills Payable12,000
Furniture10,000Vinods Capital A/c5,000
Machinery33,000Bank A/c:
Bank (Expenses)2,000Stock17,500
Bank (Creditors)17,000Debtors14,500
Bank (Bills Payable)12,000Furniture6,800
Machinery30,30069,100
Loss on Realisation transferred to:
Vinod4,350
Vijay2,900
Venkat1,4508,700
1,12,8001,12,800
Partners Capital Account
Dr.Cr.
ParticularsVinodVijayVenkatParticularsVinodVijayVenkat
Realisation A/c (Investments)5,000Balance b/d25,00011,0008,000
Realisation A/c (Loss)4,3502,9001,450General Reserve3,0002,0001,000
Bank A/c18,65010,1007,550
28,00013,0009,00028,00013,0009,000
Vinods Loan A/c
Dr.Cr.
ParticularsAmountRsParticularsAmountRs
Bank A/c5,300Balance b/d5,300
5,3005,300
Bank A/c
Dr.Cr.
ParticularsAmountRsParticularsAmountRs
Balance b/d3,500Realisation A/c (Expenses)2,000
Realisation A/c (Assets realised)69,100Realisation A/c (Creditors)17,000
Realisation A/c (Bills Payable)12,000
Vinods Loan A/c5,300
Vinods Capital A/c18,650
Vijays Capital A/c10,100
Venkats Capital A/c7,550
72,60072,600