Question

Question

Answer 1

Realisation Account
Particulars			Amount (Rs)	Particulars		Amount (Rs)
Sundry Debtors			10,000	Sundry Creditors		20,000
Investments			20,000	X’s Capital (Investments)		19,000
Machinery			80,000	Bank:
Stock			15,000	Debtors	9,000
Bank:				Stock	14,000
Expenses		2,000		Machinery	90,000	1,13,000
Creditors		19,000	21,000
Profit transferred to:
X’s Capital A/c	2,000
Y’s Capital A/c	2,000
Z’s Capital A/c	2,000		6,000
			1,52,000			1,52,000

Partners’ Capital Accounts
Dr.									Cr.
Particulars		X	Y	Z	Particulars	X	Y	Z
Realisation A/c		19,000	−	−	Balance b/d	50,000	40,000	30,000
Bank (Final Payment)		38,000	47,000	37,000	Profit & Loss A/c	5,000	5,000	5,000
					Realisation A/c	2,000	2,000	2,000
		57,000	47,000	37,000		57,000	47,000	37,000

Bank Account
Particulars	Amount (Rs)		Amount (Rs)
Balance b/d	30,000	Realisation A/c	21,000
Realisation A/c	1,13,000	X’s Capital A/c	38,000
		Y’s Capital A/c	47,000
		Z’s Capital A/c	37,000
	1,43,000		1,43,000