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Page No 5.59:

Question 1:

Answer:

Journal
Date Particulars L.F. Debit
Amount
(Rs)
Credit
Amount
(Rs)
1) Realisation A/c Dr.   2,500  
 
To Bank A/c
      2,500
  (Dissolution expenses paid)        
           
2) Bank A/c Dr.   12,500  
 
To Realisation A/c
      12,500
  (Bad debts recovered)        
           
3) A’s Capital A/c Dr.   5,000  
 
To Realisation A/c
      5,000
  (Stock taken by A)        
           
4) Realisation A/c Dr.   8,000  
 
To Bank A/c
      8,000
  (Payment made to creditors)        
           
5) Bank A/c Dr.   15,000  
 
To Realisation A/c
      15,000
  (Investment realised at 150%)        
           
6) Realisation A/c Dr.   24,000  
 
To A’s Capital A/c
      18,000
 
To B’s Capital A/c
      6,000
  (Profit made on realisation transferred to Partners’ Capital Accounts)      
         

Page No 5.59:

Question 2:

Journal
Date Particulars L.F. Debit
Amount
(Rs)
Credit
Amount
(Rs)
1) Realisation A/c Dr.   2,500  
 
To Bank A/c
      2,500
  (Dissolution expenses paid)        
           
2) Bank A/c Dr.   12,500  
 
To Realisation A/c
      12,500
  (Bad debts recovered)        
           
3) A’s Capital A/c Dr.   5,000  
 
To Realisation A/c
      5,000
  (Stock taken by A)        
           
4) Realisation A/c Dr.   8,000  
 
To Bank A/c
      8,000
  (Payment made to creditors)        
           
5) Bank A/c Dr.   15,000  
 
To Realisation A/c
      15,000
  (Investment realised at 150%)        
           
6) Realisation A/c Dr.   24,000  
 
To A’s Capital A/c
      18,000
 
To B’s Capital A/c
      6,000
  (Profit made on realisation transferred to Partners’ Capital Accounts)      
         

Answer:

Journal
Date Particulars L.F. Debit
Amount
(Rs)
Credit
Amount
(Rs)
1) Realisation A/c Dr.   10,000  
 
To Bank A/c
      10,000
  (Realisation expenses paid)        
           
2) No Entry        
           
3) Y’s Capital A/c Dr.   20,000  
 
To Realisation A/c
      20,000
  (Machine taken over by Y)        
           
4) Realisation A/c Dr.   20,000  
 
To Z’s Capital A/c
      20,000
  (Payment of creditors made by Z)        
           
5) X’s Loan A/c Dr.   50,000  
 
To Bank A/c
      50,000
  (Loan repaid)        
           
6) X’s Capital A/c Dr.   10,000  
  Y’s Capital A/c Dr.   10,000  
  Z’s Capital A/c Dr.   10,000  
 
To Profit & Loss A/c
      30,000
  (Balance of Profit and Loss Account distributed among the partners)      
           
7) X’s Capital A/c Dr.   25,000  
 
To Realisation A/c
      25,000
  (Goodwill taken over by Z)        
         

Page No 5.59:

Question 3:

Journal
Date Particulars L.F. Debit
Amount
(Rs)
Credit
Amount
(Rs)
1) Realisation A/c Dr.   10,000  
 
To Bank A/c
      10,000
  (Realisation expenses paid)        
           
2) No Entry        
           
3) Y’s Capital A/c Dr.   20,000  
 
To Realisation A/c
      20,000
  (Machine taken over by Y)        
           
4) Realisation A/c Dr.   20,000  
 
To Z’s Capital A/c
      20,000
  (Payment of creditors made by Z)        
           
5) X’s Loan A/c Dr.   50,000  
 
To Bank A/c
      50,000
  (Loan repaid)        
           
6) X’s Capital A/c Dr.   10,000  
  Y’s Capital A/c Dr.   10,000  
  Z’s Capital A/c Dr.   10,000  
 
To Profit & Loss A/c
      30,000
  (Balance of Profit and Loss Account distributed among the partners)      
           
7) X’s Capital A/c Dr.   25,000  
 
To Realisation A/c
      25,000
  (Goodwill taken over by Z)        
         

Answer:

Journal

Date

Particulars

L.F.

Debit

Amount

(Rs)

Credit

Amount

(Rs)

1)

Realisation A/c

Dr.

 

10,000

 

 

  To Bank A/c

 

 

 

10,000

 

(Realisation expenses paid)

 

 

 

 

 

 

 

 

 

 

2)

Aman’s Capital A/c

Dr.

 

5,000

 

 

    To Bank A/c

 

 

 

5,000

 

(Realisation expenses paid by firm, to be borne by partner)

 

 

 

 

 

 

 

 

 

 

3)

Realisation A/c

Dr.

 

6,000

 

 

  To Ramesh’s Capital A/c

 

 

 

6,000

 

(Realisation expenses paid by partner)

 

 

 

 

 

 

 

 

 

 

4)

Realisation A/c

Dr.

 

8,000

 

 

  To Sanjay’s Capital A/c

 

 

 

8,000

 

(Realisation expenses to be borne by firm)

 

 

 

 

 

 

 

 

 

 

5)

Realisation A/c

Dr.

 

22,000

 

 

Sonu’s Capital A/c

 

 

8,000

 

 

  To Bank A/c

 

 

 

30,000

 

(Realisation expenses paid by firm)

 

 

 

 

 

 

 

 

 

 

6)

No Entry

 

 

 

 

 

 

 

 

 

 

7)

Realisation A/c

Dr.

 

5,000

 

 

 To Subrato Mukerjee’s Capital A/c

 

 

 

5,000

 

(Realisation expenses paid by partner)

 

 

 

 

 

 

 

 

 

 

Page No 5.59:

Question 4:

Journal

Date

Particulars

L.F.

Debit

Amount

(Rs)

Credit

Amount

(Rs)

1)

Realisation A/c

Dr.

 

10,000

 

 

  To Bank A/c

 

 

 

10,000

 

(Realisation expenses paid)

 

 

 

 

 

 

 

 

 

 

2)

Aman’s Capital A/c

Dr.

 

5,000

 

 

    To Bank A/c

 

 

 

5,000

 

(Realisation expenses paid by firm, to be borne by partner)

 

 

 

 

 

 

 

 

 

 

3)

Realisation A/c

Dr.

 

6,000

 

 

  To Ramesh’s Capital A/c

 

 

 

6,000

 

(Realisation expenses paid by partner)

 

 

 

 

 

 

 

 

 

 

4)

Realisation A/c

Dr.

 

8,000

 

 

  To Sanjay’s Capital A/c

 

 

 

8,000

 

(Realisation expenses to be borne by firm)

 

 

 

 

 

 

 

 

 

 

5)

Realisation A/c

Dr.

 

22,000

 

 

Sonu’s Capital A/c

 

 

8,000

 

 

  To Bank A/c

 

 

 

30,000

 

(Realisation expenses paid by firm)

 

 

 

 

 

 

 

 

 

 

6)

No Entry

 

 

 

 

 

 

 

 

 

 

7)

Realisation A/c

Dr.

 

5,000

 

 

 To Subrato Mukerjee’s Capital A/c

 

 

 

5,000

 

(Realisation expenses paid by partner)

 

 

 

 

 

 

 

 

 

 

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

Stock

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 5.60:

Question 5:

 

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

Stock

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
Particulars Amount
(Rs)
Particulars Amount
(Rs)
Sundry Debtors 10,000 Sundry Creditors 20,000
Investments 20,000 X’s Capital (Investments) 19,000
Machinery 80,000 Bank:  
Stock 15,000
Debtors
9,000  
Bank:  
Stock
14,000  
Expenses
2,000  
Machinery
90,000 1,13,000
Creditors
19,000 21,000    
Profit transferred to:      
X’s Capital A/c
2,000      
Y’s Capital A/c
2,000      
Z’s Capital A/c
2,000 6,000    
  1,52,000   1,52,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars X Y Z Particulars X Y Z
Realisation A/c 19,000 Balance b/d 50,000 40,000 30,000
Bank (Final Payment) 38,000 47,000 37,000 Profit & Loss A/c 5,000 5,000 5,000
        Realisation A/c 2,000 2,000 2,000
  57,000 47,000 37,000   57,000 47,000 37,000
               

 

Bank Account
Particulars Amount
(Rs)
  Amount
(Rs)
Balance b/d 30,000 Realisation A/c 21,000
Realisation A/c 1,13,000 X’s Capital A/c 38,000
    Y’s Capital A/c 47,000
    Z’s Capital A/c 37,000
  1,43,000   1,43,000
       

Page No 5.60:

Question 6:

Realisation Account
Particulars Amount
(Rs)
Particulars Amount
(Rs)
Sundry Debtors 10,000 Sundry Creditors 20,000
Investments 20,000 X’s Capital (Investments) 19,000
Machinery 80,000 Bank:  
Stock 15,000
Debtors
9,000  
Bank:  
Stock
14,000  
Expenses
2,000  
Machinery
90,000 1,13,000
Creditors
19,000 21,000    
Profit transferred to:      
X’s Capital A/c
2,000      
Y’s Capital A/c
2,000      
Z’s Capital A/c
2,000 6,000    
  1,52,000   1,52,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars X Y Z Particulars X Y Z
Realisation A/c 19,000 Balance b/d 50,000 40,000 30,000
Bank (Final Payment) 38,000 47,000 37,000 Profit & Loss A/c 5,000 5,000 5,000
        Realisation A/c 2,000 2,000 2,000
  57,000 47,000 37,000   57,000 47,000 37,000
               

 

Bank Account
Particulars Amount
(Rs)
  Amount
(Rs)
Balance b/d 30,000 Realisation A/c 21,000
Realisation A/c 1,13,000 X’s Capital A/c 38,000
    Y’s Capital A/c 47,000
    Z’s Capital A/c 37,000
  1,43,000   1,43,000
       

Answer:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Furniture 24,000 Creditors 28,000
Debtors 16,000 B’s Capital (Furniture) 18,000
Investments 90,000 A’s Loan A/c 1,000
Machinery 30,000 Bank:  
Stock 48,000
Debtors
15,000  
Bank:  
Investments
70,000  
Expenses
5,000  
Stock
44,000  
Creditors
28,000 33,000
Machinery
32,000 1,61,000
    Loss transferred to:  
   
A’s Capital A/c
16,500  
   
B’s Capital A/c
16,500 33,000
  2,41,000   2,41,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars A B Particulars A B
Realisation A/c 18,000 Balance b/d 1,00,000 80,000
Realisation A/c 16,500 16,500 General Reserve 8,000 8,000
Bank (Final Payment) 91,500 53,500      
  1,08,000 88,000   1,08,000 88,000
           

 

Bank Account
Particulars Amount
(Rs)
  Amount
(Rs)
Balance b/d 22,000 Realisation A/c 33,000
Realisation A/c 1,61,000 A’s Loan A/c 5,000
    A’s Capital A/c 91,500
    B’s Capital A/c 53,500
  1,83,000   1,83,000
       

 

A’s Loan Account
Particulars Amount
(Rs)
  Amount
(Rs)
Bank A/c 5,000 Balance b/d 6,000
Realisation A/c 1,000    
  6,000   6,000
       

Page No 5.60:

