CBSE Guess > Papers > Important Questions > Class XII > 2010 > Accountancy > Accountancy By Rahul Kadd
CBSE CLASS XII
Q. 23. Raju, Shashtri and Tanka are partners in a firm, sharing profits and losses in the ratio of 5:3:2 . Their Balance Sheet as at 31st March, 2007 stood as follows:
Balance Sheet
| Liabilities | Amount | Assets | Amount | ||
| Sundry Creditors | 25,000 | Cash at bank | 10,000 | ||
| General Reserve | 20,000 | Sundry Debtors 0 | 22,00 | ||
| Shashtri’s Loan A/c | 15,000 | Less: Reserve for bad | |||
| Capital A/c | Debtors | 2000 | 20,000 | ||
| Raju | 25,000 | 40,000 | Furniture | 10,000 |
|
| Shashtri | 10,000 | Plant & Machinery | 35,000 | ||
| Tanka | 5,000 | Stock | 25,000 | ||
| 1,00,000 | 1,00,000 | ||||
From !st April, 2007, the partners decided to change their profit – sharing ratio as 2:1:2 instead of their former ratio of 5:3:2 and for that purpose the following adjustments were agreed upon:
- The Reserve for bad debt was to be raised to 10%
- Furniture was to be appreciated by Rs. 5,200. They did not, however, want to alter the book values of the assets and Reserves but record the change by passing one single Journal entry.
The Profit and loss account of the firm for the year ended 31st March, 2008 showed a profit(before any interest) of Rs. 23,000.
You are required:
- To show the single Journal entry adjusting the Partners capitals as on !st April, 2007; and
- (b) To prepare the profit and loss appropriation Account for the year ended 31st March,2008 after taking into consideration the following adjustments:
- Interest on capital at 5% per annum;
- Interest on Shashtri’s loan Rs.1000.
- Transfer 25% of the divisible profits to the reserve fund after charging such reserve.
Q. 24. Find out the new profit sharing ratio:
- K,L and M are partners sharing in the ratio of 3:2:1. The admit N for 1/6th share. M would retain his original share.
- A,B and C are partners sharing profits and losses in the ratio of 3:2:5. They admit D and given him 1/4th share. This share is contributed by them in the ratio of 1:1:3
Q. 25. (when the premium is brought in cash) A and B are partners in a firm sharing profits in the ratio of 2:1. On 1st April, 2007, their capitals are of 4,00,000 and Rs. 200,000 respectively. On that date, they admitted C as a new partner for 1/5th share in the future profits. The new profit sharing ratio of A,B and C will be 3:1:1 C brought in Rs. 100,000 as his capital and Rs. 21,000 as his share of premium.
Draft the journal entries and show the capital accounts of all the partners.
Q. 26. (Calculation of investment to be made to become a partner) A commenced his business with a capital of a Rs. 5,00,000 on 1st January, 2002. during the five years ended 31st December, 2006, the results of his business were:
| Year | Rs. |
| 2002 Loss | 10,000 |
| 2003 profit | 26,000 |
| 2004 profit | 34,000 |
| 2005 profit | 40,000 |
| 2006 profit | 50,000 |
During this period , he withdrew Rs. 80,000 for his personal use. On 1st January, 2007, he admitted B in to partnership on the following terms:
- Goodwill is to be valued at 3 times the average profits of last five years
- B will have ½ share of the future profits
- He will bring in his share of goodwill in cash
- He will bring in capital in cash equal to that of A after his admission. Calculate the amount to be brought in by B and make entries to record the transactions pertaining to admission
Paper By Mr. Rahul Kadd
Email Id : [email protected]
Phone No. : 9212197510
Oscar Academy- BN - 4 (East),
Shalimar Bagh, Delhi-88
