35 :- Ashok, Babu and Chetan are in partnership sharing profit in the proportion of 1/2, 1/3, 1/6 respectively.
They dissolve the partnership on 31st March, 2025 when the Balance Sheet of the firm is as under:
The machinery was taken by Babu for Rs 45,000, Ashok took over the investments and freehold property was taken by Chetan at Rs 55,000. The remaining Assets realised as follows :
Sundry debtors Rs 56,500 and Stock Rs 36,500. Sundry creditors were settled at Rs 1,400 less. An office computer, not shown in the books of accounts realised Rs 9,000. Realisation expenses amounted to Rs 3,000. Prepare Realisation account, Partner’s Capital Accounts and Bank account.
36 :- Rita and Sobha are partners in a firm, Fancy Graments Exports, Sharing profits and losses equally. On 1st April, 2025, the Balance Sheet of the firm was :
The firm was dissolved on the date given above. The following transactions took place:
(a) Rita took 25% of the stock at a discount of 20% in settlement of her loan.
(b) Sundry debtors realised Rs 54,000.
(c) Sundry creditors were paid at a discount of 10%.
(d) Land and Building realised Rs 1,20,000.
(e) Rita took the goodwill of the firm at a value of Rs 30,000.
(f) An unrecorded asset of Rs 6,900 was given in settlement of unrecorded liability of Rs 6,000 in full settlement.
(g) Realisation expenses were Rs 5,250.
(h) Loan to Sobha was received.
Show Realisation Account, Partner’s Capital Accounts and Bank Account in the books of the firm .
37 :- Arnab, Ragini and Dhrupad are partners sharing profits in the ratio of 3:1:1. Last year, conflicts arose due to certain issue of disagreements and on 31st March, 2025, they decided to dissolve the firm. On that date their balance sheet was as under:
The assets were realised and the liabilities were paid as under :
(i) Arnab agreed to pay his brother’s loan.
(ii) Investments realised 20% less.
(iii) Creditors were paid at 10% less.
(iv) Building was auctioned for Rs 3,55,000. Commission on auction was Rs 5,000.
(v) 50% of the stock was taken over by Ragini at market price which was 20% less than the book value and the remaining was sold at market price.
(vi) Dissolution expenses were Rs 8,000. Rs 3,000 were to be borne by the firm and the balance by Dhrupad. The expenses were apid by him.
Prepare Realisation Account and Partner’s Capital Accounts.
38 :- Raina and Meena were partners in a firm which they dissolved on 31st March, 2025. On this date, Balance sheet of the firm, apart from realisable assets and outside liabilities showed the following:
On the date of dissolution of the firm :
(a) Raina’s loan was repaid by the firm along with interest of Rs 500.
(b) Dissolution expenses of Rs 1,000 were paid by the firm on behalf of Raina.
(c) An unrecorded asset of Rs 2,000 was taken by Meena while Raina paid an unrecorded liability of Rs 3,000.
(d) Dissolution resulted in a loss of Rs 60,000 from the realisation of assets and settlement of liabilities.
You are required to prepare Partner’s Capital Accounts.