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Page No 6.56:

Question 1:

Answer:

Journal

S.N.

Particulars

L.F.

Debits

Amount

Rs

Credit

Amount

Rs

(a)

Realisation A/c

Dr.

 

1,500

 

To Cash A/c

 

 

1,500

(Realisation expenses paid)

 

 

 

 

 

 

 

 

(b)

Realisation A/c

Dr.

 

600

 

To Mohan’s Capital A/c

 

 

600

(Realisation expenses paid by Mohan)

 

 

 

 

 

 

 

 

(c)

Realisation A/c

Dr.

 

2,000

 

To Mohan’s capital A/c

 

 

2,000

(Commission allowed to Mohan on dissolution of the firm)

 

 

 

 

 

 

 

 

(d)

No entry

No journal entry is passed because both motor car and creditors accounts have already been transferred to Realisation Account and nothing is recovered or paid in terms of Cash and Bank  

 

 

 

 

 

Page No 6.56:

Question 2:

Journal

S.N.

Particulars

L.F.

Debits

Amount

Rs

Credit

Amount

Rs

(a)

Realisation A/c

Dr.

 

1,500

 

To Cash A/c

 

 

1,500

(Realisation expenses paid)

 

 

 

 

 

 

 

 

(b)

Realisation A/c

Dr.

 

600

 

To Mohan’s Capital A/c

 

 

600

(Realisation expenses paid by Mohan)

 

 

 

 

 

 

 

 

(c)

Realisation A/c

Dr.

 

2,000

 

To Mohan’s capital A/c

 

 

2,000

(Commission allowed to Mohan on dissolution of the firm)

 

 

 

 

 

 

 

 

(d)

No entry

No journal entry is passed because both motor car and creditors accounts have already been transferred to Realisation Account and nothing is recovered or paid in terms of Cash and Bank  

 

 

 

 

 

Answer:

Journal

S.N.

Particulars

L.F.

Debits

Amount

Rs

Credit

Amount

Rs

(a)

Realisation A/c

Dr.

 

10,000

 

To Ajay’s Capital A/c

 

 

10,000

(Expenses on Realisation paid by Ajay)

 

 

 

 

 

 

 

 

(b)

Rahul’s Capital A/c

Dr.

 

15,000

 

To Cash A/c

 

 

15,000

(Realisation Expenses paid by Rahul )

 

 

 

 

 

 

 

 

(c)

Realisation A/c

Dr.

 

25,000

 

To Ramesh’s Capital A/c

 

 

25,000

(Remuneration allowed to Ramesh on account of taking responsibility of dissolution)

 

 

 

 

 

 

 

 

(d)

Realisation A/c

Dr.

 

20,000

 

To Anuj’s Capital A/c

 

 

20,000

(Remunation allowed to Anuj)

 

 

 

Anuj’s Capital A/c

Dr.

 

5,000

 

To Bank A/c

 

 

5,000

(Realisation expenses paid by the firm on behalf of Anuj)

 

 

 

 

Page No 6.56:

Question 3:

Journal

S.N.

Particulars

L.F.

Debits

Amount

Rs

Credit

Amount

Rs

(a)

Realisation A/c

Dr.

 

10,000

 

To Ajay’s Capital A/c

 

 

10,000

(Expenses on Realisation paid by Ajay)

 

 

 

 

 

 

 

 

(b)

Rahul’s Capital A/c

Dr.

 

15,000

 

To Cash A/c

 

 

15,000

(Realisation Expenses paid by Rahul )

 

 

 

 

 

 

 

 

(c)

Realisation A/c

Dr.

 

25,000

 

To Ramesh’s Capital A/c

 

 

25,000

(Remuneration allowed to Ramesh on account of taking responsibility of dissolution)

 

 

 

 

 

 

 

 

(d)

Realisation A/c

Dr.

 

20,000

 

To Anuj’s Capital A/c

 

 

20,000

(Remunation allowed to Anuj)

 

 

 

Anuj’s Capital A/c

Dr.

 

5,000

 

To Bank A/c

 

 

5,000

(Realisation expenses paid by the firm on behalf of Anuj)

 

 

 

 

Answer:

 

Journal

S.N.

Particulars

L.F.

Debits

Amount

Rs

Credit

Amount

Rs

(a)

Realisation A/c

Dr.

 

7,500

 

  To Alok’s Capital A/c

 

 

7,500

(Remuneration allowed to Alok)

 

 

 

Alok’s capital A/c

Dr.

 

10,000

 

To Bank A/c

 

 

10,000

(Expenses paid by the firm on behalf of Alok)

 

 

 

Alternatively, only one single entry can also be passed instead of above two entries. 

 

 

 

Realisation A/c

Dr.

 

7,500

 

Alok’s Capital A/c

Dr.

 

 2,500

 

To Bank A/c

 

 

10,000

(Realisation expenses paid) 

 

 

 

 

 

 

 

 

 

 

 

(b)

Realisation A/c

Dr.

 

5,000

 

 To Ravinder’s Capital A/c

 

 

 

3,000

To Bank A/c

 

 

2,000

(Realisation expenses paid)

 

 

 

 

 

 

 

(c)

Realisation A/c

Dr.

 

10,000

 

To Amit’s Capital A/c

 

 

10,000

(Realisation expenses paid by Amit on behalf of the firm)

 

 

 

 

Page No 6.56:

Question 4:

 

Journal

S.N.

Particulars

L.F.

Debits

Amount

Rs

Credit

Amount

Rs

(a)

Realisation A/c

Dr.

 

7,500

 

  To Alok’s Capital A/c

 

 

7,500

(Remuneration allowed to Alok)

 

 

 

Alok’s capital A/c

Dr.

 

10,000

 

To Bank A/c

 

 

10,000

(Expenses paid by the firm on behalf of Alok)

 

 

 

Alternatively, only one single entry can also be passed instead of above two entries. 

 

 

 

Realisation A/c

Dr.

 

7,500

 

Alok’s Capital A/c

Dr.

 

 2,500

 

To Bank A/c

 

 

10,000

(Realisation expenses paid) 

 

 

 

 

 

 

 

 

 

 

 

(b)

Realisation A/c

Dr.

 

5,000

 

 To Ravinder’s Capital A/c

 

 

 

3,000

To Bank A/c

 

 

2,000

(Realisation expenses paid)

 

 

 

 

 

 

 

(c)

Realisation A/c

Dr.

 

10,000

 

To Amit’s Capital A/c

 

 

10,000

(Realisation expenses paid by Amit on behalf of the firm)

 

 

 

 

Answer:

 

Journal

S.N.

Particulars

L.F.

Debits

Amount

Rs

Credit

Amount

Rs

(a)

Bank A/c

Dr.

 

50,000

 

To Realisation A/c

 

 

50,000

(Assets realized for cash)

 

 

 

 

 

 

 

(b)

Realisation A/c

Dr.

 

10,000

 

To Bank A/c

 

 

10,000

(Payment of liabilities made)

 

 

 

 

 

 

 

(c)

Realisation A/c

Dr.

 

2,500

 

To X’s Capital A/c

 

 

2,500

(5% commission allowed to Mr. X’s on sale of assets of Rs 50,000)

 

 

 

 

 

 

 

(d)

Realisation A/c

Dr.

 

10,000

 

To Amrit’s Capital A/c

 

 

10,000

(Amrit was allowed remuneration on account of realisation)

 

 

 

Amrit’s Capital A/c

Dr.

 

15,000

 

To Bank A/c

 

 

15,000

(Realisation expenses paid on behalf of amrit)

 

 

 

Alternatively, only one single entry can also be passed instead of above two entries.

 

 

 

Realisation A/c

Dr.

 

10,000

 

Amrit’s Capital A/c

Dr.

 

5,000

 

To Bank A/c     15,000
(Realisation expenses paid)      
       
(e) Bad debts Recovered A/c Dr.   3,600  
To Realisation A/c     3,600
(Bad debts recovered)        
       
(f) Cash A/c Dr.   15,000  

To Realisation A/c

 

 

15,000

(Investments are realised at 150%)      
 

 

 

 

 

 



Page No 6.57:

Question 5:

 

Journal

S.N.

Particulars

L.F.

Debits

Amount

Rs

Credit

Amount

Rs

(a)

Bank A/c

Dr.

 

50,000

 

To Realisation A/c

 

 

50,000

(Assets realized for cash)

 

 

 

 

 

 

 

(b)

Realisation A/c

Dr.

 

10,000

 

To Bank A/c

 

 

10,000

(Payment of liabilities made)

 

 

 

 

 

 

 

(c)

Realisation A/c

Dr.

 

2,500

 

To X’s Capital A/c

 

 

2,500

(5% commission allowed to Mr. X’s on sale of assets of Rs 50,000)

 

 

 

 

 

 

 

(d)

Realisation A/c

Dr.

 

10,000

 

To Amrit’s Capital A/c

 

 

10,000

(Amrit was allowed remuneration on account of realisation)

 

 

 

Amrit’s Capital A/c

Dr.

 

15,000

 

To Bank A/c

 

 

15,000

(Realisation expenses paid on behalf of amrit)

 

 

 

Alternatively, only one single entry can also be passed instead of above two entries.

 

 

 

Realisation A/c

Dr.

 

10,000

 

Amrit’s Capital A/c

Dr.

 

5,000

 

To Bank A/c     15,000
(Realisation expenses paid)      
       
(e) Bad debts Recovered A/c Dr.   3,600  
To Realisation A/c     3,600
(Bad debts recovered)        
       
(f) Cash A/c Dr.   15,000  

To Realisation A/c

 

 

15,000

(Investments are realised at 150%)      
 

 

 

 

 

 

Answer:

 

 

Journal

S.N.

Particulars

L.F.

Debits

Amount

Rs

Credit

Amount

Rs

(a)

Realisation A/c

Dr.

 

12,000

 

To Bank A/c

 

 

12,000

(Bank loan paid at the time of dissolution)

 

 

 

 

 

 

 

(b)

Q’s Capital A/c

Dr.

 

16,000

 

To Realisation A/c

 

 

16,000

(Stock taken over by Q)

 

 

 

 

 

 

 

(c)

Realisation A/c

Dr.

 

4,000

 

To P’s Capital A/c

 

 

4,000

(Creditors paid by P)

 

 

 

 

 

 

 

(d)

Bank A/c

Dr.

 

1,200

 

To Realisation A/c

 

 

1,200

(Unrecorded assets realised)

 

 

 

 

 

 

 

(e)

Realisation A/c

Dr.

 

2,000

 

To Q’s Capital A/c

 

 

2,000

(Realisation expenses paid by Q)  

 

 

 

 

 

 

 

(f)

Realisation A/c

Dr.

 

36,000

 

To P’s Capital A/c

 

 

20,000

To Q’s Capital A/c

 

 

16,000

(Realisation Profit distributed )

 

 

 

 

Page No 6.57:

Question 6:

 

 

Journal

S.N.

Particulars

L.F.

Debits

Amount

Rs

Credit

Amount

Rs

(a)

Realisation A/c

Dr.

 

12,000

 

To Bank A/c

 

 

12,000

(Bank loan paid at the time of dissolution)

 

 

 

 

 

 

 

(b)

Q’s Capital A/c

Dr.

 

16,000

 

To Realisation A/c

 

 

16,000

(Stock taken over by Q)

 

 

 

 

 

 

 

(c)

Realisation A/c

Dr.

 

4,000

 

To P’s Capital A/c

 

 

4,000

(Creditors paid by P)

 

 

 

 

 

 

 

(d)

Bank A/c

Dr.

 

1,200

 

To Realisation A/c

 

 

1,200

(Unrecorded assets realised)

 

 

 

 

 

 

 

(e)

Realisation A/c

Dr.

 

2,000

 

To Q’s Capital A/c

 

 

2,000

(Realisation expenses paid by Q)  

 

 

 

 

 

 

 

(f)

Realisation A/c

Dr.

 

36,000

 

To P’s Capital A/c

 

 

20,000

To Q’s Capital A/c

 

 

16,000

(Realisation Profit distributed )

 

 

 

 

Answer:

Journal

Date

Particulars

L.F.

Debit

Amount

(Rs)

Credit

Amount

(Rs)

 

 

 

 

 

 

1.

B’s Capital A/c

Dr.

 

9,600

 

 

C’s Capital A/c

Dr.

 

4,800

 

 

D’s Capital A/c

Dr.

 

9,600

 

 

To Profit and Loss A/c

 

 

 

24,000

 

(Loss in Profit and Loss A/c divided among Partners in the ratio of 2:1:2)

 

 

 

 

 

 

 

 

 

 

2.

Bank A/c

Dr.

 

4,000

 

 

To Realisation A/c

 

 

 

4,000

 

(An unrecorded machinery was sold)

 

 

 

 

 

 

 

 

 

 

3.

Realisation A/c

Dr.

 

45,000

 

 

To Bank A/c

 

 

 

45,000

 

(Creditors were paid Rs 45,000 in full 

 

 

 

 

 

settlement of their claim of Rs 50,000)

 

 

 

 

 

 

 

 

 

 

 

Page No 6.57:

Question 7:

Journal

Date

Particulars

L.F.

Debit

Amount

(Rs)

Credit

Amount

(Rs)

 

 

 

 

 

 

1.

B’s Capital A/c

Dr.

 

9,600

 

 

C’s Capital A/c

Dr.

 

4,800

 

 

D’s Capital A/c

Dr.

 

9,600

 

 

To Profit and Loss A/c

 

 

 

24,000

 

(Loss in Profit and Loss A/c divided among Partners in the ratio of 2:1:2)

 

 

 

 

 

 

 

 

 

 

2.

Bank A/c

Dr.

 

4,000

 

 

To Realisation A/c

 

 

 

4,000

 

(An unrecorded machinery was sold)

 

 

 

 

 

 

 

 

 

 

3.

Realisation A/c

Dr.

 

45,000

 

 

To Bank A/c

 

 

 

45,000

 

(Creditors were paid Rs 45,000 in full 

 

 

 

 

 

settlement of their claim of Rs 50,000)

 

 

 

 

 

 

 

 

 

 

 

Answer:

Journal

Date

Particulars

L.F.

Debit

Amount

(Rs)

Credit

Amount

(Rs)

 

 

 

 

 

 

1.

Profit and Loss A/c*

Dr.

 

18,000

 

 

To X’s Capital A/c

 

 

 

9,000

 

To Y’s Capital A/c

 

 

 

6,000

 

To Z’s Capital A/c

 

 

 

3,000

 

(Balance in P&L A/c divided among Partners in the ratio of 3:2:1)

 

 

 

 

 

 

 

 

 

 

2.

X’s Capital A/c

Dr.

 

50,000

 

 

To Realisation A/c

 

 

 

50,000

 

(An unrecorded asset taken over by X)

 

 

 

 

 

 

 

 

 

 

3.

Realisation A/c

Dr.

 

4,000

 

 

To Bank A/c

 

 

 

4,000

 

(Creditors were paid Rs 4,000 in full settlement 

 

 

 

 

 

of their claim of Rs 5,000)

 

 

 

 

 

 

 

 

 

 

*Balance in Profit and Loss A/c always mean positive balance i.e. credit balance.

Page No 6.57:

Question 8:

Journal

Date

Particulars

L.F.

Debit

Amount

(Rs)

Credit

Amount

(Rs)

 

 

 

 

 

 

1.

Profit and Loss A/c*

Dr.

 

18,000

 

 

To X’s Capital A/c

 

 

 

9,000

 

To Y’s Capital A/c

 

 

 

6,000

 

To Z’s Capital A/c

 

 

 

3,000

 

(Balance in P&L A/c divided among Partners in the ratio of 3:2:1)

 

 

 

 

 

 

 

 

 

 

2.

X’s Capital A/c

Dr.

 

50,000

 

 

To Realisation A/c

 

 

 

50,000

 

(An unrecorded asset taken over by X)

 

 

 

 

 

 

 

 

 

 

3.

Realisation A/c

Dr.

 

4,000

 

 

To Bank A/c

 

 

 

4,000

 

(Creditors were paid Rs 4,000 in full settlement 

 

 

 

 

 

of their claim of Rs 5,000)

 

 

 

 

 

 

 

 

 

 

*Balance in Profit and Loss A/c always mean positive balance i.e. credit balance.

Answer:

Journal

 

Date

Particulars

L.F.

Debit

Amount

Rs

Credit Amount

Rs

 

Realisation A/c

Dr.

 

6,000

 

 

To Kunal’s Capital A/c

 

 

 

6,000

 

(Being Kunal agrees to pay off his wife’s loan)

 

 

 

 

 

 

 

 

 

 

 

Realisation A/c

Dr.

 

27,000

 

 

To Cash A/c

 

 

 

27,000

 

(Being Creditors worth Rs 30,000 paid off at a discount of 10%)

 

 

 

 

 

 

 

 

 

 

 

Rohit’s Loan A/c

Dr.

 

70,000

 

 

To Cash A/c

 

 

 

70,000

 

(Being Loan paid by the firm)

 

 

 

 

 

 

 

 

 

 

 

Kunal’s Capital A/c

Dr.

 

3,000

 

 

To Realisation A/c

 

 

 

3,000

 

(Being asset taken over by Kunal)

 

 

 

 

 

 

 

 

 

 

 

Rohit’s Capital A/c

Dr.

 

5,000

 

 

Kunal’s Capital A/c

Dr.

 

5,000

 

 

Sarthak’s Capital A/c

Dr.

 

5,000

 

 

To Profit and Loss A/c

 

 

 

15,000

 

(Being Loss distributed equally)

 

 

 

 

 

 

 

 

 

 

 

Realisation A/c

Dr.

 

15,000

 

 

To Sarthak’s Capital A/c

 

 

 

15,000

 

(Being remuneration of Rs 15,000 paid for completion of dissolution process)

 

 

 

 

 

 

 

 

 

 

 



Page No 6.58:

Question 9:

Journal

 

Date

Particulars

L.F.

Debit

Amount

Rs

Credit Amount

Rs

 

Realisation A/c

Dr.

 

6,000

 

 

To Kunal’s Capital A/c

 

 

 

6,000

 

(Being Kunal agrees to pay off his wife’s loan)

 

 

 

 

 

 

 

 

 

 

 

Realisation A/c

Dr.

 

27,000

 

 

To Cash A/c

 

 

 

27,000

 

(Being Creditors worth Rs 30,000 paid off at a discount of 10%)

 

 

 

 

 

 

 

 

 

 

 

Rohit’s Loan A/c

Dr.

 

70,000

 

 

To Cash A/c

 

 

 

70,000

 

(Being Loan paid by the firm)

 

 

 

 

 

 

 

 

 

 

 

Kunal’s Capital A/c

Dr.

 

3,000

 

 

To Realisation A/c

 

 

 

3,000

 

(Being asset taken over by Kunal)

 

 

 

 

 

 

 

 

 

 

 

Rohit’s Capital A/c

Dr.

 

5,000

 

 

Kunal’s Capital A/c

Dr.

 

5,000

 

 

Sarthak’s Capital A/c

Dr.

 

5,000

 

 

To Profit and Loss A/c

 

 

 

15,000

 

(Being Loss distributed equally)

 

 

 

 

 

 

 

 

 

 

 

Realisation A/c

Dr.

 

15,000

 

 

To Sarthak’s Capital A/c

 

 

 

15,000

 

(Being remuneration of Rs 15,000 paid for completion of dissolution process)

 

 

 

 

 

 

 

 

 

 

 

Answer:

Journal

S.N.

Particulars

L.F.

Debits

Amount

Rs

Credit

Amount

Rs

(a)

Realisation A/c

Dr.

 

5,000

 

To Bank A/c

 

 

5,000

(Payment made for realisation expenses)

 

 

 

 

 

 

 

(b)

No Entry

 

 

 

 

 

 

 

 

(c)

Y’s Capital A/c

Dr.

 

10,000

 

To Realisation A/c

 

 

10,000

(Machine taken over by Y)

 

 

 

 

 

 

 

(d)

Realisation A/c

Dr.

 

20,000

 

To Z’s Capital A/c

 

 

20,000

(Z accepted the liabilities)

 

 

 

 

 

 

 

(e)



(f)

Y’s Loan A/c

Dr.

 

20,000

 

To bank A/c

 

 

20,000

(Payment of Y’s Loan made)

 

 

 

 

 

 

 

X’s Capital A/c

Dr.

 

25,000

 

Y’s Capital A/c

Dr.

 

15,000

 

Z’s Capital A/c

Dr.

 

10,000

 

To Profit and Loss A/c

 

 

50,000

(Balance of Profit and Loss account distributed among partners in their old ratio)

 

 

 

 

 

 

 

(g)

Realisation A/c

Dr.

 

50,000

 

To Bank A/c

 

 

50,000

(Bank Loan paid)

 

 

 

 

 

 

 

(h)

Bank A/c

Dr.

 

17,000

 

To Realisation A/c

 

 

17,000

(Unrecorded assets sold)

 

 

 

 

 

 

 

(i)

Z’s Capital A/c

Dr.

 

14,000

 

To Realisation A/c

 

 

14,000

(Stock taken over by Z)

 

 

 

 

 

 

 

(j)

Realisation A/c

Dr.

 

30,000

 

To X’s Capital A/c

 

 

15,000

To Y’s Capital A/c

 

 

9,000

To Z’s Capital A/c

 

 

6,000

(Profit on realisation distributed among partners)

 

 

 

 

Page No 6.58:

Question 10:

Journal

S.N.

Particulars

L.F.

Debits

Amount

Rs

Credit

Amount

Rs

(a)

Realisation A/c

Dr.

 

5,000

 

To Bank A/c

 

 

5,000

(Payment made for realisation expenses)

 

 

 

 

 

 

 

(b)

No Entry

 

 

 

 

 

 

 

 

(c)

Y’s Capital A/c

Dr.

 

10,000

 

To Realisation A/c

 

 

10,000

(Machine taken over by Y)

 

 

 

 

 

 

 

(d)

Realisation A/c

Dr.

 

20,000

 

To Z’s Capital A/c

 

 

20,000

(Z accepted the liabilities)

 

 

 

 

 

 

 

(e)



(f)

Y’s Loan A/c

Dr.

 

20,000

 

To bank A/c

 

 

20,000

(Payment of Y’s Loan made)

 

 

 

 

 

 

 

X’s Capital A/c

Dr.

 

25,000

 

Y’s Capital A/c

Dr.

 

15,000

 

Z’s Capital A/c

Dr.

 

10,000

 

To Profit and Loss A/c

 

 

50,000

(Balance of Profit and Loss account distributed among partners in their old ratio)

 

 

 

 

 

 

 

(g)

Realisation A/c

Dr.

 

50,000

 

To Bank A/c

 

 

50,000

(Bank Loan paid)

 

 

 

 

 

 

 

(h)

Bank A/c

Dr.

 

17,000

 

To Realisation A/c

 

 

17,000

(Unrecorded assets sold)

 

 

 

 

 

 

 

(i)

Z’s Capital A/c

Dr.

 

14,000

 

To Realisation A/c

 

 

14,000

(Stock taken over by Z)

 

 

 

 

 

 

 

(j)

Realisation A/c

Dr.

 

30,000

 

To X’s Capital A/c

 

 

15,000

To Y’s Capital A/c

 

 

9,000

To Z’s Capital A/c

 

 

6,000

(Profit on realisation distributed among partners)

 

 

 

 

Answer:

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit Amount

Rs

 

Realisation A/c

Dr.

 

9,22,000

 

 

To Land & Building A/c

 

 

 

4,00,000

 

To Machinery A/c

 

 

 

3,00,000

 

To Debtors A/c

 

 

 

2,22,000

 

(Being assets transferred)

 

 

 

 

 

 

 

 

 

 

Creditors A/c

Dr.

 

1,79,000

 

 

Employees’ Provident Fund A/c

Dr.

 

21,000

 

 

To Realisation A/c

 

 

 

2,00,000

 

(Being liabilities transferred)

 

 

 

 

 

 

 

 

 

 

 

Bank A/c

Dr.

 

4,30,000

 

 

To Realisation A/c

 

 

 

4,30,000

 

(Being Land & Building realised)

 

 

 

 

 

 

 

 

 

 

 

Bank A/c (2,25,000 + 1,000)

Dr.

 

2,26,000

 

 

To Realisation A/c

 

 

 

2,26,000

 

(Being Debtors realised along-with Bad-debts recovered)

 

 

 

 

 

 

 

 

 

 

 

Bank A/c

Dr.

 

25,000

 

 

To Realisation A/c

 

 

 

25,000

 

(Being Unrecorded Investments sold)

 

 

 

 

 

 

 

 

 

 

 

Bank A/c

Dr.

 

2,80,000

 

 

To Realisation A/c

 

 

 

2,80,000

 

(Being Machinery took over by Vichal for Cash)

 

 

 

 

 

 

 

 

 

 

 

Realisation A/c

Dr.

 

1,75,000

 

 

To Bank A/c (85,500 + 89,500)

 

 

 

1,75,000

 

(Being 50% Creditors of Rs 89,500 were paid at a discount of Rs 4,000 and remaining 50% were settled in full)

 

 

 

 

 

 

 

 

 

 

 

Realisation A/c

Dr.

 

64,000

 

 

To Achal’s Capital A/c

 

 

 

24,000

 

To Vichal’s Capital A/c

 

 

 

40,000

 

(Being profits on realisation transferred)

 

 

 

 

 

 

 

 

 

 

 

Achal’s Capital A/c

Dr.

 

3,24,000

 

 

Vichal’s Capital A/c

Dr.

 

5,40,000

 

 

To Bank A/c

 

 

 

8,64,000

 

(Being Partners paid off)

 

 

 

 

 

 

 

 

 

 

 

Page No 6.58:

Question 11:

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit Amount

Rs

 

Realisation A/c

Dr.

 

9,22,000

 

 

To Land & Building A/c

 

 

 

4,00,000

 

To Machinery A/c

 

 

 

3,00,000

 

To Debtors A/c

 

 

 

2,22,000

 

(Being assets transferred)

 

 

 

 

 

 

 

 

 

 

Creditors A/c

Dr.

 

1,79,000

 

 

Employees’ Provident Fund A/c

Dr.

 

21,000

 

 

To Realisation A/c

 

 

 

2,00,000

 

(Being liabilities transferred)

 

 

 

 

 

 

 

 

 

 

 

Bank A/c

Dr.

 

4,30,000

 

 

To Realisation A/c

 

 

 

4,30,000

 

(Being Land & Building realised)

 

 

 

 

 

 

 

 

 

 

 

Bank A/c (2,25,000 + 1,000)

Dr.

 

2,26,000

 

 

To Realisation A/c

 

 

 

2,26,000

 

(Being Debtors realised along-with Bad-debts recovered)

 

 

 

 

 

 

 

 

 

 

 

Bank A/c

Dr.

 

25,000

 

 

To Realisation A/c

 

 

 

25,000

 

(Being Unrecorded Investments sold)

 

 

 

 

 

 

 

 

 

 

 

Bank A/c

Dr.

 

2,80,000

 

 

To Realisation A/c

 

 

 

2,80,000

 

(Being Machinery took over by Vichal for Cash)

 

 

 

 

 

 

 

 

 

 

 

Realisation A/c

Dr.

 

1,75,000

 

 

To Bank A/c (85,500 + 89,500)

 

 

 

1,75,000

 

(Being 50% Creditors of Rs 89,500 were paid at a discount of Rs 4,000 and remaining 50% were settled in full)

 

 

 

 

 

 

 

 

 

 

 

Realisation A/c

Dr.

 

64,000

 

 

To Achal’s Capital A/c

 

 

 

24,000

 

To Vichal’s Capital A/c

 

 

 

40,000

 

(Being profits on realisation transferred)

 

 

 

 

 

 

 

 

 

 

 

Achal’s Capital A/c

Dr.

 

3,24,000

 

 

Vichal’s Capital A/c

Dr.

 

5,40,000

 

 

To Bank A/c

 

 

 

8,64,000

 

(Being Partners paid off)

 

 

 

 

 

 

 

 

 

 

 

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Machinery

10,580

Sundry Creditors

14,000

Stock

4,740

Bank (Assets Realised)

19,500

Debtors

5,540

 

 

Bank A/c:

 

Loss transferred to:

 

Creditors

14,000

 

X’s Capital A/c

1,200

 

Expenses 

440

14,440

Y’s Capital A/c

600

1,800

 

 

 

 

 

 

 

 

 

35,300

 

35,300

 

 

 

 

               

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

X

Y

Particulars

X

Y

Realisation A/c (Loss)

1,200

600

Balance b/d

4,000

3,000

 

 

 

Reserve for Contingencies 

333

167

Bank A/c

3,133

2,567

 

 

 

 

4,333

3,167

 

4,333

3,167

 

 

 

 

 

 

               

 

Bank Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

640

Realisation A/c

14,440

Realisation A/c

19,500

X’s Capital A/c

3,133

 

 

Y’s Capital A/c

2,567

 

20,140

 

20,140

 

 

 

 

 



Page No 6.59:

Question 12:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Machinery

10,580

Sundry Creditors

14,000

Stock

4,740

Bank (Assets Realised)

19,500

Debtors

5,540

 

 

Bank A/c:

 

Loss transferred to:

 

Creditors

14,000

 

X’s Capital A/c

1,200

 

Expenses 

440

14,440

Y’s Capital A/c

600

1,800

 

 

 

 

 

 

 

 

 

35,300

 

35,300

 

 

 

 

               

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

X

Y

Particulars

X

Y

Realisation A/c (Loss)

1,200

600

Balance b/d

4,000

3,000

 

 

 

Reserve for Contingencies 

333

167

Bank A/c

3,133

2,567

 

 

 

 

4,333

3,167

 

4,333

3,167

 

 

 

 

 

 

               

 

Bank Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

640

Realisation A/c

14,440

Realisation A/c

19,500

X’s Capital A/c

3,133

 

 

Y’s Capital A/c

2,567

 

20,140

 

20,140

 

 

 

 

 

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Building

45,000

Creditors

14,000

Machinery

15,000

Bank  A/c:

 

Furniture

12,000

Stock

22,000

 

Debtors

8,000

Debtors

7,500

 

Stock

24,000

Machinery

16,000

 

 

 

Building

35,000

80,500

Bank A/c:

 

 

 

Creditors

14,000

 

Bale’s Loan

500

Expenses

2,500

16,500

Yale’s Capital A/c (Furniture )

9,000

 

 

Loss transferred to:

 

 

 

Bale’s Capital A/c

8,250

 

 

 

Yale’s Capital A/c

8,250

16,500

 

1,20,500

 

1,20,500

 

 

 

 

               

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Bale

Yale

Particulars

Bale

Yale

Realisation A/c (Loss)

8,250

8,250

Balance b/d

50,000

40,000

Realisation A/c

9,000

General Reserve

(Old Ratio)   

4,000

4,000

Bank A/c

45,750

26,750

 

 

 

 

 

 

 

 

 

 

54,000

44,000

 

54,000

44,000

 

 

 

 

 

 

               

 

 

 

Bale’s Loan Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Bank A/c

2,500

Balance b/d

3,000

Realisation A/c

500

 

 

 

 

 

 

 

3,000

 

3,000

 

 

 

 

           

 

Bank Account 

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

11,000

Bale’s Loan

2,500

Realisation A/c

80,500

Realisation A/c

16,500

 

 

Bale’s Capital A/c

45,750

 

 

Yale’s Capital A/c

26,750

 

 

 

 

 

91,500

 

91,500

 

 

 

 

 

Page No 6.59:

Question 13:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Building

45,000

Creditors

14,000

Machinery

15,000

Bank  A/c:

 

Furniture

12,000

Stock

22,000

 

Debtors

8,000

Debtors

7,500

 

Stock

24,000

Machinery

16,000

 

 

 

Building

35,000

80,500

Bank A/c:

 

 

 

Creditors

14,000

 

Bale’s Loan

500

Expenses

2,500

16,500

Yale’s Capital A/c (Furniture )

9,000

 

 

Loss transferred to:

 

 

 

Bale’s Capital A/c

8,250

 

 

 

Yale’s Capital A/c

8,250

16,500

 

1,20,500

 

1,20,500

 

 

 

 

               

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Bale

Yale

Particulars

Bale

Yale

Realisation A/c (Loss)

8,250

8,250

Balance b/d

50,000

40,000

Realisation A/c

9,000

General Reserve

(Old Ratio)   

4,000

4,000

Bank A/c

45,750

26,750

 

 

 

 

 

 

 

 

 

 

54,000

44,000

 

54,000

44,000

 

 

 

 

 

 

               

 

 

 

Bale’s Loan Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Bank A/c

2,500

Balance b/d

3,000

Realisation A/c

500

 

 

 

 

 

 

 

3,000

 

3,000

 

 

 

 

           

 

Bank Account 

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

11,000

Bale’s Loan

2,500

Realisation A/c

80,500

Realisation A/c

16,500

 

 

Bale’s Capital A/c

45,750

 

 

Yale’s Capital A/c

26,750

 

 

 

 

 

91,500

 

91,500

 

 

 

 

 

Answer:

 

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Furniture

11,000

Provision for Bad Debts

400

Investments

7,000

Sundry creditors

9,500

Stoke

38,000

 

 

Debtors

8,000

Rathi’s Capital (Investment)

7,500

Cash A/c:

 

Cash A/c (Furniture, debtors, stock )

48,400

Sundry Creditors

9,000

 

Loss transferred to:

 

Expenses

600

9,600

Jathi’s Capital A/c

3,900

 

 

 

Sethi s Capital A/c

2,340

 

 

 

Rathis Capital A/c

1,560

7,800

 

 

 

 

 

 

 

 

 

73,600

 

73,600

 

 

 

 

               

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Jathi

Sethi

Rathi

Particulars

Jathi

Sethi

Rathi

Realisation A/c (Loss)

3,900

2,340

1,560

Balance b/d

28,000

19,000

8,000

Realisation A/c

7,500

 

 

 

 

Cash A/c

24,100

16,660

Cash A/c

1,060

 

 

 

 

 

 

 

 

 

28,000

19,000

9,060

 

28,000

19,000

9,060

 

 

 

 

 

 

 

 

                   

 

 

Cash Account  

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

900

Realisation A/c

9,600

Realisation A/c

48,400

Jathi’s Capital A/c

24,100

Rathi’s Capital

1,060

Sethi’s Capital A/c

16,660

 

 

 

 

 

50,360

 

50,360

 

 

 

 

 

Page No 6.59:

Question 14:

 

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Furniture

11,000

Provision for Bad Debts

400

Investments

7,000

Sundry creditors

9,500

Stoke

38,000

 

 

Debtors

8,000

Rathi’s Capital (Investment)

7,500

Cash A/c:

 

Cash A/c (Furniture, debtors, stock )

48,400

Sundry Creditors

9,000

 

Loss transferred to:

 

Expenses

600

9,600

Jathi’s Capital A/c

3,900

 

 

 

Sethi s Capital A/c

2,340

 

 

 

Rathis Capital A/c

1,560

7,800

 

 

 

 

 

 

 

 

 

73,600

 

73,600

 

 

 

 

               

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Jathi

Sethi

Rathi

Particulars

Jathi

Sethi

Rathi

Realisation A/c (Loss)

3,900

2,340

1,560

Balance b/d

28,000

19,000

8,000

Realisation A/c

7,500

 

 

 

 

Cash A/c

24,100

16,660

Cash A/c

1,060

 

 

 

 

 

 

 

 

 

28,000

19,000

9,060

 

28,000

19,000

9,060

 

 

 

 

 

 

 

 

                   

 

 

Cash Account  

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

900

Realisation A/c

9,600

Realisation A/c

48,400

Jathi’s Capital A/c

24,100

Rathi’s Capital

1,060

Sethi’s Capital A/c

16,660

 

 

 

 

 

50,360

 

50,360

 

 

 

 

 

Answer:

Realisation   Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Stock

25,000

Sundry Creditors

21,500

Debtors

18,000

Loan

21,500

Furniture

5,000

 

 

Machinery

8,000

Cash A/c:

 

 

 

Fixed Assets  

2,000

 

Cash A/c:

 

Stock and Debtors

33,000

35,000

Sundry creditors

21,500

 

 

 

Expenses

600

 

Loss transferred to:

 

Loan

21,500

43,600

Sharma’s Capital A/c

10,800

 

 

 

Verma’s Capital A/c

 7,200

 

 

 

Gupta’s Capital A/c

3,600

21,600

 

 

 

 

 

99,600

 

99,600

 

 

 

 

               

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Sharma

Verma

Gupta

Particulars

Sharma

Verma

Gupta

Realisation A/c (Loss)

10,800

7,200

3,600

Balance b/d

6,000

5,000

3,000

 

 

 

 

Cash A/c

4,800

2,200

600

 

 

 

 

 

 

 

 

 

10,800

7,200

3,600

 

10,800

7,200

3,600

 

 

 

 

 

 

 

 

 

Cash Account  

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

1,000

Realisation A/c

43,600

Realisation A/c

35,000

 

 

Sharma’s Capital

4,800

 

 

Verma’s Capital

2,200

 

 

Gupta’s Capital

600

 

 

 

 

 

 

 

43,600

 

43,600

 

 

 

 

 



Page No 6.60:

Question 15:

Realisation   Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Stock

25,000

Sundry Creditors

21,500

Debtors

18,000

Loan

21,500

Furniture

5,000

 

 

Machinery

8,000

Cash A/c:

 

 

 

Fixed Assets  

2,000

 

Cash A/c:

 

Stock and Debtors

33,000

35,000

Sundry creditors

21,500

 

 

 

Expenses

600

 

Loss transferred to:

 

Loan

21,500

43,600

Sharma’s Capital A/c

10,800

 

 

 

Verma’s Capital A/c

 7,200

 

 

 

Gupta’s Capital A/c

3,600

21,600

 

 

 

 

 

99,600

 

99,600

 

 

 

 

               

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Sharma

Verma

Gupta

Particulars

Sharma

Verma

Gupta

Realisation A/c (Loss)

10,800

7,200

3,600

Balance b/d

6,000

5,000

3,000

 

 

 

 

Cash A/c

4,800

2,200

600

 

 

 

 

 

 

 

 

 

10,800

7,200

3,600

 

10,800

7,200

3,600

 

 

 

 

 

 

 

 

 

Cash Account  

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

1,000

Realisation A/c

43,600

Realisation A/c

35,000

 

 

Sharma’s Capital

4,800

 

 

Verma’s Capital

2,200

 

 

Gupta’s Capital

600

 

 

 

 

 

 

 

43,600

 

43,600

 

 

 

 

 

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Debtors

16,000

Provision for Doubtful Debts

400

Stock 

12,000

Creditors

24,000

Furniture

4,000

 

 

Building

44,000

Bank A/c:

 

Bank A/c:

 

Stock

10,000

 

Creditors

22,000

 

Furniture

2,000

 

Liability for damages

6,000

 

Building

50,000

 

Expense

2,000

30,000

Debtors

 14,000

76,000

 

 

Loss transferred to:

 

 

 

A’s Capital A/c

2,240

 

 

 

B’s Capital A/c

2,240

 

 

 

C’s Capital A/c

1,120

5,600

 

 

 

 

 

1,06,000

 

1,06,000

 

 

 

 

               

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

C

Particulars

A

B

C

Realisation A/c (Loss)

2,240

2,240

1,120

Balance b/d

30,000

24,000

12,000

 

 

 

 

Reserve A/c

4,000

4,000

2,000

Bank A/c

31,760

25,760

12,880

 

 

 

 

 

 

 

 

 

 

 

 

 

34,000

28,000

14,000

 

34,000

28,000

14,000

 

 

 

 

 

 

 

 

 

 

Bank  Account 

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

24,400

Realisation A/c

30,000

Realisation A/c

76,000

A’s Capital A/c

31,760

 

 

B’s Capital A/c

25,760

 

 

C’s Capital A/c

12,880

 

1,00,400

 

1,00,400

 

 

 

 

 

Page No 6.60:

Question 16:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Debtors

16,000

Provision for Doubtful Debts

400

Stock 

12,000

Creditors

24,000

Furniture

4,000

 

 

Building

44,000

Bank A/c:

 

Bank A/c:

 

Stock

10,000

 

Creditors

22,000

 

Furniture

2,000

 

Liability for damages

6,000

 

Building

50,000

 

Expense

2,000

30,000

Debtors

 14,000

76,000

 

 

Loss transferred to:

 

 

 

A’s Capital A/c

2,240

 

 

 

B’s Capital A/c

2,240

 

 

 

C’s Capital A/c

1,120

5,600

 

 

 

 

 

1,06,000

 

1,06,000

 

 

 

 

               

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

C

Particulars

A

B

C

Realisation A/c (Loss)

2,240

2,240

1,120

Balance b/d

30,000

24,000

12,000

 

 

 

 

Reserve A/c

4,000

4,000

2,000

Bank A/c

31,760

25,760

12,880

 

 

 

 

 

 

 

 

 

 

 

 

 

34,000

28,000

14,000

 

34,000

28,000

14,000

 

 

 

 

 

 

 

 

 

 

Bank  Account 

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

24,400

Realisation A/c

30,000

Realisation A/c

76,000

A’s Capital A/c

31,760

 

 

B’s Capital A/c

25,760

 

 

C’s Capital A/c

12,880

 

1,00,400

 

1,00,400

 

 

 

 

 

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Stock

6,000

Creditors

38,000

Debtors

19,000

Mrs. A’s Loan

10,000

Furniture

4,000

 

 

Plant

28,000

A’s Capital A/c (Investments)

8,000

Investments

10,000

Bank A/c:

 

A’s Capital A/c (Mrs. A’s loan)

10,000

Stock

5,000

 

Bank A/c :

 

Debtors

18,500

 

Expenses

1,600

 

Furniture

4,500

 

Creditors

37,000

38,600

Plant

25,000

53,000

 

 

Loss transferred to:

 

 

 

A’s Capital A/c

3,960

 

 

 

B’s Capital A/c

2,640

6,600

 

1,15,600

 

1,15,600

 

 

 

 

               

 

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

Particulars

A

B

Realisation (loss)

3,960

2,640

Balance b/d

10,000

8,000

Realisation A/c

8,000

Reserve A/c

3,000

2,000

Profit and Loss A/c

4,500

3,000

Realisation A/c

10,000

Bank A/c

6,540

4,360

 

 

 

 

23,000

10,000

 

23,000

10,000

 

 

 

 

 

 

               

 

B’s Loan Account    

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

 

 

Balance b/d

15,000

Bank A/c

15,000

 

 

 

15,000

 

15,000

 

 

 

 

           

 

Bank Account  

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

11,500

Realisation A/c

38,600

Realisation A/c

53,000

A’s Capital A/c

6,540

 

 

B’s Capital A/c

4,360

 

 

B’s Loan A/c

15,000

 

64,500

 

64,500

 

 

 

 

 



Page No 6.61:

Question 17:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Stock

6,000

Creditors

38,000

Debtors

19,000

Mrs. A’s Loan

10,000

Furniture

4,000

 

 

Plant

28,000

A’s Capital A/c (Investments)

8,000

Investments

10,000

Bank A/c:

 

A’s Capital A/c (Mrs. A’s loan)

10,000

Stock

5,000

 

Bank A/c :

 

Debtors

18,500

 

Expenses

1,600

 

Furniture

4,500

 

Creditors

37,000

38,600

Plant

25,000

53,000

 

 

Loss transferred to:

 

 

 

A’s Capital A/c

3,960

 

 

 

B’s Capital A/c

2,640

6,600

 

1,15,600

 

1,15,600

 

 

 

 

               

 

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

Particulars

A

B

Realisation (loss)

3,960

2,640

Balance b/d

10,000

8,000

Realisation A/c

8,000

Reserve A/c

3,000

2,000

Profit and Loss A/c

4,500

3,000

Realisation A/c

10,000

Bank A/c

6,540

4,360

 

 

 

 

23,000

10,000

 

23,000

10,000

 

 

 

 

 

 

               

 

B’s Loan Account    

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

 

 

Balance b/d

15,000

Bank A/c

15,000

 

 

 

15,000

 

15,000

 

 

 

 

           

 

Bank Account  

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

11,500

Realisation A/c

38,600

Realisation A/c

53,000

A’s Capital A/c

6,540

 

 

B’s Capital A/c

4,360

 

 

B’s Loan A/c

15,000

 

64,500

 

64,500

 

 

 

 

 

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Building

40,000

Provision for Doubtful Debts

2,000

Plant and machinery

40,000

Bills Payable

40,000

Stock

19,000

Loan from Bank

30,000

Sundry Debtors

42,000

 

 

Bank A/c:

 

Bank A/c:

 

Bills Payable

32,000

 

Stock

23,400

 

Outstanding Bill

800

 

Debtors

21,000

 

Expenses

1,250

 

Building

36,000

 

  Loan from Bank 

30,000

64,050

Plant and Machinery

36,000

1,16,400

 

 

Loss transferred to:

 

 

 

P’s Capital A/c

9,250

 

 

 

Q’s Capital A/c

5,550

 

 

 

RCapital A/c

1,850

16,650

 

2,05,050

 

2,05,050

 

 

 

 

               

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

P

Q

R

Particulars

P

Q

R

Realisation A/c (Loss)

9,250

5,550

1,850

Balance b/d

44,000

36,000

20,000

 

 

 

 

Reserve Fund

5,000

3,000

1,000

Bank A/c

39,750

33,450

19,150

 

 

 

 

 

49,000

39,000

21,000

 

49,000

39,000

21,000

 

 

 

 

 

 

 

 

                   

 

Bank  Account 

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

40,000

Realisation A/c

64,050

Realisation A/c

1,16,400

P’s Capital A/c

39,750

 

 

Q’s Capital A/c

33,450

 

 

R’s Capital A/c

19,150

 

1,56,400

 

1,56,400

 

 

 

 

 

Page No 6.61:

Question 18:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Building

40,000

Provision for Doubtful Debts

2,000

Plant and machinery

40,000

Bills Payable

40,000

Stock

19,000

Loan from Bank

30,000

Sundry Debtors

42,000

 

 

Bank A/c:

 

Bank A/c:

 

Bills Payable

32,000

 

Stock

23,400

 

Outstanding Bill

800

 

Debtors

21,000

 

Expenses

1,250

 

Building

36,000

 

  Loan from Bank 

30,000

64,050

Plant and Machinery

36,000

1,16,400

 

 

Loss transferred to:

 

 

 

P’s Capital A/c

9,250

 

 

 

Q’s Capital A/c

5,550

 

 

 

RCapital A/c

1,850

16,650

 

2,05,050

 

2,05,050

 

 

 

 

               

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

P

Q

R

Particulars

P

Q

R

Realisation A/c (Loss)

9,250

5,550

1,850

Balance b/d

44,000

36,000

20,000

 

 

 

 

Reserve Fund

5,000

3,000

1,000

Bank A/c

39,750

33,450

19,150

 

 

 

 

 

49,000

39,000

21,000

 

49,000

39,000

21,000

 

 

 

 

 

 

 

 

                   

 

Bank  Account 

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

40,000

Realisation A/c

64,050

Realisation A/c

1,16,400

P’s Capital A/c

39,750

 

 

Q’s Capital A/c

33,450

 

 

R’s Capital A/c

19,150

 

1,56,400

 

1,56,400

 

 

 

 

 

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Freehold property

16,000

Sundry creditors

2,000

Investments

4,000

 

 

Sundry  Debtors

2,000

Dipali’s Capital A/c (Investment)

3,800

Stock

3,000

Bank A/c:

 

Bank A/c:

 

Freehold Property

18,000

 

Creditors

1,900

 

Sundry Debtors

1,800

 

Expenses

400

2,300

Stock

2,800

 

 

 

Computer Printer

1,000

23,600

Profit transferred to:

 

 

 

Dipali’s Capital A/c

1,260

 

 

 

Rajashri’s Capital A/c

840

2,100

 

 

 

29,400

 

29,400

 

 

 

 

                 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Dipali

Rajashri

Particulars

Dipali

Rajashri

Realisation A/c (Investments)

3,800

Balance b/d

17,500

10,000

 

 

 

Profit and Loss A/c

900

600

Bank A/c

15,860

11,440

Realisation A/c (Profit)

1,260

840

 

19,660

   11,440

 

19,660

11,440

 

 

 

 

 

 

               

 

Bank Account 

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

2,000

Realisation A/c

2,300

Cash A/c

4,000

Dipali’s Capital A/c

15,860

Realisation A/c

23,600

Rajashri’s Capital A/c

11,440

 

 

 

 

 

29,600

 

29,600

 

 

 

 

 



Page No 6.62:

Question 19:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Freehold property

16,000

Sundry creditors

2,000

Investments

4,000

 

 

Sundry  Debtors

2,000

Dipali’s Capital A/c (Investment)

3,800

Stock

3,000

Bank A/c:

 

Bank A/c:

 

Freehold Property

18,000

 

Creditors

1,900

 

Sundry Debtors

1,800

 

Expenses

400

2,300

Stock

2,800

 

 

 

Computer Printer

1,000

23,600

Profit transferred to:

 

 

 

Dipali’s Capital A/c

1,260

 

 

 

Rajashri’s Capital A/c

840

2,100

 

 

 

29,400

 

29,400

 

 

 

 

                 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Dipali

Rajashri

Particulars

Dipali

Rajashri

Realisation A/c (Investments)

3,800

Balance b/d

17,500

10,000

 

 

 

Profit and Loss A/c

900

600

Bank A/c

15,860

11,440

Realisation A/c (Profit)

1,260

840

 

19,660

   11,440

 

19,660

11,440

 

 

 

 

 

 

               

 

Bank Account 

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

2,000

Realisation A/c

2,300

Cash A/c

4,000

Dipali’s Capital A/c

15,860

Realisation A/c

23,600

Rajashri’s Capital A/c

11,440

 

 

 

 

 

29,600

 

29,600

 

 

 

 

 

Answer:

Realisation Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Stock

19,800

Provision for Doubtful Debts

1,000

Debtors

15,000

Creditors

17,000

Investments

4,000

Bills Payable

12,000

Furniture

10,000

Vinod’s Capital A/c

5,000

Machinery

33,000

Bank A/c:

 

Bank (Expenses)

2,000

Stock

17,500

 

Bank (Creditors)

17,000

Debtors

14,500

 

Bank (Bills Payable)

12,000

Furniture

6,800

 

 

 

Machinery

30,300

69,100

 

 

Loss on Realisation transferred to:

 

 

 

Vinod

4,350

 

 

 

Vijay

2,900

 

 

 

Venkat

1,450

8,700

 

1,12,800

 

1,12,800

 

 

 

 

 

Partners’ Capital Account

Dr.

Cr.

Particulars

Vinod

Vijay

Venkat

Particulars

Vinod

Vijay

Venkat

Realisation A/c (Investments)

5,000

Balance b/d

25,000

11,000

8,000

Realisation A/c (Loss)

4,350

2,900

1,450

General Reserve

3,000

2,000

1,000

Bank A/c

18,650

10,100

7,550

 

 

 

 

 

28,000

13,000

9,000

 

28,000

13,000

9,000

 

 

 

 

 

 

 

 

 

Vinod’s Loan A/c

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Bank A/c

5,300

Balance b/d

5,300

 

5,300

 

5,300

 

 

 

 

 

Bank A/c

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

3,500

Realisation A/c (Expenses)

2,000

Realisation A/c (Assets realised)

69,100

Realisation A/c (Creditors)

17,000

 

 

Realisation A/c (Bills Payable)

12,000

 

 

Vinod’s Loan A/c

5,300

 

 

Vinod’s Capital A/c

18,650

 

 

Vijay’s Capital A/c

10,100

 

 

Venkat’s Capital A/c

7,550

 

72,600

 

72,600

 

 

 

 

 

Page No 6.62:

Question 20:

Realisation Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Stock

19,800

Provision for Doubtful Debts

1,000

Debtors

15,000

Creditors

17,000

Investments

4,000

Bills Payable

12,000

Furniture

10,000

Vinod’s Capital A/c

5,000

Machinery

33,000

Bank A/c:

 

Bank (Expenses)

2,000

Stock

17,500

 

Bank (Creditors)

17,000

Debtors

14,500

 

Bank (Bills Payable)

12,000

Furniture

6,800

 

 

 

Machinery

30,300

69,100

 

 

Loss on Realisation transferred to:

 

 

 

Vinod

4,350

 

 

 

Vijay

2,900

 

 

 

Venkat

1,450

8,700

 

1,12,800

 

1,12,800

 

 

 

 

 

Partners’ Capital Account

Dr.

Cr.

Particulars

Vinod

Vijay

Venkat

Particulars

Vinod

Vijay

Venkat

Realisation A/c (Investments)

5,000

Balance b/d

25,000

11,000

8,000

Realisation A/c (Loss)

4,350

2,900

1,450

General Reserve

3,000

2,000

1,000

Bank A/c

18,650

10,100

7,550

 

 

 

 

 

28,000

13,000

9,000

 

28,000

13,000

9,000

 

 

 

 

 

 

 

 

 

Vinod’s Loan A/c

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Bank A/c

5,300

Balance b/d

5,300

 

5,300

 

5,300

 

 

 

 

 

Bank A/c

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

3,500

Realisation A/c (Expenses)

2,000

Realisation A/c (Assets realised)

69,100

Realisation A/c (Creditors)

17,000

 

 

Realisation A/c (Bills Payable)

12,000

 

 

Vinod’s Loan A/c

5,300

 

 

Vinod’s Capital A/c

18,650

 

 

Vijay’s Capital A/c

10,100

 

 

Venkat’s Capital A/c

7,550

 

72,600

 

72,600

 

 

 

 

 

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Plant and Machinery

30,000

Creditors

10,000

Stock

5,500

Bills Payable

3,700

Investments

15,000

Investments Fluctuation Fund

4,500

Debtors

7,100

Provision for Doubtful Debts

450

Cash A/c:

 

P’s Capital A/c (Investments)

12,500

Creditors

10,000

 

Cash A/c:

 

Bills Payable

3,700

 

Stock and Debtors

11,500

 

Expenses

900

14,600

Plant and Machinery

22,500

 

P’s Capital A/c

1,000

Unrecorded Assets

1,500

35,500

 

 

Loss transferred to:

 

 

 

P’s Capital A/c  

3,275

 

 

 

Q’s Capital A/c  

1,965

 

 

 

R’s Capital A/c  

1,310

6,550

 

73,200

 

73,200

 

 

 

 

               

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

P

Q

R

Particulars

P

Q

R

Balance b/d

8,000

Balance b/d

37,550

15,000

Realisation (Loss)

3,275

1,965

1,310

Realisation A/c

1,000

Realisation A/c (Investments)

12,500

 

 

 

 

 

 

Cash A/c

22,775

13,035

Cash A/c

9,310

 

38,500

15,000

9,310

 

38,550

15,000

9,310

 

 

 

 

 

 

 

 

                   

 

Cash Account 

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

5,600

Realisation A/c

14,600

Realisation A/c

35,500

P’s Capital A/c

22,775

R’s Capital A/c

9,310

Q’s Capital A/c

13,035

 

 

 

 

 

50,410

 

50,410

 

 

 

 

 



Page No 6.63:

Question 21:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Plant and Machinery

30,000

Creditors

10,000

Stock

5,500

Bills Payable

3,700

Investments

15,000

Investments Fluctuation Fund

4,500

Debtors

7,100

Provision for Doubtful Debts

450

Cash A/c:

 

P’s Capital A/c (Investments)

12,500

Creditors

10,000

 

Cash A/c:

 

Bills Payable

3,700

 

Stock and Debtors

11,500

 

Expenses

900

14,600

Plant and Machinery

22,500

 

P’s Capital A/c

1,000

Unrecorded Assets

1,500

35,500

 

 

Loss transferred to:

 

 

 

P’s Capital A/c  

3,275

 

 

 

Q’s Capital A/c  

1,965

 

 

 

R’s Capital A/c  

1,310

6,550

 

73,200

 

73,200

 

 

 

 

               

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

P

Q

R

Particulars

P

Q

R

Balance b/d

8,000

Balance b/d

37,550

15,000

Realisation (Loss)

3,275

1,965

1,310

Realisation A/c

1,000

Realisation A/c (Investments)

12,500

 

 

 

 

 

 

Cash A/c

22,775

13,035

Cash A/c

9,310

 

38,500

15,000

9,310

 

38,550

15,000

9,310

 

 

 

 

 

 

 

 

                   

 

Cash Account 

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

5,600

Realisation A/c

14,600

Realisation A/c

35,500

P’s Capital A/c

22,775

R’s Capital A/c

9,310

Q’s Capital A/c

13,035

 

 

 

 

 

50,410

 

50,410

 

 

 

 

 

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Stock

6,000

Provision for  Doubtful Debts

1,000

Debtors

20,000

Mrs. Deepak’s Loan

10,000

Furniture

4,000

Creditors

38,000

Plant

28,000

Deepak’s Capital (Investments)

8,000

Investments

10,000

Cash A/c:

 

Deepak’s Capital A/c (Mrs. Deepak Loan)

10,000

Stock

5,000

 

Cash A/c:

 

Debtors

18,500

 

Creditors

37,050

 

Furniture

4,500

 

Expenses

600

37,650

Plant

25,000

53,000

 

 

Loss transferred to:

 

 

 

Deepak’s Capital A/c

3,390

 

 

 

Neeru’s Capital A/c

2,260

5,650

 

1,15,650

 

1,15,650

 

 

 

 

               

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Deepak

Neeru 

Particulars

Deepak 

Neeru 

Profit and Loss A/c

3,000

2,000

Balance b/d

10,000

8,000

Realisation A/c (Investments)

8,000

Reserve Fund

1,500

1,000

Realisation A/c (Loss)

3,390

2,260

Realisation A/c (Mrs. Deepak loan)

10,000

Cash A/c

7,110

4,740

 

 

 

 

 

 

 

 

 

 

21,500

9,000

 

21,500

9,000

 

 

 

 

 

 

             

 

 

Neeru’s Loan Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

 

 

Balance b/d

15,000

Cash A/c

15,000

 

 

 

15,000

 

15,000

 

 

 

 

           

 

Cash Account  

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

11,500

Realisation A/c

37,650

Realisation A/c

53,000

Deepak’s Capital A/c

7,110

 

 

Neeru’s Capital A/c

4,740

 

 

Neeru’s Loan A/c

15,000

 

64,500

 

64,500

 

 

 

 

 

Page No 6.63:

Question 22:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Stock

6,000

Provision for  Doubtful Debts

1,000

Debtors

20,000

Mrs. Deepak’s Loan

10,000

Furniture

4,000

Creditors

38,000

Plant

28,000

Deepak’s Capital (Investments)

8,000

Investments

10,000

Cash A/c:

 

Deepak’s Capital A/c (Mrs. Deepak Loan)

10,000

Stock

5,000

 

Cash A/c:

 

Debtors

18,500

 

Creditors

37,050

 

Furniture

4,500

 

Expenses

600

37,650

Plant

25,000

53,000

 

 

Loss transferred to:

 

 

 

Deepak’s Capital A/c

3,390

 

 

 

Neeru’s Capital A/c

2,260

5,650

 

1,15,650

 

1,15,650

 

 

 

 

               

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Deepak

Neeru 

Particulars

Deepak 

Neeru 

Profit and Loss A/c

3,000

2,000

Balance b/d

10,000

8,000

Realisation A/c (Investments)

8,000

Reserve Fund

1,500

1,000

Realisation A/c (Loss)

3,390

2,260

Realisation A/c (Mrs. Deepak loan)

10,000

Cash A/c

7,110

4,740

 

 

 

 

 

 

 

 

 

 

21,500

9,000

 

21,500

9,000

 

 

 

 

 

 

             

 

 

Neeru’s Loan Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

 

 

Balance b/d

15,000

Cash A/c

15,000

 

 

 

15,000

 

15,000

 

 

 

 

           

 

Cash Account  

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

11,500

Realisation A/c

37,650

Realisation A/c

53,000

Deepak’s Capital A/c

7,110

 

 

Neeru’s Capital A/c

4,740

 

 

Neeru’s Loan A/c

15,000

 

64,500

 

64,500

 

 

 

 

 

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Stock

20,100

Creditors

50,400

Debtors

62,600

 

 

Investments

16,000

A’s Capital A/c (Investments)

18,000

Furniture

6,500

Cash A/c:

 

Building

23,500

Furniture and Building

29,700

 

Cash A/c:

 

Stock and Debtors

80,000

1,09,700

Expenses

1,300

 

 

 

Creditors

49,600

 

 

 

Bills

1,500

52,400

Loss transferred to :

 

 

 

A’s Capital A/c

1,000

 

 

 

B’s Capital A/c

1,000

 

 

 

C’s Capital A/c

1,000

3,000

 

 

 

 

 

1,81,100

 

1,81,100

 

 

 

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

C

Particulars

A

B

C

Realisation A/c (Investment)

18,000

Balance b/d

30,000

25,000

15,000

Realisation A/c (Loss)

1,000

1,000

1,000

Reserve

4,000

4,000

4,000

Cash A/c

15,000

28,000

18,000

 

 

 

 

 

34,000

29,000

19,000

 

34,000

29,000

19,000

 

 

 

 

 

 

 

 

                   

 

Cash  Account  

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

3,700

Realisation A/c

52,400

Realisation A/c

1,09,700

A’s Capital A/c

15,000

 

 

B’s Capital A/c

28,000

 

 

C’s Capital A/c

18,000

 

1,13,400

 

1,13,400

 

 

 

 

           

 



Page No 6.64:

Question 23:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Stock

20,100

Creditors

50,400

Debtors

62,600

 

 

Investments

16,000

A’s Capital A/c (Investments)

18,000

Furniture

6,500

Cash A/c:

 

Building

23,500

Furniture and Building

29,700

 

Cash A/c:

 

Stock and Debtors

80,000

1,09,700

Expenses

1,300

 

 

 

Creditors

49,600

 

 

 

Bills

1,500

52,400

Loss transferred to :

 

 

 

A’s Capital A/c

1,000

 

 

 

B’s Capital A/c

1,000

 

 

 

C’s Capital A/c

1,000

3,000

 

 

 

 

 

1,81,100

 

1,81,100

 

 

 

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

C

Particulars

A

B

C

Realisation A/c (Investment)

18,000

Balance b/d

30,000

25,000

15,000

Realisation A/c (Loss)

1,000

1,000

1,000

Reserve

4,000

4,000

4,000

Cash A/c

15,000

28,000

18,000

 

 

 

 

 

34,000

29,000

19,000

 

34,000

29,000

19,000

 

 

 

 

 

 

 

 

                   

 

Cash  Account  

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

3,700

Realisation A/c

52,400

Realisation A/c

1,09,700

A’s Capital A/c

15,000

 

 

B’s Capital A/c

28,000

 

 

C’s Capital A/c

18,000

 

1,13,400

 

1,13,400

 

 

 

 

           

 

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Land and Building

57,000

Creditors

40,000

Stock

50,000

Bank

 

Sundry Debtors

50,000

Land and building

40,000

 

 

 

Stock

30,000

 

Bank A/c:

 

Sundry   Debtors

42,000

1,12,000

Creditors (40,000 + 15,000)

55,000

 

 

 

Expenses

1,200

56,200

Loss transferred to:

 

 

 

A’s Capital A/c

30,600

 

 

 

B’s Capital A/c

20,400

 

 

 

C’s Capital A/c

10,200

61,200

 

2,13,200

 

2,13,200

 

 

 

 

                 

 

 

Partners’ Capital Accounts

 

 

Dr.

 

Cr.

 

Particulars

A

B

C

Particulars

A

B

C

Realisation A/c (Loss)

30,600

20,400

10,200

Balance b/d

60,000

40,000

10,000

Bank A/c

29,400

19,600

Bank A/c

200

 

 

 

 

 

 

 

 

 

60,000

40,000

10,200

 

60,000

40,000

10,200

 

 

 

 

 

 

 

 

                       

 

A’s Loan Account  

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

 

 

Balance b/d

10,000

Bank A/c

10,000

 

 

 

 

 

 

 

10,000

 

10,000

 

 

 

 

           

 

 

Bank Account  

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

3,000

Realisation A/c

56,200

Realisation A/c

1,12,000

A’s Capital A/c

29,400

C’s Capital A/c

200

B’s Capital A/c

19,600

 

 

A’s Loan A/c

10,000

 

1,15,200

 

1,15,200

 

 

 

 

 

Page No 6.64:

Question 24:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Land and Building

57,000

Creditors

40,000

Stock

50,000

Bank

 

Sundry Debtors

50,000

Land and building

40,000

 

 

 

Stock

30,000

 

Bank A/c:

 

Sundry   Debtors

42,000

1,12,000

Creditors (40,000 + 15,000)

55,000

 

 

 

Expenses

1,200

56,200

Loss transferred to:

 

 

 

A’s Capital A/c

30,600

 

 

 

B’s Capital A/c

20,400

 

 

 

C’s Capital A/c

10,200

61,200

 

2,13,200

 

2,13,200

 

 

 

 

                 

 

 

Partners’ Capital Accounts

 

 

Dr.

 

Cr.

 

Particulars

A

B

C

Particulars

A

B

C

Realisation A/c (Loss)

30,600

20,400

10,200

Balance b/d

60,000

40,000

10,000

Bank A/c

29,400

19,600

Bank A/c

200

 

 

 

 

 

 

 

 

 

60,000

40,000

10,200

 

60,000

40,000

10,200

 

 

 

 

 

 

 

 

                       

 

A’s Loan Account  

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

 

 

Balance b/d

10,000

Bank A/c

10,000

 

 

 

 

 

 

 

10,000

 

10,000

 

 

 

 

           

 

 

Bank Account  

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

3,000

Realisation A/c

56,200

Realisation A/c

1,12,000

A’s Capital A/c

29,400

C’s Capital A/c

200

B’s Capital A/c

19,600

 

 

A’s Loan A/c

10,000

 

1,15,200

 

1,15,200

 

 

 

 

 

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Debtors 

26,000

Provision for Doubtful Debts  

2,000

Investments

40,000

Bank Overdraft

30,000

Stock

10,000

Investments Fluctuation Fund

20,000

Furniture

10,000

 

 

Building

60,000

A’s Capital A/c (Investments)

35,000

Bank A/c:

 

Bank A/c:

 

Compensation to Employees

10,000

 

Sundry Debtors 

26,000

 

Bank Overdraft

30,000

40,000

Stock

8,500

 

Profit transferred to:

 

Furniture

8,000

 

A’s Capital A/c

29,000

 

Building

1,00,000

1,42,500

B’s Capital A/c

14,500

43,500

 

 

 

2,29,500

 

2,29,500

 

 

 

 

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

Particulars

A

B

Balance b/d

30,000

Balance b/d

50,000

Realisation A/c (Investment)

35,000

 

General Reserve A/c

37,333

18,667

Bank A/c

81,333

3,167

Realisation A/c (Profit )

29,000

14,500

 

 

 

 

 

 

 

1,16,333

33,167

 

1,16,333

33,167

 

 

 

 

 

 

               

 

 

A’s Loan Account 

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

 

 

Balance b/d

34,000

Bank A/c

34,000

 

 

 

34,000

 

34,000

 

 

 

 

           

 

Bank Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

10,000

Realisation A/c

40,000

Cash A/c

6,000

A’s Capital A/c

81,333

Realisation A/c

1,42,500

B’s Capital A/c

3,167

 

 

A’s Loan  A/c

34,000

 

1,58,500

 

1,58,500

 

 

 

 

 



Page No 6.65:

Question 25:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Debtors 

26,000

Provision for Doubtful Debts  

2,000

Investments

40,000

Bank Overdraft

30,000

Stock

10,000

Investments Fluctuation Fund

20,000

Furniture

10,000

 

 

Building

60,000

A’s Capital A/c (Investments)

35,000

Bank A/c:

 

Bank A/c:

 

Compensation to Employees

10,000

 

Sundry Debtors 

26,000

 

Bank Overdraft

30,000

40,000

Stock

8,500

 

Profit transferred to:

 

Furniture

8,000

 

A’s Capital A/c

29,000

 

Building

1,00,000

1,42,500

B’s Capital A/c

14,500

43,500

 

 

 

2,29,500

 

2,29,500

 

 

 

 

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

Particulars

A

B

Balance b/d

30,000

Balance b/d

50,000

Realisation A/c (Investment)

35,000

 

General Reserve A/c

37,333

18,667

Bank A/c

81,333

3,167

Realisation A/c (Profit )

29,000

14,500

 

 

 

 

 

 

 

1,16,333

33,167

 

1,16,333

33,167

 

 

 

 

 

 

               

 

 

A’s Loan Account 

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

 

 

Balance b/d

34,000

Bank A/c

34,000

 

 

 

34,000

 

34,000

 

 

 

 

           

 

Bank Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

10,000

Realisation A/c

40,000

Cash A/c

6,000

A’s Capital A/c

81,333

Realisation A/c

1,42,500

B’s Capital A/c

3,167

 

 

A’s Loan  A/c

34,000

 

1,58,500

 

1,58,500

 

 

 

 

 

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Land

8,000

Depreciation on Plant

1,000

Plant

17,000

Provision for Doubtful Debts

2,000

Loose tools

3,000

Sundry Creditors

9,000

Stock

20,000

Amar’s Capital A/c:

 

Sundry Debtors

30,000

Good will

10,000

 

 

 

Land

8,000

 

 

 

Plant

12,000

30,000

Bank A/c:

 

Bank A/c:

 

Sundry Creditors 

8,100

 

Loose Tools

2,000

 

Expenses

1,500

 

Stock

15,000

 

Contingent Liability

1,000

10,600

Sundry Debtors

22,000

39,000

 

 

Loss transferred to:

 

 

 

Amar’s Capital A/c

3,040

 

 

 

Akbar’s Capital A/c

3,040

 

 

 

Antony’s Capital A/c

1,520

7,600

 

88,600

 

88,600

 

 

 

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Amar

Akbar

Antony

Particulars

Amar

Akbar

Antony

Realisation A/c

30,000

Balance b/d

24,000

20,000

15,000

Realisation A/c (Loss) 

3,040

3,040

1,520

Reserve Fund

2,000

2,000

1,000

Bank A/c

18,960

14,480

Amar’s Loan A/c

7,000

 

 

 

 

Bank A/c

40

 

33,040

22,000

16,000

 

33,040

22,000

16,000

 

 

 

 

 

 

 

 

 

Bank Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

5,000

Realisation A/c

10,600

Realisation A/c

39,000

Akbar’s Capital A/c

18,960

Amar’s Capital A/c

40

Antony’s Capital A/c

14,480

 

 

 

 

 

44,040

 

44,040

 

 

 

 

 

Page No 6.65:

Question 26:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Land

8,000

Depreciation on Plant

1,000

Plant

17,000

Provision for Doubtful Debts

2,000

Loose tools

3,000

Sundry Creditors

9,000

Stock

20,000

Amar’s Capital A/c:

 

Sundry Debtors

30,000

Good will

10,000

 

 

 

Land

8,000

 

 

 

Plant

12,000

30,000

Bank A/c:

 

Bank A/c:

 

Sundry Creditors 

8,100

 

Loose Tools

2,000

 

Expenses

1,500

 

Stock

15,000

 

Contingent Liability

1,000

10,600

Sundry Debtors

22,000

39,000

 

 

Loss transferred to:

 

 

 

Amar’s Capital A/c

3,040

 

 

 

Akbar’s Capital A/c

3,040

 

 

 

Antony’s Capital A/c

1,520

7,600

 

88,600

 

88,600

 

 

 

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Amar

Akbar

Antony

Particulars

Amar

Akbar

Antony

Realisation A/c

30,000

Balance b/d

24,000

20,000

15,000

Realisation A/c (Loss) 

3,040

3,040

1,520

Reserve Fund

2,000

2,000

1,000

Bank A/c

18,960

14,480

Amar’s Loan A/c

7,000

 

 

 

 

Bank A/c

40

 

33,040

22,000

16,000

 

33,040

22,000

16,000

 

 

 

 

 

 

 

 

 

Bank Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

5,000

Realisation A/c

10,600

Realisation A/c

39,000

Akbar’s Capital A/c

18,960

Amar’s Capital A/c

40

Antony’s Capital A/c

14,480

 

 

 

 

 

44,040

 

44,040

 

 

 

 

 

Answer:

Realisation Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Furniture

37,000

Investment Fluctuation Funds

4,500

Stock

5,500

Creditors

10,000

Investments

15,000

Prachi’s Capital A/c (Investments taken over)

12,500

Cash A/c (Employee compensation paid)

8,000

Cash A/c (Stock and Furniture realised)

41,500

Cash A/c (Creditors paid)

10,000

Ritika’s Capital A/c (Old Furniture taken over)

3,000

Prachi’s Capital A/c (commission for services)

1,000

Loss on Realisation transferred to:

 

Cash A/c (Realisation expenses)

1,000

Prachi’s Capital A/c

3,000

 

 

 

Ritika’s Capital A/c

1,800

 

 

 

Ishita’s Capital A/c

1,200

6,000

 

77,500

 

77,500

 

 

 

 

 

Partners’ Capital Account

Dr.

Cr.

Particulars

Prachi

Ritika

Ishita

Particulars

Prachi

Ritika

Ishita

Balance b/d

 

 

18,000

Balance b/d

40,000

30,000

 

Realisation A/c

12,500

3,000

 

Realisation A/c

1,000

 

 

Realisation A/c (Loss)

3,000

1,800

1,200

Cash A/c (Balancing Figure)

 

 

19,200

Cash A/c (Balancing Figure)

25,500

25,200

 

 

 

 

 

 

41,000

30,000

19,200

 

41,000

30,000

19,200

 

 

 

 

 

 

 

 

 

Cash Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

9,000

Realisation A/c (Employee compensation paid)

8,000

Realisation A/c (Stock and Furniture realised)

41,500

Realisation A/c (Creditors paid)

10,000

Ishita’s Capital A/c

19,200

Realisation A/c (Commission for services)

1,000

 

 

Prachi’s Capital A/c

25,500

 

 

Ritika’s Capital A/c

25,200

 

69,700

 

69,700

 

 

 

 

 

The following are the values involved in the scenario depicted in the question.

  1. Making people aware of the water pollution.
  2. Environmental degradation
  3. Violation of rules and regulations and overlooking the repeated notifications by the authorities.
  4. Violating the social values

 

 

 



Page No 6.66:

Question 27:

Realisation Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Furniture

37,000

Investment Fluctuation Funds

4,500

Stock

5,500

Creditors

10,000

Investments

15,000

Prachi’s Capital A/c (Investments taken over)

12,500

Cash A/c (Employee compensation paid)

8,000

Cash A/c (Stock and Furniture realised)

41,500

Cash A/c (Creditors paid)

10,000

Ritika’s Capital A/c (Old Furniture taken over)

3,000

Prachi’s Capital A/c (commission for services)

1,000

Loss on Realisation transferred to:

 

Cash A/c (Realisation expenses)

1,000

Prachi’s Capital A/c

3,000

 

 

 

Ritika’s Capital A/c

1,800

 

 

 

Ishita’s Capital A/c

1,200

6,000

 

77,500

 

77,500

 

 

 

 

 

Partners’ Capital Account

Dr.

Cr.

Particulars

Prachi

Ritika

Ishita

Particulars

Prachi

Ritika

Ishita

Balance b/d

 

 

18,000

Balance b/d

40,000

30,000

 

Realisation A/c

12,500

3,000

 

Realisation A/c

1,000

 

 

Realisation A/c (Loss)

3,000

1,800

1,200

Cash A/c (Balancing Figure)

 

 

19,200

Cash A/c (Balancing Figure)

25,500

25,200

 

 

 

 

 

 

41,000

30,000

19,200

 

41,000

30,000

19,200

 

 

 

 

 

 

 

 

 

Cash Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

9,000

Realisation A/c (Employee compensation paid)

8,000

Realisation A/c (Stock and Furniture realised)

41,500

Realisation A/c (Creditors paid)

10,000

Ishita’s Capital A/c

19,200

Realisation A/c (Commission for services)

1,000

 

 

Prachi’s Capital A/c

25,500

 

 

Ritika’s Capital A/c

25,200

 

69,700

 

69,700

 

 

 

 

 

The following are the values involved in the scenario depicted in the question.