Question 7:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Furniture 24,000 Creditors 28,000
Debtors 16,000 B’s Capital (Furniture) 18,000
Investments 90,000 A’s Loan A/c 1,000
Machinery 30,000 Bank:  
Stock 48,000
Debtors
15,000  
Bank:  
Investments
70,000  
Expenses
5,000  
Stock
44,000  
Creditors
28,000 33,000
Machinery
32,000 1,61,000
    Loss transferred to:  
   
A’s Capital A/c
16,500  
   
B’s Capital A/c
16,500 33,000
  2,41,000   2,41,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars A B Particulars A B
Realisation A/c 18,000 Balance b/d 1,00,000 80,000
Realisation A/c 16,500 16,500 General Reserve 8,000 8,000
Bank (Final Payment) 91,500 53,500      
  1,08,000 88,000   1,08,000 88,000
           

 

Bank Account
Particulars Amount
(Rs)
  Amount
(Rs)
Balance b/d 22,000 Realisation A/c 33,000
Realisation A/c 1,61,000 A’s Loan A/c 5,000
    A’s Capital A/c 91,500
    B’s Capital A/c 53,500
  1,83,000   1,83,000
       

 

A’s Loan Account
Particulars Amount
(Rs)
  Amount
(Rs)
Bank A/c 5,000 Balance b/d 6,000
Realisation A/c 1,000    
  6,000   6,000
       

Answer:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Debtors 16,000 Creditors 24,000
Furniture 4,000 Provision for Doubtful Debts 400
Building 44,000 Bank:  
Stock 12,000
Debtors
14,000  
Bank:  
Stock
10,000  
Liability for Damages
6,000  
Furniture
2,000  
Expenses
2,000  
Building
50,000 76,000
Creditors
22,000 30,000 Loss transferred to:  
   
X’s Capital A/c
2,240  
   
Y’s Capital A/c
2,240  
   
Z’s Capital A/c
1,120 5,600
  1,06,000   1,06,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars X Y Z Particulars X Y Z
Advertisement Suspense A/c 2,000 2,000 1,000 Balance b/d 30,000 24,000 12,000
Realisation A/c 2,240 2,240 1,120 Reserve 6,000 6,000 3,000
Bank (Final Payment) 31,760 25,760 12,880        
  36,000 30,000 15,000   36,000 30,000 15,000
               

 

Bank Account
Particulars Amount (Rs)   Amount (Rs)
Balance b/d 24,400 Realisation A/c 30,000
Realisation A/c 76,000 X’s Capital A/c 31,760
    Y’s Capital A/c 25,760
    Z’s Capital A/c 12,880
  1,00,400   1,00,400
       



Page No 5.61:

Question 8:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Debtors 16,000 Creditors 24,000
Furniture 4,000 Provision for Doubtful Debts 400
Building 44,000 Bank:  
Stock 12,000
Debtors
14,000  
Bank:  
Stock
10,000  
Liability for Damages
6,000  
Furniture
2,000  
Expenses
2,000  
Building
50,000 76,000
Creditors
22,000 30,000 Loss transferred to:  
   
X’s Capital A/c
2,240  
   
Y’s Capital A/c
2,240  
   
Z’s Capital A/c
1,120 5,600
  1,06,000   1,06,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars X Y Z Particulars X Y Z
Advertisement Suspense A/c 2,000 2,000 1,000 Balance b/d 30,000 24,000 12,000
Realisation A/c 2,240 2,240 1,120 Reserve 6,000 6,000 3,000
Bank (Final Payment) 31,760 25,760 12,880        
  36,000 30,000 15,000   36,000 30,000 15,000
               

 

Bank Account
Particulars Amount (Rs)   Amount (Rs)
Balance b/d 24,400 Realisation A/c 30,000
Realisation A/c 76,000 X’s Capital A/c 31,760
    Y’s Capital A/c 25,760
    Z’s Capital A/c 12,880
  1,00,400   1,00,400
       

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

 

 

 

Typewriter

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 5.61:

Question 9:

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

 

 

 

Typewriter

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
Particulars Amount (Rs) Particulars Amount (Rs)
Building 60,000 Employees’ Provident Fund 18,000
Plant 1,32,000 Depreciation Reserve 30,000
Stock 36,000 Creditors 66,000
Computers 37,200 X’s Capital A/c (Building) 60,000
Debtors 30,000 Cash:  
Accrued Commission 6,000
Debtors
27,600  
X’s Capital A/c (Creditors) 66,000
Plant
1,50,000  
Cash:  
Stock
30,000  
Expenses
3,600  
Computers
37,200 2,44,800
Contingent Liability
3,600      
Employees’ Provident Fund
18,000 25,200    
Profit transferred to:      
X’s Capital A/c
13,200      
Y’s Capital A/c
8,800      
Z’s Capital A/c
4,400 26,400    
  4,18,800   4,18,800
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars X Y Z Particulars X Y Z
Realisation 60,000     Balance b/d 72,000 51,600 62,400
Cash A/c (Final Payment) 1,00,200 66,400 69,800 Reserve 9,000 6,000 3,000
        Realisation A/c 66,000    
        Realisation A/c 13,200 8,800 4,400
  1,60,200 66,400 69,800   1,60,200 66,400 69,800
               

 

Cash Account
Particulars Amount (Rs)   Amount (Rs)
Balance b/d 16,800 Realisation A/c 25,200
Realisation A/c 2,44,800 X’s Capital A/c 1,00,200
    Y’s Capital A/c 66,400
    Z’s Capital A/c 69,800
  2,61,600   2,61,600
       



Page No 5.62:

Question 10:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Building 60,000 Employees’ Provident Fund 18,000
Plant 1,32,000 Depreciation Reserve 30,000
Stock 36,000 Creditors 66,000
Computers 37,200 X’s Capital A/c (Building) 60,000
Debtors 30,000 Cash:  
Accrued Commission 6,000
Debtors
27,600  
X’s Capital A/c (Creditors) 66,000
Plant
1,50,000  
Cash:  
Stock
30,000  
Expenses
3,600  
Computers
37,200 2,44,800
Contingent Liability
3,600      
Employees’ Provident Fund
18,000 25,200    
Profit transferred to:      
X’s Capital A/c
13,200      
Y’s Capital A/c
8,800      
Z’s Capital A/c
4,400 26,400    
  4,18,800   4,18,800
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars X Y Z Particulars X Y Z
Realisation 60,000     Balance b/d 72,000 51,600 62,400
Cash A/c (Final Payment) 1,00,200 66,400 69,800 Reserve 9,000 6,000 3,000
        Realisation A/c 66,000    
        Realisation A/c 13,200 8,800 4,400
  1,60,200 66,400 69,800   1,60,200 66,400 69,800
               

 

Cash Account
Particulars Amount (Rs)   Amount (Rs)
Balance b/d 16,800 Realisation A/c 25,200
Realisation A/c 2,44,800 X’s Capital A/c 1,00,200
    Y’s Capital A/c 66,400
    Z’s Capital A/c 69,800
  2,61,600   2,61,600
       

Answer:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Goodwill 60,000 Bank Loan 60,000
Machinery 2,50,000 Sundry Creditors 1,20,000
Furniture 30,000 X’s Capital A/c (Stock) 32,000
Stock 1,00,000 Y’s Capital A/c (Furniture) 24,000
Debtors 60,000 Cash A/c:  
Cash A/c:  
Debtors
51,000  
Expenses
3,000  
Machinery
2,20,000  
Creditors
1,20,000  
Stock
35,000 3,06,000
Bank Loan
60,000 1,83,000 Loss transferred to:  
   
X’s Capital A/c
70,500  
   
Y’s Capital A/c
47,000  
   
Z’s Capital A/c
23,500 1,41,000
  6,83,000   6,83,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars X Y Z Particulars X Y Z
Realisation A/c 32,000 24,000 Balance b/d 1,80,000 1,20,000 60,000
Realisation A/c 70,500 47,000 23,500        
Cash A/c (Final Payment) 77,500 49,000 36,500        
  1,80,000 1,20,000 60,000   1,80,000 1,20,000 60,000
               

 

Cash Account
Particulars Amount (Rs)   Amount (Rs)
Balance b/d 40,000 Realisation A/c 1,83,000
Realisation A/c 3,06,000 X’s Capital A/c 77,500
    Y’s Capital A/c 49,000
    Z’s Capital A/c 36,500
  3,46,000   3,46,000
       

Page No 5.62:

Question 11:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Goodwill 60,000 Bank Loan 60,000
Machinery 2,50,000 Sundry Creditors 1,20,000
Furniture 30,000 X’s Capital A/c (Stock) 32,000
Stock 1,00,000 Y’s Capital A/c (Furniture) 24,000
Debtors 60,000 Cash A/c:  
Cash A/c:  
Debtors
51,000  
Expenses
3,000  
Machinery
2,20,000  
Creditors
1,20,000  
Stock
35,000 3,06,000
Bank Loan
60,000 1,83,000 Loss transferred to:  
   
X’s Capital A/c
70,500  
   
Y’s Capital A/c
47,000  
   
Z’s Capital A/c
23,500 1,41,000
  6,83,000   6,83,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars X Y Z Particulars X Y Z
Realisation A/c 32,000 24,000 Balance b/d 1,80,000 1,20,000 60,000
Realisation A/c 70,500 47,000 23,500        
Cash A/c (Final Payment) 77,500 49,000 36,500        
  1,80,000 1,20,000 60,000   1,80,000 1,20,000 60,000
               

 

Cash Account
Particulars Amount (Rs)   Amount (Rs)
Balance b/d 40,000 Realisation A/c 1,83,000
Realisation A/c 3,06,000 X’s Capital A/c 77,500
    Y’s Capital A/c 49,000
    Z’s Capital A/c 36,500
  3,46,000   3,46,000
       

Answer:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Debtors 90,000 Creditors 1,50,000
Stock 60,000 Bills Payable 30,000
Furniture 45,000 R’s Loan A/c 36,000
Land and Building 7,35,000 Z’s Capital A/c (Stock) 45,000
Bank A/c:   Bank A/c:  
Creditors
1,35,000  
Debtors
84,000  
Bills Payable
27,000  
Furniture
36,000  
R’s Loan
36,000 1,98,000
Land and Building
8,40,000  
Profit transferred to:  
Unrecorded Assets
3,00,000 12,60,000
X’s Capital A/c
1,31,000      
Y’s Capital A/c
1,31,000      
Z’s Capital A/c
1,31,000 3,93,000    
  15,21,000   15,21,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars X Y Z Particulars X Y Z
Balance b/d   60,000   Balance b/d 3,00,000   4,50,000
Realisation A/c     45,000 General Reserve 20,000 20,000 20,000
Bank A/c (Final Payment) 4,51,000 91,000 5,56,000 Realisation A/c 1,31,000 1,31,000 1,31,000
  4,51,000 1,51,000 6,01,000   4,51,000 1,51,000 6,01,000
               

 

Bank Account
Particulars Amount (Rs)   Amount (Rs)
Balance b/d 60,000 Realisation A/c 1,98,000
Realisation A/c 12,60,000 X’s Capital A/c 4,51,000
    Y’s Capital A/c 91,000
    Z’s Capital A/c 5,56,000
    Y’s Loan A/c 24,000
  13,20,000   13,20,000
       

Page No 5.62:

