CBSE Guess > Papers > Important Questions > Class XII > 2010 > Accountancy > Accountancy By Rahul Kadd
CBSE CLASS XII
Retirement & Death of a Partner
Q. 34. (New profit sharing ratio) A,B and C are partners sharing profits and losses in the ratio 4:3:1. B retires, selling his share of profits to A and C for Rs. 8,100, rs. 3,600 paid by A and Rs. 4,500 by C. the profits for the year after B’s retirement was Rs. 10,500. You are required to (i) to give the necessary journal entries to record the above said sale of B’s share to A and C and (ii) to calculate the new profit sharing ratio and distribute the profit A and C, A and C bring the necessary cash.
Q. 35. X, Y and Z were partners in a firm sharing profits in the ratio of 3:2:1. Z retired and the new profit sharing ratio between X and Y was 1:2 On Z’s retirement the goodwill of the firm was valued at Rs. 30,000. pass the necessary Journal entries for the treatment of goodwill on Z’s retirement without opening the Goodwill A/c
Q. 36. Subhash, Mohan , Usha and Rinku are partners sharing profits in the ratio of 3:2:3:2. On the retirement of Usha, goodwill was valued at Rs. 2,40,000 Usha’s share of goodwill be given to her by adjusting it in to the capital Accounts of Subahsh, Mohan and Rinku .Give the necessary entries for the treatment of goodwill when the new profit- sharing ratio is 3:1:6.
Q. 37. (Ascertaining the amount due to retiring partner) A,B and C are partners in a business , sharing profit and losses in the ratio of 3:2:1 The balance sheet on March31,2008 as follows:
| Liabilities | Amount | Assets | Amount | |
| Sundry creditors | 1,600 | Cash in hand | 600 | |
| Reserve fund | 6,000 | Cash at bank | 1,000 | |
| Capital A/c | Sundry debtors | 9,000 | ||
| A | 10,000 | Stock in hand | 7,000 | |
| B | 10,000 | Machinery | 6,000 | |
| C | 10,000 | 30,000 | Factory buildings | 14,000 |
| 37,600 | 37,600 | |||
On that date C retires from the business . it is agreed to adjust the values of assets as follows:
- To provide a reserve of 5% on sundry debtors for doubtful debts.]
- To depreciate stock by 5% machinery
- Factory Buildings to be revalued at Rs. 15,100
- The goodwill of the firm has been valued at Rs. 15000 but no goodwill Account is to be raised in the books of account.
- A and B will continue to carry on the business and share profit and losses equally in future.
Show the profit and loss Adjustment Account and the Partner’s Capital Accounts and prepare the balance sheet of the continuing partners as on April 1,2008
Q. 38. Following the balance sheet of Jain, Gupta and Malik as on March 31,2008:
Balance Sheet
As on March 31,2008
| Liabilities | Amount | Assets | Amount | |
| Creditors | 1,98,000 | Cash | 55,000 | |
| Telephone bill outstanding | 3,000 | Bill receivable | 2,34,500 | |
| Accounts payable | 89,500 | Sundry debtors | 2,67,000 | |
| Accumulated profit | 1,67,500 | Stock | 1,81,000 | |
| Capital A/c | Office furniture | 1,82,500 | ||
| Jain | 4,00,000 | Computers | 1,32,000 | |
| Gupta | 6,00,000 | Plant and machinery | 2,02,300 | |
| Malik | 2,00,000 | 12,00,000 | Land and building | 2,60,000 |
| 6% government bonds | 1,43,700 | |||
| 16,58,000 | 16,58,000 | |||
Paper By Mr. Rahul Kadd
Email Id : [email protected]
Phone No. : 9212197510
Oscar Academy- BN - 4 (East),
Shalimar Bagh, Delhi-88