  1. Making people aware of the water pollution.
  2. Environmental degradation
  3. Violation of rules and regulations and overlooking the repeated notifications by the authorities.
  4. Violating the social values

 

 

 

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Stock

75,000

Provision for Doubtful Debts

6,000

Book Debts

66,000

Sundry Creditors

75,000

Plant and Machinery

45,000

Bills Payable

30,000

Land and building

48,000

Mr. Chowdhary’s Loan

15,000

Mrs. Rita Chowdhary’s Capital A/c (Mr. Chowdhary’s Loan A/c)

15,000

Mrs. Rita Chowdhary’s Capital A/c:

 

Bank A/c:

 

Stock

30,000

 

Sundry Creditors

67,500

 

Goodwill

30,000

60,000

Bills Payable

30,000

 

Bank A/c:

 

Expenses

5,250

1,02,750

Book Debts

54,000

 

Profit transferred to:

 

Stock

48,750

 

Mrs. Rita Chowdhary’s Capital A/c

66,000

 

Plant and Machinery

75,000

 

Miss Sobha’s Capital A/c

66,000

1,32,000

Land and Building

1,20,000

2,97,750

 

4,83,750

 

4,83,750

 

 

 

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Mrs. Rita

Chowdhary

Miss

Sobha

Particulars

Mrs. Rita

Chowdhary

Miss

Sobha

Realisation A/c (Assets)

60,000

Balance b/d

90,000

30,000

 

 

 

Reserve Fund

12,000

12,000

 

 

 

Realisation A/c (Mr. Chowdhary Loan)

15,000

 

 

 

 

 

 

Bank A/c

1,23,000

1,08,000

Realisation A/c (Profit)

66,000

66,000

 

 

 

 

 

 

 

1,83,000

1,08,000

 

1,83,000

1,08,000

 

 

 

 

 

 

               

 

Bank Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

30,000

Realisation A/c

1,02,750

Cash A/c

6,000

Mrs. Rita Chowdhary’s Capital A/c

1,23,000

Realisation A/c

2,97,750

Miss Sobha’s Capital A/c

1,08,000

 

 

 

 

 

3,33,750

 

3,33,750

 

 

 

 

Working Notes

WN 1 Value of Stock taken by Mrs. Rita Chowdhary

WN 2 Value of Stock sold

Page No 6.66:

Question 28:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Stock

75,000

Provision for Doubtful Debts

6,000

Book Debts

66,000

Sundry Creditors

75,000

Plant and Machinery

45,000

Bills Payable

30,000

Land and building

48,000

Mr. Chowdhary’s Loan

15,000

Mrs. Rita Chowdhary’s Capital A/c (Mr. Chowdhary’s Loan A/c)

15,000

Mrs. Rita Chowdhary’s Capital A/c:

 

Bank A/c:

 

Stock

30,000

 

Sundry Creditors

67,500

 

Goodwill

30,000

60,000

Bills Payable

30,000

 

Bank A/c:

 

Expenses

5,250

1,02,750

Book Debts

54,000

 

Profit transferred to:

 

Stock

48,750

 

Mrs. Rita Chowdhary’s Capital A/c

66,000

 

Plant and Machinery

75,000

 

Miss Sobha’s Capital A/c

66,000

1,32,000

Land and Building

1,20,000

2,97,750

 

4,83,750

 

4,83,750

 

 

 

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Mrs. Rita

Chowdhary

Miss

Sobha

Particulars

Mrs. Rita

Chowdhary

Miss

Sobha

Realisation A/c (Assets)

60,000

Balance b/d

90,000

30,000

 

 

 

Reserve Fund

12,000

12,000

 

 

 

Realisation A/c (Mr. Chowdhary Loan)

15,000

 

 

 

 

 

 

Bank A/c

1,23,000

1,08,000

Realisation A/c (Profit)

66,000

66,000

 

 

 

 

 

 

 

1,83,000

1,08,000

 

1,83,000

1,08,000

 

 

 

 

 

 

               

 

Bank Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

30,000

Realisation A/c

1,02,750

Cash A/c

6,000

Mrs. Rita Chowdhary’s Capital A/c

1,23,000

Realisation A/c

2,97,750

Miss Sobha’s Capital A/c

1,08,000

 

 

 

 

 

3,33,750

 

3,33,750

 

 

 

 

Working Notes

WN 1 Value of Stock taken by Mrs. Rita Chowdhary

WN 2 Value of Stock sold

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Stock

7,500

Provision for Doubtful Debts

3,000

Investments

15,000

Trade Creditors

45,000

Book Debts

30,000

Bills Payable

12,000

Building 

22,500

Mrs. Arvid’s Loan

7,500

Plant

30,000

Mrs. Balbir’s Loan

15,000

Goodwill

6,000

Investments Fluctuation Fund

1,500

 

 

 

 

Arvind’s Capital A/c (Mrs. Arvind’s Loan)

7,500

Arvind’s Capital A/c (Stock)

6,000

Bank A/c:

 

Balbir’s Capital A/c (Investments 7500 × 90%)

6,750

Trade Creditors

44,925

 

Balbir’s Capital A/c (Unrecorded Typewriter )

450

Bills Payable

11,980

 

Bank A/c:

 

Expense

1,500

 

Book Debts

28,500

 

Mrs. Balbir’s Loan

15,000

73,405

Plant

37,500

 

Profit transferred to:

 

Building

60,000

 

Arvind’s Capital A/c

23,522.50

 

Goodwill

9,000

 

Balbir’s Capital A/c

23,522.50

47,045

Investments

6,750

1,41,750

 

 

 

 

 

2,38,950

 

2,38,950

 

 

 

 

                 

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Arvind

Balbir

Particulars

Arvind

Balbir

Profit and Loss A/c

2,625

2,625

Balance b/d

15,000

15,000

Realisation A/c (Assets)

6,000

7,200

Realisation A/c

7,500

Bank A/c

44,897.50

36,197.50

Reserve Fund

7,500

7,500

 

 

 

Realisation A/c (Profit)

23,522.50

23,522.50

 

 

 

 

 

 

 

53,522.50

46,022.50

 

53,522.50

46,022.50

 

 

 

 

 

 

               

 

                                            Bank Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

12,000

Realisation A/c

73,405

Cash A/c

750

Arvind’s Capital A/c

44,897.5

Realisation A/c

1,41,750

Balbir’s Capital A/c

36,197.5

 

 

 

 

 

1,54,500

 

1,54,500

 

 

 

 

Working Notes:

Creditors

45,000

Less:2% discount for 1 month

(75)

Payment made to Creditors

44,925

 

 

Bills Payable

12,000

Less: 2% discount for 1 month

(20)

Payment made for Bills Payable

11,980

 



Page No 6.67:

Question 29:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Stock

7,500

Provision for Doubtful Debts

3,000

Investments

15,000

Trade Creditors

45,000

Book Debts

30,000

Bills Payable

12,000

Building 

22,500

Mrs. Arvid’s Loan

7,500

Plant

30,000

Mrs. Balbir’s Loan

15,000

Goodwill

6,000

Investments Fluctuation Fund

1,500

 

 

 

 

Arvind’s Capital A/c (Mrs. Arvind’s Loan)

7,500

Arvind’s Capital A/c (Stock)

6,000

Bank A/c:

 

Balbir’s Capital A/c (Investments 7500 × 90%)

6,750

Trade Creditors

44,925

 

Balbir’s Capital A/c (Unrecorded Typewriter )

450

Bills Payable

11,980

 

Bank A/c:

 

Expense

1,500

 

Book Debts

28,500

 

Mrs. Balbir’s Loan

15,000

73,405

Plant

37,500

 

Profit transferred to:

 

Building

60,000

 

Arvind’s Capital A/c

23,522.50

 

Goodwill

9,000

 

Balbir’s Capital A/c

23,522.50

47,045

Investments

6,750

1,41,750

 

 

 

 

 

2,38,950

 

2,38,950

 

 

 

 

                 

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Arvind

Balbir

Particulars

Arvind

Balbir

Profit and Loss A/c

2,625

2,625

Balance b/d

15,000

15,000

Realisation A/c (Assets)

6,000

7,200

Realisation A/c

7,500

Bank A/c

44,897.50

36,197.50

Reserve Fund

7,500

7,500

 

 

 

Realisation A/c (Profit)

23,522.50

23,522.50

 

 

 

 

 

 

 

53,522.50

46,022.50

 

53,522.50

46,022.50

 

 

 

 

 

 

               

 

                                            Bank Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

12,000

Realisation A/c

73,405

Cash A/c

750

Arvind’s Capital A/c

44,897.5

Realisation A/c

1,41,750

Balbir’s Capital A/c

36,197.5

 

 

 

 

 

1,54,500

 

1,54,500

 

 

 

 

Working Notes:

Creditors

45,000

Less:2% discount for 1 month

(75)

Payment made to Creditors

44,925

 

 

Bills Payable

12,000

Less: 2% discount for 1 month

(20)

Payment made for Bills Payable

11,980

 

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Debtors

75,000

Creditors

50,000

Stock

40,000

Bank Loan

35,000

Investments

20,000

Provident Fund

15,000

Plant

50,000

Commission Received in Advance

8,000

Cash A/c:

 

Investments Fluctuation Fund

10,000

Commision Received in Advance

5,000

 

Cash A/c:

 

Outstanding Salary

8,500

 

Debtors

60,000

 

Compensation paid to Employees

17,000

 

Stock

35,500

 

Provident Fund 

20,000

 

Investments

16,000

 

 

Creditors

50,000

 

Plant

45,000

1,56,500

Bank Loan

35,000

1,35,500

Loss transferred to:

 

Anuj’s Capital A/c (Commission)   

7,825

Anju’s Capital A/c

21,530

 

 

 

Manju’s Capital A/c

21,530

 

 

 

Sanju’s Capital A/c

10,765

53,825

 

3,28,325

 

3,28,325

 

 

 

 

                 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Anju 

Manju 

Sanju 

Particulars

Anju 

Manju 

Sanju 

Profit and Loss A/c

1,200

1,200

600

Balance b/d

   50,000

50,000

30,000

Realisation A/c

21,530

21,530

10,765

Realisation A/c

7,825

Cash A/c

35,095

27,270

18,635

 

 

 

 

 

 

 

 

 

 

 

 

 

57,825

50,000

30,000

 

57,825

50,000

30,000

 

 

 

 

 

 

 

 

                   

 

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

60,000

Realisation A/c

1,35,500

Realisation A/c

1,56,500

Anju’s Capital A/c

35,095

 

 

Manju’s Capital A/c

27,270

 

 

Sanju’s Capital A/c

18,635

 

 

 

 

 

2,16,500

 

2,16,500

 

 

 

 

Working Notes:

WN 1

WN 2

 

Page No 6.67:

Question 30:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Debtors

75,000

Creditors

50,000

Stock

40,000

Bank Loan

35,000

Investments

20,000

Provident Fund

15,000

Plant

50,000

Commission Received in Advance

8,000

Cash A/c:

 

Investments Fluctuation Fund

10,000

Commision Received in Advance

5,000

 

Cash A/c:

 

Outstanding Salary

8,500

 

Debtors

60,000

 

Compensation paid to Employees

17,000

 

Stock

35,500

 

Provident Fund 

20,000

 

Investments

16,000

 

 

Creditors

50,000

 

Plant

45,000

1,56,500

Bank Loan

35,000

1,35,500

Loss transferred to:

 

Anuj’s Capital A/c (Commission)   

7,825

Anju’s Capital A/c

21,530

 

 

 

Manju’s Capital A/c

21,530

 

 

 

Sanju’s Capital A/c

10,765

53,825

 

3,28,325

 

3,28,325

 

 

 

 

                 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Anju 

Manju 

Sanju 

Particulars

Anju 

Manju 

Sanju 

Profit and Loss A/c

1,200

1,200

600

Balance b/d

   50,000

50,000

30,000

Realisation A/c

21,530

21,530

10,765

Realisation A/c

7,825

Cash A/c

35,095

27,270

18,635

 

 

 

 

 

 

 

 

 

 

 

 

 

57,825

50,000

30,000

 

57,825

50,000

30,000

 

 

 

 

 

 

 

 

                   

 

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

60,000

Realisation A/c

1,35,500

Realisation A/c

1,56,500

Anju’s Capital A/c

35,095

 

 

Manju’s Capital A/c

27,270

 

 

Sanju’s Capital A/c

18,635

 

 

 

 

 

2,16,500

 

2,16,500

 

 

 

 

Working Notes:

WN 1

WN 2

 

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Building

2,000

Creditors

1,121

Plant

3,122

Reserve for Depreciation on Plant

2,000

Good will

1,000

A’s Capital A/c:

 

100 Shares in X Ltd.

240

Building

3,150

 

1,000 Shares in Y Ltd.

1,000

Shares of Y Ltd.

700

3,850

Stock

1,124

B’s Capital A/c:

 

Debtors

874

Good will

1,000

 

Patents

3,808

Stock

1,124

 

B’s Capital A/c (Creditors)

1,121

Debtors

874

 

 

 

Patents

3,000

 

 

 

Plant

500

 

 

 

Shares of Y Ltd.

200

6,698

 

 

C’s Capital:

 

 

 

Shares of X Ltd.

150

 

 

 

Shares of Y Ltd.

100

250

 

 

Loss transferred to:

 

 

 

A’s Capital A/c

259

 

 

 

B’s Capital A/c

74

 

 

 

C’s Capital A/c

37

370

 

 

 

 

 

14,289

 

14,289

 

 

 

 

                 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

C

Particulars

A

B

C

Realisation A/c (Assets)

3,850

6,698

250

Balance b/d

1,241

865

8,062

Realisation A/c (Loss)

259

74

37

Realisation A/c (Creditors)

1,121

Bank A/c

7,775

Bank A/c

2,868

4,786

 

 

 

 

 

 

 

 

 

 

4,109

6,772

8,062

 

4,109

6,772

8,062

 

 

 

 

 

 

 

 

                 

 

Bank Account 

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

121

C’s Capital A/c

7,775

A’s Capital A/c

2,868

 

 

B’s Capital A/c

4,786

 

 

 

7,775

 

7,775

 

 

 

 

Working Notes:

Distribution of Shares in Y Ltd.



Page No 6.68:

Question 31:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Building

2,000

Creditors

1,121

Plant

3,122

Reserve for Depreciation on Plant

2,000

Good will

1,000

A’s Capital A/c:

 

100 Shares in X Ltd.

240

Building

3,150

 

1,000 Shares in Y Ltd.

1,000

Shares of Y Ltd.

700

3,850

Stock

1,124

B’s Capital A/c:

 

Debtors

874

Good will

1,000

 

Patents

3,808

Stock

1,124

 

B’s Capital A/c (Creditors)

1,121

Debtors

874

 

 

 

Patents

3,000

 

 

 

Plant

500

 

 

 

Shares of Y Ltd.

200

6,698

 

 

C’s Capital:

 

 

 

Shares of X Ltd.

150

 

 

 

Shares of Y Ltd.

100

250

 

 

Loss transferred to:

 

 

 

A’s Capital A/c

259

 

 

 

B’s Capital A/c

74

 

 

 

C’s Capital A/c

37

370

 

 

 

 

 

14,289

 

14,289

 

 

 

 

                 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

C

Particulars

A

B

C

Realisation A/c (Assets)

3,850

6,698

250

Balance b/d

1,241

865

8,062

Realisation A/c (Loss)

259

74

37

Realisation A/c (Creditors)

1,121

Bank A/c

7,775

Bank A/c

2,868

4,786

 

 

 

 

 

 

 

 

 

 

4,109

6,772

8,062

 

4,109

6,772

8,062

 

 

 

 

 

 

 

 

                 

 

Bank Account 

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

121

C’s Capital A/c

7,775

A’s Capital A/c

2,868

 

 

B’s Capital A/c

4,786

 

 

 

7,775

 

7,775

 

 

 

 

Working Notes:

Distribution of Shares in Y Ltd.

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Building

10,000

Employee’s Provident Fund

3,000

Plant

22,000

Depreciation Reserve

5,000

Stock

12,200

Creditors

11,000

Debtors

5,000

J’s Capital A/c (Building)

10,000

Accrued Interest

1,000

Cash A/c:

 

J’s Capital (Creditors)

11,000

Plant

25,000

 

Cash A/c:

 

Stock

11,200

 

Contingent Liability  

600

 

Debtors

4,600

40,800

Expenses

600

 

 

 

Provident Fund

3,000

4,200

 

 

Profit transferred to:

 

 

 

J’s Capital A/c

2,200

 

 

 

S’s Capital A/c

1,467

 

 

 

R’s Capital A/c

733

4,400

 

 

 

69,800

 

69,800

 

 

 

 

                 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

J

S

R

Particulars

J

S

R

Realisation A/c (Building)

10,000

Balance b/d

12,000

8,600

10,400

 

 

 

 

Reserve Fund

1,500

1,000

500

 

 

 

 

Realisation A/c (Creditors)

11,000

Cash A/c

16,700

11,067

11,633

Realisation A/c (Profit)

2,200

1,467

733

 

26,700

11,067

11,633

 

26,700

11,067

11,633

 

 

 

 

 

 

 

 

                   

 

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

2,800

Realisation A/c

4,200

Realisation A/c

40,800

J’s Capital A/c

16,700

 

 

S’s Capital A/c

11,067

 

 

R’s Capital A/c

11,633

 

43,600

 

43,600

 

 

 

 

 

Page No 6.68:

Question 32:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Building

10,000

Employee’s Provident Fund

3,000

Plant

22,000

Depreciation Reserve

5,000

Stock

12,200

Creditors

11,000

Debtors

5,000

J’s Capital A/c (Building)

10,000

Accrued Interest

1,000

Cash A/c:

 

J’s Capital (Creditors)

11,000

Plant

25,000

 

Cash A/c:

 

Stock

11,200

 

Contingent Liability  

600

 

Debtors

4,600

40,800

Expenses

600

 

 

 

Provident Fund

3,000

4,200

 

 

Profit transferred to:

 

 

 

J’s Capital A/c

2,200

 

 

 

S’s Capital A/c

1,467

 

 

 

R’s Capital A/c

733

4,400

 

 

 

69,800

 

69,800

 

 

 

 

                 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

J

S

R

Particulars

J

S

R

Realisation A/c (Building)

10,000

Balance b/d

12,000

8,600

10,400

 

 

 

 

Reserve Fund

1,500

1,000

500

 

 

 

 

Realisation A/c (Creditors)

11,000

Cash A/c

16,700

11,067

11,633

Realisation A/c (Profit)

2,200

1,467

733

 

26,700

11,067

11,633

 

26,700

11,067

11,633

 

 

 

 

 

 

 

 

                   

 

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

2,800

Realisation A/c

4,200

Realisation A/c

40,800

J’s Capital A/c

16,700

 

 

S’s Capital A/c

11,067

 

 

R’s Capital A/c

11,633

 

43,600

 

43,600

 

 

 

 

 

Answer:

 

Realisation Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Debtors

70,000

Provision for Doubtful Debts

6,000

Stock

50,000

Creditors

40,000

Investments

60,000

Bills Payable

46,000

Furniture

42,000

Employee’s Provident Fund

32,000

Machinery

1,36,000

Investment Fluctuation Fund

16,000

Land

1,00,000

Mrs. A’s Loan

38,000

Goodwill

30,000

A’s Capital A/c (Stock)

36,000

A’s Capital A/c (Mrs.A’s Loan)

38,000

B’s Capital A/c (Debtors)

28,000

C’s Capital A/c (Creditors)

20,000

C’s Capital A/c (Investments)

54,000

Cash A/c (Expenses)

4,000

Cash A/c (Debtors) 60% × 35,000

21,000

Cash A/c (Creditors)

20,000

Cash A/c (Furniture)

30,000

Cash A/c (Bills Payable)

46,000

Cash A/c (Machinery)

82,000

Cash A/c (Employees’ Provident Fund)

32,000

Cash A/c (Land)

1,20,000

 

 

Cash A/c (Unrecorded Assets)

22,000

 

 

Loss on Revaluation transferred to:

 

 

 

A

30,800

 

 

 

B

30,800

 

 

 

C

15,400

77,000

 

6,48,000

 

6,48,000

 

 

 

 

 

Partners’ Capital Account

Dr.

Cr.

Particulars

A

B

C

Particulars

A

B

C

Realisation A/c (Stock)

36,000

-

-

Balance b/d

1,20,000

1,00,000

1,00,000

Realisation A/c (Debtors)

-

28,000

-

Realisation A/c (Mrs.A’s Loan)

38,000

-

-

Realisation A/c (Investments)

-

-

54,000

Realisation A/c (Creditors)

-

-

20,000

Realisation A/c (Loss)

30,800

30,800

15,400

 

 

 

 

Cash A/c

91,200

41,200

50,600

 

 

 

 

 

1,58,000

1,00,000

1,20,000

 

1,58,000

1,00,000

1,20,000

 

 

 

 

 

 

 

 

 

 

C’s Loan A/c

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Cash A/c

30,000

Balance b/d

30,000

 

30,000

 

30,000

 

 

 

 

 

Cash A/c

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

40,000

Realisation A/c (Creditors)

20,000

Realisation A/c (Debtors)

21,000

Realisation A/c (Expenses)

4,000

Realisation A/c (Furniture)

30,000

Realisation A/c (Bills Payable)

46,000

Realisation A/c (Machinery)

82,000

Realisation A/c (Employees’ Provident Fund)

32,000

Realisation A/c (Land)

1,20,000

C’s Loan A/c

30,000

Realisation A/c (Unrecorded Assets)

22,000

A’s Capital A/c

91,200

 

 

B’s Capital A/c

41,200

 

 

C’s Capital A/c

50,600

 

3,15,000

 

3,15,000

 

 

 

 

 



Page No 6.69:

Question 33:

 

Realisation Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Debtors

70,000

Provision for Doubtful Debts

6,000

Stock

50,000

Creditors

40,000

Investments

60,000

Bills Payable

46,000

Furniture

42,000

Employee’s Provident Fund

32,000

Machinery

1,36,000

Investment Fluctuation Fund

16,000

Land

1,00,000

Mrs. A’s Loan

38,000

Goodwill

30,000

A’s Capital A/c (Stock)

36,000

A’s Capital A/c (Mrs.A’s Loan)

38,000

B’s Capital A/c (Debtors)

28,000

C’s Capital A/c (Creditors)

20,000

C’s Capital A/c (Investments)

54,000

Cash A/c (Expenses)

4,000

Cash A/c (Debtors) 60% × 35,000

21,000

Cash A/c (Creditors)

20,000

Cash A/c (Furniture)

30,000

Cash A/c (Bills Payable)

46,000

Cash A/c (Machinery)

82,000

Cash A/c (Employees’ Provident Fund)

32,000

Cash A/c (Land)

1,20,000

 

 

Cash A/c (Unrecorded Assets)

22,000

 

 

Loss on Revaluation transferred to:

 

 

 

A

30,800

 

 

 

B

30,800

 

 

 

C

15,400

77,000

 

6,48,000

 

6,48,000

 

 

 

 

 

Partners’ Capital Account

Dr.

