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Model Test Papers M.505

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars Ajit (`) Brijesh (`) Chandni (`) Particulars Ajit (`) Brijesh (`) Chandni (`)
To Profit and Loss A/c 6,000 2,000 2,000 By Balance b/d 55,000 20,000 14,000
To Realisation A/c 35,800 28,400 18,000 By General Reserve A/c 6,000 2,000 2,000
(Assets taken) By Realisation A/c 12,000 ... ...
To Realisation A/c (Loss) 7,044 2,348 2,348 By Bank A/c (Bal. Fig.) ... 10,748 6,348
To Bank A/c (Bal. Fig.) 24,156 ... ... (Cash Brought in)
(Final payment)
73,000 32,748 22,348 73,000 32,748 22,348

Dr. BANK ACCOUNT Cr.
Particulars ` Particulars `

To Balance b/d 6,400 By Realisation A/c (Liabilities paid) 3,540
To Realisation A/c 4,200 By Ajit’s Capital A/c 24,156
To Brijesh’s Capital A/c 10,748
To Chandni’s Capital A/c 6,348
27,696 27,696

15. (a) JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)
2018
April 1 X’s Capital A/c (1/6 of ` 2,40,000) ...Dr. 40,000
To Z’s Capital A/c (1/6 of ` 2,40,000) 40,000
(Being the adjustment made on account of change in profit-sharing
ratio by debiting gaining partner and crediting sacrificing partner)

(b) Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars X Y Z Particulars X Y Z
` ` ` ` ` `

To Z’s Capital A/c 40,000 ... ... By Balance b/d 2,50,000 2,00,000 1,50,000
To Balance c/d 2,10,000 2,00,000 1,90,000 By X’s Capital A/c ... ... 40,000
2,50,000 2,00,000 1,90,000 2,50,000 2,00,000 1,90,000

BALANCE SHEET OF THE RECONSTITUTED FIRM as at 1st April, 2018
Liabilities ` Assets `
Bills Payable 40,000 Building 2,00,000
Sundry Creditors 1,00,000 Machinery 1,00,000
General Reserve 60,000 Patents and Copyrights 1,50,000
Capital A/cs: Closing Stock 1,25,000
X 2,10,000 Sundry Debtors 1,50,000
Y 2,00,000 Cash at Bank 75,000
Z 1,90,000 6,00,000
8,00,000 8,00,000