CBSE Guess > Papers > Important Questions > Class XII > 2010 > Accountancy > Accountancy By Rahul Kadd
CBSE CLASS XII
The partners have been sharing profits in the ratio of 5:3:2. Malik decides to retire from business on April 1,2008and his share in the business is to be calculated as per the following terms of revaluation of assets and liabilities
Stock Rs. 2,00,000; office furniture Rs. 1,42,500; plant and machinery Rs. 2,35,500; land & buildings Rs. 2,00.000.
A provision of Rs. 17,000 to be created for doubtful debts.
The goodwill of the firm be valued at Rs. 90,000. Malik share of the goodwill be adjusted without opening the Goodwill Account in the books
The continuing partners agreed to pay Rs. 1,65,000as cash on retirement of Malik, to be contributed by the continuing partners in their new profit sharing Ratio, which is 3:2. the balance in the capital of Malik will be treated as loan.
Prepare Revaluation A/c, the partners capital A/c and the Balance sheet of Reconstituted Firm.
Q. 39. (payments of equal instalments) Following is the balance sheet as on March 31,2004 of M/s Gopi, Krishan and Ram who share profits in the ratio of Gopi 4/7, Krishan 2/7 and Ram 1/7:
| Liabilities | Amount | Assets | Amount | |
| Capital A/c | Goodwill | 7,000 | ||
| Gopi | 30,000 | Stock | 15,000 | |
| Krishan | 20,000 | Sundry debtors | 11,000 | |
| Ram | 15,000 | 65,000 | Land and building | 20,000 |
| Sundry creditors | 15,000 | Plant and machinery | 26,500 | |
| Bills payable | 2,000 | Motor vehicle | 13,000 | |
| General reserve | 10,500 | |||
| 92,500 | 92,500 | |||
On the above date Gopi retired and the following arrangements were agreed upon:
- Goodwill of the firm is to be valued at Rs. 21,000
- The assets and liabilities are to be valued as under: stock Rs. 12,000; sundry debtors Rs.10,500, land and buildings Rs. 22,600; plant and machinery Rs. 25,000 and sundry creditors Rs. 14,000
- Krishan and Ram were to introduce Rs. 20,000 and Rs. 5,000 respectively in to the business and Rs. 16,200 was to be paid to Gopi. The balance due to Gopi. The balance due to Gopi was to be paid in three equal instalments annually together with interest at 9% P.a
- Krishan and Ram agreed not to retain goodwill in the books
- Firm closes in the books on 31st March every year
Give journal entries to record the above and prepare the balance sheet of the firm after gopi’s retirement and Gopi’s Loan Account until it is paid.
Q. 40. The balance sheet of Ram , shyam and Mohan as on March 31,2005 stood as follows:
| Liabilities | Amount | Assets | Amount | ||
| Creditors | 1,10,400 | Cash at bank | 1,80,000 | ||
| Bills payable | 90,000 | Sundry debtors | 30,000 | ||
| Investment fluctuation reserve | 2,000 | Less provision | 1,600 | 28,400 | |
| General reserve | 18,000 | Stock | 4,000 | ||
| Profit and loss A/c | 3,000 | Machinery | 9,000 | ||
| Capital A/c | Investments | 30,000 | |||
| Ram | 51,000 | Buildings | 1,00,000 | ||
| Shyam | 40,000 | Goodwill | 3,000 | ||
| Mohan | 40,000 | 1,31,000 | |||
| 3,54,400 | 3,54,400 | ||||
Paper By Mr. Rahul Kadd
Email Id : [email protected]
Phone No. : 9212197510
Oscar Academy- BN - 4 (East),
Shalimar Bagh, Delhi-88
