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6.16 Double Entry Book Keeping (Section A)—ISC XII

MEMORANDUM BALANCE SHEET
as at 31st March, 2017
Liabilities ` Assets `

Creditors 1,20,000 Sundry Assets 14,70,000
Capital A/cs: X 5,82,550 (Balancing Figure)
Y 4,38,850
Z 3,28,600 13,50,000
14,70,000 14,70,000

Dr. REALISATION ACCOUNT Cr.
Particulars ` Particulars `
To Sundry Assets A/c 14,70,000 By Creditors A/c 1,20,000
To Bank A/c 1,20,000 By Bank A/c 13,00,000
By Loss transferred to:
X’s Capital A/c 68,000
Y’s Capital A/c 51,000
Z’s Capital A/c 51,000 1,70,000
15,90,000 15,90,000

Dr. PARTNERS’ CAPITAL ACCOUNTS (AFTER REALISATION) Cr.
Particulars X (`) Y (`) Z (`) Particulars X (`) Y (`) Z (`)

To Realisation A/c 68,000 51,000 51,000 By Balance b/d 5,82,550 4,38,850 3,28,600
(Loss)
To Bank A/c 5,14,550 3,87,850 2,77,600
(Balancing Figure)
5,82,550 4,38,850 3,28,600 5,82,550 4,38,850 3,28,600

Dr. BANK ACCOUNT Cr.

Particulars ` Particulars `
To Realisation A/c 13,00,000 By Realisation A/c 1,20,000
By X’s Capital A/c (Final Payment) 5,14,550
By Y’s Capital A/c (Final Payment) 3,87,850
By Z’s Capital A/c (Final Payment) 2,77,600
13,00,000 13,00,000

Illustration 9 (Considering GST).
Kumar, Sham and Ram were partners in a firm sharing profits and losses in the ratio of
5 : 3 : 2. Due to a difference of opinion, they decided to dissolve the firm with effect from
1st April, 2018 on which date its Balance Sheet was as under: