AccountingCaseStudy.docx - Prepare Revaluation account Partners’ Capital accounts and Balance Sheet of X Y after Z’s retirement Also prepare Z’s

AccountingCaseStudy.docx - Prepare Revaluation account...

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Prepare Revaluation account, Partners’ Capital accounts and Balance Sheet of X & Y after Z’s retirement. Also prepare Z’s Loan account till it is fully paid. Revaluation Account Particulars Amount Particulars Amount To Patents 2000 By Investments 2600 “Plant &Machinery 5000 By Trade Creditors 375 “Prov. For Doubtful Debts 400 By Loss transferred to: “W.C. Fund 375 X (3/6): 2400 Y (2/6): 1600 Z (1/6): 800 4800 7775 7775 Partner’s Capital Accounts Particulars X Y Z Particulars X Y Z To revaluation Loss 2400 1600 800 By Bal B/d 65000 30000 20000 Investment - - 17600 “Reserve Fund 9000 6000 3000 G.W.w/o 3000 2000 1000 “X’s Cap a/c - - 3000 Z’s capital a/c 3000 2000 - “Y’s cap a/c - - 2000 Current A/c 5600 - - “Cash a/c - 9600 - Bank a/c(paid) - - 4300 Z’s Loan a/c - - 2150 B/P - - 2150 Bal c/d 60,000 40,000 - 74000 45600 28000 74000
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Unformatted text preview: 45600 28000 Balance Sheet As at 31 st March, 2001 Liabilities Amount Assets Amount Trade Creditors (15000-375) 14625 Cash (5000+9600-4300) 10300 Employees P.F 6000 Debtors (40000-2400) 37600 W.C.Fund 375 Stock 30,000 Bills Payable 2150 Patents 8000 Z’s Loan 2150 Plant &Machinery (50000-5000) 45000 X’s Current a/c 5600 Capital a/c X: 60,000 Y: 40,000 1, 00,000 1, 30,900 1, 30,900 Z’s Loan Account Date Particulars Amount Date Particulars amount 2001 March31 To Bal c/d 2150 March 31 By Z’s Cap a/c 2150 Sept 30 “Bank (1075+53.75) 1128.75 April “Bal B/d 2150 “Bal c/d 1075.00 September “[email protected] %( 6Months) 53.75 2203.75 2203.75 March 31 To Bank a/c 1101.88 Oct 31 By Bal b/d 1075.00 “ [email protected]% 26.88 1101.88 1101.88...
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  • Summer '18
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