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M.334 An Aid to Accountancy—CBSE XII

Additional Information:
On 1st April, On 31st March,
2017 (`) 2018 (`)
(a) Subscriptions Due 480 560
(b) Subscriptions Received in Advance 80 40
(c) Sports Equipment 21,800 29,700
(d) Building (Cost less depreciation) 80,000 76,000
(e) Capital Fund as on 1st April, 2017: ` 2,16,550.
Prepare the Income and Expenditure Account for the year ended on 31st March, 2018
and the Balance Sheet as on that date. (6)
15. A, B and C are partners in a firm sharing profits in the ratio of 2 : 1 : 1. They decided
to dissolve the firm on 1st May, 2018. From the information given below, complete
Realisation Account, Partners’ Capital Accounts and Bank Account:

Dr. REALISATION ACCOUNT Cr.
Particulars ` Particulars `
To Sundry Assets—Transfer: By Creditors 50,000
Goodwill 30,000 By Bank A/c—Assets Realised:
Land and Building 80,000 Goodwill 20,000
Plant and Machinery 56,000 Land and Building 1,00,000
Car 54,000 Plant and Machinery 50,000
Debtors 48,000 2,68,000 Car 28,000
To Bank A/c (Creditors Paid) ? Debtors 24,000 2,22,000
To Bank A/c (Expenses) ? By Loss on Realisation
transferred to:
A’s Capital A/c ?
B’s Capital A/c ?
C’s Capital A/c ? ?
? ?

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars A (`) B (`) C (`) Particulars A (`) B (`) C (`)
To Realisation A/c ? ? ? By Balance b/d 80,000 80,000 60,000
—Loss
To Bank A/c (Bal. Fig.) 56,000 68,000 48,000
80,000 80,000 60,000 80,000 80,000 60,000

Dr. BANK ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d 2,000 By Realisation A/c—Creditors Paid 50,000
To ? ? By Realisation A/c—Expenses 2,000
By A’s Capital A/c—Final Payment 56,000
By B’s Capital A/c—Final Payment 68,000
By C’s Capital A/c—Final Payment 48,000
2,24,000 2,24,000