Page 257 - AAAXII

Model Test Papers M.245

Or
Dr. REALISATION ACCOUNT Cr.

Particulars ` Particulars `
To Sundry Assets (Transfer): By Provision for Doubtful Debts A/c 20,000
Stock 70,000 By Investments Fluctuation Reserve A/c 30,000
Investments 1,00,000 By Creditors 3,60,000
Debtors 2,00,000 By Mrs. Vinit’s Loan A/c 60,000
Fixed Assets 3,80,000 7,50,000 By Vinit’s Capital A/c (Stock) 56,000
To Vinit’s Capital A/c (Mrs. Vinit’s Loan) 60,000 By Yogesh’s Capital A/c (Investment) 81,000
To Bank A/c (Creditors) 3,50,000 (` 90,000 – ` 9,000)
To Vinit’s Capital A/c 2,000 By Bank A/c (Assets Realised):
(Realisation Expenses) Debtors (` 47,500 + ` 1,50,000) 1,97,500
Fixed Assets 2,82,000
Investment (Remaining) 7,500 4,87,000
By Yogesh’s Capital A/c 4,000
(Old furniture)
By Loss transferred to:
Vinit’s Capital A/c 32,000
Yogesh’s Capital A/c 32,000 64,000
11,62,000 11,62,000

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars Vinit Yogesh Particulars Vinit Yogesh
` ` ` `
To Profit and Loss A/c 20,000 20,000 By Balance b/d 2,00,000 1,00,000
To Realisation A/c 56,000 81,000 By Realisation A/c 2,000 ...
To Realisation A/c ... 4,000 By Realisation A/c 60,000 ...
To Realisation A/c 32,000 32,000 By Bank A/c (Cash brought in) ... 37,000
To Bank A/c (Final Payment) 1,54,000 ...
2,62,000 1,37,000 2,62,000 1,37,000

Dr. BANK ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d 80,000 By Realisation A/c 3,50,000
To Realisation A/c 4,87,000 By Yogesh’s Loan A/c 1,00,000
To Yogesh’s Capital A/c (Cash brought in) 37,000 By Vinit’s Capital A/c (Final Payment) 1,54,000
6,04,000 6,04,000

16.
Dr. REVALUATION ACCOUNT Cr.
Particulars ` Particulars `
To Stock A/c 1,00,000 By Fixed Assets A/c 50,000
To Outstanding Rent A/c 1,900 By Prepaid Insurance Premium A/c 1,900
By Loss transferred to:
A’s Capital A/c 25,000
B’s Capital A/c 15,000
C’s Capital A/c 10,000 50,000
1,01,900 1,01,900