In the Books of Sahil and Sohil

Dr. Realisation Account for the year ended 31st March, 2019 Cr.
Particulars Amt. (₹) Amt. (₹) Particulars
To Sundry Assets By Sundry Liabilities
Buildings 70,000 Sundry Creditors
Furniture 21,000 Bills Payable
Debtors 63,000 By Sohil's Capital A/c
Bills Receivable 7,000 Building
Stock 70,000 231,000 By Sahil's Capital A/c
Furniture

By Bank A/c
To Bank A/c Debtors
Expenses 2,100 Bills Receivable
Sundry Creditors 44,800 Stock
Bills Payable 25,200 72,100

By Loss on Reaisation A/c

Sahil's Share
Sohail

303,100
19 Cr.
Amt. (₹) Amt. (₹)

44,800
25,200 70,000

63,000

18,900

58,100
6,930
64,400 129,430

10,885
10,885 21,770

303,100
 In the Books of Sahil and Sohil
Dr. Partner's Capital Account Cr.
Particulars Sahil Sohil Particulars Sahil
To Realisation A/c 63,000 18,900 By Balance c/d 70,000
To Loss on Realisation A/c 10,885 10,885 By General Reserves A/c 14,000

To Balance b/d 10,115 68,215

84,000 98,000 84,000

Cr.
Sohil
84,000
14,000

98,000
 Dr. Bank Account
Particulars J.F. Amt. (₹) Amt. (₹) Particulars
To Balance b/d 21,000 By Realisation A/c
To Realisation A/c 129,430 By Sahil's Capital A/c
By Sohail's Capital A/c

150,430
 Cr.
J.F. Amt. (₹) Amt. (₹)
72,100
10,115
68,215

150,430
 In the Books of Suren and Viren
H077 Journal Entries
Sr. No. Particulars L.F. Debit (₹) Credit (₹)
1 Realisation A/c Dr. 231,000
To Building A/c 70,000
To Furniture A/c 21,000
To Debtors A/c 63,000
To Bills Receivable A/c 7,000
To Stock A/c 70,000
(Being Sundry Assets transferred to Realisation account)

2 Creditors A/c 44,800

Bills Payable A/c 25,200 70,000
To Revaluation A/c
(Being Sundry Liabilities transferred to Realisation account)

3 General Reserve A/c 28,000

To Sahil's A/c 14,000
To Sohil's A/c 14,000
(Being general reserves dristibuted among partners)

4 Bank A/c 129,430

To Realisation A/c 129,430
(Being assets realised)

5 Sahil's Capital A/c 63,000

Sohil's Capital A/c 18,900
To Realisation A/c 81,900
(Being assets taken over by aprtners)

6 Realisation A/c 72,100

To Bank A/c 72,100
(Being third party liabilities paid)

7 Sahil's Capital A/c 10,885

Sohail's Capital A/c 10,885
To Realisation A/c 21,770
(Being loss on realisation transfrred to all partners in profit-
sharing ratio 1:1)

8 Sahil's Capital A/c 10,115

Sohail's Capital A/c 68,215
To Bank A/c 78,330
(Beng Final Settlement made)
Total 712,530 712,530
 In the Books of Suren and Viren
Balance Sheet as on 31st March, 2019
Liabilities Amt. (₹) Amt. (₹) Assets Amt. (₹)
Capital Accounts Plant and Machinery 40,000
- Tarang 34675 Add: Appreciation 4,000
- Sujang 26,117 60792 Stock 18,000
Add: Appreciation 900
Executor's Loan 11,479 Debtors 25,000
Less: RDD -1250
Sundry Creditors 21,600 Cash Balance 33,200
Bills Payable 13,600 Less: Executor's Loan (50%) -11479
Provision for Outstanding Rent 900

108,371
Amt. (₹)

44,000

18,900

23,750

21,721

108,371