CBSE Guess > Papers > Important Questions > Class XII > 2010 > Accountancy > Accountancy By Rahul Kadd
CBSE CLASS XII
They admit D into partnership on the following terms:
- Furniture, investments and machinery to be depreciated by 15%
- stock is to be revalued at Rs. 48,000
- Outstanding rent amounted to Rs. 1800
- Prepaid salaries Rs. 800
- D brings in Rs. 32,000 as his capital and Rs. 6000 for goodwill in cash for 1/6th share of the future profits of the firm.
- Adjustment of capitals to be made in cash
- Capital of the partners shall be proportionate to their profit sharing ratio, taking D’s capital as base.
Prepare the revaluation Account, the partner’s capital A/c, the cash A/c and the balance sheet of the new firm.
Q.31. The following as the Balance sheet of A & B who had been sharing profits in proportion of 3/4th and 1/4th, on March 31,2007:
| Liabilities | Amount | Assets | Amount | |
| Creditors | 37,500 | Cash at bank | 22,500 | |
| General reserve | 6000 | Bills receivable | 3,000 | |
| Capital A/c | Debtors | 16,000 | ||
| A | 30,000 | Stock | 20,000 | |
| B | 16,000 | 46000 | Office furniture | 1,000 |
| Land &building | 25,000 | |||
| Advertisement | 2000 | |||
| expenditure | ||||
| 89,500 | 89,500 | |||
They agree to take C into partnership on april 1,2007 on the following terms:
- That C pays Rs. 14000 as his capital for 1/5th share in the future profits
- That a goodwill account be valued from the books of the firm at Rs. 20,000. C is unable to bring in any cash for his share of goodwill
- that stock and furniture will be reduced by 10% and 5% provision for doubtful debts will be created on debtors
- Land and buildings be appreciated by 20%
- that the capital accounts of the partners will be readjusted on the basis of their profit sharing arrangement and any excess or deficiency transferred to their current accounts.
Prepare the revaluation Account, the partner’s capital A/c, the cash A/c and the balance sheet of the new firm.
Q. 32. The following was the balance sheet of A, B &C sharing profits and losses in the ratio of 6:5:3 respectively:
| Liabilities | Amount | Assets | Amount | |
| Creditors | 9,000 | Land & Building | 24,000 | |
| Bills payable | 3,000 | Furniture | 3,500 | |
| Capital A/c | Stock | 14,000 | ||
| A | 19000 | Debtors | 12,600 | |
| B | 16,000 | cash | 900 | |
| C | 8000 | 43,000 | ||
| 55,000 | 55,000 | |||
Paper By Mr. Rahul Kadd
Email Id : [email protected]
Phone No. : 9212197510
Oscar Academy- BN - 4 (East),
Shalimar Bagh, Delhi-88
