9-DAY SUMS CRASH COURSE

DAY-01_DISSOLUTION
1.​ Balance Sheet of Vimal and Kamal as on 31st March 2021:

Liabilities Amount (₹) Assets Amount (₹)

Sundry Creditors 10,000 Cash at Bank 25,000
Bills Payable 15,000 Debtors 20,000
Vimal’s Brother’s Loan 5,000 Less: Provision (1,250)
Kamal’s Loan 3,750 Net Debtors 18,750
Investment Fluctuation
Reserve 3,750 Stock 18,750
Capital A/cs: Investments 31,250
- Vimal 62,500 Buildings 31,250
- Kamal 50,000 Goodwill 12,500
Current A/cs: Profit and Loss A/c 31,250
Preliminary
- Vimal 25,000 Expenses 18,750
- Kamal 12,500
Total 1,87,500 Total 1,87,500

The firm was dissolved on the above date, and the following
arrangements were decided upon:

●​ Vimal agreed to pay off his brother’s loan.

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 ●​ Debtors were due on an average basis of two months. Debtors
of ₹6,250 proved bad, and the remaining amount was received
immediately after giving a 5% discount.
●​ Other assets realised:
○​ Investments at 20% less
○​ Goodwill at 120% of the book value
●​ One of the creditors for ₹6,250 was paid only ₹3,750 in full
settlement.
●​ Bills payable were due on an average basis of one month after
31st March 2021, but they were paid immediately on 31st
March at a discount of 10% per annum.
●​ Buildings were auctioned for ₹37,500, and the auctioneer’s
commission amounted to ₹1,250.
●​ Kamal took a part of stock at ₹5,000 (being 20% less than the
book value), and the balance stock was realized at 50%.
●​ Realisation expenses amounted to ₹1,250.

Prepare Realisation Account, Partner’s Capital Account, and Cash

Account.

2.​ Balance Sheet of Yogesh and Naresh as on 1st April 2023:

Liabilities Amount (₹) Assets Amount (₹)

Creditors 50,000 Cash/Bank 7,500
Bills Payable 50,000 Investments 37,500
Loan by Naresh 55,000 Debtors 50,000
Less: Provision for
Loan by Mrs. Yogesh 52,500 Doubtful Debts (5,000)
Investment
Fluctuation 10,000 Net Debtors 45,000

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 Reserve
Capital A/cs: Bills Receivable 41,750
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- Yogesh 26,250 Suspense 1,38,250
- Naresh 26,250
Total 2,70,000 Total 2,70,000

The firm was dissolved on the following terms:

a) Yogesh was to pay his wife’s loan.​

b) Debtors realised ₹37,500.​
c) Naresh was to take investments at an agreed value of ₹32,500.​
d) Creditors and bills payable were payable after two months but
were paid immediately at a discount of 15% p.a.​
e) Bills receivable were received allowing a 5% rebate.​
f) A debtor previously written off as a bad debt paid ₹18,750.​
g) An unrecorded asset realised ₹12,500.

Prepare Realisation Account, Partners’ Capital Accounts, Partners’

Loan Account, and Cash/Bank Account.​

3.​ Journalise the following transactions:

I.​ Dissolution expenses paid amounted to ₹1,325.
II.​ Realisation expenses amounting to ₹1,250 were paid by
Mukesh (one of the partners).

