Question 15 Chapter 7 of Class 12 Part – 1 2024

Question 15 Chapter 7 of Class 12 Part – 1 2024

15. (Realisation A/c/GST) Following is the Balance Sheet of Rama and Krishna who are equal partners on 31-3-2013, on which date the firm is dissolved :

Liabilities	Rs.	Assets	Rs.
Bank overdraft	10,000	Cash in hand	6,000
Reserve	20,000	Stock	40,000
Sundry Creditors	30,000	Debtors	24,000
Capitals		Machinery	20,000
Rama	50,000	Land & Buildings	60,000
Krishna	40,000
	1,50,000		1,50,000

Assets realised as follows:
Land and Building Rs. 90,000
Machinery 80%
Stock 75%
Debtors Rs. 20,000
CGST and SGST were levied on Sale of Land & Building and Machinery @ 9% each. These Taxes were deposited with Govt. Department. Expenses on realisation amounted to 2,000. Prepare a Realisation Account.

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Realisation A/c

Particulars		Amount	Particulars		Amount
To Stock		40,000	By Overdraft		10,000
To Debtors		24,000	By creditors		30,000
To Machinery		20,000	By Cash A/c
To land & buildings		60,000	Land & Building		90,000
To Cash			Machinery		16,000
Bank Overdraft		10,000	Debtors		20,000
Creditors		30,000	Stock		30,000
To Expenses		2,000
To profit on Realisation
Rama	5,000
Krishna	5,000	10,000
		1,96,000			1,96,000

Partners’ Capital Account

Particulars	Ram	Krishna	Particulars	Ram	Krishna
			By Balance b/d	50,000	40,000
			By Reserve	10,000	10,000
			By Realisation A/c	5,000	5,000
To Cash A/c	65,000	55,000
	65,000	55,000		65,000	55,000

Cash Sheet

Particulars		Amount	Particulars		Amount
To balance b/d		6,000	By Realisation A/c		42,000
To output CGST		9,540	By output CGST		9,540
To output SGST		9,540	By output SGST		9,540
To Realisation A/c		1,56,000	By Rama capital A/c		65,000
			By Krishna capital A/c		55,000
		1,62,000			1,62,000

Working Note:-

Journal

Date	Particulars		L.F.	Debit	Credit
I)	Journal Entry for Sale of Assets	.
	Cash A/c	Dr.		1,35,080
	To Realisation A/c				1,16,000
	To output CGST				9,540
	To output SGST				9,540
	(Being assets realized at the time dissolution)
ii)	Journal Entry for deposit of GST with Govt.
	Output CGST	Dr.		9,540
	Output SGST	Dr.		9,540
	To Bank A/c				19,080
	(Being GST collected deposited with Govt.)