CBSE Guess > Papers > Important Questions > Class XII > 2010 > Accountancy > Accountancy By Rahul Kadd
CBSE CLASS XII
Q. 17. A and B are in partnership and decide to admit C, the manger, as third partner from April 1,2006. Interest is to be allowed at 5% p.a. on partner’s capitals are: A—Rs.50,000, B—Rs.30,000, C—Rs.10,000.
C is credited with a salary of Rs.500 per month, Rs.200 of which are to be debited to A, Rs.100 to B and Rs.200 to the firm. After providing for interest on capital, the profits are to be distributed in the ratio of 5:3:2. The partners’ drawings, on which no interest is to be charged, is Rs.600, Rs.500 per month of A, B and C respectively. The profits for the year ended March 31,2007, amount to Rs.50,000 before making any of the above adjustments.
Draw up the Current Account of the partners in the ledger, giving effect of the above adjustments and showing the amount of cash each partner is entitled to at the end of the year.
Q. 18. X, Y and Z are partners sharing profits and losses in the ratio of 5:3:2 respectively. Their capital on 1st April, 2007 showed credit balances of Rs.80,000, Rs.70,000 and Rs.50,000 respectively. They withdrew Rs.200 each on the first of every month. According to their partnership agreement, they are allowed interest on capital @ 5% and charged interest on drawings @ 6% per year. The profits for the year ended March 31,2008 as per the Profit and Loss Account amounted to Rs.1,05,500 out of which Rs.20,000 were transferred to the General Reserve Account for the first time. X and Y are entitled to a commission of 5% on the net division profit after charging such commission.
Prepare the Profit and Loss appropriation Account, the General reserve Account and the Capital Account in the books of the Partners and show the working of how you calculate the commission for Z. Do not calculate any answer in the fraction of rupee.
Goodwill : Nature & Valuation
Q. 19. The average net profits expected in future by G. Lal and Co. are Rs.30,000 per year. The average capital employed in the business by the firm is Rs.2,00,000.The normal rate of return on the capital employed in a similar business @ 10%. Calculate goodwill of the firm by:
- Super Profit Method on the basis of two year’s purchase, and
- Capitalisation Method.
Q. 20. From the following information, calculate the value of goodwill of M/s. Sharma and Gupta:
- At three years’ purchase of Average profits.
- At three years’ purchase of Super profits.
- On the basis of capitalisation of Super Profits.
- On the basis of capitalisation of Average Profits.
Information:
- Average capital employed in the business—Rs.7,00,000
- Net Trading results of the firm for the past years: Profit 2004—Rs.1,47,600; Loss 2005—Rs.1,48,100; Profit 2006—Rs.4,48,700.
- Rate of interest expected from capital having regard to the risk involved—18%.
- Remuneration to each partner for his service—Rs,500 per month.
- Assets (excluding goodwill) –Rs.7,54,762. Liabilities—Rs.31,329.
Paper By Mr. Rahul Kadd
Email Id : [email protected]
Phone No. : 9212197510
Oscar Academy- BN - 4 (East),
Shalimar Bagh, Delhi-88