Cr.

Particulars

A

B

C

Particulars

A

B

C

Realisation A/c (Stock)

36,000

-

-

Balance b/d

1,20,000

1,00,000

1,00,000

Realisation A/c (Debtors)

-

28,000

-

Realisation A/c (Mrs.A’s Loan)

38,000

-

-

Realisation A/c (Investments)

-

-

54,000

Realisation A/c (Creditors)

-

-

20,000

Realisation A/c (Loss)

30,800

30,800

15,400

 

 

 

 

Cash A/c

91,200

41,200

50,600

 

 

 

 

 

1,58,000

1,00,000

1,20,000

 

1,58,000

1,00,000

1,20,000

 

 

 

 

 

 

 

 

 

 

C’s Loan A/c

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Cash A/c

30,000

Balance b/d

30,000

 

30,000

 

30,000

 

 

 

 

 

Cash A/c

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

40,000

Realisation A/c (Creditors)

20,000

Realisation A/c (Debtors)

21,000

Realisation A/c (Expenses)

4,000

Realisation A/c (Furniture)

30,000

Realisation A/c (Bills Payable)

46,000

Realisation A/c (Machinery)

82,000

Realisation A/c (Employees’ Provident Fund)

32,000

Realisation A/c (Land)

1,20,000

C’s Loan A/c

30,000

Realisation A/c (Unrecorded Assets)

22,000

A’s Capital A/c

91,200

 

 

B’s Capital A/c

41,200

 

 

C’s Capital A/c

50,600

 

3,15,000

 

3,15,000

 

 

 

 

 

Answer:

 

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Trade Marks

1,200

Provision for Bad Debts

400

Machinery

12,000

Bank Loan

1,500

Furniture

400

Creditors for Goods

8,000

Stock

6,000

Bills Payable

500

Debtors

9,000

 

 

Bank A/c:

 

Bank A/c:

 

Bank Loan

1,500

 

Goodwill

1,000

 

Creditors

7,920

 

Debtors

8,100

 

Bills Payable

500

 

Trade Marks

800

 

Expense

800

10,720

Unrecorded Assets

200

10,100

 

 

Krishna’s Capital A/c:

 

 

 

Machinery 

14,400

 

 

 

Stock in Trade

3,600

18,000

 

 

Loss transferred to:

 

 

 

Krishna’s Capital A/c

656

 

 

 

Arjun’s Capital A/c

164

820

 

 

 

 

 

39,320

 

39,320

 

 

 

 

                   

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Krishna

Arjun

Particulars

Krishna

Arjun

Advertisement Suspense A/c

800

200

Balance b/d

16,000

6,000

Realisation A/c (Assets )

18,000

 

 

 

Realisation A/c (Loss)

656

164

Bank A/c

3,456

Bank A/c

5,636

 

 

 

 

19,456

6,000

 

19,456

6,000

 

 

 

 

 

 

               

 

 

Bank Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

2,800

Realisation A/c

10,720

Realisation A/c

10,100

Arjun’s Capital A/c

5,636

Krishna’s Capital A/c

3,456

 

 

 

 

 

 

 

16,356

 

16,356

 

 

 

 

 

Page No 6.69:

Question 34:

 

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Trade Marks

1,200

Provision for Bad Debts

400

Machinery

12,000

Bank Loan

1,500

Furniture

400

Creditors for Goods

8,000

Stock

6,000

Bills Payable

500

Debtors

9,000

 

 

Bank A/c:

 

Bank A/c:

 

Bank Loan

1,500

 

Goodwill

1,000

 

Creditors

7,920

 

Debtors

8,100

 

Bills Payable

500

 

Trade Marks

800

 

Expense

800

10,720

Unrecorded Assets

200

10,100

 

 

Krishna’s Capital A/c:

 

 

 

Machinery 

14,400

 

 

 

Stock in Trade

3,600

18,000

 

 

Loss transferred to:

 

 

 

Krishna’s Capital A/c

656

 

 

 

Arjun’s Capital A/c

164

820

 

 

 

 

 

39,320

 

39,320

 

 

 

 

                   

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Krishna

Arjun

Particulars

Krishna

Arjun

Advertisement Suspense A/c

800

200

Balance b/d

16,000

6,000

Realisation A/c (Assets )

18,000

 

 

 

Realisation A/c (Loss)

656

164

Bank A/c

3,456

Bank A/c

5,636

 

 

 

 

19,456

6,000

 

19,456

6,000

 

 

 

 

 

 

               

 

 

Bank Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

2,800

Realisation A/c

10,720

Realisation A/c

10,100

Arjun’s Capital A/c

5,636

Krishna’s Capital A/c

3,456

 

 

 

 

 

 

 

16,356

 

16,356

 

 

 

 

 

Answer:

 

Realisation Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Plant and Machinery

80,000

Sundry Creditors

1,20,000

Furniture and Fixtures

45,000

Cloud’s Capital A/c (Plant)

45,000

Motor Car

25,000

Bank A/c (Machinery)

50,000

Stock-in-Trade

30,000

Bank A/c (Furniture and Fixtures)

40,000

Sundry Debtors

71,000

Storm’s Capital A/c (Motor Car)

30,000

Bank A/c (Creditors)

1,00,300

Bank A/c (Debtors)

62,820

Bank A/c (Expenses)

5,000

Rain’s Capital A/c (Stock)

5,200

Profit on Realisation transferred to:

 

Bank A/c (Stock)

30,000

Cloud

13,360

 

 

 

Storm

8,016

 

 

 

Rain

5,344

26,720

 

 

 

3,83,020

 

3,83,020

 

 

 

 

 

Partners’ Capital Account

Dr.

Cr.

Particulars

Cloud

Storm

Rain

Particulars

Cloud

Storm

Rain

Current A/c

–

–

3,000

Balance b/d

60,000

40,000

30,000

Realisation A/c (Plant)

45,000

–

–

Current A/c

8,000

10,000

–

Realisation A/c (Motor Car)

–

30,000

–

Realisation A/c (Profit)

13,360

8,016

5,344

Realisation A/c (Stock)

–

–

5,200

 

 

 

 

Bank A/c

36,360

28,016

27,144

 

 

 

 

 

81,360

58,016

35,344

 

81,360

58,016

35,344

 

 

 

 

 

 

 

 

 

 

Cash at Bank A/c

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

14,000

Realisation A/c (Creditors)

1,00,300

Realisation A/c (Machinery)

50,000

Realisation A/c (Expenses)

5,000

Realisation A/c (Furniture and Fixtures)

40,000

Cloud’s Capital A/c

36,360

Realisation A/c (Debtors)

62,820

Storm’s Capital A/c

28,016

Realisation A/c (Stock)

30,000

Rain’s Capital A/c

27,144

 

1,96,820

 

1,96,820

 

 

 

 

 



Page No 6.70:

Question 35:

 

Realisation Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Plant and Machinery

80,000

Sundry Creditors

1,20,000

Furniture and Fixtures

45,000

Cloud’s Capital A/c (Plant)

45,000

Motor Car

25,000

Bank A/c (Machinery)

50,000

Stock-in-Trade

30,000

Bank A/c (Furniture and Fixtures)

40,000

Sundry Debtors

71,000

Storm’s Capital A/c (Motor Car)

30,000

Bank A/c (Creditors)

1,00,300

Bank A/c (Debtors)

62,820

Bank A/c (Expenses)

5,000

Rain’s Capital A/c (Stock)

5,200

Profit on Realisation transferred to:

 

Bank A/c (Stock)

30,000

Cloud

13,360

 

 

 

Storm

8,016

 

 

 

Rain

5,344

26,720

 

 

 

3,83,020

 

3,83,020

 

 

 

 

 

Partners’ Capital Account

Dr.

Cr.

Particulars

Cloud

Storm

Rain

Particulars

Cloud

Storm

Rain

Current A/c

–

–

3,000

Balance b/d

60,000

40,000

30,000

Realisation A/c (Plant)

45,000

–

–

Current A/c

8,000

10,000

–

Realisation A/c (Motor Car)

–

30,000

–

Realisation A/c (Profit)

13,360

8,016

5,344

Realisation A/c (Stock)

–

–

5,200

 

 

 

 

Bank A/c

36,360

28,016

27,144

 

 

 

 

 

81,360

58,016

35,344

 

81,360

58,016

35,344

 

 

 

 

 

 

 

 

 

 

Cash at Bank A/c

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

14,000

Realisation A/c (Creditors)

1,00,300

Realisation A/c (Machinery)

50,000

Realisation A/c (Expenses)

5,000

Realisation A/c (Furniture and Fixtures)

40,000

Cloud’s Capital A/c

36,360

Realisation A/c (Debtors)

62,820

Storm’s Capital A/c

28,016

Realisation A/c (Stock)

30,000

Rain’s Capital A/c

27,144

 

1,96,820

 

1,96,820

 

 

 

 

 

Answer:

Realisation Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets (WN)

1,20,000

Creditors

30,000

Cash A/c

30,000

Cash A/c

1,00,000

 

 

Loss transferred to:

 

 

 

X’s Capital A/c

10,000

 

 

 

Y’s Capital A/c

10,000

20,000

 

1,50,000

 

1,50,000

 

 

 

 

             

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

X

Y

Particulars

X

Y

Realisation A/c (Loss)

10,000

10,000

Balance b/d

50,000

40,000

Cash A/c

40,000

30,000

 

 

 

 

 

 

 

 

 

 

50,000

40,000

 

50,000

40,000

 

 

 

 

 

 

               

 

 

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Realisation A/c

1,00,000

Realisation A/c

30,000

 

 

A’s Capital A/c

40,000

 

 

B’s Capital A/c

30,000

 

 

 

 

 

1,00,000

 

1,00,000

 

 

 

 

Working Note: 

Memorandum Balance Sheet

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Capital A/c

 

Sundry Assets

1,20,000

X

50,000

 

(Balancing Figure)

 

Y

40,000

90,000

 

 

Creditors

30,000

 

 

 

 

 

 

 

1,20,000

 

1,20,000

 

 

 

 

 

Page No 6.70:

Question 36:

Realisation Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets (WN)

1,20,000

Creditors

30,000

Cash A/c

30,000

Cash A/c

1,00,000

 

 

Loss transferred to:

 

 

 

X’s Capital A/c

10,000

 

 

 

Y’s Capital A/c

10,000

20,000

 

1,50,000

 

1,50,000

 

 

 

 

             

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

X

Y

Particulars

X

Y

Realisation A/c (Loss)

10,000

10,000

Balance b/d

50,000

40,000

Cash A/c

40,000

30,000

 

 

 

 

 

 

 

 

 

 

50,000

40,000

 

50,000

40,000

 

 

 

 

 

 

               

 

 

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Realisation A/c

1,00,000

Realisation A/c

30,000

 

 

A’s Capital A/c

40,000

 

 

B’s Capital A/c

30,000

 

 

 

 

 

1,00,000

 

1,00,000

 

 

 

 

Working Note: 

Memorandum Balance Sheet

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Capital A/c

 

Sundry Assets

1,20,000

X

50,000

 

(Balancing Figure)

 

Y

40,000

90,000

 

 

Creditors

30,000

 

 

 

 

 

 

 

1,20,000

 

1,20,000

 

 

 

 

 

Answer:

Realisation Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets (WN)

65,000

Creditors

20,000

Cash A/c (Creditors)

20,000

Cash A/c (Assets realised)

50,000

 

 

Loss transferred to:

 

 

 

A’s Capital A/c

7,500

 

 

 

B’s Capital A/c

4,500

 

 

 

C’s Capital A/c

3,000

15,000

 

85,000

 

85,000

 

 

 

 

             

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

C

Particulars

A

B

C

Balance b/d

5,000

Balance b/d

30,000

20,000

Realisation A/c (Loss)

7,500

4,500

3,000

Cash A/c

8,000

Cash A/c

22,500

15,500

 

 

 

 

 

 

 

 

 

 

 

 

 

30,000

20,000

8,000

 

30,000

20,000

8,000

 

 

 

 

 

 

 

 

                   

 

 

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Realisation A/c (Assets)

50,000

Realisation A/c (Creditors)

20,000

C’s Capital A/c

8,000

A’s Capital A/c

22,500

 

 

B’s Capital A/c

15,500

 

 

 

 

 

58,000

 

58,000

 

 

 

 

Working Note:

Memorandum Balance Sheet

as on March 31, 2012

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Capital A/c

 

C’s Capital A/c

5,000

A

30,000

 

Sundry Assets

65,000

B

20,000

50,000

(Balancing Figure)

 

Other liabilities

20,000

 

 

 

70,000

 

70,000

 

 

 

 

 

Page No 6.70:

Question 37:

Realisation Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets (WN)

65,000

Creditors

20,000

Cash A/c (Creditors)

20,000

Cash A/c (Assets realised)

50,000

 

 

Loss transferred to:

 

 

 

A’s Capital A/c

7,500

 

 

 

B’s Capital A/c

4,500

 

 

 

C’s Capital A/c

3,000

15,000

 

85,000

 

85,000

 

 

 

 

             

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

C

Particulars

A

B

C

Balance b/d

5,000

Balance b/d

30,000

20,000

Realisation A/c (Loss)

7,500

4,500

3,000

Cash A/c

8,000

Cash A/c

22,500

15,500

 

 

 

 

 

 

 

 

 

 

 

 

 

30,000

20,000

8,000

 

30,000

20,000

8,000

 

 

 

 

 

 

 

 

                   

 

 

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Realisation A/c (Assets)

50,000

Realisation A/c (Creditors)

20,000

C’s Capital A/c

8,000

A’s Capital A/c

22,500

 

 

B’s Capital A/c

15,500

 

 

 

 

 

58,000

 

58,000

 

 

 

 

Working Note:

Memorandum Balance Sheet

as on March 31, 2012

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Capital A/c

 

C’s Capital A/c

5,000

A

30,000

 

Sundry Assets

65,000

B

20,000

50,000

(Balancing Figure)

 

Other liabilities

20,000

 

 

 

70,000

 

70,000

 

 

 

 

 

Answer:

Realisation Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets (WN)

21,250

Other liabilities 

5,000

Cash A/c (Liabilities)

5,000

Cash A/c (Assets Realised)

24,000

Profit transferred to:

 

 

 

A’s Capital A/c

1,750

 

 

 

B’s Capital A/c

1,000

2,750

 

 

 

 

 

 

 

29,000

 

29,000

 

 

 

 

           

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

Particulars

A

B

Cash A/c

8,750

5,000

Balance b/d

7,000

4,000

 

 

 

Realisation A/c (Profit)

1,750

1,000

 

8,750

5,000

 

8,750

5,000

 

 

 

 

 

 

               

 

Partners’ Loan Accounts

Dr.

 

Cr.

Particulars

A

B

Particulars

A

B

Cash A/c

4,500

750

Balance b/d

4,500

750

 

 

 

 

 

 

 

4,500

750

 

4,500

750

 

 

 

 

 

 

               

 

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Realisation A/c  (Assets)

24,000

A’s Capital A/c

8,750

 

 

B’s Capital A/c

5,000

 

 

A’s Loan A/c

4,500

 

 

B’s Loan A/c

750

 

 

Realisation A/c

5,000

 

 

 

 

 

24,000

 

24,000

 

 

 

 

Working Note

Memorandum Balance Sheet

as on May 30, 2013

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Capital A/cs:

 

Sundry Assets

21,250

A

7,000

 

(Balancing Figure)

 

B

4,000

11,000

 

 

A’s Loan

4,500

 

 

B’s Loan

750

 

 

Other Liabilities

5,000

 

 

 

 

 

 

 

21,250

 

21,250

 

 

 

 

 

Page No 6.70:

Question 38:

Realisation Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets (WN)

21,250

Other liabilities 

5,000

Cash A/c (Liabilities)

5,000

Cash A/c (Assets Realised)

24,000

Profit transferred to:

 

 

 

A’s Capital A/c

1,750

 

 

 

B’s Capital A/c

1,000

2,750

 

 

 

 

 

 

 

29,000

 

29,000

 

 

 

 

           

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

Particulars

A

B

Cash A/c

8,750

5,000

Balance b/d

7,000

4,000

 

 

 

Realisation A/c (Profit)

1,750

1,000

 

8,750

5,000

 

8,750

5,000

 

 

 

 

 

 

               

 

Partners’ Loan Accounts

Dr.

 

Cr.

