Page 194 - DEBKVOL-1

Chapter 8 Dissolution of a Partnership Firm 8.19
.
Provision for Doubtful Debts A/c ...Dr. 8,000
Mrs. A’s Loan A/c ...Dr. 80,000
Creditors A/c ...Dr. 1,00,000
Bills Payable A/c ...Dr. 60,000
Investment Fluctuation Reserve A/c ...Dr. 11,200
Employees’ Provident Fund A/c ...Dr. 44,800
To Realisation A/c 3,04,000
(Transfer of outside liabilities and provisions to Realisation Account)
Realisation A/c ...Dr. 80,000
To A’s Capital A/c 80,000
(Payment of Mrs. A’s loan by A)
Bank A/c ...Dr. 48,000
To Realisation A/c 48,000
(Amount realised from Debtors)
B’s Capital A/c ...Dr. 48,000
To Realisation A/c 48,000
(Investments taken away by B)
Bank A/c ...Dr. 3,09,000
To Realisation A/c 3,09,000
(Realisation of Plant and Machinery at ` 65,000, Furniture and Fittings
at ` 20,000, Building at ` 2,00,000 and Goodwill at ` 24,000)
A’s Capital A/c ...Dr. 32,000
To Realisation A/c 32,000
(Stock taken by A)
B’s Capital A/c ...Dr. 32,000
To Realisation A/c 32,000
(Bills Receivable taken by B)
Realisation A/c ...Dr. 4,000
To Bank A/c 4,000
(Contingent liability discharged)
Bank A/c ...Dr. 1,000
To Realisation A/c 1,000
(First and final divined of 25 paise in a rupee received from the
estate of Z)
Realisation A/c ...Dr. 2,01,800
To Bank A/c 2,01,800
(Payment of liabilities: Creditors ` 95,000, Bills Payable ` 60,000, Employees’
Provident Fund ` 44,800 and Outstanding Repairs Bill ` 2,000)
Realisation A/c ...Dr. 8,000
To Bank A/c 8,000
(Payment of Realisation Expenses)
Realisation A/c ...Dr. 36,200
To A’s Capital A/c 18,100
To B’s Capital A/c 18,100
(Transfer of realisation gain (profit))
A’s Loan A/c ...Dr. 40,000
To Bank A/c 40,000
(Payment of A’s loan)