Question 12:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Debtors 90,000 Creditors 1,50,000
Stock 60,000 Bills Payable 30,000
Furniture 45,000 R’s Loan A/c 36,000
Land and Building 7,35,000 Z’s Capital A/c (Stock) 45,000
Bank A/c:   Bank A/c:  
Creditors
1,35,000  
Debtors
84,000  
Bills Payable
27,000  
Furniture
36,000  
R’s Loan
36,000 1,98,000
Land and Building
8,40,000  
Profit transferred to:  
Unrecorded Assets
3,00,000 12,60,000
X’s Capital A/c
1,31,000      
Y’s Capital A/c
1,31,000      
Z’s Capital A/c
1,31,000 3,93,000    
  15,21,000   15,21,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars X Y Z Particulars X Y Z
Balance b/d   60,000   Balance b/d 3,00,000   4,50,000
Realisation A/c     45,000 General Reserve 20,000 20,000 20,000
Bank A/c (Final Payment) 4,51,000 91,000 5,56,000 Realisation A/c 1,31,000 1,31,000 1,31,000
  4,51,000 1,51,000 6,01,000   4,51,000 1,51,000 6,01,000
               

 

Bank Account
Particulars Amount (Rs)   Amount (Rs)
Balance b/d 60,000 Realisation A/c 1,98,000
Realisation A/c 12,60,000 X’s Capital A/c 4,51,000
    Y’s Capital A/c 91,000
    Z’s Capital A/c 5,56,000
    Y’s Loan A/c 24,000
  13,20,000   13,20,000
       

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 5.63:

Question 13:

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 5.63:

Question 14:

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

Particulars

Amount

(Rs)

Particulars

Amount (Rs)

Stock

54,800

Creditors

20,000

Investments

20,000

Provision for Doubtful Debts

1,800

Sundry Debtors

40,000

Bank A/c (Realisation of Assets):

 

Machinery

40,000

Stock

45,000

 

Land and Building

1,00,000

Machinery

32,000

 

Bank A/c (Creditors)

19,000

Debtors

35,000

 

Bank A/c (Realisation Expenses)

1,200

Typewriter

5,000

 

 

 

 

Land and Building

1,30,000

2,47,000

 

 

X’s Capital A/c (Investments)

15,000

Profit transferred to:

 

 

 

X’s Capital A/c

5,280

 

 

 

Y’s Capital A/c

3,520

8,800

 

 

 

2,83,800

 

2,83,800

 

 

 

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

X

Y

Particulars

X

Y

Loan to Y

 

10,000

Balance b/d

1,20,000

90,000

Realisation A/c (Investments)

15,000

 

Workmen Compensation Reserve

15,000

10,000

Bank A/c (Final Settlement)

1,25,280

93,520

Realisation A/c (Profit)

5,280

3,520

 

 

 

     

 

1,40,280

1,03,520

 

1,40,280

1,03,520

 

 

 

 

 

 

 

Bank Account

Particulars

Amount

(Rs)

 

Amount (Rs)

Balance b/d

8,000

Loan from X

16,000

Realisation (Assets)

2,47,000

Realisation Expenses

1,200

 

 

Realisation A/c (Creditors)

19,000

 

 

X’s Capital A/c

1,25,280

 

 

Y’s Capital A/c

93,520

 

2,55,000

 

2,55,000

 

 

 

 

 



Page No 5.64:

Question 15:

Realisation Account

Particulars

Amount

(Rs)

Particulars

Amount (Rs)

Stock

54,800

Creditors

20,000

Investments

20,000

Provision for Doubtful Debts

1,800

Sundry Debtors

40,000

Bank A/c (Realisation of Assets):

 

Machinery

40,000

Stock

45,000

 

Land and Building

1,00,000

Machinery

32,000

 

Bank A/c (Creditors)

19,000

Debtors

35,000

 

Bank A/c (Realisation Expenses)

1,200

Typewriter

5,000

 

 

 

 

Land and Building

1,30,000

2,47,000

 

 

X’s Capital A/c (Investments)

15,000

Profit transferred to:

 

 

 

X’s Capital A/c

5,280

 

 

 

Y’s Capital A/c

3,520

8,800

 

 

 

2,83,800

 

2,83,800

 

 

 

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

X

Y

Particulars

X

Y

Loan to Y

 

10,000

Balance b/d

1,20,000

90,000

Realisation A/c (Investments)

15,000

 

Workmen Compensation Reserve

15,000

10,000

Bank A/c (Final Settlement)

1,25,280

93,520

Realisation A/c (Profit)

5,280

3,520

 

 

 

     

 

1,40,280

1,03,520

 

1,40,280

1,03,520

 

 

 

 

 

 

 

Bank Account

Particulars

Amount

(Rs)

 

Amount (Rs)

Balance b/d

8,000

Loan from X

16,000

Realisation (Assets)

2,47,000

Realisation Expenses

1,200

 

 

Realisation A/c (Creditors)

19,000

 

 

X’s Capital A/c

1,25,280

 

 

Y’s Capital A/c

93,520

 

2,55,000

 

2,55,000

 

 

 

 

 

Answer:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Investments 60,000 Bills Payable 10,000
Machinery 80,000 Creditors 90,000
Furniture 50,000 Bank A/c:  
Stock 1,00,000
Investments
90,000  
Debtors 20,000
Machinery
56,000  
Bills Receivable 10,000
Bills Receivable
9,500  
Bank A/c:  
Debtors
19,000  
Unrecorded Liability
2,500  
Stock (WN)
80,000 2,54,500
Creditors
90,000   Z’s Capital A/c (Furniture) 40,000
Bills Payable
10,000 1,02,500 Loss transferred to:  
   
X’s Capital A/c
9,333  
   
Y’s Capital A/c
9,333  
   
Z’s Capital A/c
9,334 28,000
  4,22,500   4,22,500
       

Working Notes: Calculation of amount realised from sale of stock
Stock = Rs 1,00,000

Components of Stock-in-Trade Amount Realised
70,000 (70% of 1,00,000) 70,000 (full)
10,000 (10% of 1,00,000) Nil
20,000 (20% of 1,00,000) 10,000 (50% of book value)
Total 80,000

Page No 5.64:

Question 16:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Investments 60,000 Bills Payable 10,000
Machinery 80,000 Creditors 90,000
Furniture 50,000 Bank A/c:  
Stock 1,00,000
Investments
90,000  
Debtors 20,000
Machinery
56,000  
Bills Receivable 10,000
Bills Receivable
9,500  
Bank A/c:  
Debtors
19,000  
Unrecorded Liability
2,500  
Stock (WN)
80,000 2,54,500
Creditors
90,000   Z’s Capital A/c (Furniture) 40,000
Bills Payable
10,000 1,02,500 Loss transferred to:  
   
X’s Capital A/c
9,333  
   
Y’s Capital A/c
9,333  
   
Z’s Capital A/c
9,334 28,000
  4,22,500   4,22,500
       

Working Notes: Calculation of amount realised from sale of stock
Stock = Rs 1,00,000

Components of Stock-in-Trade Amount Realised
70,000 (70% of 1,00,000) 70,000 (full)
10,000 (10% of 1,00,000) Nil
20,000 (20% of 1,00,000) 10,000 (50% of book value)
Total 80,000

Answer:

Realisation Account
Particulars Amount
(Rs)
Particulars Amount
(Rs)
Goodwill 30,000 Provision for Doubtful debts 4,000
Building 24,000 Sundry Creditors 4,000
Furniture 4,000 Bills Payable 10,000
Stock 14,000 Cash A/c:  
Sundry Debtors 30,000
Building
32,000  
Bills Receivable 6,000
Furniture
4,000  
Cash A/c:  
Sundry Debtors
24,000  
Expenses
3,400  
Stock
10,000  
Compensation to Employees
3,000  
Bills Receivable
5,000  
Bills Payable
10,000  
Cash A/c (Typewriter)
4,000 79,000
Sundry Creditors
3,600 20,000    
    Loss transferred to:  
   
A’s Capital A/c
15,500  
   
B’s Capital A/c
15,500 31,000
  1,28,000   1,28,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars A B Particulars A B
Realisation A/c 15,500 15,500 Balance b/d 34,000 28,000
Cash (Final Payment) 24,500 18,500 Reserve 6,000 6,000
  40,000 34,000   40,000 34,000
           

 

Cash Account
Particulars Amount
(Rs)
  Amount
(Rs)
Balance b/d 4,000 Realisation A/c 20,000
Realisation A/c 79,000 A’s Loan A/c 20,000
    A’s Capital 24,500
    B’s Capital 18,500
  83,000   83,000
       



Page No 5.65:

Question 17:

Realisation Account
Particulars Amount
(Rs)
Particulars Amount
(Rs)
Goodwill 30,000 Provision for Doubtful debts 4,000
Building 24,000 Sundry Creditors 4,000
Furniture 4,000 Bills Payable 10,000
Stock 14,000 Cash A/c:  
Sundry Debtors 30,000
Building
32,000  
Bills Receivable 6,000
Furniture
4,000  
Cash A/c:  
Sundry Debtors
24,000  
Expenses
3,400  
Stock
10,000  
Compensation to Employees
3,000  
Bills Receivable
5,000  
Bills Payable
10,000  
Cash A/c (Typewriter)
4,000 79,000
Sundry Creditors
3,600 20,000    
    Loss transferred to:  
   
A’s Capital A/c
15,500  
   
B’s Capital A/c
15,500 31,000
  1,28,000   1,28,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars A B Particulars A B
Realisation A/c 15,500 15,500 Balance b/d 34,000 28,000
Cash (Final Payment) 24,500 18,500 Reserve 6,000 6,000
  40,000 34,000   40,000 34,000
           

 

Cash Account
Particulars Amount
(Rs)
  Amount
(Rs)
Balance b/d 4,000 Realisation A/c 20,000
Realisation A/c 79,000 A’s Loan A/c 20,000
    A’s Capital 24,500
    B’s Capital 18,500
  83,000   83,000
       

Answer:

Realisation Account
Particulars Amount
(Rs)
Particulars Amount
(Rs)
Investments 10,000 Provision for Doubtful Debts 2,000
Fixed Assets 39,000 Sundry Creditors 30,000
Stock 5,000 Bills Payable 8,000
Debtors 20,000 Fixed Assets Replacement Reserve 1,000
X’s Capital A/c   Loan from Mrs. X 5,000
Loan from Mrs. X
5,000   Loan from Mrs. Y 10,000
Expenses
1,000 6,000 Bank A/c  
Bank A/c  
Debtors (WN1)
19,000  
Creditors (WN2)
29,850  
Fixed Assets
71,000  
Bills Payable (WN2)
7,960  
Investments
4,500 94,500
Loan from Mrs. Y
10,000 47,810 X’s Capital A/c (Stock) 4,000
Profit transferred to:   Y’s Capital A/c    
X’s Capital A/c
15,745  
Investments
4,500  
Y’s Capital A/c
15,745 31,490
Furniture
300 4,800
  1,59,300   1,59,300
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars X Y Particulars X Y
Profit & Loss A/c 1,500 1,500 Balance b/d 10,000 10,000
Advertisement Suspense A/c 250 250 Workmen Compensation Reserve 5,000 5,000
Realisation A/c 4,000 4,800 Realisation A/c 6,000
Bank (Final Payment) 30,995 24,195 Realisation A/c 15,745 15,745
  36,745 30,745   36,745 30,745
           

 

Bank Account
Particulars Amount
(Rs)
  Amount
(Rs)
Balance b/d 8,500 Realisation A/c 47,810
Realisation A/c 94,500 X’s Capital A/c 30,995
    Y’s Capital A/c 24,195
  1,03,000   1,03,000
       

Working Notes:

WN 1: Calculation of amount realised from debtors
Amount of Debtors = Rs 20,000Discount allowed to Debtors = Rs 20,000 × 6100 × 1012 = Rs 1,000 Amount realised = Rs 19,000

