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Model Test Papers M.451

15.
Dr. REALISATION ACCOUNT Cr.
Particulars ` Particulars `
To Sundry Assets A/c 1,45,730 By Sundry Creditors A/c 23,150
To Bank A/c—Creditors Paid (Note 1) 23,150 By Bank A/c—Assets Realised 1,24,910
To Bank A/c—Expenses Paid 1,860 By Loss transferred to:
A’s Capital A/c (4/7) 12,960
B’s Capital A/c (3/7) (Note 2) 9,720 22,680
1,70,740 1,70,740

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars A (`) B (`) Particulars A (`) B (`)
To Realisation A/c—Loss 12,960 9,720 By Balance b/d (Note 3) 1,25,030 2,070
To Bank A/c—Final Payment 1,12,070 By Bank A/c—Cash brought in 7,650
1,25,030 9,720 1,25,030 9,720

Dr. BANK ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d (Note 4) 4,520 By Realisation A/c—(Creditors Paid) (Note 1) 23,150
To Realisation A/c (Assets Realised) 1,24,910 By Realisation A/c—Expenses 1,860
To B’s Capital A/c (Cash brought in) 7,650 By A’s Capital A/c—Final Payment 1,12,070
1,37,080 1,37,080
Notes:
1. The amount of ` 23,150 paid to creditors is calculated as the balancing figure on debit side of
Realisation Account. It is also credited to Bank Account.
2. The balancing figure on credit side of Realisation Account is ` 22,680, which represents the loss
on realisation. It is also transferred to the Partners’ Capital Accounts in their profit-sharing ratio.
3. After transferring the Realisation Loss and final payment to A and cash brought in by B (from
Bank Account) in Partners’ Capital Accounts, we get opening balances of their Capital Accounts
as balancing figure.
4. Opening Bank Balance of ` 4,520 is calculated as the Balancing Figure.
Or
JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)
(a) Realisation A/c ...Dr. 6,000
To Kunal’s Capital A/c 6,000
(Being Kunal’s wife’s loan liability transferred)
(b) Revaluation A/c ...Dr. 27,000
To Bank A/c 27,000
(Being the remaining creditors of ` 30,000 paid at 10% discount)
(c) Rohit’s Loan A/c ...Dr. 70,000
To Bank A/c 70,000
(Being the Rohit’s Loan repaid)
(d) Kunal’s Capital A/c ...Dr. 3,000
To Realisation A/c 3,000
(Being the unrecorded machine taken by Kunal)