Page 145 - ISCDEBK-12

Dissolution of a Partnership Firm 6.19

Dr. OUTPUT CGST ACCOUNT Cr.
Particulars ` Particulars `
To Input CGST A/c 450 By Kumar’s Capital A/c 4,050
To Bank A/c (Balancing Figure) 17,568 By Bank A/c 4,500
By Bank A/c 3,600
By Sham’s Capital A/c 2,700
By Ram’s Capital A/c 468
By Bank A/c 2,700
18,018 18,018

Dr. OUTPUT SGST ACCOUNT Cr.
Particulars ` Particulars `
To Input SGST A/c 450 By Kumar’s Capital A/c 4,050
To Bank A/c (Balancing Figure) 17,568 By Bank A/c 4,500
By Bank A/c 3,600
By Sham’s Capital A/c 2,700
By Ram’s Capital A/c 468
By Bank A/c 2,700
18,018 18,018

Dr. INPUT CGST ACCOUNT Cr.
Particulars ` Particulars `
To Bank A/c 450 By Output CGST A/c 450

Dr. INPUT SGST ACCOUNT Cr.

Particulars ` Particulars `
To Bank A/c 450 By Output SGST A/c 450

Dr. REALISATION ACCOUNT Cr.
Particulars ` Particulars `

To Sundry Assets (Transfer): By Sundry Creditors A/c 1,20,000
Plant and Machinery A/c 80,000 By Kumar’s Capital A/c 45,000
Furniture A/c 45,000 (Plant and Machinery Taken Over)
Car A/c 25,000 By Sham’s Capital A/c 30,000
Stock-in-Trade A/c 30,000 (Car Taken Over)
Sundry Debtors A/c 71,000 2,51,000 By Ram’s Capital A/c 5,200
To Bank A/c (Payments): (Stock Taken Over)
Sundry Creditors— 1,00,300 By Bank A/c (Assets Realised):
85% of ` (1,20,000 – 2,000) Machinery 50,000
Realisation Expenses 5,000 1,05,300 Furniture 40,000
To Gain (Profit) on Realisation: Debtors— 62,820
Kumar’s Capital A/c 13,360 90% of ` (71,000 – 1,200)
Sham’s Capital A/c 8,016 Stock— 30,000 1,82,820
Ram’s Capital A/c 5,344 26,720 120% of ` (30,000 – 5,000)
3,83,020 3,83,020