WN 2: Calculation of amount paid to Creditors and Bills Payable
Amount of Creditors = Rs 30,000Discount received = 30,000 × 6100 × 112 = Rs 150 Amount paid = Rs 29,850Amount of Bills Payable = Rs 8,000Discount received = 8,000 × 6100 × 112 = Rs 40 Amount paid = Rs 7,960 

Page No 5.65:

Question 18:

Realisation Account
Particulars Amount
(Rs)
Particulars Amount
(Rs)
Investments 10,000 Provision for Doubtful Debts 2,000
Fixed Assets 39,000 Sundry Creditors 30,000
Stock 5,000 Bills Payable 8,000
Debtors 20,000 Fixed Assets Replacement Reserve 1,000
X’s Capital A/c   Loan from Mrs. X 5,000
Loan from Mrs. X
5,000   Loan from Mrs. Y 10,000
Expenses
1,000 6,000 Bank A/c  
Bank A/c  
Debtors (WN1)
19,000  
Creditors (WN2)
29,850  
Fixed Assets
71,000  
Bills Payable (WN2)
7,960  
Investments
4,500 94,500
Loan from Mrs. Y
10,000 47,810 X’s Capital A/c (Stock) 4,000
Profit transferred to:   Y’s Capital A/c    
X’s Capital A/c
15,745  
Investments
4,500  
Y’s Capital A/c
15,745 31,490
Furniture
300 4,800
  1,59,300   1,59,300
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars X Y Particulars X Y
Profit & Loss A/c 1,500 1,500 Balance b/d 10,000 10,000
Advertisement Suspense A/c 250 250 Workmen Compensation Reserve 5,000 5,000
Realisation A/c 4,000 4,800 Realisation A/c 6,000
Bank (Final Payment) 30,995 24,195 Realisation A/c 15,745 15,745
  36,745 30,745   36,745 30,745
           

 

Bank Account
Particulars Amount
(Rs)
  Amount
(Rs)
Balance b/d 8,500 Realisation A/c 47,810
Realisation A/c 94,500 X’s Capital A/c 30,995
    Y’s Capital A/c 24,195
  1,03,000   1,03,000
       

Working Notes:

WN 1: Calculation of amount realised from debtors
Amount of Debtors = Rs 20,000Discount allowed to Debtors = Rs 20,000 × 6100 × 1012 = Rs 1,000 Amount realised = Rs 19,000

WN 2: Calculation of amount paid to Creditors and Bills Payable
Amount of Creditors = Rs 30,000Discount received = 30,000 × 6100 × 112 = Rs 150 Amount paid = Rs 29,850Amount of Bills Payable = Rs 8,000Discount received = 8,000 × 6100 × 112 = Rs 40 Amount paid = Rs 7,960 

Answer:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Building 6,00,000 Employees’ Provident Fund 80,000
Equipments 1,20,000 Bank Loan 2,60,000
Sundry Debtors 3,60,000 Sundry Creditors 2,00,000
Stock 4,80,000 Bank A/c  
Bank A/c:  
Unrecorded Asset
45,000  
Sundry Creditors
72,000  
Bad Debts Recovered
1,50,000  
Bank Loan
30,000  
Equipments
18,000  
Employees’ Provident Fund
80,000 1,82,000
Building
5,85,000  
Y’s Capital A/c (Remuneration) 36,000
Debtors
3,30,000 11,28,000
    Loss transferred to:  
   
X’s Capital A/c
22,000  
   
Y’s Capital A/c
33,000  
   
Z’s Capital A/c
55,000 1,10,000
       
  17,78,000   17,78,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars X Y Z Particulars X Y Z
Bank A/c 33,600 Balance b/d 2,10,000 2,70,000 3,30,000
Realisation A/c 22,000 33,000 55,000 Realisation A/c 36,000
Bank A/c (Final Payment) 1,88,000 2,39,400 2,75,000        
               
  2,10,000 3,06,000 3,30,000   2,10,000 3,06,000 3,30,000
               

 

Bank Account
Particulars Amount
(Rs)
Particulars Amount
(Rs)
Balance b/d 1,80,000 X’s Loan A/c 3,90,000
Realisation A/c 11,28,000 Realisation A/c 1,82,000
    X’s Capital 1,88,000
    Y’s Capital 2,73,000
    Z’s Capital 2,75,000
  13,08,000   13,08,000
       



Page No 5.66:

Question 19:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Building 6,00,000 Employees’ Provident Fund 80,000
Equipments 1,20,000 Bank Loan 2,60,000
Sundry Debtors 3,60,000 Sundry Creditors 2,00,000
Stock 4,80,000 Bank A/c  
Bank A/c:  
Unrecorded Asset
45,000  
Sundry Creditors
72,000  
Bad Debts Recovered
1,50,000  
Bank Loan
30,000  
Equipments
18,000  
Employees’ Provident Fund
80,000 1,82,000
Building
5,85,000  
Y’s Capital A/c (Remuneration) 36,000
Debtors
3,30,000 11,28,000
    Loss transferred to:  
   
X’s Capital A/c
22,000  
   
Y’s Capital A/c
33,000  
   
Z’s Capital A/c
55,000 1,10,000
       
  17,78,000   17,78,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars X Y Z Particulars X Y Z
Bank A/c 33,600 Balance b/d 2,10,000 2,70,000 3,30,000
Realisation A/c 22,000 33,000 55,000 Realisation A/c 36,000
Bank A/c (Final Payment) 1,88,000 2,39,400 2,75,000        
               
  2,10,000 3,06,000 3,30,000   2,10,000 3,06,000 3,30,000
               

 

Bank Account
Particulars Amount
(Rs)
Particulars Amount
(Rs)
Balance b/d 1,80,000 X’s Loan A/c 3,90,000
Realisation A/c 11,28,000 Realisation A/c 1,82,000
    X’s Capital 1,88,000
    Y’s Capital 2,73,000
    Z’s Capital 2,75,000
  13,08,000   13,08,000
       

Answer:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Debtors 50,000 Creditors 60,000
Stock 60,000 Employees’ Provident fund 5,000
Furniture 1,25,000 Loan from Mrs. A 5,000
Patents 35,000 B’s Current A/c (Stock) 55,000
Building 3,20,000 C’s Current A/c (Building) 4,00,000
A’s Current A/c (Expenses) 10,000 Bank A/c:  
Bank A/c:  
Debtors
48,000  
Creditors
55,000  
Furniture
97,000 1,45,000
Employees’ Provident Fund
5,000      
Loan from Mrs. A
5,000 65,000    
Profit transferred to:      
A’s Capital A/c
2,500      
B’s Capital A/c
1,500      
C’s Capital A/c
1,000 5,000    
       
  6,70,000   6,70,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars A B C Particulars A B C
Current A/c 3,63,500 Balance b/d 2,00,000 1,50,000 1,50,000
Bank (Balancing Figure) 2,00,500 1,51,000 Current A/c 500 1,000
        Bank A/c (Balancing Figure) 2,13,500
  2,00,500 3,63,500 1,51,000   2,00,500 3,63,500 1,51,000
               

 

Partners’ Current Accounts
Dr.   Cr.
Particulars A B C Particulars A B C
Balance b/d 12,000 Balance b/d 25,000 17,000
Bank A/c 12,000 Profit & Loss A/c 25,000 15,000 10,000
Realisation A/c 55,000 4,00,000 Workmen Compensation Reserve A/c 5,000 3,000 2,000
Partner's Capital A/c (Bal. Fig.) 500 1,000 Realisation A/c 10,000
        Realisation A/c 2,500 1,500 1,000
        Partner's Capital A/c (Bal. Fig.) 3,63,500
  67,500 4,00,000 13,000   67,500 4,00,000 13,000
               

 

Bank Account
Particulars Amount (Rs)   Amount (Rs)
Balance b/d 70,000 Realisation A/c 65,000
Realisation A/c 1,45,000 A’s Capital A/c 2,00,500
B’s Capital A/c 2,13,500 C’s Capital 1,51,000
    A’s Current A/c 12,000
  4,28,500   4,28,500
       

Note: The final amounts payable (or brought in) to (or by) the partners is not same as per the textbook. Also, the total of Bank Account is different from the total given in the textbook.

Page No 5.66:

Question 20:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Debtors 50,000 Creditors 60,000
Stock 60,000 Employees’ Provident fund 5,000
Furniture 1,25,000 Loan from Mrs. A 5,000
Patents 35,000 B’s Current A/c (Stock) 55,000
Building 3,20,000 C’s Current A/c (Building) 4,00,000
A’s Current A/c (Expenses) 10,000 Bank A/c:  
Bank A/c:  
Debtors
48,000  
Creditors
55,000  
Furniture
97,000 1,45,000
Employees’ Provident Fund
5,000      
Loan from Mrs. A
5,000 65,000    
Profit transferred to:      
A’s Capital A/c
2,500      
B’s Capital A/c
1,500      
C’s Capital A/c
1,000 5,000    
       
  6,70,000   6,70,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars A B C Particulars A B C
Current A/c 3,63,500 Balance b/d 2,00,000 1,50,000 1,50,000
Bank (Balancing Figure) 2,00,500 1,51,000 Current A/c 500 1,000
        Bank A/c (Balancing Figure) 2,13,500
  2,00,500 3,63,500 1,51,000   2,00,500 3,63,500 1,51,000
               

 

Partners’ Current Accounts
Dr.   Cr.
Particulars A B C Particulars A B C
Balance b/d 12,000 Balance b/d 25,000 17,000
Bank A/c 12,000 Profit & Loss A/c 25,000 15,000 10,000
Realisation A/c 55,000 4,00,000 Workmen Compensation Reserve A/c 5,000 3,000 2,000
Partner's Capital A/c (Bal. Fig.) 500 1,000 Realisation A/c 10,000
        Realisation A/c 2,500 1,500 1,000
        Partner's Capital A/c (Bal. Fig.) 3,63,500
  67,500 4,00,000 13,000   67,500 4,00,000 13,000
               

 

Bank Account
Particulars Amount (Rs)   Amount (Rs)
Balance b/d 70,000 Realisation A/c 65,000
Realisation A/c 1,45,000 A’s Capital A/c 2,00,500
B’s Capital A/c 2,13,500 C’s Capital 1,51,000
    A’s Current A/c 12,000
  4,28,500   4,28,500
       

Note: The final amounts payable (or brought in) to (or by) the partners is not same as per the textbook. Also, the total of Bank Account is different from the total given in the textbook.

