Page 335 - AAAXII

M.320 An Aid to Accountancy—CBSE XII

BALANCE SHEET as on 1st April, 2018
Liabilities ` Assets `
Creditors 1,40,000 Building 2,00,000
General Reserve 60,000 Machinery 1,00,000
Capital A/cs: Patents and Copyrights 1,50,000
X 2,10,000 Stock 1,25,000
Y 2,00,000 Debtors 1,50,000
Z 1,90,000 6,00,000 Bank 75,000
8,00,000 8,00,000

Working Notes:
1. Calculation of Gain/(Sacrifice) of Share:
X Y Z
I. New Share 3/6 2/6 1/6
II. Old Share 1/3 1/3 1/3
III. Difference (I – II) 1/6 ... (1/6)
Gain Sacrifice
2. Calculation of Gain (Profit)/Loss on Revaluation of Assets: `
Building 75,000
Machinery (10,000)
Patents and Copyrights (17,500)
Stock 75,000
Prepaid Insurance 5,000
Debtors (7,500)
Gain (Profit) on Revaluation 1,20,000
15.
Dr. REALISATION ACCOUNT Cr.
Particulars ` Particulars `
To Land 1,20,000 By Creditors 65,000
To Machinery 65,000 By Bills Payable 35,000
To Goodwill 10,000 By Cash A/c (Assets Realised):
To Stock 25,000 Land 96,000
To Debtors 20,000 Machinery 35,000
To Ram’s Capital A/c (Creditors taken over) 55,250 Stock 18,750
To Shyam’s Capital A/c (Bills Payable taken over) 35,000 Debtors 12,500
To Shyam’s Capital A/c (Expenses) 1,750 Typewriter 3,000 1,65,250
To Cash A/c (Compensation) 3,000 By Loss transferred to:
Ram’s Capital A/c 27,900
Shyam’s Capital A/c 41,850 69,750
3,35,000 3,35,000

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars Ram (`) Shyam (`) Particulars Ram (`) Shyam (`)
To Realisation A/c 27,900 41,850 By Balance b/d 75,000 75,000
To Cash A/c (Balancing Figure) 1,02,350 69,900 By Realisation A/c 55,250 ...
(Final Payment) By Realisation A/c ... 35,000
By Realisation A/c ... 1,750
1,30,250 1,11,750 1,30,250 1,11,750