Lal and Pal were partners in a firm sharing profits in the ratio of 3 : 7. On 1st April,
2015 their firm was dissolved. After transferring assets (other than cash) and outsider's liabilities to
realisation account, you are given the following information.
(i) A creditor of Rs. 3,60,000 accepted machinery valued at Rs. 5,00,000 and paid to the firm1,40,000.
(ii) A second creditor for Rs. 50,000 accepted stock at Rs. 45,000 in full settlement of his claim.
(iii) A third creditor amounting to Rs. 90,000 accepted Rs. 45,000 in cash and investments worth Rs. 43,000 in
full settlement of his claim.
(iv) Loss on dissolution was Rs. 15,000.
Pass necessary journal entries for the above transactions in the books of firm assuming that all
payments were made by cheque.

Rishi and Aarav were partneRs. in a firm sharing profits in the ratio of 4:1. On 31st March 2015, their balance sheet was as follows.

On the above date, the firm was dissolved.
(i) Rishi took over 40% of the stock at 10% less than its book value and the remaining stock was sold for Rs.80,000. Furniture realised Rs.1,60,000
(ii)An unrecorded investment was sold for Rs.40,000. Machinery was sold at a loss of Rs.1,20,000.
(iii)DebtoRs. realised Rs..1,10,000.
(iv) There was on the outstanding bill for repaiRs. for which Rs.38,000 was paid.
Prepare realisation account.

P, Q and R are partners in a firm in the ratio of 5 : 3 : 2. On 31st December, 2010 the firm was dissolved.  On dissolution, the following particulars are available :

(i) Assets realised Rs. 1,70,000 after a loss of Rs. 20,000.

(ii) Liabilities were paid Rs. 27,000 including an unrecorded liability of Rs. 1,000.

(iii) Realisation expenses paid Rs. 700.

(iv) On the date of dissolution, partners' capital was in the ratio of 2 : 2 : 1.

Prepare Realisation Account, Partners' Capital Accounts and Cash Account.

Prakash, Kiran and Rishab are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1.  Their Balance Sheet as on 31st March 2014 Stood as follows :

                                  Balance sheet

                            as on 31st March, 2014

On the above date, the firm was dissolved and the following transactions took place :

(i) The assets were sold off for the following amounts :

(ii) Kiran took over the Bills Receivable at Rs. 7,000 and the Bills Payable at book value.

(iii) There was an unrecorded asset of Rs. 4,000 which was sold for Rs. 1,800.

(iv) Prakash agreed to pay to his wife's loan.

(v) A contingent liability for a bill discounted at Rs. 8,000 was settled by Prakash.

(vi) Creditors were settled at a discount of 10% and goodwill realised Rs. 5,000.

(Vii) Realisation expenses were Rs. 2,100 which were met by Kiran.

You are required to :

  (a) Pass the necessary Journal Entries.

  (b) Prepare the Realisation Account on the dissolution of the firm.

  (c) Prepare the Capital Accounts of the Partners.

Romesh and Bhawana were in partnership sharing profits and losses in the ratio of 3:2. Their balance sheet as at 31st March, 2015 was as follows
              Balance Sheet   as at 31st March, 2015

They decided to dissolve the firm. The following information is available
(i) Debtors were recovered 5% less. Stock was realised at book value and building was for Rs51,000.
(ii) It is found that investment not recorded in the books amounted to Rs10,000. The same were accepted by one creditor for his amount and other creditors were paid at a discount of 10%. Bills payable were paid in full.
(iii) Romesh took over some of the investments at Rs8,100 (book value less 10%). The remaining investments were taken over by Bhawana at 90% of the book value less Rs900 discount.
(iv) Bhawana paid bank loan along with one year interest at 6% per annum.
(v) An unrecorded liability of Rs5,000 paid.
Close the books of the firm and prepare necessary ledger accounts.