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chapter 6 dissoultio

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83 views

chapter 6 dissoultio

Uploaded by

anjalirawlani4907
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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ACCOUNTS

CHAPTER 6 :- DISSOLUTION OF PARTNERSHIP [Total Marks 23]

Q1) Select most appropriate answer from the alternatives given below and rewrite the sentence :-
[Marks 5]

1.Dissolution expenses are credited to ......... Account.

(a) Realisaton Account

(b) Cash / Bank Account

(e) Partner's Capital Account

(d) Partner's Loan Account

2.If any unrecorded liability is paid on dissolution of the firm........ account is debited.

(a) Cash / Bank Account

(b)Realisation Account

(c) Partners capital Account

(d)Loan Account

3.Partnership is completely dissolved when the partners of the firm become...

(a)solvent

(b) Insolvent

(c)Creditor

(d)Debtors

4.Assets and liabilities are transferred to Realisation account at their .......values.

(a) Market

(b) Purchases

(c) Sale

(d) Book

5.If the number of partners in a firm falls below two, the firm stands……..

(a) Dissolved

(b) Established

(c) Realisation

(d)Restructured

Q2.Narendra, Devendra and Mahendra are partners sharing Profit and Losses at 3:3:2. The
Business is dissolved on 31st March 2020. When their Balance Sheet stands as below :
Balance Sheet as on 31 st March [Marks 8]

Liabilites Amount ₹ Assets Amount ₹


Capital Account: Plant and Machinery 1,00,000
Narendra 20,000 Motor Car 20,000
Devendra 80,000 Sundry Debtors 90,000
Mehendra 40,000 Stock 1,20,000
Sundry Creditors 2,00,000 Cash of Bank 10,000
3,40,000 3,40,000

They decided to dissolve the partnership on the above date as follows.

1. Machinery and Stock are sold for ₹ 50,000 and ₹ 36,000 respectively.

2. Debtors realised for ₹ 40,000

3. Motor Car is taken by Devendra for ₹ 26,000.

4. Realisation expenses amounted to ₹ 2,000.

Deficiency of any partner in capital account is to be met by other partners in profit sharing ratio.

Narendra became insolvent and Mahendra could bring in ₹ 10,000 only.

Prepare necessary ledger accounts in the books of firm.

Q3.Shubhangi, Manisha and Shital are partners. They share Profit and Losses equally. Their
Balance Sheet as on 31st March 2018 was as follows :

Balance Sheet as on 31 st March 2018. [Marks 8]

Liabilites Amount ₹ Assets Amount ₹


Capital Account : Machinery 62,500
Shubhangi 62,500 Stock 37,500
Manisha 37,500 Debtors 27,500
Reserve Fund 22,500 Less R.D.D. 2,500 25,000
Creditors 37,500 Bills Receivable 22,500
Bill Payable 12,500 Cash at Bank 12,500
Shital’s Capital 12,500
1,72,000 1,72,500
On the above date it was decided to dissolve the firm

The assets realised were as follows :

1. Stock ₹ 31, 250, Machinery ₹ 37,500, Debtors ₹ 21,250 and Bills Receivable ₹ 18,000.

2. Creditors were paid at a discount of 2% and Bills Payable were paid in full.

3. Realisation expenses amounted to ₹ 6,250.

4. Shital was declared insolvent and 50 paise in rupees could be recovered from her private estate.

Prepare : Realisation Account, Partner's Capital Account and Bank Account.

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