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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:
- revalue stock at Rs. 45,000.
- depreciated furniture by 10% and machinery by 5%.
- 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:
- D should bring in Rs. 1,60,000 as his capital and goodwill. His share of goodwill is valued at Rs. 60,000.
- Goodwill appearing in the books must be written off.
- Provision for loss on stock and provision for doubtful debts is to be made at 10% and 5% respectively.
- The value of building is to taken Rs. 2,00,000.
- 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
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