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CBSE CLASS XII
Q. 29. Gopal and Govind are partners in a firm sharing profits in the ratio of 60:40 , they admit Guru into the firm on 1st April, 2007when their Balance sheet was as follows:
Balance Sheet
| Liabilities | Amount | Assets | Amount | |
| Capital A/c | Fixed assets | 3,00,000 | ||
| Gopal | 1,20,000 | Investments | 50,000 | |
| Govind | 80,000 | 2,00,000 | Current Assets | 2,00,000 |
| Long term Loan | 2,00,000 | Loans and advances | 1,00,000 | |
| Current liabilities | 2,50,000 | |||
| 6,50,000 | 6,50,000 | |||
Terms of Guru’s admission are as follows:
Guru will bring in cash Rs. 100.000 as capital. It is agreed that goodwill of the firm will be valued at two years purchase of the last three year’s Profits. Guru will also bring in his share of goodwill premium in cash.
It was also decided that the partners will not withdraw their share of goodwill nor will the goodwill appear in the books of account.
The profits of the previous three years were as follows:
For the year ended March 31,2005, profit Rs. 20,000(including insurance claim received Rs. 40,000) For the year ended March 31,2006, Loss Rs.80,000 (including voluntary retirement compensation paid Rs. 1,10,000).
For the year ended March 31,2007, profit Rs. 105000 (including a profit of Rs. 25000 on the sale of assets)
It was decided to revalue the assets on March 31,2007 as follows:
| Fixed Assets (net) | Rs. 4,00,000 |
| Investment | Nil |
| Current assets | Rs. 1,80,000 |
| Loans and advances | Rs. 100,000 |
The new profit sharing ratio after the admission of Guru. Show the goodwill calculation and prepare the revaluation account, the partner’s capital Accounts and the Balance sheet as on April 1,2007 after the admission of Guru.
Q. 30. (Adjustment of capital to be made by cash) A,B and C are partners sharing profit and losses in the ratio of 2:3:5. On 31st March, 2007, 2007 their Balance sheet as follows:
Balance Sheet
| Liabilities | Amount | Assets | Amount | |
| Capital A/c | Cash | 18,000 | ||
| A | 36,000 | Bills receivable | 24,000 | |
| B | 44,000 | Furniture | 28,000 | |
| C | 52,000 | 132,000 | Stock | 44,000 |
| Creditors | 64,000 | Debtors | 42,000 | |
| Bills payable | 32,000 | Investments | 32,000 | |
| Profit and loss A/c | 14,000 | Machinery | 34,000 | |
| Goodwill | 20,000 | |||
| 2,42,000 | 2,42,000 | |||
They admit D into partnership on the following terms:
Paper By Mr. Rahul Kadd
Email Id : [email protected]
Phone No. : 9212197510
Oscar Academy- BN - 4 (East),
Shalimar Bagh, Delhi-88