Answer:

Realisation Account
Particulars Amount
(Rs)
Particulars Amount
(Rs)
Fixed Assets 1,50,000 Provision for Doubtful Debts 1,500
Insurance Claim Receivable 75,000 Creditors 55,500
Debtors 30,000 Investment Fluctuation Reserve 1,500
Stock 24,000 Employees’ Provident Fund 6,000
Investments 24,000 A’s Capital A/c (Investments) 18,000
B’s Capital A/c (Creditors) 29,700 Bank A/c:  
B’s Capital (Salary) (1,200 × 4) 4,800
Stock
21,000  
Bank A/c:  
Debtors
27,000  
Creditors
22,500  
Recovery of Bad Debts
2,400  
Unrecorded Liability
7,500  
Unrecorded Assets
3,900  
Employees’ Provident Fund
6,000 36,000
Insurance Claim
60,000  
Profit transferred to:  
Fixed Assets
2,10,000 3,24,300
A’s Capital A/c
13,320      
B’s Capital A/c
13,320      
C’s Capital A/c
6,660 33,300    
       
  4,06,800   4,06,800
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars A B C Particulars A B C
Balance b/d 6,000 Balance b/d 1,20,000 90,000
Realisation A/c 18,000 Reserve A/c 28,000 28,000 14,000
Bank A/c (Expenses) 3,300 Workmen Compensation Reserve 14,000 14,000 7,000
Bank A/c (Final Payment) 1,57,320 1,76,520 21,660 Realisation A/c 29,700
        Realisation A/c 4,800
        Realisation A/c 13,320 13,320 6,660
  1,75,320 1,79,820 27,660   1,75,320 1,79,820 27,660
               

 

Bank Account
Particulars Amount (Rs) Particulars Amount (Rs)
Balance b/d 70,500 Realisation A/c 36,000
Realisation A/c 3,24,300 B’s Capital A/c 1,79,820
    A’s Capital A/c 1,57,320
    C’s Capital A/c 21,660
       
  3,94,800   3,94,800
       



Page No 5.67:

Question 21:

Realisation Account
Particulars Amount
(Rs)
Particulars Amount
(Rs)
Fixed Assets 1,50,000 Provision for Doubtful Debts 1,500
Insurance Claim Receivable 75,000 Creditors 55,500
Debtors 30,000 Investment Fluctuation Reserve 1,500
Stock 24,000 Employees’ Provident Fund 6,000
Investments 24,000 A’s Capital A/c (Investments) 18,000
B’s Capital A/c (Creditors) 29,700 Bank A/c:  
B’s Capital (Salary) (1,200 × 4) 4,800
Stock
21,000  
Bank A/c:  
Debtors
27,000  
Creditors
22,500  
Recovery of Bad Debts
2,400  
Unrecorded Liability
7,500  
Unrecorded Assets
3,900  
Employees’ Provident Fund
6,000 36,000
Insurance Claim
60,000  
Profit transferred to:  
Fixed Assets
2,10,000 3,24,300
A’s Capital A/c
13,320      
B’s Capital A/c
13,320      
C’s Capital A/c
6,660 33,300    
       
  4,06,800   4,06,800
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars A B C Particulars A B C
Balance b/d 6,000 Balance b/d 1,20,000 90,000
Realisation A/c 18,000 Reserve A/c 28,000 28,000 14,000
Bank A/c (Expenses) 3,300 Workmen Compensation Reserve 14,000 14,000 7,000
Bank A/c (Final Payment) 1,57,320 1,76,520 21,660 Realisation A/c 29,700
        Realisation A/c 4,800
        Realisation A/c 13,320 13,320 6,660
  1,75,320 1,79,820 27,660   1,75,320 1,79,820 27,660
               

 

Bank Account
Particulars Amount (Rs) Particulars Amount (Rs)
Balance b/d 70,500 Realisation A/c 36,000
Realisation A/c 3,24,300 B’s Capital A/c 1,79,820
    A’s Capital A/c 1,57,320
    C’s Capital A/c 21,660
       
  3,94,800   3,94,800
       

Answer:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Stock 80,000 Provision for Doubtful Debts 2,500
Debtors 50,000 Sundry Creditors 41,500
Investments 55,000 Bills Payable 20,000
Premises 1,51,500 Bank Loan 40,000
Bank A/c:   Investment Fluctuation Reserve 40,000
Creditors (including Bills Payable)
57,500   Bank A/c:  
Liability for Bills Receivable
5,000  
Assets
3,25,000  
Expenses
15,000  
Investments
56,500  
Bank Loan
40,000 1,17,500
Bill Received (50% of 5,000)
2,500 3,84,000
Profit transferred to:      
X’s Capital A/c
29,600      
Y’s Capital A/c
29,600      
Z’s Capital A/c
14,800 74,000    
       
  5,28,000   5,28,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars X Y Z Particulars X Y Z
Bank (Final Payment) 1,24,600 1,24,600 39,800 Balance b/d 75,000 75,000 15,000
        General Reserve 20,000 20,000 10,000
        Realisation A/c 29,600 29,600 14,800
  1,24,600 1,24,600 39,800   1,24,600 1,24,600 39,800
               

 

Bank Account
Particulars Amount (Rs)   Amount (Rs)
Balance b/d 22,500 Realisation A/c 1,17,500
Realisation A/c 3,84,000 X’s Capital A/c 1,24,600
    Y’s Capital A/c 1,24,600
    Z’s Capital A/c 39,800
  4,06,500   4,06,500
       

Page No 5.67:

Question 22:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Stock 80,000 Provision for Doubtful Debts 2,500
Debtors 50,000 Sundry Creditors 41,500
Investments 55,000 Bills Payable 20,000
Premises 1,51,500 Bank Loan 40,000
Bank A/c:   Investment Fluctuation Reserve 40,000
Creditors (including Bills Payable)
57,500   Bank A/c:  
Liability for Bills Receivable
5,000  
Assets
3,25,000  
Expenses
15,000  
Investments
56,500  
Bank Loan
40,000 1,17,500
Bill Received (50% of 5,000)
2,500 3,84,000
Profit transferred to:      
X’s Capital A/c
29,600      
Y’s Capital A/c
29,600      
Z’s Capital A/c
14,800 74,000    
       
  5,28,000   5,28,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars X Y Z Particulars X Y Z
Bank (Final Payment) 1,24,600 1,24,600 39,800 Balance b/d 75,000 75,000 15,000
        General Reserve 20,000 20,000 10,000
        Realisation A/c 29,600 29,600 14,800
  1,24,600 1,24,600 39,800   1,24,600 1,24,600 39,800
               

 

Bank Account
Particulars Amount (Rs)   Amount (Rs)
Balance b/d 22,500 Realisation A/c 1,17,500
Realisation A/c 3,84,000 X’s Capital A/c 1,24,600
    Y’s Capital A/c 1,24,600
    Z’s Capital A/c 39,800
  4,06,500   4,06,500
       

Answer:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Debtors 24,200 Provision for Doubtful Debts 1,200
Stock 7,800 Creditors 6,000
Furniture 1,000 Loan 1,500
Sundry Assets 17,000 A’s Capital A/c  
A’s Capital A/c:  
Furniture
800  
Creditors
6,000  
Debtors
17,200 18,000
Remuneration
270 6,270 B’s Capital A/c  
C’s Capital A/c (Loan) 1,530
Stock
7,000  
   
Sundry Assets
7,200 14,200
    C’s Capital A/c  
    Sundry Assets (WN) 8,000
    Bank A/c (Debtors) 2,100
    Loss transferred to:  
   
A’s Capital A/c
4,080  
   
B’s Capital A/c
1,360  
   
C’s Capital A/c
1,360 6,800
  57,800   57,800
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars A B C Particulars A B C
Advertisement Suspense A/c 3,000 1,000 1,000 Balance b/d 24,500 9,000 6,000
Realisation A/c 18,000 14,200 8,000 Reserve 6,000 2,000 2,000
Realisation A/c 4,080 1,360 1,360 Realisation A/c 6,270 1,530
Bank A/c (Amount paid) 11,690 Bank A/c (Amount brought) 5,560 830
  36,770 16,560 10,360   36,770 16,560 10,360
               

 

Bank Account
Particulars Amount (Rs)   Amount (Rs)
Balance b/d 3,200 A’s Capital A/c 11,690
Realisation A/c 2,100    
B’s Capital A/c 5,560    
C’s Capital A/c 830    
  11,690   11,690
       

Working Notes: Calculation of Sundry Assets taken over by C

Sundry Assets taken over by B (at 90%)= 7,200Value of Assets taken over by B (100%)=7,20090×100=Rs 8,000Remaining value of Sundry Assets = 17,000 - 8,000 = Rs 9,000Agreed value of Sundry Assets taken over by C = 9,000×90100=8,100 - 100 = Rs 8,000



Page No 5.68:

Question 23:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Debtors 24,200 Provision for Doubtful Debts 1,200
Stock 7,800 Creditors 6,000
Furniture 1,000 Loan 1,500
Sundry Assets 17,000 A’s Capital A/c  
A’s Capital A/c:  
Furniture
800  
Creditors
6,000  
Debtors
17,200 18,000
Remuneration
270 6,270 B’s Capital A/c  
C’s Capital A/c (Loan) 1,530
Stock
7,000  
   
Sundry Assets
7,200 14,200
    C’s Capital A/c  
    Sundry Assets (WN) 8,000
    Bank A/c (Debtors) 2,100
    Loss transferred to:  
   
A’s Capital A/c
4,080  
   
B’s Capital A/c
1,360  
   
C’s Capital A/c
1,360 6,800
  57,800   57,800
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars A B C Particulars A B C
Advertisement Suspense A/c 3,000 1,000 1,000 Balance b/d 24,500 9,000 6,000
Realisation A/c 18,000 14,200 8,000 Reserve 6,000 2,000 2,000
Realisation A/c 4,080 1,360 1,360 Realisation A/c 6,270 1,530
Bank A/c (Amount paid) 11,690 Bank A/c (Amount brought) 5,560 830
  36,770 16,560 10,360   36,770 16,560 10,360
               

 

Bank Account
Particulars Amount (Rs)   Amount (Rs)
Balance b/d 3,200 A’s Capital A/c 11,690
Realisation A/c 2,100    
B’s Capital A/c 5,560    
C’s Capital A/c 830    
  11,690   11,690
       

Working Notes: Calculation of Sundry Assets taken over by C

Sundry Assets taken over by B (at 90%)= 7,200Value of Assets taken over by B (100%)=7,20090×100=Rs 8,000Remaining value of Sundry Assets = 17,000 - 8,000 = Rs 9,000Agreed value of Sundry Assets taken over by C = 9,000×90100=8,100 - 100 = Rs 8,000

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

Bank A/c

7,040

 

 

 

 

 

 

 

 

 

33,040

22,000

16,000

 

33,040

22,000

16,000

 

 

 

 

 

 

 

 

 

Amar's Loan Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

 

 

Balance b/d

7,000

 

 

 

 

Cash A/c

7,000

 

 

 

 

 

 

 

7,000

 

7,000

 

 

 

 

 

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

7,040

Antony’s Capital A/c

14,480

    Amar's Loan A/c 7,000

 

 

 

 

 

51,040

 

51,040

 

 

 

 

Note: As per textbook, Amar is to be paid an amount of Rs 2,960. However, as per the above worked out solution Amar is to bring in an amount of Rs 7,040. Also, the total of Bank Account is different from the total given in the textbook.

Page No 5.68:

Question 24:

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

Bank A/c

7,040

 

 

 

 

 

 

 

 

 

33,040

22,000

16,000

 

33,040

22,000

16,000

 

 

 

 

 

 

 

 

 

Amar's Loan Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

 

 

Balance b/d

7,000

 

 

 

 

Cash A/c

7,000

 

 

 

 

 

 

 

7,000

 

7,000

 

 

 

 

 

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

7,040

Antony’s Capital A/c

14,480

    Amar's Loan A/c 7,000

 

 

 

 

 

51,040

 

51,040

 

 

 

 

Note: As per textbook, Amar is to be paid an amount of Rs 2,960. However, as per the above worked out solution Amar is to bring in an amount of Rs 7,040. Also, the total of Bank Account is different from the total given in the textbook.

