Page 282 - AAAXII

Model Test Papers M.269

Dr. BANK ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d 20,000 By Realisation A/c (Liabilities paid off) 12,000
To Realisation A/c (Assets realised) 72,000 By Realisation A/c (Realisation expenses) 2,000
By Y’s Loan A/c 3,000
By X’s Capital A/c (Final payment) 42,800
By Y’s Capital A/c (Final payment) 32,200
92,000 92,000
Working Notes:
1. Calculation of book value of stock taken over by Y: Let book value of stock taken over by Y = a.
It means: a – 20% of a = ` 4,000 or 80% of a = ` 4,000 or a = ` 5,000.
2. Out of total book value of stock of ` 15,000, stock of ` 5,000 is taken over by Y. Firm sold the remaining stock of ` 10,000
at 50% of its book value, i.e., at ` 5,000 (i.e., 50% of ` 10,000).
3. Dr. Y’S LOAN ACCOUNT Cr.
Particulars ` Particulars `
To Bank A/c 3,000 By Balance b/d 3,000
3,000 3,000
15.
Dr. ROBERT’S CAPITAL ACCOUNT Cr.
Particulars ` Particulars `
To Robert’s Executor’s A/c 3,42,000 By Balance b/d 3,00,000
(Balancing Figure) By Workmen Compensation Reserve A/c 2,500
By Revaluation A/c (WN 1) 2,000
By Ram’s Capital A/c (WN 2) 12,000
By Rahim’s Capital A/c (WN 2) 18,000
By Profit and Loss Suspense A/c (WN 2) 7,500
3,42,000 3,42,000
Dr. ROBERT’S EXECUTOR’S ACCOUNT Cr.
Date Particulars ` Date Particulars `
2018 2017
March 31 To Balance c/d 3,59,100 Sept. 30 By Robert’s Capital A/c 3,42,000
2018
March 31 By Interest A/c 17,100
(` 3,42,000 × 10/100 × 6/12)
3,59,100 3,59,100
2018 2018
Sept. 30 To Bank A/c 2,05,200 April 1 By Balance b/d 3,59,100
[(` 3,42,000 × 1/2) + Sept. 30 By Interest A/c 17,100
` 17,100 + ` 17,100] (` 3,42,000 × 10/100 × 6/12)
2019 2019
March 31 To Balance c/d 1,79,550 March 31 By Interest A/c 8,550
(` 1,71,000 × 10/100 × 6/12)
3,84,750 3,84,750
2019 2019
Sept. 30 To Bank A/c 1,88,100 April 1 By Balance b/d 1,79,550
Sept. 30 By Interest A/c 8,550
(` 1,71,000 × 10/100 × 6/12)
1,88,100 1,88,100