Sunny and Bobby were partners in a firm sharing profits and losses in the ratio of 3:2, their balance sheet as at 31st March, 2012:
| Liabilities | Amount(₹) | Assets | Amount(₹) | ||
|---|---|---|---|---|---|
| Creditors | 1,90,000 | Bank | 5,000 | ||
| Bills Payable | 1,10,000 | Fixed Deposits | 70,000 | ||
| Employees provident fund | 50,000 | Stock | 86,000 | ||
| Mrs Sunny’s Loan | 55,000 | Investments | 1,04,000 | ||
| Bobby’s Loan | 85,000 | Debtors | 1,77,000 | ||
| Investment Fluctuation Fund | 30,000 | (-) Provision for D/D | 12,000 |
1,65,000 |
|
| Capitals: | Other Fixed Assets | 3,80,000 | |||
| Sunny | 2,20,000 | Deferred Revenue Expenditure | 35,000 | ||
| Bobby | 1,20,000 | 3,40,000 | Sunny’s Loan | 15,000 | |
| 8,60,000 | 8,60,000 | ||||
The firm was dissolved on 31st March, 2012. The assets were realized and the liabilities were paid as under:
(a) Sunny promised to pay off Mrs Sunny’s Loan
(b) Bobby took away stock at 20% discount and 80% of the investments at 10% discount.
(c) Dharam, a debtor of ₹60,000 had to pay the amount due 2 months after the date of dissolution. He was allowed a discount of 9% p.a. for making immediate payment.
(d) Creditors were paid ₹1,75,000 in full settlement of their claim.
(e) 90% of Other fixed assets realised ₹1,98,000 and remaining were realised at discount of 15%.
(f) Balance of investments were sold at 75% value and Fixed Deposits were realised at 110%.
(g) There was an old furniture which has been written off completely from the books, Bobby took away the same for ₹41,000 against his loan and balance to him was given in cash.
(h) Realisation expenses ₹20,000 were paid by Sunny and Bobby equally on behalf of the firm.
You are required to prepare Realisation A/c
Mark-6, CBSE: 2024-25/Sample/Q-25
Answer :
