Page 51 - AAAXII

Model Test Papers M.47

Cash A/c ...Dr. 20,000
To Photocopier A/c 20,000
(Being the photocopier sold)
Employees’ Claim A/c ...Dr. 50,000
To Cash A/c 50,000
(Being the cash paid for the Employees’ claim)
B’s Capital A/c ...Dr. 4,00,000
To Cash A/c 1,00,000
To B’s Loan A/c 3,00,000
(Being the cash paid to B and rest transferred to his Loan A/c)

Dr. B’S LOAN ACCOUNT Cr.
Date Particulars ` Date Particulars `
2015 2015
March 31 To Balance c/d 3,00,000 March 31 By B’s Capital A/c (WN 2) 3,00,000
2016 2015
March 31 To Bank A/c (` 1,00,000 + ` 30,000) 1,30,000 April 1 By Balance b/d 3,00,000
March 31 To Balance c/d 2,00,000 2016
March 31 By Interest A/c (` 3,00,000 × 10/100) 30,000
3,30,000 3,30,000
2017 2016
March 31 To Bank A/c (` 1,00,000 + ` 20,000) 1,20,000 April 1 By Balance b/d 2,00,000
March 31 To Balance c/d 1,00,000 2017
March 31 By Interest A/c (` 2,00,000 × 10/100) 20,000
2,20,000 2,20,000
2018 2017
March 31 To Balance c/d 1,10,000 April 1 By Balance b/d 1,00,000
2018
March 31 By Interest A/c (` 1,00,000 × 10/100) 10,000
1,10,000 1,10,000

Working Notes:
1. Dr. REVALUATION ACCOUNT Cr.
Particulars ` Particulars `
To Plant and Machinery A/c 40,000 By Building A/c 2,00,000
To Provision for Doubtful Debts A/c 10,000 By Investments A/c 50,000
To Stock A/c 20,000 By Photocopier A/c 20,000
To Employee’s Claim A/c 50,000
To Gain (Profit) transferred to:
A’s Capital A/c 75,000
B’s Capital A/c 50,000
C’s Capital A/c 25,000
2,70,000 2,70,000

2. Dr. B’S CAPITAL ACCOUNT Cr.
Date Particulars ` Date Particulars `
2015 2015
March 31 To Cash A/c 1,00,000 March 31 By Balance b/d 3,50,000
March 31 To B’s Loan A/c 3,00,000 March 31 By Revaluation A/c (Profit) 50,000
4,00,000 4,00,000