43 :- A, B and C started business on 1st April, 2024 with capitals of Rs 1,00,000; Rs 80,000 and Rs 60,000 respectively sharing profits (losses) in the ratio of 4:3:3. For the year ended 31st March, 2025, firm incurred loss of Rs 50,000. Each of the partners withdrew Rs 10,000 during the year.
On 31st March, 2025, the firm was dissolved, the creditors of the firm stood at Rs 24,000 on that date and Cash in hand was Rs 4,000. The assets realised Rs 3,00,000 and creditors were paid Rs 23,500 in full settlement of their claims.
Prepare Realisation Account and show your workings clearly.
44 :- Priya, Komal and Rakhi were in partnership sharing profits and losses in the ratio of 2:1:1. They decided to dissolve the partnership. On that date of dissolution, Sundry Assets (Including cash Rs 5,000) amounted to Rs 88,000, assets realised Rs 80,000 (including an unrecorded asset which realised Rs 4,000). A contingent liability on account of bills discounted to Rs 8,000 was paid by the firm. The Capital Accounts of Priya, Komal and Rakhi showed a balance of Rs 20,000 each.
45 :- The partnership between A and B was dissolved on 31st March, 2025. On that date the respective credits to the capitals were A – Rs 1,70,000 and B – Rs 30,000. Rs 20,000 were owed by B to the firm; Rs 1,00,000 were owed by the firm to A and Rs 2,00,000 were due to the trade creditors. Profits and losses were shared in the proportions of 2/3 to A, 1/3 to B.
The Assets represented by the above stated net liabilities realised Rs 4,50,000 exclusive of Rs 20,000 owed by B. The liabilities were settled at book figures.
Prepare Realisation Account, Partner’s Capital Accounts and Cash Account showing the distribution to the partners.
46 :- X and Y were partners sharing profits and losses in the ratio of 3:2. They decided to dissolve the firm on 31st March, 2025. On that date, their capitals were X – Rs 40,000 and Y – Rs 30,000. Creditors amounted to Rs 24,000.
Assets were realised for Rs 88,500. Creditors of Rs 16,000 were taken over by X at Rs 14,000. Remaining creditors were paid at Rs 7,500. The cost of Realisation came to Rs 500.
Prepare necessary accounts.
47 :- P, Q and R are partners sharing profits and losses in the ratio of 3:3:2. Their respective capitals are in their profit – sharing proportions. On 1st April, 2024, the total capital of the firm and balance of General Reserve are Rs 80,000 and Rs 20,000 respectively. During the year 2024 – 25, the firm earned profit of Rs 28,000 before charging interest on capital @5%. The drawings of the partners are P – Rs 8,000; Q – Rs 7,000 and R – Rs 5,000. On 31st March,2025 their liabilities were Rs 18,000.
On this Date, they decided to dissolve the firm. The assets realised Rs 1,08,600 and Realisation expenses amounted to Rs 1,800.
Prepare necessary ledger accounts to close the books of the firm.