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 5.69:

Question 25:

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
Particulars Amount (Rs) Particulars Amount (Rs)
Goodwill 10,000 Provision for Doubtful Debts 2,000
Building 25,000 Creditors 20,000
Plant & Machinery 25,000 Bills Payable 20,000
Investments 15,300 Bank Overdraft 10,000
Stock 8,700 Mrs. Rahul’s Loan 20,000
Bills Receivable 10,000 Investment Fluctuation Fund 2,800
Debtors 17,000 Employees’ Provident Fund 1,200
Rahul’s Capital A/c (Loan) 20,000 Bank A/c:  
Bank A/c:  
Debtors
12,000  
Creditors
19,000  
Plant & Machinery
20,000  
Bills Payable
19,000  
Building
50,000  
Employees’ Provident Fund
1,200  
Goodwill
6,000 88,000
Bank Overdraft
10,000   Rohit’s Capital A/c  
Expenses
2,000 51,200
Investments
12,000  
Profit transferred to:  
Bills Receivable
8,000 20,000
Ranvi’s Capital A/c
4,900   Rahul’s Capital A/c (Stock) 8,000
Rohit’s Capital A/c
4,900 9,800    
  1,92,000   1,92,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars Rahul Rohit Particulars Rahul Rohit
Profit & Loss A/c 2,000 2,000 Balance b/d 20,000 20,000
Realisation A/c 8,000 20,000 General Reserve A/c 1,000 1,000
      Realisation A/c 20,000
Bank A/c (Balancing Figure) 35,900 3,900 Realisation A/c 4,900 4,900
  45,900 25,900   45,900 25,900
           

 

Bank Account
Particulars Amount (Rs)   Amount (Rs)
Balance b/d 13,000 Rohit’s Loan A/c 10,000
Realisation A/c 88,000 Realisation A/c 51,200
    Rahul’s Capital 35,900
    Rohit’s Capital 3,900
  1,01,000   1,01,000
       

Note: There seems to be a printing error in the answer given in the textbook. The amount paid to Rohit is 3,900 and not Rs 13,900.

Page No 5.69:

Question 26:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Goodwill 10,000 Provision for Doubtful Debts 2,000
Building 25,000 Creditors 20,000
Plant & Machinery 25,000 Bills Payable 20,000
Investments 15,300 Bank Overdraft 10,000
Stock 8,700 Mrs. Rahul’s Loan 20,000
Bills Receivable 10,000 Investment Fluctuation Fund 2,800
Debtors 17,000 Employees’ Provident Fund 1,200
Rahul’s Capital A/c (Loan) 20,000 Bank A/c:  
Bank A/c:  
Debtors
12,000  
Creditors
19,000  
Plant & Machinery
20,000  
Bills Payable
19,000  
Building
50,000  
Employees’ Provident Fund
1,200  
Goodwill
6,000 88,000
Bank Overdraft
10,000   Rohit’s Capital A/c  
Expenses
2,000 51,200
Investments
12,000  
Profit transferred to:  
Bills Receivable
8,000 20,000
Ranvi’s Capital A/c
4,900   Rahul’s Capital A/c (Stock) 8,000
Rohit’s Capital A/c
4,900 9,800    
  1,92,000   1,92,000
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars Rahul Rohit Particulars Rahul Rohit
Profit & Loss A/c 2,000 2,000 Balance b/d 20,000 20,000
Realisation A/c 8,000 20,000 General Reserve A/c 1,000 1,000
      Realisation A/c 20,000
Bank A/c (Balancing Figure) 35,900 3,900 Realisation A/c 4,900 4,900
  45,900 25,900   45,900 25,900
           

 

Bank Account
Particulars Amount (Rs)   Amount (Rs)
Balance b/d 13,000 Rohit’s Loan A/c 10,000
Realisation A/c 88,000 Realisation A/c 51,200
    Rahul’s Capital 35,900
    Rohit’s Capital 3,900
  1,01,000   1,01,000
       

Note: There seems to be a printing error in the answer given in the textbook. The amount paid to Rohit is 3,900 and not Rs 13,900.

Answer:

Journal
Date Particulars L.F. Debit Amount (Rs) Credit
Amount
(Rs)
1) Realisation A/c Dr.   10,000  
 
To Bank A/c
      10,000
  (Balance amount of creditors paid)        
           
2) Bank A/c Dr.   20,000  
 
To Realisation A/c
      20,000
  (Excess amount received from creditors)        
           
3) Realisation A/c Dr.   45,000  
 
To X’s Capital A/c
      45,000
  (Creditors paid by X)        
           
4) Y’s Capital A/c Dr.   36,000  
 
To Realisation A/c
      36,000
  (Computer taken over by Y)        
           
5) Realisation A/c Dr.   10,000  
 
To Bank A/c
      10,000
  (Workmen compensation paid)        
           
  Workmen Compensation Reserve A/c Dr.   10,000  
 
To X’s Capital A/c
      5,000
 
To Y’s Capital A/c
      3,333
 
To Z’s Capital A/c
      1,667
  (Excess of workmen compensation reserve distributed among partners)      
           
6) No Entry        
         



Page No 5.70:

Question 27:

Journal
Date Particulars L.F. Debit Amount (Rs) Credit
Amount
(Rs)
1) Realisation A/c Dr.   10,000  
 
To Bank A/c
      10,000
  (Balance amount of creditors paid)        
           
2) Bank A/c Dr.   20,000  
 
To Realisation A/c
      20,000
  (Excess amount received from creditors)        
           
3) Realisation A/c Dr.   45,000  
 
To X’s Capital A/c
      45,000
  (Creditors paid by X)        
           
4) Y’s Capital A/c Dr.   36,000  
 
To Realisation A/c
      36,000
  (Computer taken over by Y)        
           
5) Realisation A/c Dr.   10,000  
 
To Bank A/c
      10,000
  (Workmen compensation paid)        
           
  Workmen Compensation Reserve A/c Dr.   10,000  
 
To X’s Capital A/c
      5,000
 
To Y’s Capital A/c
      3,333
 
To Z’s Capital A/c
      1,667
  (Excess of workmen compensation reserve distributed among partners)      
           
6) No Entry        
         

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, 2017

Liabilities

Amount

Rs

Assets

Amount

Rs

Capital A/c

 

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 5.70:

Question 28:

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, 2017

Liabilities

Amount

Rs

Assets

Amount

Rs

Capital A/c

 

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)

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 Note:

Memorandum Balance Sheet

as on March 31, 2014

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 5.70:

Question 29:

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 Note:

Memorandum Balance Sheet

as on March 31, 2014

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

Cash A/c (Creditors)

2,00,000

Cash (Assets realised)

4,50,000

 

 

Loss transferred to:

 

 

 

A’s Capital A/c

20,000

 

 

 

B’s Capital A/c

10,000

30,000

 

6,80,000

 

6,80,000

 

 

 

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

Particulars

A

B

B’s Loan 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 Note: 

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

 

 

 

 

Note: Final amount payable to B (Rs 20,000) has been adjusted against the loan receivable (Rs 20,000) from him.

Page No 5.70:

Question 30:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Assets (WN)

4,80,000

Trade Creditors

2,00,000

Cash A/c (Creditors)

2,00,000

Cash (Assets realised)

4,50,000

 

 

Loss transferred to:

 

 

 

A’s Capital A/c

20,000

 

 

 

B’s Capital A/c

10,000

30,000

 

6,80,000

 

6,80,000

 

 

 

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

Particulars

A

B

B’s Loan 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 Note: 

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

 

 

 

 

Note: Final amount payable to B (Rs 20,000) has been adjusted against the loan receivable (Rs 20,000) from him.

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 Note:

Memorandum Balance Sheet

as on July 31, 2014

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 5.70:

Question 31:

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 Note:

Memorandum Balance Sheet

as on July 31, 2014

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
Particulars Amount (Rs) Particulars Amount (Rs)
Sundry Assets 2,10,000 Creditors 25,000
Bank A/c:   Bank A/c (Assets) 2,00,000
Creditors
25,000   Loss transferred to:  
Expenses
3,000 28,000
P’s Capital A/c
5,200  
   
Q’s Capital A/c
3,900  
   
R’s Capital A/c
3,900 13,000
       
  2,38,000   2,38,000
       
 
Partners’ Capital Accounts
Dr.   Cr.
Particulars P Q R Particulars P Q R
Realisation A/c 5,200 3,900 3,900 Balance b/d 1,06,000 64,500 14,500
Bank A/c 1,00,800 60,600 10,600        
  1,06,000 64,500 14,500   1,06,000 64,500 14,500
               
 
Bank Account
Particulars Amount (Rs)   Amount (Rs)
Realisation A/c 2,00,000 Realisation A/c 28,000
    P’s Capital A/c 1,00,800
    Q’s Capital A/c 60,600
    R’s Capital A/c 10,600
  2,00,000   2,00,000
       

Working Notes: Calculation of capital balance

Partners’ Capital Accounts
Dr.   Cr.
Particulars P Q R Particulars P Q R
Profit & Loss A/c 34,000 25,500 25,500 Cash A/c 1,50,000 1,00,000 50,000
Drawings A/c 10,000 10,000 10,000        
Balance c/d 1,06,000 64,500 14,500        
  1,50,000 1,00,000 50,000   1,50,000 1,00,000 50,000
               
 
Memorandum Balance Sheet
as on March 31, 2014
Liabilities Amount (Rs) Assets Amount (Rs)
Capital:   Sundry Assets (Balancing Figure) 2,10,000
P
1,06,000      
Q
64,500      
R
14,500 1,85,000    
Creditors 25,000    
  2,10,000   2,10,000
       

Note: No interest on capital is allowed because loss is incurred by the firm.

Page No 5.70:

Question 32:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Sundry Assets 2,10,000 Creditors 25,000
Bank A/c:   Bank A/c (Assets) 2,00,000
Creditors
25,000   Loss transferred to:  
Expenses
3,000 28,000
P’s Capital A/c
5,200  
   
Q’s Capital A/c
3,900  
   
R’s Capital A/c
3,900 13,000
       
  2,38,000   2,38,000
       
 
Partners’ Capital Accounts
Dr.   Cr.
Particulars P Q R Particulars P Q R
Realisation A/c 5,200 3,900 3,900 Balance b/d 1,06,000 64,500 14,500
Bank A/c 1,00,800 60,600 10,600        
  1,06,000 64,500 14,500   1,06,000 64,500 14,500
               
 
Bank Account
Particulars Amount (Rs)   Amount (Rs)
Realisation A/c 2,00,000 Realisation A/c 28,000
    P’s Capital A/c 1,00,800
    Q’s Capital A/c 60,600
    R’s Capital A/c 10,600
  2,00,000   2,00,000
       

Working Notes: Calculation of capital balance

Partners’ Capital Accounts
Dr.   Cr.
Particulars P Q R Particulars P Q R
Profit & Loss A/c 34,000 25,500 25,500 Cash A/c 1,50,000 1,00,000 50,000
Drawings A/c 10,000 10,000 10,000        
Balance c/d 1,06,000 64,500 14,500        
  1,50,000 1,00,000 50,000   1,50,000 1,00,000 50,000
               
 
Memorandum Balance Sheet
as on March 31, 2014
Liabilities Amount (Rs) Assets Amount (Rs)
Capital:   Sundry Assets (Balancing Figure) 2,10,000
P
1,06,000      
Q
64,500      
R
14,500 1,85,000    
Creditors 25,000    
  2,10,000   2,10,000
       

Note: No interest on capital is allowed because loss is incurred by the firm.

