23 :- A, B and C were partners sharing profits and losses in the ratio of 2:2:1. Their Balance Sheet as at 31st March 2018 was as follows :
On the above date they dissolved the firm and following amounts were realised :
Fixed Assets Rs 6,75,000; Stock Rs 3,39,000; Debtors Rs 1,35,000; Creditors were paid Rs 1,85,000 in full settlement of their claim. Expenses on Realisation amounted to Rs 19,000.
Pass the necessary Journal entries on the dissolution of the firm.
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24 :- Mala, Neela and Kala were in partnership sharing profits in the ratio of 7:2:1 and the balance sheet of the firm as at 31st March 2025 was:
It was agreed to dissolve the partnership as on 31st March 2025 and the terms of dissolution were –
(a) Mala to take over the building at an agreed amount of Rs 31,500.
(b) Neela, who was to carry on the business, to take over the goodwill, Stock and Debtors at book value, the Patents at Rs 30,000 and Plant at Rs 5,000. He was also to pay the creditors.
Show Ledger Accounts recording the dissolution in the books of the firm.
25 :- Mike and Ajay are partners sharing profits and losses in the ratio of the capitals. They decided to dissolve their firm on 31st March 2025, the date on which the balance sheet stood as under :
Following additional information is given :
Sundry Assets realised Rs 14,00,000 and the Liabilities were discharged as follows :
(a) Creditors due on 31st May 2025, were paid at a discount of 3% per annum.
(b) Bills Payable were discharged at a rebate of Rs 1,000.
(c) Workmen Compensation Claim of Rs 40,000 was met.
(d) Expenses of Dissolution amounting to Rs 30,000 were paid.
You are required to prepare :
(i) Realisation account
(ii) Partner’s capital Accounts
26 : Bale and Yale are equal partners of a firm. They decided to dissolve their partnership on 31st March 2025 at which date their Balance Sheet stood as :
(a) The assets were realised were :
Stock Rs 22,000; Debtors Rs 7,500; Machinery Rs 16,000; Building Rs 35,000
(b) Yale took Furniture at Rs 9,000
(c) Bale agreed to accept Rs 2,500 in settlement of his loan account.
(d) Dissolution expenses were Rs 2,500.
Prepare the :
(a) Realisation account
(b) Capital Accounts of Partners
(c) Loan by Bale account
(d) Bank account