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CBSE CLASS XII
Q. 27. P and S were partners in a firm sharing profits in the ratio of 3:2. Their Balance Sheet as on 31st March, 2008 was as follows:
Balance Sheet
| Liabilities | Amount | Assets | Amount | |
| Bank overdraft | 20,000 | Cash in hand | 8,000 | |
| Creditors | 30,000 | Debtors | 30,000 | |
| Provisions for bad debts | 1,000 | Bills receivable | 40,000 | |
| General reserve | 15,000 | Stock | 50,000 | |
| V’s loan | 20,000 | Buildings | 90,000 | |
| Capital A/c | Land | 1,48,000 | ||
| P | 1,00,000 | |||
| S | 1,80,000 | 2,80,000 | ||
| 3,66,000 | 3,66,000 | |||
On 1st April, 2008, they admitted V as a new partner on the following conditions:
- V will get 1/8th share in the profits of the firm
- V’s loan will be converted in to his capital.
- The goodwill of the firm was valued at Rs. 80,000 and V brought in his share of goodwill in cash.
- A provision for bad debts was to be made equal to 5% of the debtors.
- stock was to be depreciated by 5% (vi) Land was to be appreciated by 10%
Prepare the revaluation Account, the capital Accounts of P,S and V and the Balance Sheet of the new firm as on Ist April, 2008
Q. 28. X and Y sharing profits in the ratio of 3:2 had the following Balance Sheet as on March31,2008
Balance Sheet
| Liabilities | Amount | Assets | Amount | ||
| Creditors | 15,000 | Cash in hand | 5,000 | ||
| General reserve | 12,000 | Debtors | 20,000 | ||
| Capital A/c | Less provision for | ||||
| X | 54,000 | doubtful debts | 19,200 | ||
| Y | 36,000 | 90,000 | Patents | 800 | 14,800 |
| Current A/c | Investments | 8,000 | |||
| X | 10,000 | Machinery | 72,000 | ||
| Y | 2,000 | 12,000 | Goodwill | 10,000 | |
| 1,29,000 | 1,29,000 | ||||
On April 1,2008, they decided to admit Z on the following terms:
- A provision of 5% is to be credited on debtors.
- Accured income of Rs. 1500 does not appear in the books and Rs. 5000 are outstanding for salaries.
- The present market value of investments is Rs. 6,000. X takes over the investments at this value.
- The new profit- sharing ratio of partners will be 4:3:2.
- Z will bring in Rs. 20,000 as his capital.
- Z is to pay in cash an amount equal to his share in the firm’s goodwill valued at twice the average profits of the last 3 years which were Rs. 25,000; Rs. 26,000 and Rs. 30,000 respectively
- Half the amount of goodwill is withdrawn by the old partners.
You are required to pass the journal entries. Prepare the Revaluation Account, the Partner’s Capital Accounts, the Current Accounts and the opening Balance Sheet of the new firm.
Paper By Mr. Rahul Kadd
Email Id : [email protected]
Phone No. : 9212197510
Oscar Academy- BN - 4 (East),
Shalimar Bagh, Delhi-88
