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M.466 An Aid to Accountancy—CBSE XII

Additional Information:
1st April, 2017 31st March, 2018
` `
(i) Subscription Outstanding 800 900
(ii) Stock of Stationery 3,000 1,000
(iii) On 1st April, 2017, the Club had Building ` 50,000; Furniture ` 20,000 and Sports
Euipments ` 14,000. Charge depreciation @ 10% on these items (including
purchases).
(iv) Donation includes ` 36,000 towards building.
(v) Legacy donation is towards Annuity Fund. (6)
15. Bharat, Bhushan and Amitabh were partners in a firm sharing profits in the ratio
of 5 : 3 : 2. The firm was dissolved. After transfer of assets and external liabilities to
Realisation Account, following transactions took place:
(i) Mohan, a creditor, to whom ` 60,000 were due to be paid, accepted Office Equipment
at ` 40,000 and the balance was paid to him by cheque.
(ii) Sohan, a creditor, to whom ` 16,000 were due to be paid, took Machinery valued
at ` 20,000. He paid the balance by cheque.
(iii) An unrecorded liability of the firm ` 10,500 was paid by Bharat.
(iv) There were total debtors of ` 76,000. A provision for doubtful debts stood in
the books at ` 6,000. Debtors amounting to ` 12,000 proved bad and rest paid
the due amount.
(v) Loss on dissolution was ` 20,000.
(vi) Bhushan had given a loan of ` 70,000 to the firm which was repaid.
Pass the necessary Journal entries for the above transactions in the books of
the firm.
Or
Suman and Poonam were partners in a firm sharing profits in 2 : 3 ratio. They decided
to dissolve the firm on 1st January, 2019. From the information given below, complete
Realisation Account, Partners’ Capital Accounts and Bank Account:
Dr. REALISATION ACCOUNT Cr.
Particulars ` Particulars `
To Stock A/c 12,000 By Provision for Doubtful Debts A/c 1,000
To Debtors A/c 18,000 By Creditors A/c 65,000
To Plant A/c 30,000 By Suman’s Capital A/c (Investments) 8,000
To Investments A/c 10,000 By Bank A/c:
To Bank A/c (Realisation Expenses) ? Stock 8,000
To Bank A/c (Creditors) 61,750 Debtors 16,500
Plant 27,000 51,500
By Loss transferred to:
Suman’s Capital A/c (2/5) ?
Poonam’s Capital A/c (3/5) ?
1,33,750 1,33,750