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Model Test Papers                                                            M.347

                     16.
                     Dr.                              REVALUATION ACCOUNT                             Cr.
                     Particulars                          `     Particulars                         `

                     To  Stock A/c                        5,000   By  Bad Debts Recovered A/c (Cash A/c)      4,000
                     To  Furniture A/c                    1,000   By  Loss transferred to:
                     To  Machinery A/c                    6,000      Ram’s Capital A/c    9,000
                     To  Provision for Doubtful Debts A/c      3,000      Mohan’s Capital A/c   6,000   15,000
                     To  Cash A/c (Revaluation Expenses)      4,000
                                                         19,000                                    19,000

                     Dr.                            PARTNERS’ CAPTIAL ACCOUNTS                        Cr.
                     Particulars        Ram (`)  Mohan (`)  Sohan (`)   Particulars   Ram (`)  Mohan (`)  Sohan (`)
                     To  Goodwill A/c     6,000   4,000   ...   By  Balance b/d   1,35,000  1,25,000   ...
                     To  Revaluation A/c (Loss)   9,000   6,000   ...   By  Workmen Compen-
                     To  Balance c/d    1,62,000  1,43,000   1,52,500      sation Reserve A/c   6,000   4,000   ...
                                                                By  General Reserve A/c   18,000   12,000   ...
                                                                By  Premium for
                                                                   Goodwill A/c    18,000  12,000  ...
                                                                By  Cash A/c (WN)    ...     ...   1,52,500
                                        1,77,000  1,53,000  1,52,500              1,77,000  1,53,000  1,52,500

                                                  BALANCE SHEET as at 1st April, 2018
                     Liabilities                          `     Assets                              `

                     Capital A/cs:                               Cash (WN 2)                      2,82,500
                     Ram                        1,62,000         Debtors                  30,000
                     Mohan                      1,43,000         Less:  Provision for Doubtful Debts   3,000   27,000
                     Sohan                      1,52,500  4,57,500   Stock (` 50,000 – ` 5,000)      45,000
                     Creditors                           30,000   10% Government Bonds             20,000
                     Bills Payable                       10,000   Furniture                         9,000
                                                                Machinery                         1,14,000
                                                        4,97,500                                  4,97,500

                       Working Notes:
                      1.  Calculation of Sohan’s Capital:                     `
                         Capital of Ram after all adjustments              1,62,000
                         Capital of Mohan after all adjustments            1,43,000
                         Combined Capital for 2/3rd Share                  3,05,000
                                                          3
                               Capital of New Firm  =  ` 3,05,000 ×   = ` 4,57,500
                                                          2
                                                 1
                         Sohan’s Capital in New Firm  =   of ` 4,57,500 = ` 1,52,500.
                                                 3
                     2.  Dr.                             CASH ACCOUNT                                 Cr.
                     Particulars                          `     Particulars                         `
                     To  Balance b/d                    1,00,000   By  Revaluation A/c              4,000
                     To  Bad Debts Recovered A/c          4,000   By  Balance c/d                 2,82,500
                     To  Premium for Goodwill A/c        30,000
                     To  Sohan’s Capital A/c            1,52,500
                                                        2,86,500                                  2,86,500
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