Particulars

A

B

Particulars

A

B

Cash A/c

4,500

750

Balance b/d

4,500

750

 

 

 

 

 

 

 

4,500

750

 

4,500

750

 

 

 

 

 

 

               

 

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Realisation A/c  (Assets)

24,000

A’s Capital A/c

8,750

 

 

B’s Capital A/c

5,000

 

 

A’s Loan A/c

4,500

 

 

B’s Loan A/c

750

 

 

Realisation A/c

5,000

 

 

 

 

 

24,000

 

24,000

 

 

 

 

Working Note

Memorandum Balance Sheet

as on May 30, 2013

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Capital A/cs:

 

Sundry Assets

21,250

A

7,000

 

(Balancing Figure)

 

B

4,000

11,000

 

 

A’s Loan

4,500

 

 

B’s Loan

750

 

 

Other Liabilities

5,000

 

 

 

 

 

 

 

21,250

 

21,250

 

 

 

 

 

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets (WN)

69,250

Sundry Creditors

20,000

Bank A/c:

 

Bank A/c:

 

S. Creditors

20,000

 

Stock

20,000

 

Expenses

350

20,350

Debtors

25,000

 

Profit transferred to:

 

Other Assets

20,000

65,000

A’s Capital A/c

1,450

 

B’s Capital A/c (Machinery)

7,500

B’s Capital A/c

1,450

2,900

 

 

 

92,500

 

92,500

 

 

 

 

                 

 

 

A’s Loan Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Bank A/c

10,000

Balance b/d

10,000

 

 

 

 

 

10,000

 

10,000

 

 

 

 

           

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

Particulars

A

B

Realisation A/c (Machinery)

7,500

Balance b/d

25,000

15,000

Bank A/c

26,450

8,950

Realisation A/c (Profit)

1,450

1,450

 

 

 

 

 

 

 

26,450

16,450

 

26,450

16,450

 

 

 

 

 

 

               

 

 

Bank Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

750

A’s Loan A/c

10,000

Realisation A/c

65,000

A’s Capital A/c

26,450

 

 

B’s Capital A/c

8,950

 

 

Realisation A/c

20,350

 

 

 

 

 

65,750

 

65,750

 

 

 

 

Working Note

Memorandum Balance Sheet

as on March 31, 2014

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Capital A/cs:

 

Cash in Hand and at Bank

750

A

25,000

 

 

 

B

15,000

40,000

Sundry Assets

 

Sundry Creditors

20,000

(other than Cash and Bank)

69,250

A’s Loan

10,000

 

 

 

 

 

 

 

70,000

 

70,000

 

 

 

 

 

 



Page No 6.71:

Question 39:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets (WN)

69,250

Sundry Creditors

20,000

Bank A/c:

 

Bank A/c:

 

S. Creditors

20,000

 

Stock

20,000

 

Expenses

350

20,350

Debtors

25,000

 

Profit transferred to:

 

Other Assets

20,000

65,000

A’s Capital A/c

1,450

 

B’s Capital A/c (Machinery)

7,500

B’s Capital A/c

1,450

2,900

 

 

 

92,500

 

92,500

 

 

 

 

                 

 

 

A’s Loan Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Bank A/c

10,000

Balance b/d

10,000

 

 

 

 

 

10,000

 

10,000

 

 

 

 

           

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

Particulars

A

B

Realisation A/c (Machinery)

7,500

Balance b/d

25,000

15,000

Bank A/c

26,450

8,950

Realisation A/c (Profit)

1,450

1,450

 

 

 

 

 

 

 

26,450

16,450

 

26,450

16,450

 

 

 

 

 

 

               

 

 

Bank Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

750

A’s Loan A/c

10,000

Realisation A/c

65,000

A’s Capital A/c

26,450

 

 

B’s Capital A/c

8,950

 

 

Realisation A/c

20,350

 

 

 

 

 

65,750

 

65,750

 

 

 

 

Working Note

Memorandum Balance Sheet

as on March 31, 2014

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Capital A/cs:

 

Cash in Hand and at Bank

750

A

25,000

 

 

 

B

15,000

40,000

Sundry Assets

 

Sundry Creditors

20,000

(other than Cash and Bank)

69,250

A’s Loan

10,000

 

 

 

 

 

 

 

70,000

 

70,000

 

 

 

 

 

 

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets (WN)

1,20,000

Creditors

40,000

Cash A/c:

 

Cash A/c (Assets Realised)

1,10,000

Creditors

40,000

 

Loss transferred to:

 

Expenses

1,000

41,000

Ashok’s Capital A/c

8,250

 

 

 

Kishore’s Capital A/c

2,750

11,000

 

 

 

 

 

1,61,000

 

1,61,000

 

 

 

 

               

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Ashok

Kishore

Particulars

Ashok

Kishore

Balance b/d

10,000

Balance b/d

1,00,000

Realisation A/c (Loss)

8,250

2,750

Cash A/c

14,750

Profit and Loss A/c

6,000

2,000

 

 

 

Cash A/c

85,750

 

 

 

 

 

 

 

 

 

 

 

1,00,000

14,750

 

1,00,000

14,750

 

 

 

 

 

 

               

 

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

2,000

Realisation A/c

41,000

Realisation A/c

1,10,000

Ashok’s Capital A/c

85,750

Kishore’s Capital A/c

14,750

 

 

 

 

 

 

 

1,26,750

 

1,26,750

 

 

 

 

Working Note

Memorandum Balance Sheet

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Creditors

40,000

Cash

2,000

Ashok’s Capital

1,00,000

Kishore’s Capital

10,000

 

 

Profit and Loss A/c

8,000

 

 

Sundry Assets (Balancing figure)

1,20,000

 

 

 

 

 

1,40,000

 

1,40,000

 

 

 

 

 

Page No 6.71:

Question 40:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets (WN)

1,20,000

Creditors

40,000

Cash A/c:

 

Cash A/c (Assets Realised)

1,10,000

Creditors

40,000

 

Loss transferred to:

 

Expenses

1,000

41,000

Ashok’s Capital A/c

8,250

 

 

 

Kishore’s Capital A/c

2,750

11,000

 

 

 

 

 

1,61,000

 

1,61,000

 

 

 

 

               

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Ashok

Kishore

Particulars

Ashok

Kishore

Balance b/d

10,000

Balance b/d

1,00,000

Realisation A/c (Loss)

8,250

2,750

Cash A/c

14,750

Profit and Loss A/c

6,000

2,000

 

 

 

Cash A/c

85,750

 

 

 

 

 

 

 

 

 

 

 

1,00,000

14,750

 

1,00,000

14,750

 

 

 

 

 

 

               

 

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

2,000

Realisation A/c

41,000

Realisation A/c

1,10,000

Ashok’s Capital A/c

85,750

Kishore’s Capital A/c

14,750

 

 

 

 

 

 

 

1,26,750

 

1,26,750

 

 

 

 

Working Note

Memorandum Balance Sheet

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Creditors

40,000

Cash

2,000

Ashok’s Capital

1,00,000

Kishore’s Capital

10,000

 

 

Profit and Loss A/c

8,000

 

 

Sundry Assets (Balancing figure)

1,20,000

 

 

 

 

 

1,40,000

 

1,40,000

 

 

 

 

 

Answer:

Realisation Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets (WN 2)

18,000

Cash A/c (Asset realised )

6,000

 

 

Loss transferred to: 

 

 

 

X’s Capital A/c

4,000

 

 

 

Y’s Capital A/c

4,000

 

 

 

Z’s Capital A/c

4,000

12,000

 

 

 

 

 

18,000

 

18,000

 

 

 

 

             

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

X

Y

Z

Particulars

X

Y

Z

Realisation A/c (Loss)

4,000

4,000

4,000

Balance b/d

9,000

6,000

3,000

Cash A/c

5,000

2,000

Cash A/c

1,000

 

 

 

 

 

 

 

 

 

9,000

6,000

4,000

 

9,000

6,000

4,000

 

 

 

 

 

 

 

 

Working Notes

WN 1

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Realisation A/c

6,000

X’s Capital A/c

5,000

Z’s Capital A/c

1,000

Y’s Capital A/c

2,000

 

 

 

 

 

7,000

 

7,000

 

 

 

 

WN 2

Memorandum Balance Sheet

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Capital A/cs:

 

Sundry Assets

18,000

X’s Capital A/c

9,000

 

(Balancing figure)

 

Y’s Capital A/c

6,000

 

 

 

Z’s Capital A/c

3,000

18,000

 

 

 

18,000

 

18,000

 

 

 

 

 

Page No 6.71:

Question 41:

Realisation Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets (WN 2)

18,000

Cash A/c (Asset realised )

6,000

 

 

Loss transferred to: 

 

 

 

X’s Capital A/c

4,000

 

 

 

Y’s Capital A/c

4,000

 

 

 

Z’s Capital A/c

4,000

12,000

 

 

 

 

 

18,000

 

18,000

 

 

 

 

             

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

X

Y

Z

Particulars

X

Y

Z

Realisation A/c (Loss)

4,000

4,000

4,000

Balance b/d

9,000

6,000

3,000

Cash A/c

5,000

2,000

Cash A/c

1,000

 

 

 

 

 

 

 

 

 

9,000

6,000

4,000

 

9,000

6,000

4,000

 

 

 

 

 

 

 

 

Working Notes

WN 1

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Realisation A/c

6,000

X’s Capital A/c

5,000

Z’s Capital A/c

1,000

Y’s Capital A/c

2,000

 

 

 

 

 

7,000

 

7,000

 

 

 

 

WN 2

Memorandum Balance Sheet

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Capital A/cs:

 

Sundry Assets

18,000

X’s Capital A/c

9,000

 

(Balancing figure)

 

Y’s Capital A/c

6,000

 

 

 

Z’s Capital A/c

3,000

18,000

 

 

 

18,000

 

18,000

 

 

 

 

 

Answer:

Realisation Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets (WN 2)

1,80,000

Sundry Creditors

24,000

Cash A/c (Creditors)

23,500

Cash A/c (Assets)

3,00,000

Profit transferred to:

 

 

 

A’s Capital A/c

48,200

 

 

 

B’s Capital A/c

36,150

 

 

 

C’s Capital A/c

36,150

1,20,500

 

 

 

 

 

 

 

3,24,000

 

3,24,000

 

 

 

 

             

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

C

Particulars

A

B

C

 

 

 

 

Balance b/d

70,000

55,000

35,000

Cash A/c

1,18,200

91,150

71,150

Realisation A/c

48,200

36,150

36,150

 

 

 

 

 

 

 

 

 

1,18,200

91,150

71,150

 

1,18,200

91,150

71,150

 

 

 

 

 

 

 

 

                   

 

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

4,000

Realisation A/c

23,500

Realisation A/c

3,00,000

A’s Capital A/c

1,18,200

 

 

B’s Capital A/c

91,150

 

 

C’s Capital A/c

71,150

 

 

 

 

 

3,04,000

 

3,04,000

 

 

 

 

Working Notes:

WN 1 Calculation of Partners’ Capital as on March 31, 2012

Particulars

X

Y

Z

Capital as on April 01, 2011

1,00,000

80,000

60,000

Less:Drawings

(10,000)

(10,000)

(10,000)

Less: Share of Loss (4 : 3 : 3)

(20,000)

(15,000)

(15,000)

Capital as on April 01, 2012

70,000

55,000

35,000

 

 

 

 

WN 2

Memorandum Balance Sheet

as on March 31, 2012

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Capital A/cs:

 

Cash in Hand

4,000

A

70,000

Sundry Assets

1,80,000

B

55,000

(Balancing figure)

 

C

35,000

 

 

Creditors

24,000

 

 

 

 

 

 

 

1,84,000

 

1,84,000

 

 

 

 

 

Page No 6.71:

Question 42:

Realisation Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets (WN 2)

1,80,000

Sundry Creditors

24,000

Cash A/c (Creditors)

23,500

Cash A/c (Assets)

3,00,000

Profit transferred to:

 

 

 

A’s Capital A/c

48,200

 

 

 

B’s Capital A/c

36,150

 

 

 

C’s Capital A/c

36,150

1,20,500

 

 

 

 

 

 

 

3,24,000

 

3,24,000

 

 

 

 

             

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

C

Particulars

A

B

C

 

 

 

 

Balance b/d

70,000

55,000

35,000

Cash A/c

1,18,200

91,150

71,150

Realisation A/c

48,200

36,150

36,150

 

 

 

 

 

 

 

 

 

1,18,200

91,150

71,150

 

1,18,200

91,150

71,150

 

 

 

 

 

 

 

 

                   

 

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

4,000

Realisation A/c

23,500

Realisation A/c

3,00,000

A’s Capital A/c

1,18,200

 

 

B’s Capital A/c

91,150

 

 

C’s Capital A/c

71,150

 

 

 

 

 

3,04,000

 

3,04,000

 

 

 

 

Working Notes:

WN 1 Calculation of Partners’ Capital as on March 31, 2012

Particulars

X

Y

Z

Capital as on April 01, 2011

1,00,000

80,000

60,000

Less:Drawings

(10,000)

(10,000)

(10,000)

Less: Share of Loss (4 : 3 : 3)

(20,000)

(15,000)

(15,000)

Capital as on April 01, 2012

70,000

55,000

35,000

 

 

 

 

WN 2

Memorandum Balance Sheet

as on March 31, 2012

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Capital A/cs:

 

Cash in Hand

4,000

A

70,000

Sundry Assets

1,80,000

B

55,000

(Balancing figure)

 

C

35,000

 

 

Creditors

24,000

 

 

 

 

 

 

 

1,84,000

 

1,84,000

 

 

 

 

 

Answer:

Realisation Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets

83,000

Sundry Liabilities (WN )

28,000

 

 

Cash A/c (Assets realised)

80,000

Cash A/c:

 

Loss transferred to:

 

Sundry  Liabilities

28,000

 

A’s Capital A/c

5,500

 

Contingent Liabilities

8,000

36,000

B’s Capital A/c

2,750

 

 

 

C’s Capital A/c

2,750

11,000

 

1,19,000

 

1,19,000

 

 

 

 

               

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

C

Particulars

A

B

C

Realisation A/c (Loss)

5,500

2,750

2,750

Balance b/d

20,000

20,000

20,000

Bank A/c

14,500

17,250

17,250

 

 

 

 

 

 

 

 

 

 

 

 

 

20,000

20,000

20,000

 

20,000

20,000

20,000

 

 

 

 

 

 

 

 

                   

 

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

5,000

Realisation A/c

36,000

Realisation A/c

80,000

A’s Capital A/c

14,500

 

 

B’s Capital A/c

17,250

 

 

C’s Capital A/c

17,250

 

 

 

 

 

85,000

 

85,000

 

 

 

 

Working Notes:

Memorandum Balance Sheet

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Capital A/cs:

 

Cash in Hand

5,000

A

20,000

 

Sundry Assets

83,000

B

20,000

 

 

 

C

20,000

60,000

 

 

Sundry Liabilities

28,000

 

 

(Balancing figure)

 

 

 

 

88,000

 

88,000

 

 

 

 

 

 

Page No 6.71:

Question 43:

Realisation Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets

83,000

Sundry Liabilities (WN )

28,000

 

 

Cash A/c (Assets realised)

80,000

Cash A/c:

 

Loss transferred to:

 

Sundry  Liabilities

28,000

 

A’s Capital A/c

5,500

 

Contingent Liabilities

8,000

36,000

B’s Capital A/c

2,750

 

 

 

C’s Capital A/c

2,750

11,000

 

1,19,000

 

1,19,000

 

 

 

 

               

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

C

Particulars

A

B

C

Realisation A/c (Loss)

5,500

2,750

2,750

Balance b/d

20,000

20,000

20,000

Bank A/c

14,500

17,250

17,250

 

 

 

 

 

 

 

 

 

 

 

 

 

20,000

20,000

20,000

 

20,000

20,000

20,000

 

 

 

 

 

 

 

 

                   

 

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

5,000

Realisation A/c

36,000

Realisation A/c

80,000

A’s Capital A/c

14,500

 

 

B’s Capital A/c

17,250

 

 

C’s Capital A/c

17,250

 

 

 

 

 

85,000

 

85,000

 

 

 

 

Working Notes:

Memorandum Balance Sheet

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Capital A/cs:

 

Cash in Hand

5,000

A

20,000

 

Sundry Assets

83,000

B

20,000

 

 

 

C

20,000

60,000

 

 

Sundry Liabilities

28,000

 

 

(Balancing figure)

 

 

 

 

88,000

 

88,000

 

 

 

 

 

 

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets (WN)

17,000

A’s Capital (Stock)

5,000

 

 

B’s Capital (Furniture)

2,000

 

 

C’s Capital (Debtors)

3,000

 

 

Bank A/c (Assets realised)

1,000

 

 

Loss transferred to:

 

 

 

A’s Capital A/c

3,000

 

 

 

B’s Capital A/c

2,000

 

 

 

C’s Capital A/c

1,000

6,000

 

17,000

 

17,000

 

 

 

 

             

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

C

Particulars

A

B

C

Realisation A/c

5,000

2,000

3,000

Balance b/d

8,100

5,300

3,600

Realisation A/c (Loss)

3,000

2,000

1,000

Cash A/c

400

Cash A/c

100

1,300

 

 

 

 

 

 

 

 

 

 

 

 

 

8,100

5,300

4,000

 

8,100

5,300

4,000

 

 

 

 

 

 

 

 

                   

 

Bank Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Realisation A/c

1,000

A’s Capital A/c

100

C’s Capital A/c

400

B’s Capital A/c

1,300

 

 

 

 

 

1,400

 

1,400

 

 

 

 

Working Notes:

Memorandum Balance Sheet

as on March 31, 2012

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Capital A/cs:

 

 

 

A

10,000  – 1,900

8,100

Sundry Assets

17,000

B

7,000 – 1,700

5,300

(Balancing figure)

 

C

5000 – 1400

3,600

 

 

 

 

 

 

 

17,000

 

17,000

 

 

 

 

 

Page No 6.71:

Question 44:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets (WN)

17,000

A’s Capital (Stock)

5,000

 

 

B’s Capital (Furniture)

2,000

 

 

C’s Capital (Debtors)

3,000

 

 

Bank A/c (Assets realised)

1,000

 

 

Loss transferred to:

 

 

 

A’s Capital A/c

3,000

 

 

 

B’s Capital A/c

2,000

 

 

 

C’s Capital A/c

1,000

6,000

 

17,000

 

17,000

 

 

 

 

             

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

C

Particulars

A

B

C

Realisation A/c

5,000

2,000

3,000

Balance b/d

8,100

5,300

3,600

Realisation A/c (Loss)

3,000

2,000

1,000

Cash A/c

400

Cash A/c

100

1,300

 

 

 

 

 

 

 

 

 

 

 

 

 

8,100

5,300

4,000

 

8,100

5,300

4,000

 

 

 

 

 

 

 

 

                   

 

Bank Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Realisation A/c

1,000

A’s Capital A/c

100

C’s Capital A/c

400

B’s Capital A/c

1,300

 

 

 

 

 

1,400

 

1,400

 

 

 

 

Working Notes:

Memorandum Balance Sheet

as on March 31, 2012

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Capital A/cs:

 

 

 

A

10,000  – 1,900

8,100

Sundry Assets

17,000

B

7,000 – 1,700

5,300

(Balancing figure)

 

C

5000 – 1400

3,600

 

 

 

 

 

 

 

17,000

 

17,000

 

 

 

 

 

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets (WN)

4,80,000

Trade Creditors

2,00,000

B’s Loan

20,000

 

 

 

 

Cash (Assets realised)

4,50,000

Cash A/c (Creditors)

2,00,000

B’s Capital A/c (B’s Loan)

20,000

 

 

Loss transferred to:

 

 

 

A’s Capital A/c

20,000

 

 

 

B’s Capital A/c

10,000

30,000

 

 

 

 

 

7,00,000

 

7,00,000

 

 

 

 

             

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

Particulars

A

B

Realisation A/c

20,000

Balance b/d

1,70,000

30,000

Realisation A/c (Loss)

20,000

10,000

 

 

 

Cash A/c

1,50,000

 

 

 

 

 

 

 

 

 

 

 

1,70,000

30,000

 

1,70,000

30,000

 

 

 

 

 

 

               

 

Cash Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Realisation A/c (Assets)

4,50,000

Realisation A/c (Creditors)

2,00,000

 

 

A’s Capital A/c

1,50,000

 

 

A’s Loan A/c

1,00,000

 

 

 

 

 

4,50,000

 

4,50,000

 

 

 

 

Working Notes:

Memorandum Balance Sheet

Liabilities

Amount

Rs

Assets

Amount

Rs

Capital A/cs:

 

B’s Loan

20,000

A

1,70,000

 

 

 

B

30,000

2,00,000

Sundry Assets

4,80,000

A’s Loan

1,00,000

(Balancing figure)

 

Trade Creditors

2,00,000

 

 

 

 

 

 

 

5,00,000

 

5,00,000

 

 

 

 

 



Page No 6.72:

Question 45:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets (WN)

4,80,000

Trade Creditors

2,00,000

B’s Loan

20,000

 

 

 

 

Cash (Assets realised)

4,50,000

Cash A/c (Creditors)

2,00,000

B’s Capital A/c (B’s Loan)

20,000

 

 

Loss transferred to:

 

 

 

A’s Capital A/c

20,000

 

 

 

B’s Capital A/c

10,000

30,000

 

 

 

 

 

7,00,000

 

7,00,000

 

 

 

 

             

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

Particulars

A

B

Realisation A/c

20,000

Balance b/d

1,70,000

30,000

Realisation A/c (Loss)

20,000

10,000

 

 

 

Cash A/c

1,50,000

 

 

 

 

 

 

 

 

 

 

 

1,70,000

30,000

 

1,70,000

30,000

 

 

 

 

 

 

               

 

Cash Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Realisation A/c (Assets)

4,50,000

Realisation A/c (Creditors)

2,00,000

 

 

A’s Capital A/c

1,50,000

 

 

A’s Loan A/c

1,00,000

 

 

 

 

 

4,50,000

 

4,50,000

 

 

 

 

Working Notes:

