1.

L,M and O are in partnership. Their Balance Sheet as on 1-1-2015 was of follows: BALANCE SHEET as on 1-1-2015 LiabilitiesAmountAssetsAmount(Rs)(Rs)Creditors25,000Debtors46,000Provident Fund10,000(-) Provision4,000––––––42,000Workmen Compensation Reserve7,000Building1,00,000Capital:L2,00,000Plant50,000 M1,50,000Goodwill25,000 O1,50,000Investments75,000Machinery2,00,000Furniture50,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯5,42,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯5,42,000 On the above date it was decided to dissolve the firm. Find out the missing figures. REALISATION ACCOUNT ParticularsAmount ParticularsAmount(Rs) (Rs) To Debtors....By ...To Building 1,00,000By...To Plant50,000By...To Goodwill25,000By...To Investments75,000By Bank A/c (Assets realised):To Machinery2,00,000 Debtors40,000To Furniture50,000 Building....To Bank (Creditors)... Plant50,000To Bank (Provident Fund)¯¯¯¯ Investment30,000––––––––....To Bank (Realisation Expenses)1,000By L's Capital A/c3,000To ........... (typewriter taken over)By O's Capital A/c1,47,000 (Machinery taken over)By loss A/c....¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯5,86,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯5,86,000 PARTNER'S CAPITAL ACCOUNT ParticularsLMO ParticularsLMOTo Realisation A/c−−−By Balance b/d2,00,0001,50,0001,50,000To....−−−By Balance A/c−−−To Bank A/c (Final Payment)Total−−−Total−−− BANK ACCOUNT ParticularsAmount ParticularsAmount(Rs) (Rs) To Realisation A/c (Assets Realised)2,40,000By Realisation A/c (Creditors)24,000To ......................By Realisation A/c10,000 (Provident Fund)By Realisation A/c5,000 (Workmen Compensation)By Realisation A/c1,000 (Realisation Expenses)By...............By...............Total......Total.....

Answer»

L,M and O are in partnership. Their Balance Sheet as on 1-1-2015 was of follows:

BALANCE SHEET
as on 1-1-2015
LiabilitiesAmountAssetsAmount(Rs)(Rs)Creditors25,000Debtors46,000Provident Fund10,000(-) Provision4,000––––42,000Workmen Compensation Reserve7,000Building1,00,000Capital:L2,00,000Plant50,000 M1,50,000Goodwill25,000 O1,50,000Investments75,000Machinery2,00,000Furniture50,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯5,42,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯5,42,000

On the above date it was decided to dissolve the firm. Find out the missing figures.

REALISATION ACCOUNT
ParticularsAmount ParticularsAmount(Rs) (Rs) To Debtors....By ...To Building 1,00,000By...To Plant50,000By...To Goodwill25,000By...To Investments75,000By Bank A/c (Assets realised):To Machinery2,00,000 Debtors40,000To Furniture50,000 Building....To Bank (Creditors)... Plant50,000To Bank (Provident Fund)¯¯¯¯ Investment30,000––––––....To Bank (Realisation Expenses)1,000By L's Capital A/c3,000To ........... (typewriter taken over)By O's Capital A/c1,47,000 (Machinery taken over)By loss A/c....¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯5,86,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯5,86,000

PARTNER'S CAPITAL ACCOUNT
ParticularsLMO ParticularsLMOTo Realisation A/cBy Balance b/d2,00,0001,50,0001,50,000To....By Balance A/cTo Bank A/c (Final Payment)TotalTotal

BANK ACCOUNT
ParticularsAmount ParticularsAmount(Rs) (Rs) To Realisation A/c (Assets Realised)2,40,000By Realisation A/c (Creditors)24,000To ......................By Realisation A/c10,000 (Provident Fund)By Realisation A/c5,000 (Workmen Compensation)By Realisation A/c1,000 (Realisation Expenses)By...............By...............Total......Total.....



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