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Model Test Papers M.321

Dr. CASH ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d 10,000 By Realisation A/c 3,000
To Realisation A/c 1,65,250 By Ram’s Capital A/c (Final Payment) 1,02,350
(Assets Realised) By Shyam’s Capital A/c (Final Payment) 69,900
1,75,250 1,75,250

16.
Dr. REVALUATION ACCOUNT Cr.
Particulars ` Particulars `
To Machinery A/c 70,000 By Building A/c 1,90,000
To Provision for Doubtful Debts A/c 10,000 By Investment A/c 90,000
To Gain (Profit) transferred to: By Accrued Income A/c 6,000
Usha’s Capital A/c 82,400
Asha’s Capital A/c 1,23,600 2,06,000
2,86,000 2,86,000

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars Usha Asha Neelam Particulars Usha Asha Neelam
` ` ` ` ` `
To Goodwill A/c 12,000 18,000 ... By Balance b/d 3,75,000 1,25,000 ...
To Partners’ Current A/cs 3,59,400 1,01,600 ... By Cash A/c ... ... 5,00,000
To Balance c/d 2,00,000 3,00,000 5,00,000 By Revaluation A/c 82,400 1,23,600 ...
By General Reserve A/c 36,000 54,000 ...
By Workmen Compensat-
ion Reserve A/c 8,000 12,000 ...
By Premium for
Goodwill A/c 70,000 1,05,000 ...
5,71,400 4,19,600 5,00,000 5,71,400 4,19,600 5,00,000

Dr. PARTNERS’ CURRENT ACCOUNTS Cr.
Particulars Usha Asha Neelam Particulars Usha Asha Neelam
` ` ` ` ` `
To Balance c/d 3,59,400 1,01,600 ... By Partners’ Capital A/cs 3,59,400 1,01,600 ...
3,59,400 1,01,600 ... 3,59,400 1,01,600 ...
BALANCE SHEET OF NEW FIRM as at 1st April, 2018
Liabilities ` Assets `
Creditors 1,20,000 Cash in Hand 7,15,000
Bills Payable 1,00,000 (` 40,000 + ` 5,00,000 + ` 1,75,000)
Employees’ Provident Fund 60,000 Sundry Debtors 2,00,000
Usha’s Current A/c 3,59,400 Less: Provision for Doubtful Debts 10,000 1,90,000
Asha’s Current A/c 1,01,600 Investment 1,90,000
Capital A/cs: Furniture 1,00,000
Usha 2,00,000 Machinery 2,40,000
Asha 3,00,000 Building 3,00,000
Neelam 5,00,000 10,00,000 Accrued Income 6,000
17,41,000 17,41,000