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Model Test Papers M.467

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars Suman (`) Poonam (`) Particulars Suman (`) Poonam (`)
To Profit and Loss A/c 2,000 3,000 By Balance b/d 8,000 10,000
To ? ? ... By General Reserve A/c 2,000 3,000
To ? ? ? By Bank A/c (Cash Brought in) ? ...
To Bank A/c (Final Payment) ... 5,050
13,300 13,000 13,300 13,000

Dr. BANK ACCOUNT Cr.
Particulars ` Particulars `

To Balance b/d 14,000 By Realisation A/c (Realisation Expenses) 2,000
To Realisation A/c (Assets Realised) ? By Realisation A/c (Creditors) ?
To Suman’s Capital A/c (Cash Brought in) 3,300 By Poonam’s Capital A/c (Final Payment) ?
68,800 68,800
(6)
16. Karim and Rehman are partners in a firm sharing profits in the ratio of 2 : 3 respectively.
They admitted Naval, an old employee, as a partner for 1/2 share in the profits. Naval will
bring ` 5,00,000 for his capital and the capitals of Karim and Rehman will be adjusted
in the profit-sharing ratio. For this Current Accounts will be opened. The Balance Sheet
of the firm as at 31st March, 2018 before Naval’s admission was as follows:

BALANCE SHEET OF KARIM AND REHMAN as at 31st March, 2018
Liabilities ` Assets `
Creditors 1,20,000 Cash in Hand 40,000
Bills Payable 1,60,000 Sundry Debtors 2,05,000
General Reserve 80,000 Less: Provision for Doubtful Debts 5,000 2,00,000
Workmen Compensation Reserve 40,000 Furniture 2,00,000
Capital A/cs: Karim 3,75,000 Machinery 3,10,000
Rehman 1,25,000 5,00,000 Building 1,10,000
Profit and Loss A/c 40,000
9,00,000 9,00,000

The other terms of the agreement were as follows:
(i) Naval will bring ` 1,75,000 for his share of goodwill.
(ii) Building will be revalued at ` 3,90,000 and machinery be depreciated by ` 70,000.
(iii) Outstanding rent amounted to ` 4,000.
(iv) All Debtors are good.
(v) There is a claim against the firm for damages, liability to the extent of
` 5,000 is to be created.
Prepare Revaluation Account, Partners’ Capital Accounts, Partners’ Current Accounts
and the Balance Sheet of the new firm.