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M.398 An Aid to Accountancy—CBSE XII

Dr. CASH ACCOUNT Cr.
Particulars ` Particulars `

To Balance b/d 3,700 By Realisation A/c (Liabilities Paid) 52,400
To Realisation A/c (Assets Realised) 1,09,700 By A’s Capital A/c (Final Payment) 15,000
By B’s Capital A/c (Final Payment) 28,000
By C’s Capital A/c (Final Payment) 18,000
1,13,400 1,13,400

16.
Dr. REVALUATION ACCOUNT Cr.
Particulars ` Particulars `
To Fixed Assets A/c 2,500 By Creditors A/c 2,000
To Provision for Doubtful Debts A/c 5,000 By Unexpired Insurance A/c 10,000
To Stock A/c 10,000 By Loss transferred to:
X’s Capital A/c (` 5,500 × 5/10) 2,750
Y’s Capital A/c (` 5,500 × 3/10) 1,650
Z’s Capital A/c (` 5,500 × 2/10) 1,100
17,500 17,500

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars X Y Z Particulars X Y Z
` ` ` ` ` `

To Goodwill A/c 25,000 15,000 10,000 By Balance b/d 40,000 62,000 33,000
To Revaluation A/c (Loss) 2,750 1,650 1,100 By Workmen Compensation
To X’s Capital A/c ... 8,000 32,000 Reserve A/c 25,000 15,000 10,000
(Adjustment of Goodwill) By Y’s Capital A/c (Goodwill) 8,000 ... ...
To Bank A/c (Bal. Fig.) 1,19,750 ... ... By Z’s Capital A/c (Goodwill) 32,000 ... ...
To Balance c/d (WN 4) ... 79,000 1,18,500 By Profit and Loss A/c 42,500 25,500 17,000
By Bank A/c (Bal. Fig.) ... 1,150 1,01,600
1,47,500 1,03,650 1,61,600 1,47,500 1,03,650 1,61,600

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

Creditors 40,000 Bank 15,000
Employees’ Provident Fund 10,000 ` (40,000 – 8,000 + 1,150 + 1,01,600 – 1,19,750)
Y’s Capital A/c 79,000 Sundry Debtors 1,00,000
Z’s Capital A/c 1,18,500 Less: Provision for Doubtful Debts 5,000 95,000
Stock 70,000
Unexpired Insurance 10,000
Fixed Assets 57,500
2,47,500 2,47,500