27 : Shilpa, Meena and Nanda decided to dissolve their partnership on 31st March 2025. Their profit – sharing ratio was 3:2:1 and their balance sheet was as under :
It was agreed as follows:
Stock of value of Rs 41,660 is taken over by Shilpa for Rs 35,000 and she agreed to pay bank loan. The remaining stock was sold at Rs 14,000 and debtors amounting to Rs 10,000 realised Rs 8,000. Land is sold for Rs 1,10,000. The remaining debtors realised 50% at their book value. Cost of Realisation amounted to Rs 1,200. There was a typewriter not recorded in the books worth of Rs 6,000 which were taken over by one of the creditors at this value.
Prepare Realisation account, Partner’s capital accounts, and cash account to close the books of the firm.
28 :- A and B are partners in a firm sharing profits and losses in the ratio of 3:2. On 31st March, 2025 their Balance Sheet was as follows :
The firm was dissolved on 31st March, 2025 and both the partners agreed to the following :
(a) A took investments at an agreed value of Rs 8,000. He also agreed to settle loan by Mrs. A.
(b) Other assets realised as : Stock – Rs 5,000; Debtors – Rs 18,500; Furniture — Rs 4,500; Plant – Rs 25,000.
(c) Expenses of realisation came to Rs 1,600.
(d) Creditors agreed to accept Rs 37,000 in full settlement of their claims.
Prepare Realisation account, Partner’s capital account and Bank account.
29 :- Balance sheet of P, Q and R as at 31st March, 2025, who were sharing profits in the ratio of 5:3:1, was:
The partners dissolved the firm. Assets realised – Stock Rs 23,400; Debtors 50%; Building and Plant and Machinery 10% less than their book value. Creditors were settled for Rs 32,000. There was an outstanding bill of electricity Rs 800 which was paid. Realisation expenses Rs 1,250 were also paid.
Prepare Realisation account, Partner’s capital accounts and Bank account.
30 :- Ashu and Harish are partners sharing profits and losses as 3;2. They decided to dissolve the firm on 31st March, 2025. Their Balance Sheet on the above date was:
Ashu is to take over the building at Rs 95,000 and Machinery and Furniture is taken over by Harish at value of Rs 80,000. Ashu agreed to pay Creditor and Harish agreed to meet bank overdraft. Stock and Investments are taken by both partner in profit–sharing ratio. Debtors realised for Rs 46,000, expenses of realisation amounted to Rs 3,000.
Prepare necessary Ledger Accounts.