Page 103 - MA12

Model Test Papers M.9

2.
Dr. REVALUATION ACCOUNT Cr.
Particulars ` Particulars `
To Machinery A/c 70,000 By Building A/c 2,80,000
To Liability for Damages Claims A/c* 19,000 By Provision for Doubtful Debts A/c (WN 4) 5,000
To Gain (Profit) transferred to: By Creditors A/c 10,000
Arun’s Capital A/c (2/5) 82,400
Barun’s Capital A/c (3/5) 1,23,600 2,06,000
2,95,000 2,95,000

*Liabilities against damages claims = ` 14,000 + ` 5,000 = ` 19,000.

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars Arun Barun Chandan Particulars Arun Barun Chandan
` ` ` ` ` `

To Goodwill A/c 8,000 12,000 ... By Balance b/d 3,75,000 1,25,000 ...
To Profit and Loss A/c 16,000 24,000 ... By Workmen Compensation
To Arun’s Current A/c 3,59,400 ... ... Reserve A/c 16,000 24,000 ...
(Bal. Fig.) By General Reserve A/c 40,000 60,000 ...
To Barun’s Current A/c ... 1,01,600 ... By Revaluation A/c (Gain) 82,400 1,23,600 ...
(Bal. Fig.) By Bank A/c ... ... 5,00,000
To Balance c/d (WN 3) 2,00,000 3,00,000 5,00,000 By Premium for
Goodwill A/c 70,000 1,05,000 ...
5,83,400 4,37,600 5,00,000 5,83,400 4,37,600 5,00,000

Dr. PARTNERS’ CURRENT ACCOUNTS Cr.
Particulars Arun Barun Particulars Arun Barun
` ` ` `
To Balance c/d 3,59,400 1,01,600 By Arun’s Capital A/c 3,59,400 ...
By Barun’s Capital A/c ... 1,01,600
3,59,400 1,01,600 3,59,400 1,01,600

BALANCE SHEET OF NEW FIRM as at 1st April, 2020
Liabilities ` Assets `
Creditors 1,10,000 Cash in Hand 40,000
Bills Payable 1,60,000 Cash at Bank (` 5,00,000 + ` 1,75,000) 6,75,000
Liability for Damages Claims 19,000 Sundry Debtors 2,05,000
Capital A/cs: Furniture 2,00,000
Arun 2,00,000 Machinery 2,40,000
Barun 3,00,000 Building 3,90,000
Chandan 5,00,000 10,00,000
Current A/cs:
Arun 3,59,400
Barun 1,01,600 4,61,000
17,50,000 17,50,000