CBSE Guess > Papers > Important Questions > Class XII > 2010 > Accountancy > Accountancy By Rahul Kadd
CBSE CLASS XII
Mohan retired on April 1,2005 and the following adjustments were agreed upon:
- Building be appreciated by Rs. 10,000
- All the debtors were good.
- Investment be valued 10% less than book value.
- Stock be reduced to 93%
- Goodwill be valued at one year’s purchase of the average profit for the past three years. The profits of the years ended 31st march 2007 were 90,000 and Rs. 6,000 respectively
- Mohan shall be paid Rs. 23,440 immediately and the balance in two equal yearly installments together with interest @ 10% per annum
- The new ratio of Ram and Shyam would be 2:1.
Prepare Revaluation A/c, the partners capital A/c, Mohan’s loan A/c(till it is paid off) and the balance sheet as on April 1,2005
Q. 41. The balance sheet of A, B and C who are partners in a firm sharing profits according to their capitals as at 31st March, 2008 was as under:
| Liabilities | Amount | Assets | Amount | ||
| Creditors | 21,000 | Buildings | 1,00,000 | ||
| General reserve | 20,000 | Machinery | 50,000 | ||
| Capital A/c | Stock | 18,000 | |||
| A | 80,000 | Debtors | 20000 | ||
| B | 40,000 | Less provision for bad | |||
| C | 40,000 | 1,60,000 | Debt | 1000 | 19,000 |
| Cash at bank | 14,000 | ||||
| 2,01,000 | 2,01,000 | ||||
On that date, B decided to retire vfrom the firm and was paid for his share in the firm subject to the following terms
- Buildings to be appreciated by 20%
- Provisions for bad debts to be increased to 15% on debtors
- Machinery to be depreciated by 20%
- Goodwill of the firm is valued at Rs. 72,000 and the retiring partner’s share is adjusted through the capital accounts of the remaining partners
- The capital of the new firm be fixed at Rs. 1,20,000
Prepare Revaluation A/c, the partners capital A/c and the Balance sheet of after Retirement of B
Q. 42. A, B and C were equal partners. Their Balance Sheet as on 31st December,2007 is given below:
| Liabilities | Amount | Assets | Amount | ||
| Bills Payable | 20,000 | Bank | 20,000 | ||
| Creditors | 40,000 | Stock | 20,000 | ||
| General Reserve | 30,000 | Furniture | 28,000 | ||
| Profit & Loss A/c | 6,000 | Debtors | 45,000 | ||
| Capital A/cs: | Less: Provision | ||||
| A | 60,000 | For doubtful debts | 5,000 | 40,000 | |
| B | 40,000 | Land & Building | 1,20,000 | ||
| C | 32,000 | 1,32,000 | |||
| 2,28,000 | 2,28,000 | ||||
Paper By Mr. Rahul Kadd
Email Id : [email protected]
Phone No. : 9212197510
Oscar Academy- BN - 4 (East),
Shalimar Bagh, Delhi-88
