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M.504 An Aid to Accountancy—CBSE XII

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars X (`) Y (`) Z (`) Particulars X (`) Y (`) Z (`)
To Z’s Current A/c ... ... 5,000 By Balance b/d 60,000 40,000 30,000
To Advt. Suspense A/c 1,500 900 600 By Partners’ Current A/cs 8,000 10,000 ...
To Realisation A/c 16,000 ... ...
(Plant and Machinery)
To Realisation A/c (Invt.) ... 28,000 ...
To Realisation A/c (Loss) 10,650 6,390 4,260
To Bank A/c (Final Payment) 39,850 14,710 20,140
68,000 50,000 30,000 68,000 50,000 30,000
Dr. BANK ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d 20,000 By Realisation A/c (Sundry Creditors) 7,200
To Realisation A/c (Assets Realised) 69,900 By Realisation A/c (Employees’ Provident Fund) 8,000
By X’s Capital A/c (Final Payment) 39,850
By Y’s Capital A/c (Final Payment) 14,710
By Z’s Capital A/c (Final Payment) 20,140
89,900 89,900
Working Note:
1. Calculation of Amount Realised from Debtors: `
Sundry Debtors 22,000
Less: Bad Debts 1,000
21,000
Less: Cash Discount 2,100
Cash Realised from Debtors (Remaining) 18,900
2. No entry will be passed for retaining stock by X as his remuneration.
Or
Dr. REALISATION ACCOUNT Cr.
Particulars ` Particulars `
To Sundry Assets—Transfer: By Sundry Liabilities—Transfer:
Debtors 48,400 Creditors 12,000
Stock 15,600 Loan 3,000
Furniture 2,000 Provision for Doubtful Debts 2,400 17,400
Other Sundry Assets 34,000 1,00,000 By Ajit’s Capital A/c:
To Ajit’s Capital A/c (Creditors) 12,000 Furniture 1,600
To Bank A/c (Liabilities Paid): Debtors (Book Value ` 40,000) 34,200 35,800
Loan 3,000 By Brijesh’s Capital A/c:
Dissolution Expenses 540 3,540 Stock 14,000
Other Sundry Assets (B.V ` 16,000) 14,400 28,400
By Chandni’s Capital A/c (` 34,000 – ` 16,000) 18,000
(Remaining Sundry Assets)
By Bank A/c (Remaining Debtors) 4,200
[50% of (` 48,400 – ` 40,000)]
By Loss on Realisation transferred to:
Ajit’s Capital A/c 7,044
Brijesh’s Capital A/c 2,348
Chandni’s Capital A/c 2,348 11,740
1,15,540 1,15,540