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M.244 An Aid to Accountancy—CBSE XII

15.
Dr. REALISATION ACCOUNT Cr.

Particulars ` Particulars `

To Sundry Assets—Transfer: By Provision for Doubtful Debts 4,000
Building 1,20,000 By Investment Fluctuation Reserve 8,000
Investments 30,600 By Mrs. X’s Loan 40,000
Goodwill 4,000 By Sundry Creditors 80,000
Debtors 34,000 By Bank A/c (Assets Realised):
Bills Receivable 37,400 2,26,000 Debtors 24,000
To X’s Capital A/c (Commission) 1,000 Building 1,52,000
To X’s Capital A/c (Mrs. X’s Loan) 40,000 Bills Receivable 36,000 2,12,000
To Bank A/c (Liabilities Paid): By Y’s Capital A/c (Investments) 27,000
Sundry Creditors (` 80,000 – 10%) 72,000
Realisation Expenses 2,500 74,500
To Gain (Profit) transferred to:
X’s Capital A/c 17,700
Y’s Capital A/c 11,800 29,500
3,71,000 3,71,000

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.

Particulars X (`) Y (`) Particulars X (`) Y (`)
To Profit and Loss A/c 4,800 3,200 By Balance b/d 42,000 42,000
To Realisation A/c (Investments) ... 27,000 By Realisation A/c (Commission) 1,000 ...
To Bank A/c (Final Payment) 95,900 23,600 By Realisation A/c (Mrs. X’s Loan) 40,000 ...
(Balancing Figure) By Realisation A/c (Gain) 17,700 11,800
1,00,700 53,800 1,00,700 53,800

Dr. BANK ACCOUNT Cr.

Particulars ` Particulars `
To Balance b/d 6,000 By Realisation A/c (Liabilities Paid) 74,500
To Realisation A/c (Assets Realised) 2,12,000 By Y’s Loan A/c 24,000
By X’s Capital A/c (Final Payment) 95,900
By Y’s Capital A/c (Final Payment) 23,600
2,18,000 2,18,000

Notes: 1. If question is silent about the realisation of particular asset, then its realised value is taken as Nil.
2. If an asset (recorded or unrecorded) is given in payment of liability (recorded or unrecorded),
then no entry is passed for such payment [Refer to adjustment (g)].