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To walk you through the dissolution process of Prashant and Rajesh's partnership firm, let's do a detailed step-by-step solution:
### Balance Sheet on 31st March 2021
Based on the problem statement:
- Sundry Debtors: ₹ 35,000
- Stock: ₹ 35,000
- Furniture: ₹ 35,000
- Building: ₹ 1,00,000
- Compensation to employees (not provided): ₹ 10,000
### Realisation Values
Assets have been realized as follows:
1. Sundry Debtors: Full amount realized.
- ₹35,000
2. Stock: Realized at 15% less than the book value.
- Book value: ₹35,000
- Realized value: ₹35,000 - 15% of ₹35,000 = ₹35,000 - ₹5,250 = ₹29,750
3. Furniture: Realized at 20% less than the book value.
- Book value: ₹35,000
- Realized value: ₹35,000 - 20% of ₹35,000 = ₹35,000 - ₹7,000 = ₹28,000
4. Building: Sold at ₹1,00,000.
- ₹1,00,000
### Total Realizable Amount
Summing up all these realizations gives us the total realizable amount:
- Total Realized = ₹35,000 (Sundry Debtors) + ₹29,750 (Stock) + ₹28,000 (Furniture) + ₹1,00,000 (Building)
- Total Realized = ₹1,92,750
### Compensation Paid
Compensation to employees of ₹10,000 has to be deducted from the total realizable amount.
- Total realized after compensation = ₹1,92,750 - ₹10,000 = ₹1,82,750
### Gain (Profit) on Realisation
To find the gain/profit on realization, we subtract the initial book values of the assets from the total realized amount after compensation:
- Initial total book value of assets = ₹35,000 (Sundry Debtors) + ₹35,000 (Stock) + ₹35,000 (Furniture) + ₹1,00,000 (Building)
- Initial total book value = ₹2,05,000
- Gain on Realisation = Total realized after compensation - Initial total book value
- Gain on Realisation = ₹1,82,750 - ₹2,05,000 = -₹22,250
### Distribution of Gain (Loss)
The profit/loss (in this case, a loss) is shared between Prashant and Rajesh in the ratio of 2:1.
- Prashant's Share = (2/3) of -₹22,250 = -₹14,833.33
- Rajesh's Share = (1/3) of -₹22,250 = -₹7,416.67
### Payment to Partners
Finally, we need to determine the payments to each partner:
- To Prashant: 2/3 of the total realized after compensation
- To Rajesh: 1/3 of the total realized after compensation
- Prashant Payment = (2/3) of ₹1,82,750 = ₹1,21,833.33
- Rajesh Payment = (1/3) of ₹1,82,750 = ₹60,916.67
### Conclusion
- Stock realized: ₹29,750
- Furniture realized: ₹28,000
- Total realized: ₹1,92,750
- Total realized after compensation: ₹1,82,750
- Gain on realization: -₹22,250
- Prashant's share of gain (loss): -₹14,833.33
- Rajesh's share of gain (loss): -₹7,416.67
- Prashant's payment from the dissolved firm: ₹1,21,833.33
- Rajesh's payment from the dissolved firm: ₹60,916.67
Therefore, the books are closed accordingly, reflecting the final payments to both partners along with the realized amounts for each asset and the net loss distributed as per their agreement.
### Balance Sheet on 31st March 2021
Based on the problem statement:
- Sundry Debtors: ₹ 35,000
- Stock: ₹ 35,000
- Furniture: ₹ 35,000
- Building: ₹ 1,00,000
- Compensation to employees (not provided): ₹ 10,000
### Realisation Values
Assets have been realized as follows:
1. Sundry Debtors: Full amount realized.
- ₹35,000
2. Stock: Realized at 15% less than the book value.
- Book value: ₹35,000
- Realized value: ₹35,000 - 15% of ₹35,000 = ₹35,000 - ₹5,250 = ₹29,750
3. Furniture: Realized at 20% less than the book value.
- Book value: ₹35,000
- Realized value: ₹35,000 - 20% of ₹35,000 = ₹35,000 - ₹7,000 = ₹28,000
4. Building: Sold at ₹1,00,000.
- ₹1,00,000
### Total Realizable Amount
Summing up all these realizations gives us the total realizable amount:
- Total Realized = ₹35,000 (Sundry Debtors) + ₹29,750 (Stock) + ₹28,000 (Furniture) + ₹1,00,000 (Building)
- Total Realized = ₹1,92,750
### Compensation Paid
Compensation to employees of ₹10,000 has to be deducted from the total realizable amount.
- Total realized after compensation = ₹1,92,750 - ₹10,000 = ₹1,82,750
### Gain (Profit) on Realisation
To find the gain/profit on realization, we subtract the initial book values of the assets from the total realized amount after compensation:
- Initial total book value of assets = ₹35,000 (Sundry Debtors) + ₹35,000 (Stock) + ₹35,000 (Furniture) + ₹1,00,000 (Building)
- Initial total book value = ₹2,05,000
- Gain on Realisation = Total realized after compensation - Initial total book value
- Gain on Realisation = ₹1,82,750 - ₹2,05,000 = -₹22,250
### Distribution of Gain (Loss)
The profit/loss (in this case, a loss) is shared between Prashant and Rajesh in the ratio of 2:1.
- Prashant's Share = (2/3) of -₹22,250 = -₹14,833.33
- Rajesh's Share = (1/3) of -₹22,250 = -₹7,416.67
### Payment to Partners
Finally, we need to determine the payments to each partner:
- To Prashant: 2/3 of the total realized after compensation
- To Rajesh: 1/3 of the total realized after compensation
- Prashant Payment = (2/3) of ₹1,82,750 = ₹1,21,833.33
- Rajesh Payment = (1/3) of ₹1,82,750 = ₹60,916.67
### Conclusion
- Stock realized: ₹29,750
- Furniture realized: ₹28,000
- Total realized: ₹1,92,750
- Total realized after compensation: ₹1,82,750
- Gain on realization: -₹22,250
- Prashant's share of gain (loss): -₹14,833.33
- Rajesh's share of gain (loss): -₹7,416.67
- Prashant's payment from the dissolved firm: ₹1,21,833.33
- Rajesh's payment from the dissolved firm: ₹60,916.67
Therefore, the books are closed accordingly, reflecting the final payments to both partners along with the realized amounts for each asset and the net loss distributed as per their agreement.
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