Answer:

Profit and Loss Appropriation Account

for the year ended March 31, 2013   

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 2012-13

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, 2014   

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 31,2014

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

 

 

 

 

               

 

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, 2013

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

 

 

 

 

 



Page No 5.71:

Question 33:

Profit and Loss Appropriation Account

for the year ended March 31, 2013   

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 2012-13

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, 2014   

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 31,2014

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

 

 

 

 

               

 

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, 2013

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

 

 

 

 

 

Answer:

Realisation Account

Particulars

Amount

(Rs)

Particulars

Amount (Rs)

Investments

60,000

Provision for Doubtful Debts

10,000

Furniture

50,000

Sundry Creditors

70,000

Machinery

1,50,000

Mrs. A’s Loan

50,000

Debtors

1,00,000

Bank A/c (Assets realised):

 

 

 

Debtors

95,000

 

A’s Capital A/c (Mrs. A’s Loan)

50,000

Machinery

1,30,000

 

B’s Capital A/c (Realisation Expenses)

5,000

Investments

29,000

2,54,000

Bank A/c

 

A’s Capital A/c (Investments)

28,800

Creditors

(10,000 + 31,500)

41,500

 

Loss transferred to:

 

Liability against Workmen Compensation

10,000

51,500

A’s Capital A/c

32,220

 

 

 

B’s Capital A/c

21,480

53,700

 

4,66,500

 

4,66,500

 

 

 

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

Particulars

A

B

Profit and Loss A/c

12,000

8,000

Balance b/d

2,00,000

1,00,000

Advertisement Suspense A/c

6,000

4,000

Realisation A/c (Mrs A’s Loan)

50,000

 

Realisation A/c (Investments)

28,800

 

Realisation A/c (Realisation Exp.)

 

5,000

Realisation A/c (Loss)

32,220

21,480

General Reserve

18,000

12,000

Bank A/c (Final Payment)

1,88,980

83,520

     

 

2,68,000

1,17,000

 

2,68,000

1,17,000

 

 

 

 

 

 

 

Bank Account

Particulars

Amount

(Rs)

 

Amount (Rs)

Balance b/d

70,000

Bank A/c (Liabilities paid-off)

51,500

Bank A/c (Assets realised)

2,54,000

A’s Capital A/c (Final Payment)

1,88,980

 

 

B’s Capital A/c (Final Payment)

83,520

 

3,24,000

 

3,24,000

 

 

 

 

 

Page No 5.71:

Question 34:

Realisation Account

Particulars

Amount

(Rs)

Particulars

Amount (Rs)

Investments

60,000

Provision for Doubtful Debts

10,000

Furniture

50,000

Sundry Creditors

70,000

Machinery

1,50,000

Mrs. A’s Loan

50,000

Debtors

1,00,000

Bank A/c (Assets realised):

 

 

 

Debtors

95,000

 

A’s Capital A/c (Mrs. A’s Loan)

50,000

Machinery

1,30,000

 

B’s Capital A/c (Realisation Expenses)

5,000

Investments

29,000

2,54,000

Bank A/c

 

A’s Capital A/c (Investments)

28,800

Creditors

(10,000 + 31,500)

41,500

 

Loss transferred to:

 

Liability against Workmen Compensation

10,000

51,500

A’s Capital A/c

32,220

 

 

 

B’s Capital A/c

21,480

53,700

 

4,66,500

 

4,66,500

 

 

 

 

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

A

B

Particulars

A

B

Profit and Loss A/c

12,000

8,000

Balance b/d

2,00,000

1,00,000

Advertisement Suspense A/c

6,000

4,000

Realisation A/c (Mrs A’s Loan)

50,000

 

Realisation A/c (Investments)

28,800

 

Realisation A/c (Realisation Exp.)

 

5,000

Realisation A/c (Loss)

32,220

21,480

General Reserve

18,000

12,000

Bank A/c (Final Payment)

1,88,980

83,520

     

 

2,68,000

1,17,000

 

2,68,000

1,17,000

 

 

 

 

 

 

 

Bank Account

Particulars

Amount

(Rs)

 

Amount (Rs)

Balance b/d

70,000

Bank A/c (Liabilities paid-off)

51,500

Bank A/c (Assets realised)

2,54,000

A’s Capital A/c (Final Payment)

1,88,980

 

 

B’s Capital A/c (Final Payment)

83,520

 

3,24,000

 

3,24,000

 

 

 

 

 

Answer:

Realisation Account
Dr.
 
Cr.
Particulars
Amount
Rs
Particulars
Amount
Rs
Fixed Assets A/c
1,00,000
Provision
1,000
Insurance Claim Receivable A/c
50,000
Creditors A/c
37,000
Debtors A/c
20,000
Outstanding Rent    A/c          
4,000
Stock A/c
16,000
Investment Fluctuation Reserve A/c
1,000
Investments A/c
16,000
A's Capital A/c (Investment)
12,000
B's Capital A/c (Creditors)
19,800
Bank A/c -
 
Bank A/c (Creditors)            
15,000
Insurance Claim Receivable
40,000
 
Bank A/c-
 
Fixed Assets
1,40,000
 
Unrecorded Liability         
5,000
 
Stock
14,000
 
Outstanding Rent              
4,000
9,000
Debtors
18,000
 
B's Capital A/c (salary)
3,200
Bad Debts Recovered
1,600
 
Profit transferred to:
 
Unrecorded Assets
2,600
2,16,200
  A
8,880
 
 
 
  B
8,880
 
 
 
  C
4,440
22,200
 
 
 
2,71,200
 
2,71,200
 
 
 
 

 

Partners’ Capital Accounts
Dr.
 
Cr.
Particulars
A
B
C
Particulars
A
B
C
 
 
 
 
 
 
 
 
Balance b/d
 
 
4,000
Balance b/d
80,000
60,000
 
Realisation A/c
12,000
 
 
General Reserve
28,000
28,000
14,000
Bank A/c
 
2,200
 
Realisation A/c
 
19,800
 
Bank A/c
1,04,880
1,17,680
14,440
Realisation A/c
 
3,200
 
 
 
 
 
Realisation A/c
8,880
8,880
4,440
 
1,16,880
1,19,880
18,440
 
1,16,880
1,19,880
18,440
 
 
 
 
 
 
 
 

 

Bank Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

 

 

 

 

Balance b/d

47,000

Realisation A/c

15,000

Realisation A/c

2,16,200

Realisation A/c

9,000

 

 

B’s Capital A/c

2,200

 

 

A’s Capital A/c

1,04,880

 

 

B’s Capital A/c

1,17,680

 

 

C’s Capital A/c

14,440

 

2,63,200

 

2,63,200

 

 

 

 



Page No 5.72:

Question 35:

Realisation Account
Dr.
 
Cr.
Particulars
Amount
Rs
Particulars
Amount
Rs
Fixed Assets A/c
1,00,000
Provision
1,000
Insurance Claim Receivable A/c
50,000
Creditors A/c
37,000
Debtors A/c
20,000
Outstanding Rent    A/c          
4,000
Stock A/c
16,000
Investment Fluctuation Reserve A/c
1,000
Investments A/c
16,000
A's Capital A/c (Investment)
12,000
B's Capital A/c (Creditors)
19,800
Bank A/c -
 
Bank A/c (Creditors)            
15,000
Insurance Claim Receivable
40,000
 
Bank A/c-
 
Fixed Assets
1,40,000
 
Unrecorded Liability         
5,000
 
Stock
14,000
 
Outstanding Rent              
4,000
9,000
Debtors
18,000
 
B's Capital A/c (salary)
3,200
Bad Debts Recovered
1,600
 
Profit transferred to:
 
Unrecorded Assets
2,600
2,16,200
  A
8,880
 
 
 
  B
8,880
 
 
 
  C
4,440
22,200
 
 
 
2,71,200
 
2,71,200
 
 
 
 

 

Partners’ Capital Accounts
Dr.
 
Cr.
Particulars
A
B
C
Particulars
A
B
C
 
 
 
 
 
 
 
 
Balance b/d
 
 
4,000
Balance b/d
80,000
60,000
 
Realisation A/c
12,000
 
 
General Reserve
28,000
28,000
14,000
Bank A/c
 
2,200
 
Realisation A/c
 
19,800
 
Bank A/c
1,04,880
1,17,680
14,440
Realisation A/c
 
3,200
 
 
 
 
 
Realisation A/c
8,880
8,880
4,440
 
1,16,880
1,19,880
18,440
 
1,16,880
1,19,880
18,440
 
 
 
 
 
 
 
 

 

Bank Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

 

 

 

 

Balance b/d

47,000

Realisation A/c

15,000

Realisation A/c

2,16,200

Realisation A/c

9,000

 

 

B’s Capital A/c

2,200

 

 

A’s Capital A/c

1,04,880

 

 

B’s Capital A/c

1,17,680

 

 

C’s Capital A/c

14,440

 

2,63,200

 

2,63,200

 

 

 

 

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

 

 

 

 

Stock  A/c

1,60,000

Provision

12,000

Debtors  A/c

1,32,000

Creditors A/c

1,60,000

Plant and Machinery  A/c

60,000

Bills Payable    A/c          

40,000

Land and Building  A/c

66,000

Loan from Mrs. X

30,000

Investments A/c

20,000

EPF

8,000

Other Investment A/c

10,000

Advance Commission A/c

2,000

Goodwill A/c

25,000

Machinery Depreciation Reserve A/c

20,000

Prepaid Insurance A/c

7,000

Bank A/c-

 

Y’s Capital A/c (Loan)

30,000

Debtors                            

1,08,000

 

Bank A/c :

 

Land and building         

2,94,000

 

Creditors            

10,000

 

Bad Debts Recovered       

1,000

 

Creditors            

70,000

 

Investments A/c                 

6,000

 

Bills Payable 39,400   Z's Bill 500  

Discounted Bill   

2,000

 

Other Investment A/c      

10,000

4,19,500

Workmen C. Liability 

2,400

 

X’s Capital A/c (Stock)

64,000

EPF 

8,000

 

Bank A/c (Stock)

1,04,000

Advance Commission

1,600

1,33,400

 

 

X’s Capital A/c (Remuneration)

11,100

 

 

Profit transferred to :

 

 

 

X                                

1,23,000

 

 

 

Y                                    

82,000

2,05,000

 

 

 

8,59,500

 

8,59,500

 

 

 

 

               

 

Partners' Capital Account

Particulars

X

Y

Particulars

X

Y

 

 

 

 

 

 

Advertisement Suspense

12,000

8,000

Balance b/d

1,68,000

52,000

Realisation A/c

64,000

 

General Reserve

30,000

20,000

Bank A/c

9,100

 

P&L A/c

12,000

8,000

Bank A/c

2,59,000

1,84,000

Realisation A/c

11,100

30,000

 

 

 

Realisation A/c

1,23,000

82,000

 

3,44,100

1,92,000

 

3,44,100

1,92,000

 

 

 

 

 

 

 

Bank Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

 

 

 

 

Balance b/d

50,000

X’s Loan A/c

10,000

Cash A/c

22,000

X’s Capital A/c

9,100

Realisation A/c

1,04,000

Realisation A/c

1,33,400

Realisation A/c

4,19,500

X’s Capital A/c

2,59,000

 

 

Y’s Capital A/c

1,84,000

 

5,95,500

 

5,95,500

 

 

 

 



Page No 5.73:

Question 36:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

 

 

 

 

