Q.10. Mala, Neela and Kala were partners sharing profits in the ratio of 3:2:1. On 01.03.2015 their firm was dissolved. The assets were realized and liabilities were paid off. The accountant prepared Realisation Account, Partner’s Capital Accounts and Cash Account, but forgot to post few amounts in these accounts.You are required to complete these below given accounts by posting correct amounts: Dr. Realisation Account Cr. Particulars Rs Particulars Rs. To Sundry Assets By Provision for bad debts 1,000 Machinery 10,000 By Sundry Creditors 15,000 Stock 21,000 By Sheela’s Loan 13,000 Debtors 20,000 By Repairs and Renewals Reserve 1,200 Prepaid Insurance 400 By Cash – Assets Sold: Investments 3,000 54,400 Machinery 8,000 To Mala’s Capital A/c-Sheela’s Loan 13,000 Stock 14,000 TO Cash- Creditors Paid 15,000 Debtors 16,000 38,000 To Cash-Dishonored Bill Paid 5,000 By Mala’s Capital-Investments 2,000 To Cash-Expenses 800 By---------------------- 88,200 88,200 Dr. Capital Accounts Cr. Particulars Mala Neela Kala Particulars Mala Neela Kaala Rs. Rs. Rs. Rs. Rs. Rs. ------ --------- ------ -------- ------------ --------- To Realisation A/c To Cash 12,000 9,000 By RealisationA/c ---------- By Cash 1,000 23,000 15,000 3,000 23,000 15,000 3,000 Dr. Cash Account Cr. Particulars Rs. Particulars Rs.
Q.10. Mala, Neela and Kala were partners sharing profits in the ratio of 3:2:1. On 01.03.2015 their firm was dissolved. The assets were realized and liabilities were paid off. The accountant prepared Realisation Account, Partner’s Capital Accounts and Cash Account, but forgot to post few amounts in these accounts.You are required to complete these below given accounts by posting correct amounts: Dr. Realisation Account Cr. Particulars Rs Particulars Rs. To Sundry Assets Machinery 10,000 Stock 21,000 Debtors 20,000 Prepaid Insurance 400 Investments 3,000 To Mala’s Capital A/c-Sheela’s Loan TO Cash- Creditors Paid To Cash-Dishonored Bill Paid To Cash-Expenses 54,400 13,000 15,000 5,000 800 By Provision for bad debts By Sundry Creditors By Sheela’s Loan By Repairs and Renewals Reserve By Cash – Assets Sold: Machinery 8,000 Stock 14,000 Debtors 16,000 By Mala’s Capital-Investments By---------------------- 1,000 15,000 13,000 1,200 38,000 2,000 88,200 88,200 Dr. Capital Accounts Cr. Particulars Mala Rs. Neela Rs. Kala Rs. Particulars Mala Rs. Neela Rs. Kaala Rs. ------ To Realisation A/c To Cash 12,000 ------ 9,000 -------- ------------ By RealisationA/c By Cash ---------- --------- --------- 1,000 23,000 15,000 3,000 23,000 15,000 3,000 Dr. Cash Account Cr. Particulars Rs. Particulars Rs.
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