Neptune, Jupiter, Venus and Pluto had been carrying on business in partnership sharing profits and losses in the ratio of 3 :2 :1 :1. They decide to…

Realisation Account Particulars ₹ Particulars ₹ To Sundry assets A/c (transfer): By Sundry creditors A/c 20,000 Premises 1,20,000 By Mortgage loan 80,000 Furniture 40,000 By Bank A/c (assets realised): Stock 1,00,000 Premises 90,000 Sundry Debtors 40,000 Stock 60,000 To Bank A/c (creditors paid) 32,000 Debtors 24,000 1,90,000 To Bank A/c (Mortgage loan) 80,000 By Loss transferred to Capital Accounts: To Bank A/c (expenses) 4,000 Neptune 54,000 Jupiter 36,000 Venus 18,000 Pluto 18,000 1,26,000 4,16,000 4,16,000 Bank Account Particulars ₹ ₹ To Balance b/d 8,000 By Realisation A/c (creditors) 32,000 To Realisation A/c (assets realised) 1,90,000 By Realisation A/c (expenses) 4,000 To Capital A/c (realisation loss made good): By Mortgage loan 80,000 Neptune 54,000 By Neptune's Capital A/c 1,18,857 Jupiter 36,000 By Jupiter's Capital A/c 73,143 Pluto 18,000 1,08,000 To Pluto's Capital A/c 2,000 3,08,000 3,08,000 Partners’ Capital Account Particulars Neptune ₹ Jupiter ₹ Venus ₹ Pluto ₹ Particulars Neptune ₹ Jupiter ₹ Venus ₹ Pluto ₹ To Balance b/d − − 10,000 12,000 By Balance b/d 1,00,000 60,000 − − To Realisation A/c (loss) 54,000 36,000 18,000 18,000 By General reserve A/c (₹ 3 :2 :1 :1) 24,000 16,000 8,000 8,000 To Venus's Capital A/c (loss) (W.N.1) 11,143 6,857 − − By Capital reserve A/c (₹ 3 :2 :1 :1) 6,000 4,000 2,000 2,000 To Bank A/c 1,18,857 73,143 − − By Bank A/c (loss on realization) 54,000 36,000 − 18,000 By Neptune's Capital A/c − − 11,143 − By Jupiter's Capital A/c − − 6,857 − By Bank A/c − − − 2,000 1,84,000 1,16,000 28,000 30,000 1,84,000 1,16,000 28,000 30,000 W.N.1: Statement showing distribution of Loss of Venus Particulars Neptune Jupiter Opening Capital 1,00,000 60,000 General Reserve 24,000 16,000 Capital reserve 6,000 4,000 Total 1,30,000 80,000 Ratio 13 8 Loss of Venus of 18,000 is to be distributed in the ratio of (13:8) 11,143 6,857