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Model Test Papers M.397

15. JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)
(i) Realisation A/c ...Dr. 20,000
To A’s Capital A/c 20,000
(Being the liability of his wife’s loan taken over by A)
(ii) Bank A/c ...Dr. 7,500
To Realisation A/c 7,500
(Being the Bad Debts recovered)
(iii) (a) B’s Capital A/c ...Dr. 72,000
To Realisation A/c 72,000
(Being some Sundry Assets taken over by B)
(b) A’s Capital A/c [(` 1,17,000 – ` 80,000) × 80/100] ...Dr. 29,600
To Realisation A/c 29,600
(Being the remaining Sundry Assets taken over by A)
(iv) Realisation A/c ...Dr. 10,200
To Bank A/c 10,200
(Being the C’s loan discharged along with accrued interest)
(v) Realisation A/c ...Dr. 3,000
To A’s Capital A/c 3,000
(Being the remuneration due to A)
(vi) A’s Capital A/c ...Dr. 5,640
B’s Capital A/c ...Dr. 3,760
To Realisation A/c 9,400
(Being the loss on realisation transferred to Partners’ Capital Accounts)
Or
Dr. REALISATION ACCOUNT Cr.
Particulars ` Particulars `
To Sundry Assets A/cs: By Creditors A/c 50,400
Stock 20,100 By A’s Capital A/c (Investments) 18,000
Debtors 62,600 By Cash A/c (Assets Realised):
Investments 16,000 Fixed Assets 29,700
Furniture 6,500 Stock and Debtors 80,000 1,09,700
Building 23,500 1,28,700 By Loss on Realisation transferred to
To Cash A/c: Partners’ Capital A/cs:
Creditors ` (50,400 – 800) 49,600 A (` 3,000 × 1/3) 1,000
Discounted Bill Receivable 1,500 B (` 3,000 × 1/3) 1,000
Realisation Expenses 1,300 52,400 C (` 3,000 × 1/3) 1,000 3,000
1,81,100 1,81,100

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars A (`) B (`) C (`) Particulars A (`) B (`) C (`)
To Realisation A/c 18,000 ... ... By Balance b/d 30,000 25,000 15,000
(Investments) By Reserve A/c 4,000 4,000 4,000
To Realisation A/c (Loss) 1,000 1,000 1,000
To Cash A/c (Final Payment) 15,000 28,000 18,000
34,000 29,000 19,000 34,000 29,000 19,000