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Model Test Papers M.163

Working Notes:
1. ` 3,02,500 – ` 1,200 – ` 11,500 – ` 16,000 – ` 1,25,200 – ` 89,000 – ` 29,600 – ` 27,900 = ` 2,100.
2. This figure is taken from the Cr. side of Realisation Account.
3. ` 3,02,500 – ` 11,000 – ` 1,24,200 – ` 17,800 – ` 1,17,000 – ` 16,000 – ` 2,700 = ` 13,800.
Loan = ` 11,500 (Given) + ` 2,300 (Interest on Loan).
Or
JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)
(a) Realisation A/c ...Dr. 10,000
To Bank A/c 10,000
(Being the payment of a dishonoured Bills Receivable already
discounted from Bank and Derek became insolvent)
(b) Realisation A/c ...Dr. 29,550
To Bank A/c 29,550
(Being the bills payable discharged)
(c) Realisation A/c (` 30,000 – ` 9,000) ...Dr. 21,000
To Bank A/c 21,000
(Being the creditors took over stock of ` 10,000 at 10% discount and
balance paid in cash)
(d) Rajat’s Capital A/c ...Dr. 450
To Realisation A/c 450
(Being the unrecorded old typewriter taken over by Rajat)
(e) (i) Realisation A/c ...Dr. 1,000
To Aman’s Capital A/c 1,000
(Being the remuneration allowed to Aman for completing
dissolution work)
(ii) Aman’s Capital A/c ...Dr. 800
To Bank A/c 800
(Being the expenses on realisation paid by the firm but to be
borne by Aman)
(f) Aman’s Capital A/c (` 54,000 × 2/3) ...Dr. 36,000
Rajat’s Capital A/c (` 54,000 × 1/3) ...Dr. 18,000
To Realisation A/c 54,000
(Being the loss on realisation transferred to Capital Accounts of
Aman and Rajat in the ratio of 2 : 1)

15. Patel Education Society
INCOME AND EXPENDITURE ACCOUNT
Dr. for the year ending 31st March, 2018 Cr.
Expenditure ` Income `
To Salaries 12,000 By Entrance Fee 3,000
To Electricity Charges 1,200 By Subscription 35,000
To Other Expenses 5,250 Add: Outstanding 750 35,750
To Depreciation on: By Surplus on Sale of Refreshment 1,000
Furniture 2,500 By Gain (Profit) on Sale of
Utensils 1,500 4,000 Old Typewriter 4,000
To Surplus, i.e., excess of Income By Miscellaneous Income 3,200
over Expenditure 24,750 By Accrued Interest on Fixed Deposits 250
47,200 47,200