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CBSE CLASS XII
Q.1. Dinesh, Yasmin and Faria are partners in a firm, sharing profits and losses in 11:7:2 respectively. The Balance Sheet of the firm as on 31st Dec 2001 was as follows:
| Liabilities | Rs | Assets | Rs |
Sundry Creditors |
800 | Factory |
7,350 |
Public Deposits |
1,190 | Plant & Machinery |
1,800 |
Reserve fund |
900 | Furniture |
2,600 |
Capital A/c |
Stock |
1,450 | |
Dinesh |
5,100 | Debtors Rs. 1,500 |
|
Yasmin |
3,000 | Less: bad debts Rs. 300 provisions |
1,200 |
Faria |
5,000 | Cash in hand |
1,590 |
| 15,900 | 15,900 |
On the same date, Annie is admitted as a partner for on-sixth share in the profits with Capital of Rs. 4,500 and necessary amount for his share of goodwill on the following terms:-
- Furniture of Rs. 2,400 were to be taken over by Dinesh, Yasmine and Faria equally.
- A Liability of Rs. 1,670 be created against Bills discounted.
- Goodwill of the firm is to be valued at 2.5 years' purchase of average profits of 2 years. The profits are as under: 2000:- Rs. 2,000 and 2001 - Rs. 6,000.
- Drawings of Dinesh, Yasmine, and Faria were Rs. 2,750; Rs. 1,750; and Rs. 500 Respectively.
- Machinery and Public Deposits are revalued to Rs. 2,000 and Rs. 1,000 respectively.
Prepare Revaluation Account, Partners' Capital Accounts and Balance Sheet of the new firm.
Q.2. X and Y are partners as they share profits in the proportion of 3:1 their balance sheet as at 31.03.07 as follows.
BALANCE SHEET
| Liabilities | Rs | Assets | Rs |
Capital Account |
1,76,000 | Land |
1,65,000 |
X |
1,45,200 | Furniture |
24,500 |
Y |
91,300 | Stock |
1,32,000 |
Creditors |
Debtors |
35,200 | |
Bills Receivable |
28,600 | ||
Cash |
27,500 | ||
| 4,12,500 | 4,12,500 |
On the same date, Z is admitted into partnership for 1/5th share on the following terms
- Goodwill is to be valued at 3½ years purchase of average profits of last for year which were Rs. 20,000 Rs. 17,000 Rs. 9,000 (Loss) respectively.
- Stock is fund to be overvalue by Rs. 2,000 Furniture is reduced and Land to be appreciated by 10% each, a provision for Bad Debts @ 12% is to be created on Debtors and a Provision of Discount of Creditors @ 4% is to be created.
- A liability to the extent of Rs. 1,500 should be created for a claim against the firm for damages.
- An item of Rs. 1,000 included in Creditors is not likely to be claimed, and hence it should be written off.
Prepare Revaluation Account, Partners: Capital Accounts and Balance Sheet of the new firm if Z is to contribute proportionate capital and goodwill. The capital of partners are to be in profit sharing ratio by opening current Accounts.
Paper By Mrs. Meena
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