Скачать или смотреть Raman & Richa were partners in a firm sharing profits in the ratio of 7:3. On 31.3.2024 the bal.....

Chapter 05 II Dissolution of A Partnership Firm II Accountancy II Class 12th II Practical Question 14 II

Raman and Richa were partners in a firm sharing profits in the ratio of 7:3. On 31.3.2022 the Balance Sheet of the firm was as follows:

BALANCE SHEET OF RAMAN AND RICHA as at 31.3.2022

Land and Building7,50,000. Furniture 1,20,000. Debtors 1,32,000. Stock 1,03,000. Cash 70,000.

Capitals:- Raman 700000. Richa 300000. Sundry Creditors 175000.

The firm was dissolved on 1.4.2022 and the assets and liabilities were settled as follows:

(i) Land and building was taken over by Raman at a depreciation of 10% for cash;
(ii) Creditors of ₹1,25,000 took over stock and debtors in full settlement of their claim;
(iii) Remaining creditors were paid by Richa;
(iv) Furniture realised ₹5,000 less than the book value.
(v) Expenses of realisation were ₹400.

Pass necessary journal entries for dissolution of the firm.

[Ans. Final Payment to Raman ₹5,66,720 and Richa ₹2,92,880]

Hints: (i) Prepare Realisation A/c in Working Notes. Loss on Realisation will amount to ₹1,90,400.

(ii) No entry is to be passed for creditors taking over stock and debtors. Entry for remaining creditors taken paid by Richa: