Important Questions

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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:-

  1. Furniture of Rs. 2,400 were to be taken over by Dinesh, Yasmine and Faria    equally.
  2. A Liability of Rs. 1,670 be created against Bills discounted.
  3. 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.
  4. Drawings of Dinesh, Yasmine, and Faria were Rs. 2,750; Rs. 1,750; and Rs. 500 Respectively.
  5. 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

  1. 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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