THE LEARNER’S COUNCIL ACCOUNTANCY By:- ASHISH KUMAR
CLASS-XII Mob: -8010530157
Q1. The Balance Sheet of Madan and Mohan who share profits and losses in the ratio of 3:2, as at 31st march, 2014 (8)
was as follows:
Liabilities Amount Assets Amount
IL
Creditors 28000 Cash at Bank 10000
Workmen’s Compensation Fund 12000 Debtors 65000
General Reserve 20000 Less: Provision for
NC
Capital A/Cs Doubtful Debts 5000 60000
Madan 60000 Stock 30000
Mohan 40000 100000 Investment 50000
Patents 10000
Total 160000 Total 160000
They decided to admit Gopal on 1st April, 2014 for 1/4th share on the following terms:
U
1. Gopal shall bring 20000 as his share of premium for goodwill.
2. That unaccounted accrued income of 1000be provided for.
3. The market value of Investments was 45000.
CO
4. A debtor whose dues of 5000 were written off as bad debts paid 4000 in full settlement.
5. A claim of 3000 on account of workmen’s compensation to be provided for.
6. Patents are over-valued by 2000.
7. Gopal to bring in capital equal to 1/4th of the total capital of the firm after adjustments.
Prepare the Revaluation Account, Capital Accounts of the partners and the Balance Sheet of the new firm.
Q2. X, Y and Z were Partners in a firm sharing profits in the ratio of 3:2:1. Their Balance Sheet on March 31, 2014 was (6)
as follows:
S
Liabilities Amount Assets Amount
R'
Creditors 44000 Cash at Bank 22000
Capitals: Stock 120000
X 200000 Debtors 64000
NE
Y 150000 Investments 250000
Z 100000 450000 Fixed Assets 128000
Reserve 90000
Total 584000 Total 584000
Y died on 31st July 2014, The Partnership deed provides that the executors of the deceased Partner are entitled to:
1. Capital to his credit at the time of his death.
AR
2. His share of reserves.
3. His share of profits to the Date of Death based on the average profits of the last three completed years, less 10%,
4. Goodwill according to his proportion of the total profits for the three preceding years, which were 80000, 130000 and 150000
respectively,
Prepare Y’s Executor Account.
LE
Q3. Journalize following transactions in the books of X, Y and Z who are equal partners. (4)
1. Motor Car of the book value of 8000 taken over by Creditors of the book value of 6000 in full settlement.
2. Profit and Loss A/C (Debit) 10000.
3. X agreed to look after dissolution expenses and given 10000, but expenses paid by firm on behalf of X were 12000.
4. 40% of Stock (70000) were taken by Z on 10% Discount and remaining was sold at 150%.
E
Q4. A, B and C were in partnership sharing profits in the ration of 2:1:1. Their Balance Sheet showed the following (6)
position on the date of dissolution:
TH
1. Machinery is sold for 15000 and furniture at 20% less than the book value.
2. Building realized 125000 and stock 40000.
3. Debtors realized except 5000. ( Bad Debts amounted to 5000)
4. Expenses of realization were 3000. Creditors were paid at a discount of 5%.
5. There was a claim of 8000 for damages against the firm. It had to be paid.
Coaching Center:- H.No. 519, Block-J, Jahangir Puri, Delhi-110033
Contact No:- ASHISH SIR 8010530157, AJAY SIR 8471033428.
THE LEARNER’S COUNCIL ACCOUNTANCY By:- ASHISH KUMAR
CLASS-XII Mob: -8010530157
Balance Sheet
Liabilities Amount Assets Amount
Creditors 40000 Building 50000
IL
A’s Loan 46000 Stock 60000
Reserve Fund 12000 Debtors 30000
Capitals: Less: Provision for
C
A 50000 Doubtful Debts 2000 28000
B 25000 Machinery 30000
C 25000 100000 Furniture 20000
UN
Cash at Bank 10000
Total 198000 Total 198000
Prepare necessary accounts.
Q5. The Balance Sheet of A, B and C who are sharing profits and losses in the ratio of 1/2; 1/3; and 1/6 respectively, (8)
CO
Their balance sheet was as follows on 31.3.2010
Liabilities Amount Assets Amount
Bills Payables 32000 Cash in hand 36000
Creditors 60000 Book Debts 50000
General Reserve 24000 Less: Provision 6000 44000
Capitals: Stock 36000
A 80000 Furniture 60000
B 80000 Machinery 140000
C 60000 220000
S Goodwill 20000
Total 336000 Total 336000
R'
B retires on the above date on following terms:
1. Provision for doubtful debts be raised by Rs.2,000
2. Stock to be depreciated by 10% and furniture by 5%
3. There is an outstanding claim of damages of Rs.2, 200 and it is to be provided for.
NE
4. Creditors will be written back by Rs.12,000
5. Goodwill of the firm is valued at Rs.44, 000 and it should be adjusted through capital transfer.
6. B is paid in full with the cash brought in by A and C in such a manner that their capitals are in proportion to their profits sharing
ratio 3:2 and cash in hand remain Rs.20,000.
Prepare Revaluation Account, Capital Accounts; Balance Sheet
AR
LE
E
TH
Coaching Center:- H.No. 519, Block-J, Jahangir Puri, Delhi-110033
Contact No:- ASHISH SIR 8010530157, AJAY SIR 8471033428.
