|
|
|||||||
Liabilities |
₹ |
Assets |
₹ |
|||||
Capital A/cs: |
Land and Building |
4,00,000 | ||||||
Achal
|
3,00,000 |
Machinery |
|
3,00,000 | ||||
Vichal | 5,00,000 | 8,00,000 | Debtors | 2,22,000 | ||||
1,79,000 | Cash at Bank | 78,000 | ||||||
21,000 | ||||||||
|
10,00,000 |
|
10,00,000 |
|||||
|
|
|
|
Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
Rs
|
Credit Amount
Rs
|
|
|
Realisation A/c
|
Dr.
|
|
9,22,000
|
|
|
To Land & Building A/c
|
|
|
|
4,00,000
|
|
To Machinery A/c
|
|
|
|
3,00,000
|
|
To Debtors A/c
|
|
|
|
2,22,000
|
|
(Being assets transferred)
|
|
|
|
|
|
|
|
|
|
|
|
Creditors A/c
|
Dr.
|
|
1,79,000
|
|
|
Employees’ Provident Fund A/c
|
Dr.
|
|
21,000
|
|
|
To Realisation A/c
|
|
|
|
2,00,000
|
|
(Being liabilities transferred)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
4,30,000
|
|
|
To Realisation A/c
|
|
|
|
4,30,000
|
|
(Being Land & Building realised)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c (2,25,000 + 1,000)
|
Dr.
|
|
2,26,000
|
|
|
To Realisation A/c
|
|
|
|
2,26,000
|
|
(Being Debtors realised along-with Bad-debts recovered)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
25,000
|
|
|
To Realisation A/c
|
|
|
|
25,000
|
|
(Being Unrecorded Investments sold)
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c
|
Dr.
|
|
2,80,000
|
|
|
To Realisation A/c
|
|
|
|
2,80,000
|
|
(Being Machinery took over by Vichal for Cash)
|
|
|
|
|
|
|
|
|
|
|
|
Realisation A/c
|
Dr.
|
|
1,96,000
|
|
|
To Bank A/c (85,500 + 89,500 + 21,000)
|
|
|
|
1,96,000
|
|
(Being 50% Creditors of Rs 89,500 were paid at a discount of Rs 4,000 and remaining 50% were settled in full and EPF)
|
|
|
|
|
|
|
|
|
|
|
|
Realisation A/c
|
Dr.
|
|
43,000
|
|
|
To Achal’s Capital A/c
|
|
|
|
16,125
|
|
To Vichal’s Capital A/c
|
|
|
|
26,875
|
|
(Being profits on realisation transferred)
|
|
|
|
|
|
|
|
|
|
|
|
Achal’s Capital A/c
|
Dr.
|
|
3,16,125
|
|
|
Vichal’s Capital A/c
|
Dr.
|
|
5,26,875
|
|
|
To Bank A/c
|
|
|
|
8,43,000
|
|
(Being Partners paid off)
|
|
|
|
|
|
|
|
|
|
|