Important Questions

CBSE Guess > Papers > Important Questions > Class XII > 2010 > Accountancy > Accountancy By Mrs. Meena

CBSE CLASS XII

Q.3. Rashmi and Pooja are partners in a firm. They share profits and losses in the ratio of 2:1. They admit Santosh into partnership firm on the condition that she will bring Rs. 30,000 for Goodwill and will bring such an amount that her capital will be 1/3 of the total capital of the new firm. Santosh will be given 1/3 share in future profits. At the time of admission of Santosh, the Balance Sheet of Rashmi and Pooja was as under:

Liabilities Rs Assets Rs

Capital Account

 

Cash

90,000

Rashmi

1,35,000

Machinery

1,20,000

Pooja

1,25,000

Furniture

10,000

Creditors

30,000

Stock

50,000

Bills Payable

10,000

Debtors

30,000
  3,00,000   3,00,000

It was decided to:

  1. revalue stock at Rs. 45,000.
  2. depreciated furniture by 10% and machinery by 5%.
  3. made provision of Rs. 3,000 on sundry debtors for doubtful debts.

Prepare Revaluation Account, Partners: Capital Accounts and Balance Sheet of the new firm. Give full workings.

Q.4. A, B and C are equal partners in a firm, their Balance Sheet as on 31st March 2002 was as follows:

Liabilities Rs Assets Rs

Sundry Creditors

27,000

Goodwill

1,17,000

Employees Provident Fund

6,000

Building

1,25,000

Bills Payable

45,000

Machinery

72,000

General Reserve

18,000

Furniture

24,000

Capitals:

 

Stock

1,14,000

A

2,17,000

Bad Debts

1,02,000

B

1,66,000

Cash

12,000

C

90,000

Advertisement Suspense A/c

3,000
  5,69,000   5,69,000

On that date they agree to take D as equal partner on the following terms:

  1. D should bring in Rs. 1,60,000 as his capital and goodwill. His share of goodwill is valued at Rs. 60,000.
  2. Goodwill appearing in the books must be written off.
  3. Provision for loss on stock and provision for doubtful debts is to be made at 10% and 5% respectively.
  4. The value of building is to taken Rs. 2,00,000.
  5. The total capital of the new firm has been fixed has been fixed at Rs. 4,00,000 and the partners capital accounts are to be adjusted in the profit sharing ratio. Any excess is to be transferred to current account and any deficit is to be brought in cash.


Paper By Mrs. Meena
Email Id : [email protected]
Phone No. : 9820257260