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8.24 Double Entry Book Keeping—CBSE XII

Dr. CASH ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d 6,400 By Realisation A/c 3,000
To Realisation A/c 4,200 By Realisation A/c (Exp.) 540
To Brijesh’s Capital A/c (Cash Brought in) 10,748 By Ajit’s Capital A/c (Final Payment) 24,156
To Chandni’s Capital A/c (Cash Brought in) 6,348
27,696 27,696

Illustration 20.
X and Y are partners sharing their profits and losses in the ratio of 3 : 1. They decide to dissolve
their firm on 31st March, 2018. Their Balance Sheet as at the above date was:

Liabilities ` Assets `
Bank Overdraft 30,000 Leasehold Property 40,000
Creditors 44,000 Machinery 35,000
Capital A/cs: Furniture 7,000
X 54,000 Investments 10,000
Y 27,000 81,000 Stock 35,000
Debtors 24,000
Commission Receivable 3,000
Cash at Bank 1,000
1,55,000 1,55,000

Leasehold Property, Machinery and Furniture were divided among themselves and valuations
were agreed at ` 60,000 and ` 40,000 respectively for X and Y. X agreed to pay Creditors and
Y agreed to meet the Bank Overdraft.

Commission Receivable was realised.

Realisation expenses were ` 3,000.

Stock is worth 80% of book value. Investments are worth ` 18,000. Stock and other
assets except those stated above are divided equally. The accounts are settled by cash

payment.
Show the Ledger Accounts.