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    In The Books of Sangeeta, Anita and Smita Realisation A/c DR CR

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    Harendra Prajapati
    The document summarizes the realization of assets and settlement of liabilities for the dissolution of a partnership between Sangeeta, Anita, and Smita. It shows the original assets and liabilities of the partnership. It then details how the assets were realized for amounts, sometimes at a loss, and how the proceeds were used to settle liabilities and distribute capital among the partners. Any losses on realization were split between the partners in proportion to their original capital contributions.

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    In The Books of Sangeeta, Anita and Smita Realisation A/c DR CR

    Uploaded by

    Harendra Prajapati
    379 views2 pages
    The document summarizes the realization of assets and settlement of liabilities for the dissolution of a partnership between Sangeeta, Anita, and Smita. It shows the original assets and liabilities of the partnership. It then details how the assets were realized for amounts, sometimes at a loss, and how the proceeds were used to settle liabilities and distribute capital among the partners. Any losses on realization were split between the partners in proportion to their original capital contributions.

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    The document summarizes the realization of assets and settlement of liabilities for the dissolution of a partnership between Sangeeta, Anita, and Smita. It shows the original assets and liabilities of the partnership. It then details how the assets were realized for amounts, sometimes at a loss, and how the proceeds were used to settle liabilities and distribute capital among the partners. Any losses on realization were split between the partners in proportion to their original capital contributions.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    379 views2 pages

    In The Books of Sangeeta, Anita and Smita Realisation A/c DR CR

    Uploaded by

    Harendra Prajapati
    The document summarizes the realization of assets and settlement of liabilities for the dissolution of a partnership between Sangeeta, Anita, and Smita. It shows the original assets and liabilities of the partnership. It then details how the assets were realized for amounts, sometimes at a loss, and how the proceeds were used to settle liabilities and distribute capital among the partners. Any losses on realization were split between the partners in proportion to their original capital contributions.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    In the Books Of Sangeeta, Anita And Smita

    Realisation A/c
    Dr Cr
    Particulars Amt Amt Particulars Amt Amt
    To Sundry Assets A/c By Sundry Liabilities
    Land 210000 A/c
    Plant 20000 Sandhya’s Loan 120000
    Goodwill 15000 Creditors 120000
    Debtors 125000 Bills Payble 20000
    Loans & Advances 15000 385000 260000

    To Bank A/c : By Bank A/c:


    Creditors 114000 Land 180000
    (120000-5%) Goodwill 75000
    Bills Payble 19000 Loans & Advances 12000
    (20000-5%) Debtors(125000-10%) 112500 379500
    Sandhya’s Laon 126000
    (120000+6000)
    Contigent Bills 20000 279000

    By Sangeeta’s Capital 20000


    A/c (plant)

    By Loss on Realisation
    transferred to Partner
    Sangeeta’s Capital 1800
    Anita’s Capital A/c 1800
    Smita’s Capital A/c 900 4500
    ( Bal.Fig.)
    664000 664000

    Dr Partner’s Capital A/c Cr


    Particulars Sangeet Anita Smita Sangeet Anita Smita
    a a
    To Realisation A/c 20000 - - By Balance B/d 60000 40000 30000
    To Ralisation A/c 1800 1800 900

    To Bank A/c 38200 38200 29100


    ( Bal. Fig.)
    60000 40000 30000 60000 40000 30000

    Dr Bank A/c Cr
    Particulars Amt Amt Particulars Amt Amt
    To Balance B/d 5000 By Realisation A/c 279000
    To Realisation A/c 379500 By Sangeeta’s Capital 38200
    A/c
    By Anita’s Capital A/c 38200
    By Smita’s Capital A/c 29100

    384500 384500

     Working Note

    1. Loss On Realisation
    Sangeeta = 4500*2/5 = 1800
    Anita = 4500*2/5 = 1800
    Smita = 4500*1/5 = 900

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