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CBSE CLASS XII
Q.5. A, Band C were partners in a firm sharing profits equally: Their Balance Sheet on.31.12.2007 stood as:
BALANCE SHEET AS AT 31.12.07
Liabilities Rs. Assets Rs.
A Rs. 30,000 Goodwill 18,000
B Rs. 30,000 Cash 38,000
C Rs. 25,000 85,000 Debtors . 43,000
Bills payable Rs. 20,000 Less:BadDebt provision 3,000 40,000
Creditors Rs. 18,000 Bills Receivable 25,000
Workers Compensation
Fund Rs. 8,000 Land and Building 60,000
Employees provident
Fund Rs.60,000 Plant and Machinery 40,000
General ReserveRs.30,000
2,21,000 2,21,000
It was mutually agreed that C will retire from partnership and for this purpose following terms were agreed upon.
- Goodwill to be valued on 3 years’ purchase of average profit of last 4 years which were 2004 : Rs.50,000 (loss); 2005 : Rs. 21,000; 2006: Rs.52,000; 2007 : Rs.22,000.
- The Provision for Doubtful Debt was raised to Rs. 4,000.
- To appreciate Land by 15%.
- To decrease Plant and Machinery by 10%.
- Create provision of Rs;600 on Creditors.
- A sum of Rs.5,000 of Bills Payable was not likely to be claimed.
- The continuing partners decided to show the firm’s capital at 1,00,000 which would be in their new profit sharing ratio which is 2:3. Adjustments to be made in cash. Make necessary accounts and prepare the Balance Sheet of the new partners.
Q.6. Anil, Jatin and Ramesh were sharing profit in the ratio of 2:1:1. Their Balance Sheet as at 31.12.2001 stood as follows:-
BALANCE SHEET as at 31.12. 2001
Liabilities Rs. Assets Rs.
Creditors 24,400 Cash 1,00,000
Bank Loan 10,000 Debtors 20000
Profit and Loss A/c 18,000 Less : Provision 1600 18,400
Bills Payable 2,000 Stock 10,000
Anil’s Capital 50,000 Land & Building 20,000
Jatin’s Capital 40,000 Investment 14,000
Ramesh’s Capital 40,000 Goodwill 22,000
1,84,400 1,84,400
Ramesh died on 31st March 2002. The following adjustments were agreed upon-
- Building be appreciated by Rs. 2,000
- Investments be valued at 10% less than the book value.
- All debtors (except 20% which are considered as doubtful) were good.
- Stock be increased by 10 %
- Goodwill be valued at 2 years’ purchase of the average profit of the past five years.
- Ramesh’s share of profit to the death be calculated on the basis of the profit of the preceding
year. profit for the years 1997, 1998, 1999 and 2000 were Rs. 26,000, Rs. 22,000, Rs. 20,000 and Rs. 24,000 respectively.
Paper By Mrs. Meena
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