Page 131 - MA12

Model Test Papers M.37

March 31 10% Debentures A/c ...Dr. 20,00,000
Premium on Redemption of Debentures A/c ...Dr. 2,00,000
To Debentureholders’ A/c 22,00,000
(Being the amount due on redemption)
March 31 Debentureholders’ A/c ...Dr. 22,00,000
To Bank A/c 22,00,000
(Being the payment made to debentureholders)
Debentures Redemption Reserve A/c ...Dr. 5,00,000
To General Reserve A/c 5,00,000
(Being the transfer of DRR to General Reserve on redemption
of debentures)
7. (a)
Dr. REALISATION ACCOUNT Cr.
Particulars ` Particulars `
To Sundry Assets A/c 2,68,625 By Sundry Creditors A/c 75,000
To Bank A/c (Creditors) 75,000 By Employees’ Provident Fund A/c 7,500
To Bank A/c (Employees’ Provident Fund) 7,500 By Bank A/c (Sundry Assets) 2,32,500
To Pawan’s Capital A/c (` 2,325 + ` 13,550 (WN)) 15,875 By Loss on Realisation transferred to:
Saurabh’s Capital A/c 20,800
Gaurav’s Capital A/c 15,600
Pawan’s Capital A/c 15,600 52,000
3,67,000 3,67,000

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars Saurabh (`) Gaurav (`) Pawan (`) Particulars Saurabh (`) Gaurav (`) Pawan (`)
To Realisation A/c (Loss) 20,800 15,600 15,600 By Balance b/d 55,000 22,500 60,000
To Bank A/c (Bal. Fig.) 54,200 21,900 75,275 By Workmen
(Final Payment) Compensation
Reserve A/c 20,000 15,000 15,000
By Realisation A/c ... ... 15,875
75,000 37,500 90,875 75,000 37,500 90,875
Dr. BANK ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d 1,375 By Realisation A/c (Creditors) 75,000
To Realisation A/c (Assets) 2,32,500 By Realisation A/c (Employees’ Provident Fund) 7,500
By Saurabh’s Capital A/c (Final Payment) 54,200
By Gaurav’s Capital A/c (Final Payment) 21,900
By Pawan’s Capital A/c (Final Payment) 75,275
2,33,875 2,33,875

Working Note: Calculation of Pawan’s Remuneration:
A. Total cash available: ` `
(i) Cash at Bank 1,375
(ii) Sale proceeds of assets 2,32,500 2,33,875
B. Total payment (except Pawan’s commission of amount distributed and payment to partners):
(i) Payment to Sundry Creditors 75,000
(ii) Payment for Employees’ Provident Fund 7,500
(iii) Commission on value of assets realised (1% of ` 2,32,500) 2,325 84,825
Payment made to Partners (A – B) 1,49,050
C. Commission on amount distributed to the partners = ` 1,49,050 × 10/110 = ` 13,550.
Total amount payable to Pawan = ` 2,325 + ` 13,550 = ` 15,875.