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 III.​ Realisation expenses ₹1,750 paid and borne by Robin
personally.
IV.​ Realisation expenses ₹3,750 paid by Ram but actually these
expenses were to be borne by Mohan.
V.​ Gupta, a partner, was appointed to realise the assets at a
remuneration of ₹3,625. The actual amount of realisation
expenses amounted to ₹2,500.
VI.​ Creditors worth ₹12,500 accepted ₹5,000 as cash and
machinery worth ₹10,000 in full settlement.
VII.​ Creditors were ₹5,000. They accepted a computer valued at
₹6,250 in full settlement.
VIII.​ Creditors were ₹7,500. They accepted furniture valued at
₹10,000 and paid ₹2,500 cash to the firm.
IX.​ There was an unrecorded asset of ₹6,250 which was taken
over by C at ₹5,000.
X.​ Stock worth ₹8,750 was taken over by partner B.
XI.​ Workmen’s compensation paid to employees by the firm was
₹10,000.
XII.​ Loss on realisation amounted to ₹45,000 and is to be
distributed among A, B, and C (partners) in the ratio of 3:2:1.
XIII.​ Loss of a partner (Mohan) ₹37,500 was settled at ₹41,250 with
interest (not yet recorded).
XIV.​ Expenses on dissolution amounted to ₹1,875 and were paid by
partner A.
XV.​ A typewriter completely written off in the books of accounts was
sold for ₹250.
XVI.​ The assets of the firm realised ₹1,56,250.
XVII.​ Gain on realisation ₹30,000 is to be distributed between
partners A and B in the ratio of 7:5.
XVIII.​ Furniture of ₹87,500 was sold for ₹85,000 by auction and the
auctioneer’s commission amounted to ₹2,500.

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 XIX.​ A bill receivable of ₹3,750 under discount was dishonoured as
the acceptor had become insolvent, and hence the bill had to
be met by the firm.
XX.​ 200 shares which were acquired at a cost of ₹62.50 per share
were written off from the books earlier. Now valued at ₹43.75
per share and taken over by Satish.
XXI.​ Creditors amounting to ₹1,25,000. One creditor of ₹18,750 took
furniture whose book value was ₹25,000 at a valuation of
₹15,000 in full settlement. Remaining creditors were paid after
deducting a discount of ₹3,750.
XXII.​ An old machine fully written off was sold for ₹52,500, while
payment of ₹7,500 was made to the bank for a bill discounted
being dishonoured.
XXIII.​ X had given a loan to the firm of ₹87,500 and the debit balance
in his capital account is ₹81,250.
XXIV.​ Z had given a loan to the firm of ₹56,250 and the debit balance
in his capital account is ₹68,750.
XXV.​ Y had given a loan to the firm of ₹75,000 and the balance in his
capital account (credit) is ₹18,750.
XXVI.​ 500 shares of ₹50 each in Vision Ltd. acquired at a cost of
₹27,500 had been written off completely from the books. These
shares are now valued at ₹62.50 each and divided among the
partners in their profit-sharing ratio.
XXVII.​ Amitesh, an old customer whose account for ₹75,000 was
written off as a bad debt in the previous year, paid 90%.
XXVIII.​ Creditors and bills payable were due on an average basis of
one month after 31st March, but they were paid immediately on
31st March at a 6% discount per annum.
XXIX.​ Debtors were ₹75,000. Debtors falling due after 4 months were
realised at a discount of 6% per annum.

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 XXX.​ The firm had purchased 250 shares three years ago. These
shares were found to be a market value of ₹10 each and were
accepted by a creditor to whom ₹2,500 was due. He paid the
balance amount.
XXXI.​ Ramesh, a creditor to whom ₹37,500 was due, took over a
laptop having a book value of ₹50,000 at 90% and paid the
balance in cash.
XXXII.​ Creditors worth ₹75,000 given in the balance sheet at the time
of dissolution on 31st March 2013. Creditors were due on an
average basis of one month after 31st March but were paid
immediately on 31st March at a 6% discount per annum.
XXXIII.​ Total creditors of the firm (already transferred to the realisation
account) were ₹37,500. Out of this, creditors waived their claim
of ₹6,250, while the rest agreed to allow a discount of 10% of
their respective claim.

4.​ A and B are in partnership sharing profits and losses in the ratio of
3:2.

