Page 170 - AAAXII

Model Test Papers M.161

2018
March 31 X’s Capital A/c ...Dr. 1,92,000
Y’s Capital A/c ...Dr. 1,28,000
Z’s Capital A/c ...Dr. 80,000
To Profit and Loss A/c 4,00,000
(Being the distribution of losses as if there is no guarantee)

X’s Capital A/c ...Dr. 1,08,000
Y’s Capital A/c ...Dr. 72,000
To Z’s Capital A/c 1,80,000
(Being the deficiency in Z’s share borne by guaranteeing partners)

13.
Dr. REVALUATION ACCOUNT Cr.
Particulars ` Particulars `
To Stock A/c 95,000 By Land and Building A/c 50,000
To Provision for Doubtful Debts A/c 12,500 By Sundry Creditors A/c 75,000
[(5% of ` 7,50,000) – ` 25,000] By Prepaid Insurance A/c 12,500
To Gain (Profit) transferred to:
X’s Capital A/c 10,000
Y’s Capital A/c 15,000
Z’s Capital A/c 5,000 30,000
1,37,500 1,37,500

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars X (`) Y (`) Z (`) Particulars X (`) Y (`) Z (`)
To Goodwill A/c 10,000 15,000 5,000 By Balance b/d 2,50,000 5,00,000 7,50,000
To Y’s Capital A/c 77,500 ... ... By X’s Capital A/c ... 77,500 ..
(WN 1 and 2) (WN 1 and 2)
To Advertisement By Revaluation A/c 10,000 15,000 5,000
Suspense A/c 10,000 15,000 5,000 By Workmen Compensation
To Balance c/d 1,77,500 5,85,000 7,52,500 Reserve A/c 10,000 15,000 5,000
By Investment Fluctuation
Reserve A/c 5,000 7,500 2,500
2,75,000 6,15,000 7,62,500 2,75,000 6,15,000 7,62,500

BALANCE SHEET as at 31st March, 2018
Liabilities ` Assets `
Sundry Creditors 6,75,000 Land and Building 6,75,000
Workmen Compensation Claim 20,000 Investments 1,15,000
Employees’ Provident Fund 1,50,000 Stock 1,05,000
Capital A/cs: Debtors 7,50,000
X 1,77,500 Less: Provision for Doubtful Debts 37,500 7,12,500
Y 5,85,000 Bank 7,40,000
Z 7,52,500 15,15,000 Prepaid Insurance 12,500
23,60,000 23,60,000