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Ramesh and Umesh were partners in a firm sharing profits in the ratio of their capitals. On 31st March, 2013, their Balance Sheet was as follows : On the above date the firm was dissolved. (a) Ramesh took over 50% of stock at ₹ 10,000 less then the book value. The remaining stock was sold at a loss of ₹ 15,000. Debtors were realised at a discount of 5%. (b) Furniture was taken over by Umesh for ₹ 50,000 and machinery was sold for ₹ 4,50,000. (c) Creditors were paid in full. (d) There was an unrecorded bill for repairs for ₹ 1,60,000 which was settled at ₹ 1,40,000. Prepare Realisation Account. |
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Answer» lisation ACCOUNT are prepared below:ANSWER:Particulars (Dr.)To Sundry Assets A/c DEBTORS - RS. 2,40,000Stock - Rs. 1,30,000Furniture - Rs. 2,00,000Machinery - Rs. 9,30,000Total = Rs. 15,00,000To CASH A/c (Liabilities) Creditors - Rs. 1,70,000Outstanding Bill - Rs. 1,40,000Total = Rs. 3,10,000Adding Sundry assets A/c and Cash A/c = Rs. 15,00,000 + Rs. 3,10,000 = Rs. 18,10,000Particulars (Cr.)By Creditors A/c - Rs.1,70,000By Ramesh's Current A/c (stock)-Rs.55,000By Cash A/c (Assets) Stock -Rs. 50,000Machinery - Rs. 4,50,000Debtors - Rs. 2,28,000Total = Rs. 7,28,000By Umesh's Current A/c (Furniture) = Rs. 50,000By Realistion Loss: Ramesh's Current A/c - Rs. 5,64,900Umesh's Current A/c - Rs. 2,42,100Total = Rs. 8,07,000Adding Creditors A/c, Ramesh's Current A/c (stock), Cash A/c, Umesh's Current A/c (Furniture) and the Realistion Loss, we get= Rs.1,70,000 + Rs.55,000 + Rs. 7,28,000 + Rs. 50,000 + Rs. 8,07,000 = Rs. 18,10,000. |
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