CBSE 2024, Set 1

Question

Archana, Vandana and Arti were partners in a firm sharing profits and losses in the ratio of 5:3:2. Their Balance Sheet on 31st March, 2023 was as follows:
(Total Assets: ₹3,00,000. Capitals: Archana 80k, Vandana 70k, Arti 60k).
The firm was dissolved. Assets realised: Debtors 40k, Stock 50k, Plant 60k. 25% of the Investments were taken over by Vandana at ₹18,000. Remaining Investments were taken over by Archana at 10% less than its book value. Expenses of realisation ₹20,000 were paid by Arti.
Prepare Realisation Account.

Edvaya · Accepted Answer

The correct answer is Subjective. **Realisation Account** | Particulars | Amount (₹) | Particulars | Amount (₹) | |---|---|---|---| | To Investments A/c | 80,000 | By Creditors A/c | 60,000 | | To Plant A/c | 1,00,000 | By Bank A/c (Assets Realised): | | | To Stock | 40,000 | Debtors 40,000 | | | To Debtors A/c | 50,000 | Stock 50,000 | | | To Bank A/c (Creditors paid)* | 60,000 | Plant 60,000 | 1,50,000 | | To Arti's Capital A/c (Exp) | 20,000 | By Vandana's Capital A/c | 18,000 | | | | By Archana's Capital A/c ** | 54,000 | | | | By Loss transferred to Capital A/c (5:3:2):| | | | | Archana 34,000 | | | | | Vandana 20,400 | | | | | Arti 13,600 | 68,000 | | **Total** | **3,50,000** | **Total** | **3,50,000** | *Notes:* * Since nothing is stated about creditors, they are paid at book value. ** Remaining investments = 75% of 80,000 = ₹60,000. Taken by Archana at 10% less = $60,000 - 6,000 = ₹54,000$.

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Accountancy > Accounting For Partnership Firms > Dissolution Of Partnership Firm

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