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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 Creditors27,000Cash at bank11,000
Reserve fund10,000Sundry Debtors12,000
Loan40,000Plants47,000
Capital :120,000Stock42,000
Anup 60,000Lease hold land60,000
Sumit 60,0001,20,000Furniture25,000
 197,000 197,000

The Assets were realised as follows:

 Rs.
Lease hold land72,000
Furniture22,500
Stock40,500
Plant48,000
Sundry Debtors10,500

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.

SOLUTION

Books of Anup and Sumit
Realisation Account

Particulars
Amount
(Rs.)
Particulars
Amount
(Rs.)
Sundry Debtors 12,000Sundry Creditors27,000
Plants 47,000Loan40,000
Stock 42,000Bank:
Leasehold land 60,000Furniture22,500
Furniture 25,000Stock40,500
Bank: Leasehold
Land
72,000
Creditors25,500Plant48,000
Loan40,000Sundry Debtors10,5001,93,500
Expenses2,500 68,000 
    
Profit transferred to :  
  Anup’s Capital A/c3,250
  Sumit’s Capital A/c3,2506,500
  2,60,500 2,60,500

 Partners’ Capital Account

ParticularsAnupSumitParticularsAnupSumit
Bank68,25068,250Balance b/d60,00060,000
   Reserve Fund5,0005,000
   Realisation3,2503,250
 68,25068,250 68,25068,250

 Bank Account

ParticularsAmountParticularsAmount
Balance b/d11,000Realisation (Expenses and Liabilities)68,000
Realisation (Assets)193,500Anup’s Capital A/c68,250
  Sumit’s Capital A/c68,250
 204,500 204,500

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