Question

Bora, Singh and Ibrahim were partners in a firm sharing profits in the ratio of 5 : 3 : 1. On 2-3-2015 their firm was dissolved. The assets were realized and the liabilities were paid oft Given below are the Realisation Account, Partners' Capital Accounts and Bank Account of the firm. the accountant of the firm left a few amounts unposted in these accounts. You are required to complete these accounts by posting the correct amounts.

$\text{Dr.}\text{REALISATION ACCOUNT}\text{Cr.}$
$\begin{array}{cccc}\text{Particulars}& \text{Amount (Rs.)}& \text{Particulars}& \text{Amount (Rs.)}\\ \text{Stock}& 10,000& \text{Provision for bad debts}& 5,000\\ \text{Debtors}& 25,000& \text{Sundry Creditors}& 16,600\\ \text{Plant and Machinery}& 40,000& \text{Bills Payable}& 3,400\\ \text{Bank:}& & \text{Mortgage Loan}& 15,000\\ \text{Sundry Creditors}16,000& & \text{Bank (Assets realized)}& \\ \text{Bills Payable}3,400& & \text{Stock}6,700& \\ \text{Mortgage Loan}\underset{–}{15,000}& 34,400& \text{Debtors}12,500& \\ \text{Bank (Outstanding repairs)}& 400& \text{Plant \& Machinery}\underset{–}{36,000}& 55,200\\ \text{Bank (Expenses)}& 620& \text{Bank - unrecorded}& \\ & & \text{assets realized}& 6,220\\ & & \text{..........}& ........\\ & \underset{–}{\overline{1,10,420}}& & \underset{–}{\overline{1,10,420}}\end{array}$

$\text{Dr.}\text{CAPITAL ACCOUNTS}\text{Cr.}$
$\begin{array}{cccccccc}\text{Particulars}& \text{Bora (Rs.)}& \text{Singh (Rs.)}& \text{Ibrahim (Rs.)}& \text{Particulars}& \text{Bora (Rs.)}& \text{Singh (Rs.)}& \text{Ibrahim (Rs.)}\\ -& -& -& -& \text{Balance b/d}& 22,000& 18,000& 10,000\\ -& -& -& -& \text{General Reserve}& 2,500& 1,500& 500\\ & \underset{–}{\overline{24,500}}& \underset{–}{\overline{19,500}}& \underset{–}{\overline{10,500}}& & \underset{–}{\overline{24,500}}& \underset{–}{\overline{19,500}}& \underset{–}{\overline{10,500}}\end{array}$

$\text{Dr.}\text{BANK ACCOUNT}\text{Cr.}$
$\begin{array}{cccc}\text{Particulars}& \text{Amount (Rs.)}& \text{Particulars}& \text{Amount (Rs.)}\\ \text{Balance b/d}& 19,500& \text{Realisation (Liabilities)}& 34,400\\ \text{Realisation A/c}& & \text{Realisation A/c}& \\ \text{(Assets Realized)}& 55,200& \text{(Unrecorded Liabilities)}& 400\\ ......................& .........& \text{...........}& ............\\ & & \text{...........}& ............\\ & & \text{...........}& ............\\ & & \text{...........}& ............\\ & \underset{–}{\overline{80,920}}& & \underset{–}{\overline{80,920}}\end{array}$

Answer 1

$\text{Dr.}\text{REALISATION ACCOUNT}\text{Cr.}$
$\begin{array}{cccc}\text{Particulars}& \text{Amount (Rs.)}& \text{Particulars}& \text{Amount (Rs.)}\\ \text{Stock}& 10,000& \text{Provision for bad debts}& 5,000\\ \text{Debtors}& 25,000& \text{Sundry Creditors}& 16,600\\ \text{Plant and Machinery}& 40,000& \text{Bills Payable}& 3,400\\ \text{Bank:}& & \text{Mortgage Loan}& 15,000\\ \text{Sundry Creditors}16,000& & \text{Bank (Assets realized)}& \\ \text{Bills Payable}3,400& & \text{Stock}6,700& \\ \text{Mortgage Loan}\underset{–}{15,000}& 34,400& \text{Debtors}12,500& \\ \text{Bank (Outstanding repairs)}& 400& \text{Plant \& Machinery}\underset{–}{36,000}& 55,200\\ \text{Bank (Expenses)}& 620& \text{Bank-unrecorded}& \\ & & \text{assets realized}& 6,220\\ & & \text{Capital Accounts:}& \\ & & \text{(Loss Transferred)}& \\ & & \text{Bora}5,000& \\ & & \text{Singh}3,000& \\ & & \text{Ibrahim}\underset{–}{1,000}& 9,000\\ & \underset{–}{\overline{1,10,420}}& & \underset{–}{\overline{1,10,420}}\end{array}$

$\text{Dr.}\text{CAPITAL ACCOUNTS}\text{Cr.}$
$\begin{array}{cccccccc}\text{Particulars}& \text{Bora (Rs.)}& \text{Singh (Rs.)}& \text{Ibrahim (Rs.)}& \text{Particulars}& \text{Bora (Rs.)}& \text{Singh (Rs.)}& \text{Ibrahim (Rs.)}\\ \text{Revaluation A/c}& 5,000& 3,000& 1,000& \text{Balance b/d}& 22,000& 18,000& 10,000\\ \text{Bank A/c}& 19,500& 16,500& 9,500& \text{General Reserve}& 2,500& 1,500& 500\\ & \underset{–}{\overline{24,500}}& \underset{–}{\overline{19,500}}& \underset{–}{\overline{10,500}}& & \underset{–}{\overline{24,500}}& \underset{–}{\overline{19,500}}& \underset{–}{\overline{10,500}}\end{array}$

$\text{Dr.}\text{BANK ACCOUNT}\text{Cr.}$
$\begin{array}{cccc}\text{Particulars}& \text{Amount (Rs.)}& \text{Particulars}& \text{Amount (Rs.)}\\ \text{Balance b/d}& 19,500& \text{Realisation (Liabilities)}& 34,400\\ \text{Realisation A/c}& & \text{Realisation A/c}& \\ \text{(Assets Realized)}& 55,200& \text{(Unrecorded Liabilities)}& 400\\ \text{Realisation A/c}& & \text{Realisation A/c (Expenses)}& 620\\ \text{(Unrecorded assets)}& 6,220& \text{Bora's Capital A/c}& 19,500\\ & & \text{Singh's Capital A/c}& 16,500\\ & & \text{Ibrahim's Capital A/c}& 9,500\\ & \underset{–}{\overline{80,920}}& & \underset{–}{\overline{80,920}}\end{array}$