Liabilities |
Amount (₹) |
Assets |
Amount (₹) |
||
Trade Creditors |
45,000 |
Cash | 750 | ||
Bills Payable | 12,000 | Bank | 12,000 | ||
Mrs. Arvind's Loan | 7,500 | Stock | 7,500 | ||
Mrs. Balbir's Loan | 15,000 | Investments | 15,000 | ||
Reserve Fund |
15,000 |
Book Debts |
30,000 |
|
|
Investments Fluctuation Reserve |
1,500 |
Less: Provision for Doubtful Debts |
3,000 |
27,000 |
|
Capital A/cs: | Building | 22,500 | |||
Arvind |
15,000 |
|
Plant | 30,000 | |
Balbir |
15,000 |
30,000 |
Goodwill |
6,000 |
|
|
|
Profit and Loss A/c |
5,250 |
||
1,26,000 |
1,26,000 |
||||
|
|
Realisation Account
|
||||||||
Dr.
|
|
Cr.
|
||||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
|||||
Stock
|
7,500
|
Provision for Doubtful Debts
|
3,000
|
|||||
Investments
|
15,000
|
Trade Creditors
|
45,000
|
|||||
Book Debts
|
30,000
|
Bills Payable
|
12,000
|
|||||
Building
|
22,500
|
Mrs. Arvid’s Loan
|
7,500
|
|||||
Plant
|
30,000
|
Mrs. Balbir’s Loan
|
15,000
|
|||||
Goodwill
|
6,000
|
Investments Fluctuation Reserve
|
1,500
|
|||||
Arvind’s Capital A/c (Mrs. Arvind’s Loan)
|
7,500
|
Arvind’s Capital A/c (Stock)
|
6,000
|
|||||
Bank A/c:
|
|
Balbir’s Capital A/c (Investments 7500 × 90%)
|
6,750
|
|||||
Trade Creditors
|
44,925
|
|
Balbir’s Capital A/c (Unrecorded Typewriter )
|
450
|
||||
Bills Payable
|
11,980
|
|
Bank A/c:
|
|
||||
Expense
|
1,500
|
|
Book Debts
|
28,500
|
|
|||
Mrs. Balbir’s Loan
|
15,000
|
73,405
|
Plant
|
37,500
|
|
|||
Profit transferred to:
|
|
Building
|
60,000
|
|
||||
Arvind’s Capital A/c
|
23,522.50
|
|
Goodwill
|
9,000
|
|
|||
Balbir’s Capital A/c
|
23,522.50
|
47,045
|
Investments
|
6,750
|
1,41,750
|
|||
|
|
|
|
|||||
|
2,38,950
|
|
2,38,950
|
|||||
|
|
|
|
Partners’ Capital Accounts
|
|||||||
Dr.
|
|
Cr.
|
|||||
Particulars
|
Arvind
|
Balbir
|
Particulars
|
Arvind
|
Balbir
|
||
Profit and Loss A/c
|
2,625
|
2,625
|
Balance b/d
|
15,000
|
15,000
|
||
Realisation A/c (Assets)
|
6,000
|
7,200
|
Realisation A/c
|
7,500
|
–
|
||
Bank A/c
|
44,897.50
|
36,197.50
|
Reserve Fund
|
7,500
|
7,500
|
||
|
|
|
Realisation A/c (Profit)
|
23,522.50
|
23,522.50
|
||
|
|
|
|
|
|
||
|
53,522.50
|
46,022.50
|
|
53,522.50
|
46,022.50
|
||
|
|
|
|
|
|
Bank Account
|
|||||
Dr.
|
|
Cr.
|
|||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
Balance b/d
|
12,000
|
Realisation A/c
|
73,405
|
||
Cash A/c
|
750
|
Arvind’s Capital A/c
|
44,897.5
|
||
Realisation A/c
|
1,41,750
|
Balbir’s Capital A/c
|
36,197.5
|
||
|
|
|
|
||
|
1,54,500
|
|
1,54,500
|
||
|
|
|
|
Creditors
|
45,000
|
Less:2% discount for 1 month
|
(75)
|
Payment made to Creditors
|
44,925
|
|
|
Bills Payable
|
12,000
|
Less: 2% discount for 1 month
|
(20)
|
Payment made for Bills Payable
|
11,980
|