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Unit3 q6

The document outlines the financial transactions related to the realisation account and partner's capital accounts according to the Indian Partnership Act. It details the amounts owed by debtors and creditors, the distribution of capital among partners Anil, Sanjay, and Sunny, and the handling of an insolvent partner's deficiency. Additionally, it includes a cash-bank account summarizing the cash movements during the realisation process.

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26 views1 page

Unit3 q6

The document outlines the financial transactions related to the realisation account and partner's capital accounts according to the Indian Partnership Act. It details the amounts owed by debtors and creditors, the distribution of capital among partners Anil, Sanjay, and Sunny, and the handling of an insolvent partner's deficiency. Additionally, it includes a cash-bank account summarizing the cash movements during the realisation process.

Uploaded by

gamataru0007
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Q.

According to Indian Partnership Act

Realisation A/c
Particulars Amount Particulars Amount
To debtors 45,000 By creditors 66,000
To stock 1,60,000 By cash (debtors) 1,52,500
((45,000+1,60,000+1,00,000)*50%)
To machine 1,00,000
To cash (realisation 500
exp)
To cash (creditors) 66,000 By capital A/c
Anil : 51,000
Sanjay : 51,000
Sunny : 51,000 1,53,000
3,71,500 3,71,500

Partner’s Capital A/c


Particulars Anil Sanjay Sunny Particulars Anil Sanja Sunny
y
To realisation 51,000 51,000 51,00 By balance b/d 1,20,000 90,000 30,000
0
To Sunny’s capital 10,500 10,500 - By Anil’s Capital - - 10,500
By Sanjay’s Capital - - 10,500

To cash A/c 58,500 28,500 -


(balance)
1,20,000 90,000 51,00 1,20,000 90,000 51,000
0
Deficiency of insolvent partner Sunny = 51,000 – 30,000
= 21,000 will be distributed among Anil and Sanjay in the ratio of 1 : 1
Cash-bank Account
Particulars Amount Particulars Amount
To balance b/d 1,000 By realisation 500
To realisation 1,52,500 By Anil’s Capital 58,500
By Sanjay’s capital 28,500
By realisation 66,000
(creditors)
1,53,500 1,53,500

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