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M.426 An Aid to Accountancy—CBSE XII

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars X Y Z Particulars X Y Z
` ` ` ` ` `
To Realisation A/c 89,000 29,600 1,25,200 By Balance b/d 1,27,500 1,10,000 17,000
(Assets taken) By Realisation A/c ... ... 16,000
To Realisation A/c (Loss) 11,160 11,160 5,580 (Creditors taken over)
To Cash A/c (Bal. Fig.) 27,340 83,040 ... By Realisation A/c ... 13,800 ...
(Final Payment) (Loan liability taken)
By Cash A/c (Bal. Fig.) ... ... 97,780
(Cash brought in)
1,27,500 1,23,800 1,30,780 1,27,500 1,23,800 1,30,780

Dr. CASH ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d 13,200 By Realisation A/c (Realisation expenses) 2,700
To Realisation A/c 2,100 By X’s Capital A/c (Final payment) 27,340
To Z’s Capital A/c 97,780 By Y’s Capital A/c (Final payment) 83,040
1,13,080 1,13,080
16.
Dr. REVALUATION ACCOUNT Cr.
Particulars ` Particulars `

To Provision for Doubtful Debts A/c 5,000 By Sundry Creditors A/c 12,000
(` 7,500 – ` 2,500) By Loss transferred to:
To Provision for Claim for Damages A/c 15,000 X’s Capital A/c (2/3) 14,000
To Outstanding Electric Charges A/c 13,000 Y’s Capital A/c (1/3) 7,000 21,000
33,000 33,000
Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars X (`) Y (`) Z (`) Particulars X (`) Y (`) Z (`)

To Profit and Loss A/c 60,000 30,000 ... By Balance b/d 2,70,000 1,80,000 ...
To Revaluation A/c 14,000 7,000 ... By Z’s Loan A/c ... ... 1,50,000
To Bank A/c (Goodwill) 20,000 10,000 ... By Premium for Goodwill A/c 40,000 20,000 ...
To Bank A/c (Bal. Fig.) ... 3,000 ... By Bank A/c (Bal. Fig.) 84,000 ... ...
To Balance c/d (WN 2) 3,00,000 1,50,000 1,50,000
3,94,000 2,00,000 1,50,000 3,94,000 2,00,000 1,50,000
BALANCE SHEET OF NEW FIRM as at 1st April, 2018
Liabilities ` Assets `
Sundry Creditors (` 5,90,000 – ` 12,000) 5,78,000 Cash at Bank (WN 3) 4,43,500
Outstanding Electric Charges 13,000 Debtors 1,50,000
Provision for Claim for Damages 15,000 Less: Provision for Doubtful Debts 7,500 1,42,500
Capital A/cs: Stock 3,20,000
X 3,00,000 Land and Building 3,00,000
Y 1,50,000
Z 1,50,000 6,00,000
12,06,000 12,06,000