Anup and Sumit Are Equal Partners In A Firm. They Decided to Dissolve the Partnership On December 31, 2017 Solve The Question ? Solution
15. Anup and Sumit are equal partners in a firm. They decided to dissolve the partnership on December 31, 2017. When the balance sheet is as under:
Balance Sheet of Anup and Sumit
as on December 31, 2017
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) |
| Sundry Creditors | 27,000 | Cash at bank | 11,000 |
| Reserve fund | 10,000 | Sundry Debtors | 12,000 |
| Loan | 40,000 | Plants | 47,000 |
| Capital : | 120,000 | Stock | 42,000 |
| Anup 60,000 | Lease hold land | 60,000 | |
| Sumit 60,000 | 1,20,000 | Furniture | 25,000 |
| 197,000 | 197,000 |
The Assets were realised as follows:
| Rs. | |
| Lease hold land | 72,000 |
| Furniture | 22,500 |
| Stock | 40,500 |
| Plant | 48,000 |
| Sundry Debtors | 10,500 |
The Creditors were paid Rs 25,500 in full settlement. Expenses of Realisation amount to Rs 2,500.
Prepare Realisation Account, Bank Account, Partners Capital Accounts to close the books of the firm.
Books of Anup and Sumit
Realisation Account
| Particulars | Amount (Rs.) | Particulars | Amount (Rs.) | ||
| Sundry Debtors | 12,000 | Sundry Creditors | 27,000 | ||
| Plants | 47,000 | Loan | 40,000 | ||
| Stock | 42,000 | Bank: | |||
| Leasehold land | 60,000 | Furniture | 22,500 | ||
| Furniture | 25,000 | Stock | 40,500 | ||
| Bank: | Leasehold Land | 72,000 | |||
| Creditors | 25,500 | Plant | 48,000 | ||
| Loan | 40,000 | Sundry Debtors | 10,500 | 1,93,500 | |
| Expenses | 2,500 | 68,000 | |||
| Profit transferred to : | |||||
| Anup’s Capital A/c | 3,250 | ||||
| Sumit’s Capital A/c | 3,250 | 6,500 | |||
| 2,60,500 | 2,60,500 | ||||
Partners’ Capital Account
| Particulars | Anup | Sumit | Particulars | Anup | Sumit |
| Bank | 68,250 | 68,250 | Balance b/d | 60,000 | 60,000 |
| Reserve Fund | 5,000 | 5,000 | |||
| Realisation | 3,250 | 3,250 | |||
| 68,250 | 68,250 | 68,250 | 68,250 | ||
Bank Account
| Particulars | Amount | Particulars | Amount |
| Balance b/d | 11,000 | Realisation (Expenses and Liabilities) | 68,000 |
| Realisation (Assets) | 193,500 | Anup’s Capital A/c | 68,250 |
| Sumit’s Capital A/c | 68,250 | ||
| 204,500 | 204,500 | ||
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