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6.20 Double Entry Book Keeping (Section A)—ISC XII

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars Kumar (`) Sham (`) Ram (`) Particulars Kumar (`) Sham (`) Ram (`)
To Partner’s Current A/c ... ... 3,000 By Balance b/d 60,000 40,000 30,000
To Realisation A/c 45,000 ... ... By Partners’ Current A/cs 8,000 10,000 ...
(Plant and Machinery) By Realisation A/c 13,360 8,016 5,344
To Output CGST A/c 4,050 (Gain)
To Output SGST A/c 4,050
To Realisation A/c ... 30,000 ...
(Car Taken Over)
To Output CGST A/c 2,700
To Output SGST A/c 2,700
To Realisation A/c ... ... 5,200
(Stock Taken Over)
To Output CGST A/c 468
To Output SGST A/c 468
To Bank A/c 28,260 22,616 26,208
(Final Payment)
81,360 58,016 35,344 81,360 58,016 35,344

Dr. BANK ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d 14,000 By Realisation A/c 1,00,300
To Realisation A/c 50,000 By Realisation A/c 5,000
To Output CGST A/c 4,500 By Input CGST A/c 450
To Output SGST A/c 4,500 By Input SGST A/c 450
To Realisation A/c 40,000 By Output CGST A/c (CGST Deposited) 17,568
To Output CGST A/c 3,600 By Output SGST A/c (SGST Deposited) 17,568
To Output SGST A/c 3,600 By Kumar’s Capital A/c (Final Payment) 28,260
To Realisation A/c 62,820 By Sham’s Capital A/c (Final Payment) 22,616
To Realisation A/c 30,000 By Ram’s Capital A/c (Final Payment) 26,208
To Output CGST A/c 2,700
To Output SGST A/c 2,700
2,18,420 2,18,420
Note: Balances of Partners’ Current Accounts are transferred to Capital Accounts.
Illustration 10.
A and B were partners sharing profits and losses in the ratio of 3 : 2. On 31st March,
2018, their Balance Sheet was as follows:
Liabilities ` Assets `
Capital A/cs: Computers 60,000
A 2,00,000 Furniture 50,000
B 1,00,000 3,00,000 Machinery 1,50,000
General Reserve 30,000 Cash at Bank 70,000
Mrs. A’s Loan 50,000 Debtors 1,00,000
Sundry Creditors 70,000 Less: Provision for Doubtful Debts 10,000 90,000
Profit and Loss A/c 20,000
Advertisement Suspense A/c 10,000
4,50,000 4,50,000