Page 255 - AAAXII

Model Test Papers M.243

Dr. Y’S CURRENT ACCOUNT Cr.
Particulars ` Particulars `
To Y’s Capital A/c (Transfer) 94,000 By Interest on Capital A/c (WN 2) 15,000
(Balancing Figure) By Profit and Loss Appropriation A/c (WN 2) 19,000
By X’s Current A/c 30,000
By Z’s Current A/c 30,000
94,000 94,000

Dr. Y’S EXECUTOR’S ACCOUNT Cr.
Date Particulars ` Date Particulars `
2016 2016
March 31 To Y’s Executor’s Loan A/c 2,44,000 March 31 By Y’s Capital A/c 2,44,000

Dr. Y’S EXECUTOR’S LOAN ACCOUNT Cr.
Date Particulars ` Date Particulars `

2016 2016
March 31 To Balance c/d 2,44,000 March 31 By Y’s Executor’s A/c 2,44,000
2017 2016
March 31 To Bank A/c 1,46,400 April 1 By Balance b/d 2,44,000
(` 1,22,000 + ` 24,400) 2017
March 31 To Balance c/d 1,22,000 March 31 By Interest A/c (` 2,44,000 × 10/100) 24,400
2,68,400 2,68,400
2018 2017
March 31 To Bank 1,34,200 April 1 By Balance b/d 1,22,000
2018
March 31 By Interest A/c (` 1,22,000 × 10/100) 12,200
1,34,200 1,34,200

Working Notes:
1. Y’s Current Account should be prepared and all adjustment entries should be passed through
his Current Account because Capital Accounts of partners are maintained by following Fixed Capital
Accounts Method.

2. PROFIT AND LOSS APPROPRIATION ACCOUNT
Dr. for the year ended 31st March, 2016 Cr.
Particulars ` Particulars `
To Interest on Capital A/cs: By Profit and Loss A/c (Net Profit) 1,50,000
X 20,000
Y 15,000
Z 20,000 55,000
To Profit transferred to:
X’s Current A/c 38,000
Y’s Curent A/c 19,000
Z’s Current A/c 38,000 95,000
1,50,000 1,50,000