CBSE Guess > Papers > Important Questions > Class XII > 2010 > Accountancy > Accountancy By Rahul Kadd
CBSE CLASS XII
B retired on 1st January,2006. A and C decided to continue the business as equal partners on the following terms:
- Goodwill of the firm was valued at Rs.57,600.
- The provision for bad and doubtful debts to be maintained at 10 % on debtors.
- Land & Buildings to be increased to Rs.1,32,000.
- Furniture to be reduced by Rs.8,000.
- Rent outstanding (not provided for as yet) was Rs.1,500.
The remaining partners decided to bring in sufficient cash in the business to pay off B and to maintain a bank balance of Rs.24,800. They also decided to readjust their capitals as per their new profit-sharing ratio.
Prepare the necessary Ledger Accounts and the balance Sheet.
Q. 43. The Balance Sheet of X, Y and Z who were sharing profits in the ratio of 5 :3 2 as on March 31,2007:
| Liabilities | Amount | Assets | Amount | |
| Capital A/cs: | Cash at bank | 40,000 0 | ||
| X | 40,000 | Sundry Debtors | 80,000 | |
| Y | 62,000 | Stock | 1,00,000 | |
| Z | 33,000 | 1,35,000 | Fixed Assets | 50,000 |
| Profit & Loss A/c | 85,000 | Advertisement expenditure | 10,00 | |
| Employees’ Provident | ||||
| Fund | 10,000 | |||
| Sundry Creditors | 50,000 | |||
| 2,80,000 | 2,80,000 | |||
X retired on March 31,2007 and Y and Z continued to share profits in the ratio of 2:3 respectively. It was decided to make the following adjustments on the retirement of X:
(i) Goodwill of the firm is to be calculated at the rate of two years’ purchase on the basis of last three years’ profits and losses. The profit and losses for the three years were as detailed below:
| Year ending on | Profit/Loss (Rs.) |
| 31.3.200 | 5 60,000 |
| 31.3.2006 | (25,000)Loss |
| 31.3.2007 | 85,000 |
Paper By Mr. Rahul Kadd
Email Id : [email protected]
Phone No. : 9212197510
Oscar Academy- BN - 4 (East),
Shalimar Bagh, Delhi-88
