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Model Test Papers M.151

Dr. REALISATION ACCOUNT Cr.
Particulars ` Particulars `

To Furniture 11,000 By Provision for Doubtful Debts 1,200
To Debtors 1,24,200 By Loan 11,500
To Stock 17,800 By Creditors 16,000
To Other Sundry Assets 1,17,000 By X’s Capital A/c:
To X’s Capital A/c (Creditors) ? Furniture 8,000
To Z’s Capital A/c (Loan with Interest) ? Debtors 1,17,200 1,25,200
To Cash A/c (Expenses) 2,700 By Y’s Capital A/c:
Stock 17,000
Sundry Assets 72,000 89,000
By Z’s Capital A/c:
Sundry Assets 29,600
[(` 1,17,000 – ` 80,000) 80/100)]
By Cash A/c (Debtors) ?
By Loss transferred to:
X’s Capital A/c 11,160
Y’s Capital A/c 11,160
Z’s Capital A/c 5,580 27,900
3,02,500 3,02,500

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars X (`) Y (`) Z (`) Particulars X (`) Y (`) Z (`)
To Realisation A/c ? ? ? By Balance b/d 1,27,500 1,10,000 17,000
To Realisation A/c (Loss) 11,160 11,160 5,580 By Realisation A/c 16,000 ... ?
To Cash A/c ? ? ... By Cash A/c ... ... ?
1,43,500 1,10,000 35,180 1,43,500 1,10,000 35,180

Dr. CASH ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d 13,200 By Realisation A/c (Expenses) ?
To Realisation A/c (Debtors) 2,100 By X’s Capital A/c ?
To Z’s Capital A/c 4,380 By Y’s Capital A/c ?
19,680 19,680

Or
Give the necessary Journal entries for the following transactions on dissolution of the
firm of Aman and Rajat on 31st March, 2018 sharing profits in the ratio of 2 : 1, after
the transfer of assets (other than cash) and the third party liabilities to Realisation
Account.
(a) There was a bill of exchange of ` 10,000 under discount. The bill was received from
Derek who became insolvent.
(b) Bills payable of ` 30,000 falling due on 30th April, 2018 were discharged at ` 29,550.
(c) Creditors of ` 30,000 took stock of ` 10,000 at 10% discount and the balance was paid
to them in cash.
(d) There was an old typewriter which had been written off completely. It was estimated
to realise ` 600. It was taken by Rajat at 25% less than the estimated price.