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Model Test Papers M.289

Working Note:
ADJUSTMENT TABLE
Particulars P Q R Total
` ` ` `
I. Amount already credited by way of:
Interest on Capital @ 9% 27,000 9,000 18,000 54,000
Share of Profit (` 60,000 – ` 54,000) in the ratio of 2 : 1 : 2 2,400 1,200 2,400 6,000
(Dr.) 29,400 10,200 20,400 60,000
II. Amount which should have been credited by way of:
Interest on Capital @ 10% (Cr.) 30,000 10,000 20,000 60,000
III. Difference (I – II) 600 (Cr.) 200 (Dr.) 400 (Dr.) Nil
Short Excess Excess

8. AN EXTRACT OF INCOME AND EXPENDITURE ACCOUNT
Dr. for the year ended 31st March, 2018 Cr.
Expenditure ` Income `
To Sports Materials Consumed (WN 1 and 2) 1,26,000

AN EXTRACT OF BALANCE SHEET
as at 31st March, 2018
Liabilities ` Assets `
Creditors for Sports Materials 19,500 Advances for Sports Materials 6,500
Stock of Sports Materials 5,000

Working Notes:
1. Dr. CREDITORS FOR SPORTS MATERIALS ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d (Advances) 10,000 By Balance b/d 30,000
To Bank A/c 1,08,000 By Stock of Sports Materials A/c 1,01,000
To Balance c/d 19,500 (Balancing Figure) (Credit Purchase)
By Balance c/d (Advances) 6,500
1,37,500 1,37,500

2. Dr. STOCK OF SPORTS MATERIALS ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d 30,000 By Income and Expenditure A/c 1,26,000
To Creditors for Sports Materials A/c (Transfer) 1,01,000 (Sports Materials Consumed)
(WN 1) —Balancing Figure
By Balance c/d 5,000
1,31,000 1,31,000