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On this date they decided to disslove the partnership firm. The assets realized were stock 12000,debtors 20000,land and building 120 %
prepare realization account, partners capital account and bank account?
prepare realization account, partners capital account and bank account?
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On this date they decided to disslove the partnership firm. The assets...
Realization Account
The Realization Account records the assets and liabilities of the partnership firm at the time of dissolution.
- Assets Realized:
- Stock: 12,000
- Debtors: 20,000
- Land and Building: 120% (assumed to be 120% of a value, let's calculate it as 120,000 for this example)
- Total Assets Realized:
- Total = 12,000 + 20,000 + 120,000 = 152,000
- Realization Account:
| Particulars | Amount (₹) |
|-----------------------|------------|
| To Stock | 12,000 |
| To Debtors | 20,000 |
| To Land & Building | 120,000 |
| Total | 152,000|
Partners' Capital Account
The Partners' Capital Account reflects the distribution of profits or losses after settling the firm’s liabilities.
- Assuming no liabilities:
- Partners' Capital remains unchanged during realization.
- Partners' Capital Account:
| Particulars | Amount (₹) |
|-------------------------|------------|
| By Balance b/d | 152,000 |
| Total | 152,000|
Bank Account
The Bank Account records cash transactions from the realization process.
- Bank Account:
| Particulars | Amount (₹) |
|-------------------------|------------|
| By Realization Account | 152,000 |
| Total | 152,000|
This summary provides a complete view of the dissolution process, detailing the realization of assets, the capital accounts of partners, and the bank account reflecting cash flow resulting from asset liquidation.
The Realization Account records the assets and liabilities of the partnership firm at the time of dissolution.
- Assets Realized:
- Stock: 12,000
- Debtors: 20,000
- Land and Building: 120% (assumed to be 120% of a value, let's calculate it as 120,000 for this example)
- Total Assets Realized:
- Total = 12,000 + 20,000 + 120,000 = 152,000
- Realization Account:
| Particulars | Amount (₹) |
|-----------------------|------------|
| To Stock | 12,000 |
| To Debtors | 20,000 |
| To Land & Building | 120,000 |
| Total | 152,000|
Partners' Capital Account
The Partners' Capital Account reflects the distribution of profits or losses after settling the firm’s liabilities.
- Assuming no liabilities:
- Partners' Capital remains unchanged during realization.
- Partners' Capital Account:
| Particulars | Amount (₹) |
|-------------------------|------------|
| By Balance b/d | 152,000 |
| Total | 152,000|
Bank Account
The Bank Account records cash transactions from the realization process.
- Bank Account:
| Particulars | Amount (₹) |
|-------------------------|------------|
| By Realization Account | 152,000 |
| Total | 152,000|
This summary provides a complete view of the dissolution process, detailing the realization of assets, the capital accounts of partners, and the bank account reflecting cash flow resulting from asset liquidation.
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On this date they decided to disslove the partnership firm. The assets realized were stock 12000,debtors 20000,land and building 120 % prepare realization account, partners capital account and bank account?
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On this date they decided to disslove the partnership firm. The assets realized were stock 12000,debtors 20000,land and building 120 % prepare realization account, partners capital account and bank account? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about On this date they decided to disslove the partnership firm. The assets realized were stock 12000,debtors 20000,land and building 120 % prepare realization account, partners capital account and bank account? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On this date they decided to disslove the partnership firm. The assets realized were stock 12000,debtors 20000,land and building 120 % prepare realization account, partners capital account and bank account?.
On this date they decided to disslove the partnership firm. The assets realized were stock 12000,debtors 20000,land and building 120 % prepare realization account, partners capital account and bank account? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about On this date they decided to disslove the partnership firm. The assets realized were stock 12000,debtors 20000,land and building 120 % prepare realization account, partners capital account and bank account? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On this date they decided to disslove the partnership firm. The assets realized were stock 12000,debtors 20000,land and building 120 % prepare realization account, partners capital account and bank account?.
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