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Model Test Papers M.267

BALANCE SHEET
as on 31st March, 2018
Liabilities ` Assets `
Subscription Received in Advance 1,800 Cash in Hand 5,000
Donation for Billiards Table 90,000 Cash at Bank 22,000
Capital Fund 38,200 Subscription Receivable:
Add: Surplus 11,950 50,150 2016–17 1,200
2017–18 15,000 16,200
10% Investment 70,000
Accrued Interest on Investments 5,250
Sports Materials 4,500
Furniture 20,000
Less: Depreciation 1,000 19,000
1,41,950 1,41,950

Working Notes:
1. Subscription Due for 2017–18 (250 × ` 300) ` 75,000
Less: Received for 2017–18 ` 60,000
Subscription Outstanding/Receivable for 2017–18 ` 15,000
2. Specific donation (Donations for Billiards Table) will be shown on the Liabilities side of the Balance Sheet.

14.
Dr. REALISATION ACCOUNT Cr.
Particulars ` Particulars `
To Sundry Assets—Transfer: By Provision for Doubtful Debts A/c 1,000
Stock 5,000 By Creditors A/c 88,000
Debtors 20,000 By A’s Capital A/c (Stock) 4,000
Fixed Assets 40,000 By Bank A/c:
To Bank A/c (Creditors) 88,000 Debtors 18,800
To A’s Capital A/c (Realisation Expenses) 3,000 Fixed Assets 64,000 82,800
To Gain (Profit) transferred to:
A’s Capital A/c 15,840
B’s Capital A/c 3,960 19,800
1,75,800 1,75,800

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars A (`) B (`) Particulars A (`) B (`)

To Bank A/c (Realisation Expenses) 1,000 ... By Balance b/d 10,000 30,000
To Advertisement Suspense A/c 400 100 By General Reserve A/c 8,000 2,000
To Realisation A/c (Stock) 4,000 ... By Realisation A/c (Expenses) 3,000 ...
To Bank A/c 31,440 35,860 By Realisation A/c (Gain) 15,840 3,960
36,840 35,960 36,840 35,960