Memorandum Balance Sheet

Liabilities

Amount

Rs

Assets

Amount

Rs

Capital A/cs:

 

B’s Loan

20,000

A

1,70,000

 

 

 

B

30,000

2,00,000

Sundry Assets

4,80,000

A’s Loan

1,00,000

(Balancing figure)

 

Trade Creditors

2,00,000

 

 

 

 

 

 

 

5,00,000

 

5,00,000

 

 

 

 

 

Answer:

Realisation Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets

94,000

Creditors

24,000

X’s Capital A/c (Creditors)

14,000

Cash (Assets Realised)

88,500

Cash A/c:

 

Loss transferred to:

 

 Creditors

7,500

 

X’s Capital A/c

2,100

 

 Expenses

500

8,000

Y’s Capital A/c

1,400

3,500

 

 

 

 

 

1,16,000

 

1,16,000

 

 

 

 

               

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

X

Y

Particulars

X

Y

Realisation A/c (Loss)

2,100

1,400

Balance b/d

40,000

30,000

Cash A/c

51,900

28,600

Realisation A/c (Creditors)

14,000

 

 

 

 

 

 

 

54,000

30,000

 

54,000

30,000

 

 

 

 

 

 

               

 

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Realisation A/c (Assets)

88,500

Realisation A/c

8,000

 

 

X’s Capital A/c

51,900

 

 

Y’s Capital A/c

28,600

 

88,500

 

88,500

 

 

 

 

Working Notes:

Memorandum Balance Sheet

as on March 31, 2012

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Capital A/cs:

 

Sundry Assets

94,000

X

40,000

 

(Balancing figure)

 

Y

30,000

70,000

 

 

Creditors

24,000

 

 

 

 

 

 

 

94,000

 

94,000

 

 

 

 

 

 

Page No 6.72:

Question 46:

Realisation Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets

94,000

Creditors

24,000

X’s Capital A/c (Creditors)

14,000

Cash (Assets Realised)

88,500

Cash A/c:

 

Loss transferred to:

 

 Creditors

7,500

 

X’s Capital A/c

2,100

 

 Expenses

500

8,000

Y’s Capital A/c

1,400

3,500

 

 

 

 

 

1,16,000

 

1,16,000

 

 

 

 

               

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

X

Y

Particulars

X

Y

Realisation A/c (Loss)

2,100

1,400

Balance b/d

40,000

30,000

Cash A/c

51,900

28,600

Realisation A/c (Creditors)

14,000

 

 

 

 

 

 

 

54,000

30,000

 

54,000

30,000

 

 

 

 

 

 

               

 

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Realisation A/c (Assets)

88,500

Realisation A/c

8,000

 

 

X’s Capital A/c

51,900

 

 

Y’s Capital A/c

28,600

 

88,500

 

88,500

 

 

 

 

Working Notes:

Memorandum Balance Sheet

as on March 31, 2012

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Capital A/cs:

 

Sundry Assets

94,000

X

40,000

 

(Balancing figure)

 

Y

30,000

70,000

 

 

Creditors

24,000

 

 

 

 

 

 

 

94,000

 

94,000

 

 

 

 

 

 

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets (WN 1)

1,26,000

Creditors

18,000

 

 

Cash A/c (Assets Realised)

1,08,600

Cash A/c:

 

Loss transferred to:

 

Creditors

18,000

 

P’s Capital A/c

7,200

 

Expenses

1,800

19,800

Q’s Capital A/c

7,200

 

 

 

R’s Capital A/c

4,800

19,200

 

 

 

 

 

1,45,800

 

1,45,800

 

 

 

 

             

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

P

Q

R

Particulars

P

Q

R

Drawings A/c

8,000

7,000

5,000

Balance b/d

30,000

30,000

20,000

Realisation A/c (Loss)

7,200

7,200

4,800

Interest on Capital A/c

1,500

1,500

1,000

Cash A/c

32,800

33,800

22,200

P/L Appropriation A/c (WN 2)

9,000

9,000

6,000

 

 

 

 

General Reserve

7,500

7,500

5,000

 

48,000

48,000

32,000

 

48,000

48,000

32,000

 

 

 

 

 

 

 

 

 

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Realisation A/c

1,08,600

Realisation A/c

19,800

 

 

P’s Capital A/c

32,800

 

 

Q’s Capital A/c

33,800

 

 

R’s Capital A/c

22,200

 

 

 

 

 

1,08,600

 

1,08,600

 

 

 

 

 

Working Note:

WN 1

Memorandum Balance Sheet

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Capital A/cs:

 

Sundry Assets

1,26,000

P (80,000 × 3/8)

30,000

 

(Balancing figure)

 

Q (80,000 × 3/8)

30,000

 

 

 

R (80,000 × 2/8)

20,000

80,000

Drawings A/cs:

 

General Reserve

20,000

P

8,000

Profit and Loss A/c

28,000

Q

7,000

Creditors

18,000

R

5,000

 

 

 

 

 

1,46,000

 

1,46,000

 

 

 

 

WN 2

Profit and Loss Appropriation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Interest on Capital A/cs:

 

Profit and Loss A/c

28,000

P

1,500

 

 

 

Q

1,500

 

 

 

R

1,000

4,000

 

 

Profit transferred to:

 

 

 

P’s Capital A/c

9,000

 

 

 

Q’s Capital A/c

9,000

 

 

 

R’s Capital A/c

6,000

24,000

 

 

 

 

 

 

 

28,000

 

28,000

 

 

 

 

 

 

Page No 6.72:

Question 47:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets (WN 1)

1,26,000

Creditors

18,000

 

 

Cash A/c (Assets Realised)

1,08,600

Cash A/c:

 

Loss transferred to:

 

Creditors

18,000

 

P’s Capital A/c

7,200

 

Expenses

1,800

19,800

Q’s Capital A/c

7,200

 

 

 

R’s Capital A/c

4,800

19,200

 

 

 

 

 

1,45,800

 

1,45,800

 

 

 

 

             

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

P

Q

R

Particulars

P

Q

R

Drawings A/c

8,000

7,000

5,000

Balance b/d

30,000

30,000

20,000

Realisation A/c (Loss)

7,200

7,200

4,800

Interest on Capital A/c

1,500

1,500

1,000

Cash A/c

32,800

33,800

22,200

P/L Appropriation A/c (WN 2)

9,000

9,000

6,000

 

 

 

 

General Reserve

7,500

7,500

5,000

 

48,000

48,000

32,000

 

48,000

48,000

32,000

 

 

 

 

 

 

 

 

 

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Realisation A/c

1,08,600

Realisation A/c

19,800

 

 

P’s Capital A/c

32,800

 

 

Q’s Capital A/c

33,800

 

 

R’s Capital A/c

22,200

 

 

 

 

 

1,08,600

 

1,08,600

 

 

 

 

 

Working Note:

WN 1

Memorandum Balance Sheet

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Capital A/cs:

 

Sundry Assets

1,26,000

P (80,000 × 3/8)

30,000

 

(Balancing figure)

 

Q (80,000 × 3/8)

30,000

 

 

 

R (80,000 × 2/8)

20,000

80,000

Drawings A/cs:

 

General Reserve

20,000

P

8,000

Profit and Loss A/c

28,000

Q

7,000

Creditors

18,000

R

5,000

 

 

 

 

 

1,46,000

 

1,46,000

 

 

 

 

WN 2

Profit and Loss Appropriation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Interest on Capital A/cs:

 

Profit and Loss A/c

28,000

P

1,500

 

 

 

Q

1,500

 

 

 

R

1,000

4,000

 

 

Profit transferred to:

 

 

 

P’s Capital A/c

9,000

 

 

 

Q’s Capital A/c

9,000

 

 

 

R’s Capital A/c

6,000

24,000

 

 

 

 

 

 

 

28,000

 

28,000

 

 

 

 

 

 

Answer:

Profit and Loss Appropriation Account

for the year 2010-11  

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Interest on Capital A/cs:

 

Profit and Loss A/c

40,000

X

5,000

 

 

 

Y

4,000

 

 

 

Z

3,000

12,000

 

 

Profit transferred to:

 

 

 

X’s Capital A/c

11,200

 

 

 

Y’s Capital A/c

8,400

 

 

 

Z’s Capital A/c

8,400

28,000

 

 

 

 

 

 

 

40,000

 

40,000

 

 

 

 

               

 

Partners’ Capital Accounts

for the year 2010-11

Dr.

 

Cr.

Particulars

X

Y

Z

Particulars

X

Y

Z

Drawings A/c

10,000

10,000

10,000

Balance b/d

1,00,000

80,000

60,000

Balance c/d

1,06,200    

82,400

61,400

Interest on Capital A/c

5,000

4,000

3,000

 

 

 

 

P/L Appropriation A/c

11,200

8,400

8,400

 

 

 

 

 

 

 

 

 

1,16,200

92,400

71,400

 

1,16,200

92,400

71,400

 

 

 

 

 

 

 

 

                   

 

Profit and Loss Appropriation Account 

for the year 2011-12  

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Interest on Capital  A/c:

 

Profit and Loss A/c

50,000

X (1,06,200 × 5%)

5,310

 

 

 

Y  (82,400 × 5%)

4,120

 

 

 

Z  (61,400 × 5%)

3,070

12,500

 

 

Profit Transferred to:

 

 

 

X’s Capital A/c

15,000

 

 

 

Y’s Capital A/c

11,250

 

 

 

Z’s Capital A/c

11,250

37,500

 

 

 

 

 

 

 

50,000

 

50,000

 

 

 

 

 

Partners’ Capital Accounts

for the year 2011-12

Dr.

 

Cr.

Particulars

X

Y

Z

Particulars

X

Y

Z

Drawings A/c

10,000

10,000

10,000

Balance b/d

1,06,200

82,400

61,400

 

 

 

 

Interest on Capital A/c 

5,310

4,120

3,070

 

 

 

 

P/L Appropriation A/c

15,000

11,250

11,250

Balance c/d

1,16,510

87,770

65,720

 

 

 

 

 

1,26,510

97,770

75,720

 

1,26,510

97,770

75,720

 

 

 

 

 

 

 

 

                   

 

 

Realisation Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets

2,94,000

Creditors

24,000

Cash A/c (Creditors)

24,000

Cash A/c (Assets realised)

2,60,000

 

 

Loss transferred to:

 

 

 

X’s Capital A/c

13,600

 

 

 

Y’s Capital A/c

10,200

 

 

 

Z’s Capital A/c

10,200

34,000

 

 

 

 

 

3,18,000

 

3,18,000

 

 

 

 

             

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

X

Y

Z

Particulars

X

Y

Z

Realisation A/c (Loss)

13,600

10,200

10,200

Balance b/d

1,16,510

87,770

65,720

Cash A/c

1,02,910

77,570

55,520

 

 

 

 

 

 

 

 

 

 

 

 

 

1,16,510

87,770

65,720

 

1,16,510

87,770

65,720

 

 

 

 

 

 

 

 

                   

 

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Realisation A/c

2,60,000

Realisation A/c

24,000

 

 

X’s Capital A/c

1,02,910

 

 

Y’s Capital A/c

77,570

 

 

Z’s Capital A/c

55,520

 

 

 

 

 

2,60,000

 

2,60,000

 

 

 

 

           

 

Memorandum Balance Sheet

as on March 31, 2012

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Capital A/cs:

 

Sundry Assets

2,94,000

X

1,16,510

 

(Balancing figure)

 

Y

87,770

 

 

 

Z

65,720

2,70,000

 

 

Creditors

24,000

 

 

 

 

 

 

 

2,94,000

 

2,94,000

 

 

 

 

 

Page No 6.72:

Question 48:

Profit and Loss Appropriation Account

for the year 2010-11  

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Interest on Capital A/cs:

 

Profit and Loss A/c

40,000

X

5,000

 

 

 

Y

4,000

 

 

 

Z

3,000

12,000

 

 

Profit transferred to:

 

 

 

X’s Capital A/c

11,200

 

 

 

Y’s Capital A/c

8,400

 

 

 

Z’s Capital A/c

8,400

28,000

 

 

 

 

 

 

 

40,000

 

40,000

 

 

 

 

               

 

Partners’ Capital Accounts

for the year 2010-11

Dr.

 

Cr.

Particulars

X

Y

Z

Particulars

X

Y

Z

Drawings A/c

10,000

10,000

10,000

Balance b/d

1,00,000

80,000

60,000

Balance c/d

1,06,200    

82,400

61,400

Interest on Capital A/c

5,000

4,000

3,000

 

 

 

 

P/L Appropriation A/c

11,200

8,400

8,400

 

 

 

 

 

 

 

 

 

1,16,200

92,400

71,400

 

1,16,200

92,400

71,400

 

 

 

 

 

 

 

 

                   

 

Profit and Loss Appropriation Account 

for the year 2011-12  

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Interest on Capital  A/c:

 

Profit and Loss A/c

50,000

X (1,06,200 × 5%)

5,310

 

 

 

Y  (82,400 × 5%)

4,120

 

 

 

Z  (61,400 × 5%)

3,070

12,500

 

 

Profit Transferred to:

 

 

 

X’s Capital A/c

15,000

 

 

 

Y’s Capital A/c

11,250

 

 

 

Z’s Capital A/c

11,250

37,500

 

 

 

 

 

 

 

50,000

 

50,000

 

 

 

 

 

Partners’ Capital Accounts

for the year 2011-12

Dr.

 

Cr.

Particulars

X

Y

Z

Particulars

X

Y

Z

Drawings A/c

10,000

10,000

10,000

Balance b/d

1,06,200

82,400

61,400

 

 

 

 

Interest on Capital A/c 

5,310

4,120

3,070

 

 

 

 

P/L Appropriation A/c

15,000

11,250

11,250

Balance c/d

1,16,510

87,770

65,720

 

 

 

 

 

1,26,510

97,770

75,720

 

1,26,510

97,770

75,720

 

 

 

 

 

 

 

 

                   

 

 

Realisation Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets

2,94,000

Creditors

24,000

Cash A/c (Creditors)

24,000

Cash A/c (Assets realised)

2,60,000

 

 

Loss transferred to:

 

 

 

X’s Capital A/c

13,600

 

 

 

Y’s Capital A/c

10,200

 

 

 

Z’s Capital A/c

10,200

34,000

 

 

 

 

 

3,18,000

 

3,18,000

 

 

 

 

             

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

X

Y

Z

Particulars

X

Y

Z

Realisation A/c (Loss)

13,600

10,200

10,200

Balance b/d

1,16,510

87,770

65,720

Cash A/c

1,02,910

77,570

55,520

 

 

 

 

 

 

 

 

 

 

 

 

 

1,16,510

87,770

65,720

 

1,16,510

87,770

65,720

 

 

 

 

 

 

 

 

                   

 

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Realisation A/c

2,60,000

Realisation A/c

24,000

 

 

X’s Capital A/c

1,02,910

 

 

Y’s Capital A/c

77,570

 

 

Z’s Capital A/c

55,520

 

 

 

 

 

2,60,000

 

2,60,000

 

 

 

 

           

 

Memorandum Balance Sheet

as on March 31, 2012

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Capital A/cs:

 

Sundry Assets

2,94,000

X

1,16,510

 

(Balancing figure)

 

Y

87,770

 

 

 

Z

65,720

2,70,000

 

 

Creditors

24,000

 

 

 

 

 

 

 

2,94,000

 

2,94,000

 

 

 

 

 

Answer:

Profit and Loss Appropriation

for the year ended March 31, 2011   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Interest on Capital A/c:

 

Profit and Loss A/c

21,600

X    (40,000 × 15%)

6,000

 

Interest on Drawings

 

Y (30,000 × 15%)

4,500

 

X (6,000 × 5%)

300

 

Z (20,000 × 15%)

3,000

13,500

Y (6,000 × 5%)

300

 

 

 

Z (6,000 × 5%)

300

900

Profit transferred to:

 

 

 

X’s Capital A/c

4,500

 

 

 

Y’s Capital A/c

3,000

 

 

 

Z’s Capital A/c

1,500

9,000

 

 

 

22,500

 

22,500

 

 

 

 

                 

 

Partners’ Capital Accounts

for the year 2010-11

Dr.

 

Cr.

Particulars

X

Y

Z

Particulars

X

Y

Z

Drawings A/c

6,000

6,000

6,000

Cash A/c

40,000

30,000

20,000

Interest on Drawings

300

300

300

Interest on Capital A/c

6,000

4,500

3,000

 

 

 

 

P/L Appropriation A/c

4,500

3,000

1,500

Balance c/d

44,200

31,200

18,200

 

 

 

 

 

 

 

 

 

 

 

 

 

50,500

37,500

24,500

 

50,500

37,500

24,500

 

 

 

 

 

 

 

 

 

Profit and Loss Appropriation Account 

for the year ended March 31, 2012   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Interest on Capital  A/c

 

Profit and Loss

25,140

X (44,200 × 15%)

6,630

 

Interest on Drawings

 

Y (31,200 × 15%)

4,680

 

X (6,000 × 5%)

300

 

Z (18,200 × 15%)

2,730

14,040

Y (6,000 × 5%)

300

 

Profit transferred to :

 

Z (6,000 × 5%)

300

900

X’s Capital A/c

6,000

 

 

 

Y’s Capital A/c

4,000

 

 

 

Z’s Capital A/c

2,000

12,000

 

 

 

26,040

 

26,040

 

 

 

 

               

 

Partners’ Capital Accounts

for the year ended March 31,2012

Dr.

 

Cr.

Particulars

X

Y

Z

Particulars

X

Y

Z

Drawings A/c

6,000

6,000

6,000

Balance b/d

44,200

31,200

18,200

Interest on Drawing

300

300

300

Interest on Capital A/c

6,630

4,680

2,730

Balance c/d

50,530

33,580

16,630

P/L Appropriation A/c

6,000

4,000

2,000

 

 

 

 

 

 

 

 

 

56,830

39,880

22,930

 

56,830

39,880

22,930

 

 

 

 

 

 

 

 

 

 

 

 

Balance b/d

50,530

33,580

16,630

Cash A/c

51,280

34,080

16,880

Realisation A/c (Profit)

750

500

250

 

 

 

 

 

 

 

 

 

51,280

34,080

16880

 

51,280

34,080

16,880

 

 

 

 

 

 

 

 

                   

 

Realisation Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets

1,18,740

Creditors

20,000

Cash A/c:

 

Cash (Assets realised)

1,21,000

Creditors

20,000

 

 

 

Expanses

760

20,760

 

 

Profit transferred to:

 

 

 

     X’s Capital A/c

750

 

 

 

     Y’s Capital A/c

500

 

 

 

     Z’s Capital A/c

250

1,500

 

 

 

 

 

 

 

1,41,000

 

1,41,000

 

 

 

 

               

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

X

Y

Z

Particulars

X

Y

Z

 

 

 

 

Balance b/d

50,530

33,580

16,630

Cash A/c

51,280

34,080

16,880

Realisation A/c (Profit)

750

500

250

 

 

 

 

 

 

 

 

 

51,280

34,080

16880

 

51,280

34,080

16,880

 

 

 

 

 

 

 

 

                   

 

Cash Account   

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

2,000

Realisation A/c

20,760

Realisation A/c

1,21,000

X’s Capital A/c

51,280

 

 

Y’s Capital A/c

34,080

 

 

Z’s Capital A/c

16,880

 

 

 

 

 

1,23,000

 

1,23,000

 

 

 

 

           

 

Memorandum Balance Sheet

as on March 31, 2012

Liabilities 

Amount

Rs

Assets 

Amount

Rs

Capital A/cs:

 

Cash

2,000

X

50,530

 

Sundry Assets

1,18,740

Y

33,580

 

 

 

Z

16,630

1,00,740

 

 

Creditors

20,000

 

 

 

 

 

 

 

1,20,740

 

1,20,740

 

 

 

 

 



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