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Dissolution Assignment

The document contains 5 problems related to the dissolution of partnerships. Each problem provides the balance sheet of the partnership as of the date of dissolution and information on how the assets were realized and liabilities settled. Learners are asked to prepare the necessary ledger accounts to close the books of the firm for each dissolution scenario.

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Sanjeev sharma
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318 views4 pages

Dissolution Assignment

The document contains 5 problems related to the dissolution of partnerships. Each problem provides the balance sheet of the partnership as of the date of dissolution and information on how the assets were realized and liabilities settled. Learners are asked to prepare the necessary ledger accounts to close the books of the firm for each dissolution scenario.

Uploaded by

Sanjeev sharma
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Dissolution Assignment

1. Supriya and Monika are partners, who share profit in the ratio of 3:2. Following is the
balance sheet as on March 31, 2014.
Balance Sheet of Supriya and Monika as on March 31, 2014

The firm was dissolved on March 31, 2014. Close the books of the firm with the
following information: (i) Debtors realised at a discount of 5%, (ii) Stock realised at
Rs.7,000, (iii) Fixed assets realised at Rs.42,000, (iv) Realisation expenses of
Rs.1,500, (v) Creditors are paid in full. Prepare necessary ledger accounts.
2. Sita, Rita and Meeta are partners sharing profit and losses in the ratio of 2:2:1 Their
balance sheet as on March 31, 2015 is as follows:
Balance Sheet of Sita, Rita and Meeta as on March 31, 2015

They decided to dissolve the business. The following amounts were realised: Plant
and Machinery Rs.4,250, Stock Rs.3,500, Debtors Rs.1850, Furniture 750. Sita agreed
to bear all realisation expenses. For the service Sita is paid Rs.60. Actual expenses
on realisation amounted to Rs.450.Creditors paid 2% less. There was an unrecorded
assets of Rs.250, which was taken over by Rita at Rs.200. Prepare the necessary
accounts to close the books of the firm
3. Nayana and Arushi were partners sharing profits equally Their Balance Sheet as on
March 31, 2015 was as follows:
Balance Sheet of Nayana and Arushi as on March 31, 2012
Liabiity Amt Assets Amt
Capitals Bank 30000
Nayana 1,00,000 Debtors 25000
Arushi 50,000 Stock 35000
Creditors 20000 Furniture 40000
Arushi current account 10000 Machinery 60000
Workmen compensation fund 15000 Nayana current account 10000
Bank overdraft 5000
200000 200000
The firm was dissolved on the above date: 1. Nayana took over 50% of the
stock at 10% less on its book value, and the remaining stock was sold at a gain of
15%. Furniture and Machinery realised for Rs.30,000 and Rs.50,000 respectively; 2.
There was an unrecorded investment which was sold for Rs. 25,000; 3. Debtors
realised 90% only and Rs.1,200 were recovered for bad debts written-off last year; 4.
There was an outstanding bill for repairs which had to be paid for Rs.2,000. Record
necessary journal entries and prepare ledger accounts to close the books of the firm.
4. Tanu, Manu and Chetan are in partnership sharing profit in the proportion of 1/2, 1/3,
1/6 respectively. They dissolve the partnership of the December 31, 2006, when the
balance sheet of the firm stood as under:

The machinery was taken over by Manu for Rs.45,000, Tanu took over the investment
for Rs.40,000 and freehold property took over by Chetan at Rs.95,000. The remaining
assets realised as follows: Sundry Debtors Rs.56,500 and Stock Rs.36,500. Sundry
creditors were settled at discount of 5%. Bills payable is taken over by Chetan for
Rs.23,000. There liabilities amounting to Rs.3,000 not shown in books are also to be
paid. An office computer, not shown in the books of accounts, realised Rs.9,000
Realisation expenses amounted to Rs.3,000.
Prepare realisation account, partners capital account, bank account.

The firm was dissolved on that date. The following was agreed transactions took
place. (i) Aswhani promised to pay Mrs. Ashwani’s loan and took away stock for
Rs.8,000. (ii) Bharat took away half of the investment at 10% less. Debtors realised
for Rs.38,000. Creditor’s were paid at less of Rs.380. Buildings realised for
Rs.1,30,000, Goodwill Rs.12,000 and the remaining Investment were sold at Rs.9,000.
An old typewriter not recorded in the books was taken over by Bharat for Rs. 600.
Realisation expenses amounted to Rs. 2,000. Prepare Realisation Account, Partner’s
Capital Account and Bank Account

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