On 31st March, 2020, they decided to dissolve the firm, and the
balance sheet of the firm on this date is as follows:

Balance Sheet as on 31st March, 2020

Amount Amount
Liabilities (₹) Assets (₹)
Creditors 25000 Cash at Bank 10000
Loan from A 20000 Sundry Debtors 50000
WCR 31250 Less: PDD 2250 47750

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 Capital A (A) 150000 Loan to B 12500
Capital A (B) 112500 Stock 68500
Investment 25,000
Machinery 50,000
Land and
Building 1,25,000
Total 368750 Total 368750

Adjustments at the time of Dissolution:

a) Assets realized as follows:

●​ Stock ₹56,250
●​ Machinery 20% less than book value
●​ Debtors ₹43,750
●​ Land and Building ₹37,500 more than book value

b) Atul took investments at an agreed value of ₹18,750.

c) Creditors agreed to accept 5% less.

d) Atul, who carried the dissolution, was to be paid ₹1,500 (including

expenses). Realization expenses were ₹1,500, which were paid by
the firm.

e) There was an old computer in the firm that had been written off
completely from the books. It was now sold for ₹6,250.

Prepare the Realization Account, Partners’ Capital Accounts, and the

Bank Account.​

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 5.​ Basu, Bose, and Chitra are partners sharing profits in the ratio of
5:3:2.

The balance sheet as at 31st March 2020 was as follows:

Liabilities Amount (₹) Assets Amount (₹)

Trade creditors 60000 Bank 70000
WCR 10000 Debtors 50000
EPF 5000 Stock 60000
Loan from Mrs.
Basu 5000 Furniture 125000
Basu's Capital 200000 Patents 35000
Bose's Capital 150000 Building 320000
Chitra's Current
Chitra's Capital 150000 A/c 12000
Basu's Current A/c 25000
Bose's Current A/c 17000
P&L A/c 50000
Total 672000 Total 672000

The firm was dissolved on the above-mentioned date. The following

transactions took place at the time of dissolution:

●​ Realisation expenses were to be borne by Basu for which he

was to get ₹10,000. Realisation expenses of ₹122,000 were
paid out of the firm's bank account.
●​ Bose took stock for ₹55,000, and Chitra took the building for
₹4,00,000.

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 ●​ Other assets realised as follows: Debtors ₹48,000; Furniture
₹97,000.
●​ Trade creditors were settled by paying ₹55,000.
●​ Accounts of partners' capital accounts were settled after
realising assets and paying outside liabilities.

Prepare the realisation account, partners’ current account, partners’

capital accounts, and bank account.

6.​ Harsh, Swarn, and Tarun were in a partnership firm sharing profits
and losses equally. Their balance sheet as of 31st March 2020 was
as follows:

Balance Sheet as of 31st March 2020

Liabilities Amount (₹) Assets Amount (₹)

Harsh's Capital 125000 Machinery 100000

Swarn's Capital 125000 Furniture 62500

Tarun's Capital 125000 Debtors 25000
Creditors 112500 Investment 75000
Bills
Bills Payable 12500 Receivable 12500
Stock 125000
Cash at Bank 100000

Total 500000 Total 500000

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 Investment had a market value of ₹1,12,500, which was held to
enable the settlement of accounts with a partner’s estate in case of
death during the firm’s continuance.

On 1st April 2020, it was decided that the firm would be dissolved,
subject to the following adjustments:

I.​ Investments were sold, and the amount realized was ₹1,12,500.
II.​ Machinery realized at 70% of the book value.
III.​ Furniture was taken by Tarun at a market value of ₹50,000.
IV.​ Bills receivable and debtors had to be discounted at 5%.
V.​ Stock comprised:​
i) Easily marketable items: 70% of the total inventory, which
was realized in full.​
ii) Obsolete items: 10% of the total inventory, which had to be
discarded.​
iii) The rest of the stock realized 50% of its book value.
VI.​ A liability of ₹3,125, which had not been recorded in the books
of the firm, had to be settled before dissolution.

You are required to prepare the Realisation Account.

