A, B and C are in partnership sharing profits and losses in the proportions of 1/2, 1/3 and 1/6 respectively. On 31st March, 2018, they decided to dissolve the partnership and the position of the firm on this date is represented by the following Balance Sheet: During the course of realisation, a liability under a suit for damages is settled at ₹ 20,000 as against ₹ 5,000 only provided for in the books of the firm. Land and Building were sold for ₹ 40,000 and the Stock and Sundry Debtors realised ₹ 30,000 and ₹ 42,000 respectively. The expenses of realisation amounted to ₹ 1,200. There was a car in the firm, which was completely written off from the books. Ir was taken over by A for ₹ 20,000. He also agreed to pay Outstanding Salary of ₹ 20,000 not provided in books. Prepare Realisation Account, Partners Capital Accounts and Bank Account in the books of the firm.

A, B and C are in partnership sharing profits and losses in the propor

1.	A, B and C are in partnership sharing profits and losses in the proportions of 1/2, 1/3 and 1/6 respectively. On 31st March, 2018, they decided to dissolve the partnership and the position of the firm on this date is represented by the following Balance Sheet: During the course of realisation, a liability under a suit for damages is settled at ₹ 20,000 as against ₹ 5,000 only provided for in the books of the firm. Land and Building were sold for ₹ 40,000 and the Stock and Sundry Debtors realised ₹ 30,000 and ₹ 42,000 respectively. The expenses of realisation amounted to ₹ 1,200. There was a car in the firm, which was completely written off from the books. Ir was taken over by A for ₹ 20,000. He also agreed to pay Outstanding Salary of ₹ 20,000 not provided in books. Prepare Realisation Account, Partners Capital Accounts and Bank Account in the books of the firm.
Answer» lisation ACCOUNT, Partner’s Capital Accounts and Bank Account are CALCULATED and prepared below: Explanation: REALISATION ACCOUNT: Particulars (DR.)To Land and Building A/c - Rs. 57000To Stock A/c - Rs. 50000To A's Salary A/c - Rs. 20000To Sundry Debtors A/c - Rs. 50000To Bank A/c CREDITORS (40,000+15,000) - Rs. 55000Expenses - Rs. 1200Total = Rs. 56,200Adding all, we get,=57000 + 50000 + 20000 + 50000 + 56200= Rs. 2,33,200Particulars (Cr.)By Creditors A/c - Rs. 40,000By A's Capital A/c (car) - Rs. 20,000By Land and Building A/c - Rs. 40,000By Stock A/c - Rs. 30,000By Sundry Debtors A/c - Rs. 42,000Total = Rs. 1,12,000By Loss transferred to: A's Capital A/c - Rs. 30,600B's Capital A/c - Rs. 20,400C's Capital A/c - Rs. 10,200Total = 61,200Adding all, we get,=40000 + 20000 + 112000 + 61200= Rs. 2,33,200As per the Parner's Capital Accounts, The Dr. and the Cr. of A, B and C will be Rs. 90,500, Rs. 47,000 and Rs. 13,700 respectively. The LOAN and the bank account are calculated and prepared below:

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