Stock  A/c

1,60,000

Provision

12,000

Debtors  A/c

1,32,000

Creditors A/c

1,60,000

Plant and Machinery  A/c

60,000

Bills Payable    A/c          

40,000

Land and Building  A/c

66,000

Loan from Mrs. X

30,000

Investments A/c

20,000

EPF

8,000

Other Investment A/c

10,000

Advance Commission A/c

2,000

Goodwill A/c

25,000

Machinery Depreciation Reserve A/c

20,000

Prepaid Insurance A/c

7,000

Bank A/c-

 

Y’s Capital A/c (Loan)

30,000

Debtors                            

1,08,000

 

Bank A/c :

 

Land and building         

2,94,000

 

Creditors            

10,000

 

Bad Debts Recovered       

1,000

 

Creditors            

70,000

 

Investments A/c                 

6,000

 

Bills Payable 39,400   Z's Bill 500  

Discounted Bill   

2,000

 

Other Investment A/c      

10,000

4,19,500

Workmen C. Liability 

2,400

 

X’s Capital A/c (Stock)

64,000

EPF 

8,000

 

Bank A/c (Stock)

1,04,000

Advance Commission

1,600

1,33,400

 

 

X’s Capital A/c (Remuneration)

11,100

 

 

Profit transferred to :

 

 

 

X                                

1,23,000

 

 

 

Y                                    

82,000

2,05,000

 

 

 

8,59,500

 

8,59,500

 

 

 

 

               

 

Partners' Capital Account

Particulars

X

Y

Particulars

X

Y

 

 

 

 

 

 

Advertisement Suspense

12,000

8,000

Balance b/d

1,68,000

52,000

Realisation A/c

64,000

 

General Reserve

30,000

20,000

Bank A/c

9,100

 

P&L A/c

12,000

8,000

Bank A/c

2,59,000

1,84,000

Realisation A/c

11,100

30,000

 

 

 

Realisation A/c

1,23,000

82,000

 

3,44,100

1,92,000

 

3,44,100

1,92,000

 

 

 

 

 

 

 

Bank Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

 

 

 

 

Balance b/d

50,000

X’s Loan A/c

10,000

Cash A/c

22,000

X’s Capital A/c

9,100

Realisation A/c

1,04,000

Realisation A/c

1,33,400

Realisation A/c

4,19,500

X’s Capital A/c

2,59,000

 

 

Y’s Capital A/c

1,84,000

 

5,95,500

 

5,95,500

 

 

 

 

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

 

 

 

 

Sundry Assets A/c

37,500

Provision

375

Debtors A/c

7,500

Mrs. Asha’s Husband’s Loan

5,000

Stock A/c

7,500

Creditors A/c

13,875

Investments A/c

13,500

Salary Outstanding Expenses A/c

1,500

Rekha’s Capital A/c (creditors)

7,425

Investment Fluctuation Reserve A/c

10,500

Bank A/c -

 

Bank A/c-

 

Creditors                                     

5,625

 

Sundry Assets                                 

52,500

 

Unrecorded Liability                

1,875

 

Stock                                                     

5,250

 

Expenses                                        

825

 

Debtors                                               

6,750

 

Outstanding expenses            

1,500

 

Bad Debts Recovered

600

 

Loan                                                

5,000

14,825

Investment                                            

975

66,075

Profit transferred to:

 

Stock Reserve A/c

1,500

Asha                              

3,763

 

Asha’s Capital A/c (investment)

12,000

Rekha                           

7,525

 

 

 

Saroj                              

11,287

22,575

 

 

 

1,10,825

 

1,10,825

 

 

 

 

               

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Asha

Rekha

Saroj

Particulars

Asha

Rekha

Saroj

 

 

 

 

 

 

 

 

Balance b/d

 

 

1,500

Balance b/d

30,000

22,500

 

Realisation A/c

12,000

 

 

General Reserve

1,250

2,500

3,750

Bank A/c

23,013

39,950

13,537

Realisation A/c

3,763

7,525

11,287

 

35,013

39,950

15,037

 

35,013

39,950

15,037

 

 

 

 

 

 

 

 

                   

 

Bank Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

17,625

Realisation A/c

14,825

Cash A/c

7,625

Asha’s Capital A/c

23,013

Realisation A/c

66,075

Rekha’s Capital A/c

39,950

 

 

Saroj’s Capital A/c

13,537

 

 

 

 

 

91,325

 

91,325

 

 

 

 

Page No 5.73:

Question 37:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

 

 

 

 

Sundry Assets A/c

37,500

Provision

375

Debtors A/c

7,500

Mrs. Asha’s Husband’s Loan

5,000

Stock A/c

7,500

Creditors A/c

13,875

Investments A/c

13,500

Salary Outstanding Expenses A/c

1,500

Rekha’s Capital A/c (creditors)

7,425

Investment Fluctuation Reserve A/c

10,500

Bank A/c -

 

Bank A/c-

 

Creditors                                     

5,625

 

Sundry Assets                                 

52,500

 

Unrecorded Liability                

1,875

 

Stock                                                     

5,250

 

Expenses                                        

825

 

Debtors                                               

6,750

 

Outstanding expenses            

1,500

 

Bad Debts Recovered

600

 

Loan                                                

5,000

14,825

Investment                                            

975

66,075

Profit transferred to:

 

Stock Reserve A/c

1,500

Asha                              

3,763

 

Asha’s Capital A/c (investment)

12,000

Rekha                           

7,525

 

 

 

Saroj                              

11,287

22,575

 

 

 

1,10,825

 

1,10,825

 

 

 

 

               

 

Partners’ Capital Accounts

Dr.

 

Cr.

Particulars

Asha

Rekha

Saroj

Particulars

Asha

Rekha

Saroj

 

 

 

 

 

 

 

 

Balance b/d

 

 

1,500

Balance b/d

30,000

22,500

 

Realisation A/c

12,000

 

 

General Reserve

1,250

2,500

3,750

Bank A/c

23,013

39,950

13,537

Realisation A/c

3,763

7,525

11,287

 

35,013

39,950

15,037

 

35,013

39,950

15,037

 

 

 

 

 

 

 

 

                   

 

Bank Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Balance b/d

17,625

Realisation A/c

14,825

Cash A/c

7,625

Asha’s Capital A/c

23,013

Realisation A/c

66,075

Rekha’s Capital A/c

39,950

 

 

Saroj’s Capital A/c

13,537

 

 

 

 

 

91,325

 

91,325

 

 

 

 

Answer:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Fixed Assets 2,10,000 Creditors 1,43,200
Stock 1,12,000 XYZ Ltd. (Purchase Consideration) 4,80,000
Debtors 1,96,000 Bank (Debtors) 1,92,000
Bank A/c (Creditors) 1,40,000 Lion’s Capital A/c (Motor Car) 42,000
Profit transferred to:      
Lion’s Capital A/c
1,49,400      
Tiger’s Capital A/c
49,800 1,99,200    
       
  8,57,200   8,57,200
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars Lion Tiger Particulars Lion Tiger
Realisation A/c 42,000   Balance b/d 2,40,000 80,000
Equity Shares A/c (3:1) 1,50,000 50,000 Current A/c 42,000 20,000
Debentures A/c (WN) 45,000 45,000 Realisation A/c 1,49,400 49,800
Bank A/c 1,94,400 54,800      
  4,31,400 1,79,800   4,31,400 1,79,800
           

 

Bank Account
Particulars Amount
(Rs)
  Amount
(Rs)
Balance b/d 37,200 Realisation A/c, 1,40,000
Realisation A/c 1,92,000 Lion’s Capital A/c 1,94,400
XYZ ltd 1,60,000 Tiger’s Capital A/c 54,800
  3,89,200   3,89,200
       

 

XYZ Ltd. Account
Particulars Amount (Rs)   Amount (Rs)
Realisation A/c 4,80,000 Bank A/c 1,60,000
    Debentures A/c (1,600 × 75) 1,20,000
    Equity Share Capital A/c (Bal. Fig.) 20,000
  48,000   48,000
       

Working Notes:

Value of Debentures = 1,20,000 (1,600 × 75)Less: Allotted for Loan      =  30,000Debentures to be allotted equally= Rs 90,000, i.e. Rs 45,000 to each of the partner



Page No 5.74:

Question 38:

Realisation Account
Particulars Amount (Rs) Particulars Amount (Rs)
Fixed Assets 2,10,000 Creditors 1,43,200
Stock 1,12,000 XYZ Ltd. (Purchase Consideration) 4,80,000
Debtors 1,96,000 Bank (Debtors) 1,92,000
Bank A/c (Creditors) 1,40,000 Lion’s Capital A/c (Motor Car) 42,000
Profit transferred to:      
Lion’s Capital A/c
1,49,400      
Tiger’s Capital A/c
49,800 1,99,200    
       
  8,57,200   8,57,200
       

 

Partners’ Capital Accounts
Dr.   Cr.
Particulars Lion Tiger Particulars Lion Tiger
Realisation A/c 42,000   Balance b/d 2,40,000 80,000
Equity Shares A/c (3:1) 1,50,000 50,000 Current A/c 42,000 20,000
Debentures A/c (WN) 45,000 45,000 Realisation A/c 1,49,400 49,800
Bank A/c 1,94,400 54,800      
  4,31,400 1,79,800   4,31,400 1,79,800
           

 

Bank Account
Particulars Amount
(Rs)
  Amount
(Rs)
Balance b/d 37,200 Realisation A/c, 1,40,000
Realisation A/c 1,92,000 Lion’s Capital A/c 1,94,400
XYZ ltd 1,60,000 Tiger’s Capital A/c 54,800
  3,89,200   3,89,200
       

 

XYZ Ltd. Account
Particulars Amount (Rs)   Amount (Rs)
Realisation A/c 4,80,000 Bank A/c 1,60,000
    Debentures A/c (1,600 × 75) 1,20,000
    Equity Share Capital A/c (Bal. Fig.) 20,000
  48,000   48,000
       

Working Notes:

Value of Debentures = 1,20,000 (1,600 × 75)Less: Allotted for Loan      =  30,000Debentures to be allotted equally= Rs 90,000, i.e. Rs 45,000 to each of the partner

Answer:

Realisation Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

 

 

 

 

Fixed Assets A/c

21,000

Creditors A/c

14,320

Stock A/c

11,200

Bank A/c

16,000

Debtors  A/c

19,600

Preference Shares A/c          

12,000

Bank  A/c (Creditors)

14,000

Equity Shares A/c          

16,000

Profit transferred to:

 

Security Premium Reserve A/c

4,000

Cat

14,940

 

Bank A/c (Debtors)

19,200

Rat

4,980

19,920

Cat’s Capital A/c (Furniture)

4,200

 

 

 

 

 

85,720

 

85,720

 

 

 

 

             

 

 

Partners' Capital A/c

Particulars

Cat 

Rat 

Particulars

Cat 

Rat 

 

 

 

 

 

 

Equity Shares A/c          

12,000

4,000

Balance b/d

24,000

8,000

Security Premium Reserve A/c

3,000

1,000

Current A/c

4,200

2,000

Preference Shares A/c          

4,500

4,500

Realisation A/c

14,940

4,980

Bank A/c

19,440

5,480

 

 

 

 

 

 

 

 

 

 

43,140

14,980

 

43,140

14,980

 

 

 

 

 

 

 

Bank Account

Dr.

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

 

 

 

 

Balance b/d

3,720

Realisation A/c

14,000

Realisation A/c

16,000

Cat ’s Capital A/c

19,440

Realisation A/c

19,200

Rat ’s Capital A/c

5,480

 

 

 

 

 

38,920

 

38,920

 

 

 

 

           



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