7.​ Following is the Balance Sheet of Ram and Krish​

Balance Sheet as at 31st March, 2024

Liabilities Amount (₹) Assets Amount (₹)

Sundry Creditors 47500 Cash in Hand 6875
Loan by Mrs. Ram 6250 Cash at Bank 10000
Loan by Mrs. Krish 12500 Stock 6,250
Loan by Krish 6250 Investments 12,500

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 The firm was dissolved on 1st April, 2024, and the following
transactions took place:

I.​ Ram undertook to pay the loan by Mrs. Ram and took Stock at
₹ 5,000.
II.​ Krish took half the Investments @ 10% discount.
III.​ Debtors realised ₹ 23,750.
IV.​ Creditors were due after one month. They were paid
immediately at a discount of 6% per annum.
V.​ Plant realised ₹ 31,250 and Building ₹ 50,000.
VI.​ There was an old printer in the firm which had been written off
from the books. It is now estimated to realise ₹ 375. It was
taken by Krish at this estimated price.
VII.​ Realisation expenses were ₹ 1,250.

Show the Realisation Account, Bank Account, Partners’ Loan

Accounts, and Partners’ Capital Accounts in the books of the firm.

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 8.​ Mohan and Rohan, sharing profits and losses in the ratio of 3 : 2,
agreed upon the dissolution of the firm on 31st March, 2023 on the
following terms:
I.​ Mohan took 50% of the Stock at a discount of 20%.
II.​ 10% of the Stock was obsolete, hence not saleable.
III.​ Balance Stock was sold at a profit of 30%.
IV.​ ₹ 15,000 out of Sundry Debtors were not recovered.
V.​ Land and Building realised ₹ 1,75,000.
VI.​ Half of the Sundry Creditors accepted Plant and Machinery at
10% less than the book value and Cash of ₹ 6,250 in settlement
of their claims.
VII.​ Balance Sundry Creditors were paid at a discount of 10%.
VIII.​ Realisation expenses were ₹ 6,250.
IX.​ Shyam, an old customer, whose account was written off as a
bad debt in the previous year, paid ₹ 625.
X.​ A contingent liability of ₹ 1,563 was paid.
XI.​ Furniture was sold for ₹ 12,500.

Balance Sheet as on that date:

Liabilities Amount (₹) Assets Amount (₹)

Sundry Creditors 131250 Cash in Hand 7500
Loan by Rohan 18750 Cash at Bank 37500
General Reserve 42500 Stock 100000
Profit & Loss A/c 13750 Sundry Debtors 82500
Less: Provision for
Capital A/cs: Doubtful Debts 7500
Mohan 112500 Plant & Machinery 37500

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 Rohan 37500 Land & Building 41250
Furniture 12500
Goodwill 18750
Prepaid Insurance 1250
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Expenditure 12500
Loan to Mohan 12500
Total 356250 Total 356250

Prepare Realisation Account, Partner’s Loan Account, Partners’

Capital Accounts, and Bank Account.

9.​ Pranav, Mukund, and Karim were partners sharing profits in the ratio
of 3:1:1. On 31st March 2024, they decided to dissolve their firm. On
that date, their Balance Sheet was as follows:​
Balance Sheet as on 31st March, 2024
Amount
Liabilities Amount ₹ Assets ₹
Sundry Creditors 75000 Cash 40000

Loan by Mrs. Karim 18750 Sundry Debtors 327500

Less: Provision for
Loan by Pranav 125000 Doubtful Debts (15000)

Capital A/cs: Net Sundry Debtors 312500

Pranav 343750 Stock 97500
Mukund 125000 Furniture 12500

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 Karim 87500 Computer 100000
Sundry Assets 212500
Total 775000 Total 775000

It was agreed that:

(i) Pranav took the computer at its book value in settlement of his
loan.

(ii) Pranav took Furniture at ₹ 10,000 and Debtors of ₹ 2,50,000 at ₹

2,15,000; the Creditors of ₹ 75,000 to be paid by him at this amount.

