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Model Test Papers M.69

Dr. BANK ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d 16,000 By Realisation A/c (Creditors) 38,000
To Realisation A/c (Assets realised) 4,84,000 By Realisation A/c (Expenses) 2,400
To Realisation A/c 10,000 By Realisation A/c (Contingent liability) 5,000
(Unrecorded Motor Cycle sold) By Lily’s Loan A/c 32,000
By Lily’s Capital A/c 1,99,360
By Rose’s Capital A/c 2,33,240
5,10,000 5,10,000
15. JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)
2018
April 1 X’s Capital A/c (` 60,000 × 1/6) ...Dr. 10,000
To Z’s Capital A/c (` 60,000 × 1/6) 10,000
(Being the adjustment made for goodwill on change
in profit-sharing ratio)
X’s Capital A/c (` 60,000 × 1/6) ...Dr. 10,000
To Z’s Capital A/c (` 60,000 × 1/6) 10,000
(Being the adjustment made for General Reserve)
X’s Capital A/c (` 1,20,000 × 1/6) ...Dr. 20,000
To Z’s Capital A/c (` 1,20,000 × 1/6) 20,000
(Being the adjustment made for gain (profit) on revaluation on
change in profit-sharing ratio)

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars X Y Z Particulars X Y Z
` ` ` ` ` `
To Z’s Capital A/c 10,000 ... ... By Balance b/d 2,50,000 2,00,000 1,50,000
To Z’s Capital A/c 10,000 ... ... By X’s Capital A/c ... ... 10,000
To Z’s Capital A/c 20,000 ... ... By X’s Capital A/c ... ... 10,000
To Balance c/d 2,10,000 2,00,000 1,90,000 By X’s Capital A/c ... ... 20,000
2,50,000 2,00,000 1,90,000 2,50,000 2,00,000 1,90,000
BALANCE SHEET as on 1st April, 2018
Liabilities ` Assets `
Creditors 1,40,000 Building 2,00,000
General Reserve 60,000 Machinery 1,00,000
Capital A/cs: Patents and Copyrights 1,50,000
X 2,10,000 Stock 1,25,000
Y 2,00,000 Debtors 1,50,000
Z 1,90,000 6,00,000 Bank 75,000
8,00,000 8,00,000
Working Notes:
1. Calculation of Gain/(Sacrifice) of Share:
X Y Z
I. New Share 3/6 2/6 1/6
II. Old Share 1/3 1/3 1/3
III. Difference (I – II) 1/6 ... (1/6)
Gain Sacrifice