Page 338 - AAAXII

Model Test Papers M.323

Dr. BANK ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d 28,000 By Nirmal’s Capital A/c 1,30,000
To Balance c/d 1,08,000 By Keshav’s Capital A/c 4,000
(Bank Overdraft) By Pankaj‘s Capital A/c 2,000
1,36,000 1,36,000

BALANCE SHEET OF NEW FIRM as at 1st April, 2018
Liabilities ` Assets `
Bank Overdraft 1,08,000 Debtors 40,000
Creditors 42,000 Less: Provision for Doubtful Debts 6,000 34,000
Capital A/cs: Stock 36,000
Keshav 1,60,000 Machinery 80,000
Pankaj 80,000 2,40,000 Building 2,40,000
3,90,000 3,90,000
Working Notes:
1. Unless agreed otherwise gaining ratio of continuing partners will be same as their old profit-sharing ratio. Thus, Gaining
Ratio = 2 : 1.
2. Nirmal’s Share of Goodwill ` 36,000 will be contributed by Keshav and Pankaj in their gaining ratio, i.e., 2 : 1.
3. Total Capital of the New Firm = ` 2,40,000;
2
Keshav’s Capital in New Firm = ` 2,40,000 × = ` 1,60,000;
3
Pankaj’s Capital in New Firm = ` 2,40,000 × = ` 80,000.
17. (a) JOURNAL

Date Particulars L.F. Dr. (`) Cr. (`)
Bank A/c ...Dr. 1,20,000
To Shares Application A/c 1,20,000
(Being the application money received for 60,000 shares)
Shares Application A/c ...Dr. 1,20,000
To Share Capital A/c 80,000
To Shares Allotment A/c 16,000
To Bank A/c (12,000 × ` 2) 24,000
(Being the adjustment of application money)
Shares Allotment A/c ...Dr. 80,000
To Share Capital A/c 80,000
(Being the allotment money due)
Bank A/c ...Dr. 73,440
Calls-in-Arrears A/c ...Dr. 2,560
To Shares Allotment A/c 64,000
To Calls-in-Advance A/c (2,000 × ` 6) 12,000
(Being the allotment money received except on 1,600 shares
along with Calls-in-Advance on 2,000 shares)
Shares First Call A/c ...Dr. 80,000
To Share Capital A/c 80,000
(Being first call money due)