(iii) 50% of the stock was taken by Mukund for ₹ 50,000, while 10% of
the remaining stock was not saleable and the balance stock realized
110%.

(iv) Mukund took some of the Sundry Assets at ₹ 90,000 (being 10%
less than book value).

(v) Karim took the remaining Sundry Assets at 90% of the book value,
less ₹ 1,250 as a discount, and assumed the liability of Loan by Mrs.
Karim together with accrued interest of ₹ 375, which was not
recorded in the books.

(vi) The expenses of dissolution were ₹ 3,375. The remaining Debtors

were sold to a debt-collecting agency for 50% of the book value.

Prepare Realisation Account and Loan by Anil Account.

10.​ Mahesh and Suresh are partners in a firm, Fancy Garments

Exports, sharing profits and losses equally. On 1st April 2024, the
Balance Sheet of the firm was:​

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 Liabilities Amount ₹ Assets Amount ₹
Sundry Creditors 131250 Cash 7500
Loan by Mahesh 31250 Bank 37500

General Reserve 30000 Stock 93750

Capital A/cs: Sundry Debtors 82500
Less: Provision for
Mahesh 112500 Doubtful Debts (7500)
Suresh 37500 Net Sundry Debtors 75000

Plant and Machinery 56250

Land and Building 60000
Loan to Suresh 12500
Total 342500 Total 342500

The firm was dissolved on the date given above. The following
transactions took place:

(a) Mahesh took 25% of the Stock at a discount of 20% in settlement

of her loan.

(b) Sundry Debtors realized ₹ 67,500.

(c) Sundry Creditors were paid at a discount of 10%.

(d) Land and Building realized ₹ 1,50,000.

(e) Mahesh took the goodwill of the firm at a value of ₹ 37,500.

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 (f) An unrecorded asset of ₹ 8,625 was given in settlement of an
unrecorded liability of ₹ 7,500 in full settlement.

(g) Realisation expenses were ₹ 6,562.50.

Show Realisation Account, Partners' Capital Accounts, and Bank

Account in the books of the firm.

11.​ Saheb, Saad, and Karan are partners sharing profits in the ratio of
3:1:1. Last year, conflicts arose due to certain issues of
disagreements, and on 31st March 2024, they decided to dissolve the
firm. On that date, their Balance Sheet was as under:

Balance Sheet of Saheb, Saad and Karan as at 31st March 2024​

Amount
Liabilities Amount ₹ Assets ₹
Creditors 75000 Bank 62500

Saheb’s Brother’s Loan 118750 Debtors 212500

Less: Provision for
Karan’s Loan 125000 Doubtful Debts (25000)
Investment Fluctuation
Reserve 62500 Net Debtors 187500
Capital A/cs: Stock 187500
Saheb 343750 Investments 312500
Saad 250000 Building 375000
Karan 212500 Profit & Loss Account 62500

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 Total 1187500 Total 1187500

The assets were realized and the liabilities were paid as under:

(i) Saheb agreed to pay his brother’s loan.

(ii) Investments realized 20% less.

(iii) Creditors were paid at 10% less.

(iv) Building was auctioned for ₹ 4,43,750. Commission on auction

was ₹ 6,250.

(v) 50% of the stock was taken over by Saad at market price, which
was 20% less than the book value, and the remaining was sold at
market price.

(vi) Dissolution expenses were ₹ 10,000. ₹ 3,750 were to be borne by

the firm and the balance by Karan. The expenses were paid by him.

Prepare Realisation Account and Partners’ Capital Accounts.

