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Model Test Papers M.479

(v) Bharat’s Capital A/c ...Dr. 10,000
Bhushan’s Capital A/c ...Dr. 6,000
Amitabh’s Capital A/c ...Dr. 4,000
To Realisation A/c 20,000
(Being the transfer of Loss on Realisation)
(vi) Bhushan’s Loan A/c ...Dr. 70,000
To Bank A/c 70,000
(Being Bhushan’s Loan repaid)
Or
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) 2,000 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) 3,300
Poonam’s Capital A/c (3/5) 4,950
1,33,750 1,33,750
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 Realisation A/c (Inv.) 8,000 ... By General Reserve A/c 2,000 3,000
To Realisation A/c (Loss) 3,300 4,950 By Bank A/c (Cash Brought in) 3,300 ...
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) 51,500 By Realisation A/c (Creditors) 61,750
To Suman’s Capital A/c (Cash Brought in) 3,300 By Poonam’s Capital A/c (Final Payment) 5,050
68,800 68,800
Working Notes:
1. After taking the value of Realisation Expenses from the Bank Account, the balancing figure of ` 8,250 is the
Realisation Loss, which is divided between Suman and Poonam in the ratio of 2 : 3.
2. Amount realised from Assets = ` 8,000 + ` 16,500 + ` 27,000 = ` 51,500.
16.
Dr. REVALUATION ACCOUNT Cr.
Particulars ` Particulars `
To Machinery A/c 70,000 By Building A/c 2,80,000
To Outstanding Rent A/c 4,000 By Provision for Doubtful Debts A/c (WN 4) 5,000
To Claim for Damages A/c 5,000
To Gain (Profit) transferred to:
Karim’s Capital A/c (2/5) 82,400
Rehman’s Capital A/c (3/5) 1,23,600 2,06,000
2,85,000 2,85,000