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Model Test Papers M.221

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars X (`) Y (`) Z (`) Particulars X (`) Y (`) Z (`)
To Revaluation A/c 21,429 32,142 21,429 By Balance b/d 4,00,000 6,00,000 4,00,000
To X’s Capital A/c ... ... 80,000 By Workmen Compen-
To Cash A/c 1,00,000 ... ... sation Reserve A/c 4,285 6,429 4,286
To X’s Loan A/c 3,62,856 ... ... By Z’s Capital A/c 80,000 ... ...
To Balance c/d ... 6,00,000 8,00,000 By Cash A/c ... 25,713 4,97,143

4,84,285 6,32,142 9,01,429 4,84,285 6,32,142 9,01,429

BALANCE SHEET OF Y AND Z as at 31st March, 2018
Liabilities ` Assets `
Capital A/cs: Land and Building 5,20,000
Y 6,00,000 Machinery 4,20,000
Z 8,00,000 14,00,000 Closing Stock 2,00,000
X’s Loan A/c 3,62,856 Debtors 1,85,000
Employees’ Provident Fund 70,000 Cash at Bank 2,00,000
Sundry Creditors 2,00,000 Cash in Hand 5,22,856
Provision for Workmen Compensation Claim 15,000
20,47,856 20,47,856

17. JOURNAL OF KITPLY LTD.
Date Particulars L.F. Dr. (`) Cr. (`)
(i) Bank A/c ...Dr. 9,75,000
To Equity Shares Application A/c 9,75,000
(Being the application money received)

(ii) Equity Shares Application A/c ...Dr. 9,75,000
To Equity Share Capital A/c 1,95,000
To Securities Premium Reserve A/c 7,80,000
(Being the application money adjusted)
(iii) Equity Shares Allotment A/c ...Dr. 6,50,000
To Equity Share Capital A/c 1,30,000
To Securities Premium Reserve A/c 5,20,000
(Being the allotment money due)
(iv) Bank A/c ...Dr. 6,30,000
Calls-in-Arrears A/c ...Dr. 20,000
To Equity Shares Allotment A/c 6,50,000
(Being the allotment money received on 63,000 shares)
(v) Equity Share Capital A/c ...Dr. 10,000
Securities Premium Reserve A/c ...Dr. 16,000
To Calls-in-Arrears A/c 20,000
To Forfeited Shares A/c 6,000
(Being 2,000 shares forfeited)
(vi) Equity Shares First and Final Call A/c ...Dr. 12,60,000
To Equity Share Capital A/c 3,15,000
To Securities Premium Reserve A/c 9,45,000
(Being the call money made due)