12.​ Ankit and Asim were partners in a firm sharing profits and losses in
the ratio of 3:2.​
Balance sheet of Ankit and Asim as at 31st March, 2018​

Liabilities Amount ₹ Assets Amount ₹

Trade Creditors 52500 Bank 43750
Employees’ Provident
Fund 75000 Stock 30000
Mrs. Ankit’s Loan 11250 Debtors 23750

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 Asim’s Loan 43750 Furniture 50000
Workmen’s Compensation
Fund 25000 Plant 262500
Investment Fluctuation
Reserve 5000 Investments 40000
Capitals: Profit & Loss A/c 12500
Ankit 150000
Asim 100000
Total 462500 Total 462500

On the above date, they decided to dissolve the firm:

(a) Ankit agreed to take over furniture at ₹ 47,500 and pay Mrs.
Ankit’s loan.

(b) Debtors realized ₹ 23,125 and plant realized 10% more.

(c) Asim’s took over 40% of the stock at 20% less than the book
value. The remaining stock was sold at a gain of 10%.

(d) Trade creditors took over investments in full settlement.

(e) Asim’s agreed to take over the responsibility of completing

dissolution at an agreed remuneration of ₹ 15,000 and to bear
realization expenses. Actual expenses of realization amounted to ₹
10,000.

Prepare Realisation Account.

13.​ Amit, Ankit, Anil were partners in a firm sharing profits and losses
in the ratio of 2:2:1.​

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 Balance Sheet of Amit, Ankit and Anil as on 31st March, 2017​

Liabilities Amount ₹ Assets Amount ₹

Capitals: Capital: Anil 12500
Amit 250000 Plant 275000
Ankit 187500 Investments 87500
Stock 62500

​
Creditors 93750 Debtors 75000
Bills Payable 50000 Bank 12500
Profit & Loss
Outstanding Salary 43750 Account 100000
Total 625000 Total 625000

On the above date, they decided to dissolve the firm.

(a) Amit was appointed to realise the assets and discharge the
liabilities. Amit was to receive a 5% commission on the sale of assets
(except cash) and was to bear all expenses of realisation.

(b) Assets were realised as follows:

●​ Plant: ₹1,06,250
●​ Stock: ₹41,250
●​ Debtors: ₹58,750

(c) Investments were realised at 95% of the book value.

(d) The firm had to pay ₹9,375 for an outstanding repair bill not
provided for earlier.

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 (e) A contingent liability in respect of bills receivable, discounted with
the bank, had also materialised and had to be discharged for
₹18,750.

(f) Expenses of realisation amounting to ₹3,750 were paid by Amit.

Prepare Realisation Account, Partners’ Capital Accounts, and Bank

Account.

14.​ Following is the Balance Sheet of Bob and Tom as at 31st March,
2019

Liabilities Amount (₹) Assets Amount (₹)

Trade Creditors 56250 Cash 938
Bills Payable 15000 Bank 15000
Mrs. Bob’s Loan 9375 Stock 9375
Mrs. Tom’s Loan 18750 Investments 18750
Reserve Fund 18750 Book Debts 37500
Investments Fluctuation Less: Provision for
Reserve 1875 Doubtful Debts (3750)
Capital A/cs - Bob 18750 Building 28125
Capital A/cs - Tom 18750 Plant 37500
Goodwill 7500
Profit and Loss A/c 6563
Total Liabilities 157500 Total Assets 157500

The firm was dissolved on the above date under the following
arrangement:

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 (a) Bob promised to pay off Mrs. Tom’s Loan and took Stock at ₹
7,500.

(b) Tom took half the Investments @ 10% discount.

(c) Book Debts realised ₹ 35,625.

(d) Trade Creditors and Bills Payable were due on an average basis
of one month after 31st March, but were paid immediately on 31st
March @ 2% discount per annum.

(e) Plant realised ₹ 46,875; Building ₹ 75,000; Goodwill ₹ 11,250 and

remaining Investments ₹ 8,438.

(f) An old typewriter, written off completely from the firm’s books, now
estimated to realise ₹ 563. It was taken by Tom at this estimated
price.

(g) Realisation expenses were ₹ 1,875.

Show Realisation Account, Capital Accounts of Partners and Bank

Account.

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