Page 157 - ISCDEBK-12

Dissolution of a Partnership Firm 6.31

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars Lion Tiger Particulars Lion Tiger
` ` ` `

To Realisation A/c 42,000 ... By Balance b/d 2,40,000 80,000
(Motor Car) By Current A/cs 42,000 20,000
To Debentures of (Transfer)
Classmate Ltd. A/c 45,000 45,000 By Realisation A/c 1,49,400 49,800
(` 1,20,000 – ` 30,000 = (Gain)
` 90,000) (divided equally)
(See Statement of Distribution
of Shares and Debentures)
To Equity Shares A/c (3 : 1) 1,50,000 50,000
To Bank A/c (Final Payment) 1,94,400 54,800
4,31,400 1,49,800 4,31,400 1,49,800

Dr. CLASSMATE LTD.’S ACCOUNT Cr.
Particulars ` Particulars `
To Realisation A/c 4,80,000 By Bank A/c 1,60,000
(Stock and Fixed Assets By Debentures of Classmate Ltd. A/c 1,20,000
excluding Motor Car) (1,600 × ` 75)
By Equity Shares of Classmate Ltd. A/c 2,00,000
(1,600 × ` 125*)

4,80,000 4,80,000

` `
* Total purchase consideration 4,80,000
Less: Cash received 1,60,000
Value of Debentures Received 1,20,000 2,80,000

Balance being value of 1,600 Equity Shares 2,00,000
∴ Issue price of a share = ` 2,00,000/1,600 = ` 125.

Dr. BANK ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d 37,200 By Realisation A/c (Creditors Paid) 1,40,000
To Classmate Ltd. 1,60,000 By Lion’s Capital A/c (Final Payment) 1,94,400
To Realisation A/c (Debtors Realised) 1,92,000 By Tiger’s Capital A/c (Final Payment) 54,800
3,89,200 3,89,200