CBSE Guess > Papers > Important Questions > Class XII > 2010 > Accountancy > Accountancy By Rahul Kadd
CBSE CLASS XII
- Depreciate the fixed assets by 5%.
- Make a provision for doubtful debts at 5% on debtors.
- A liability for damages, included in creditors for Rs.10,000 is finally settled at Rs.8,000.
- A provision for repair bills for Rs.1,000 is also to be made.
- X’s share of the goodwill be adjusted in the accounts of Y and Z, without raising goodwill account.
In order to pay X on his retirement Y and Z were to contribute such an amount that their capitals are proportionate to their profit-sharing ratio and leave a balance of Rs.15,000 in the bank account. Give the necessary journal entries . Prepare the ledger accounts and the Balance Sheet after X’s retirement.
Q. 44. D, E, F, P and Z were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 3 : 2 : 1 respectively. Unfortunately, P and Z met with a tragic car accident in which both of them died. The goodwill of the firm was valued at Rs.1,50,000 and D, E and F decided to share the future profits and losses in the ratio of 4 : 6 :5 respectively. Give the journal entries to record the above.
Q. 45. X, Y and Z were partners sharing profits in the ratio of 3 : 2 : 1 respectively. They had a joint life policy of Rs.1,00,000. The surrender value of this policy was Rs.18,000. Their Balance Sheet as on 1st January,2005 stood as follows:
| Liabilities | Amount | Assets | Amount | |
| Provision for doubtful debts | 1,300 | Cash at Bank | 10,000 | |
| Sundry Creditors | 15,000 | Debtors | 16,000 | |
| Capital A/cs: | Stock | 20,300 | ||
| X | 78,750 | Machinery | 60,000 | |
| Y | 70,000 | Land & Building | 1,20,000 | |
| Z | 61,250 | 2,10,000 | ||
| 2,26,300 | 2,26,300 | |||
Q. 46 . A, B and C were partners in a firm sharing profits in the ratio of 5 : 3 : 2. On 31st march,2007 their Balance Sheet was as under
| Liabilities | Amount | Assets | Amount | |
| Creditors | 11,000 | Buildings | 20,000 | |
| Reserves | 6,000 | Machinery | 30,000 | |
| Capital A/cs: | Stock | 10,000 | ||
| A | 30,000 | Patents | 11,000 | |
| B | 25,000 | Debtors | 8,000 | |
| C | 15,000 | 70,000 | Cash | 8,000 |
| 87,000 | 87,000 | |||
A died on 1st October,2007. It was agreed among his executors and the remaining partners that:
- Goodwill to be valued at 2*1/2% years’ purchase of the average profits of the previous 4 years, which were 2004: Rs.13,000; 2005 : Rs.12,000; 2006: Rs.20,000 and 2007: Rs.15,000.
- Patents be valued at Rs.8,000; machinery at Rs.28,000; and buildings at Rs.25,000.
- Profits for the year 2007-08 be taken as having accrued at the same rate as that of the previous year.
- Interest on capital be provided at 10% p.a.
- Half of the amount due to A to be paid immediately to the executor and the balance transferred to his (Executor) Loan Account.
Prepare A’s capital and A’s Executors account as at 1st October,2007.
Paper By Mr. Rahul Kadd
Email Id : [email protected]
Phone No. : 9212197510
Oscar Academy- BN - 4 (East),
Shalimar Bagh, Delhi-88
