SDC INDEPENDENT PRE-UNIVERSITY COLLEGE
MULBAGAL [Link] 563131
II PUC SECOND `ROUND TEST-2022
SUB: ACCOUNTANCY
Time: 1 Hour MAX MARKS: 30
I Answer the following questions. 1x3=3
1. _______Ratio is used to distribute accumulated profits and losses at the time of retirement of
a partner.
2. Abhishek, Rajath and Vivek are partners sharing profits in the ratio of [Link]. If Vivek retires,
the new profit sharing ratio between Abhishek and Rajat will be.
3. New share=old share+share sacrificed.
4. Who is an ‘Executor’?
5. Executor account is generally prepared at the time of _________of a partner.
6. What is intervening period?
II Answer the following questions. 2x3=6
7. What is gain ratio?
8. What do you mean by Realisation A/C?
9. Give the journal entry for realisation expenses paid by the time.
III Answer Any one of the following questions. 1x6=6
10. Ankit, Suchit and Chandru are partners in a firm sharing and losses in the ratio of [Link]. Ankit
retires from the firm. Suchit and Chandru agreed to share in the ratio of 5:3 in future.
Calculate gain ratio of Suchit and Chandru.
11. X, Y and Z are partners sharing profits and losses in the ratio of [Link]. Their capital balances on
01.04.2022 stood at Rs.90,000, Rs.60,000 and Rs.40,000 respectively. Mr. Y died on 01.01.2022
partnership deed provides the following.
a. Interest on capital at 10% p.a
b. Salary to Y, Rs.2,000 per month.
c. Y’s share of Good will
d. His share of profit up to the date of death on the basis of previous years profit.
i. Total good will of the firm is Rs.54,000
ii. Profit of the firm for the year 2021-22 is Rs.30,000
You are required to ascertain the amount payable to Executors of Y by preparing:
Executors’s account.
VI Answer Any one of the following questions. 1x12=12
12. Digvijay, Brijesh and Parakaram were partners in a firm sharing profits in the ratio of [Link].
Balance sheet as on March 31,2022 was as follows:
Liabilities Amount Assets Amount
Creditors 49,000 Cash 8,000
Reseves 18,500 Debtors 19,000
Divijay’s capital 82,000 Stock 42,000
Brijesh’s capital 60,000 Buildings 2,07,000
Parakaram’s 75,500 Patents 9,000
capital
Total 2,85,000 Total 2,85,000
Brijesh retired on March 31, 2022 on the following terms.
a. Goodwill of the firm was valued at Rs.70,000 and was not to appear in the books.
b. Bad debts amounting to Rs.2,000 were to be written off.
c. Patents were considered as valueless.
Prepare:
Partners 1. Revaluation account 2. Partners capital accounts and
3. Balance sheet of Digvijay and Parakarm after Brijesh’s retirement.
13. Suverna and Sunanda are partners sharing profits and losses equally. Their balance sheet as
on 31.03.2022 was as follows:
Balance sheet as on 31.3.2022
Liabilities Amount Assets Amount
Bills payable 10,000 Cash at bank 15,000
Creditors 50,000 Debtors 55,000 52,000
Less: PBD 3,000
Sunand’s loan 25,000 Stock 40,000
Capital: Furniture 15,000
Suvarna 60,000
Sunanda 80,000 Machinery 25,000
Buildings 81,000
Profit and loss A/C 12,000
Total 2,40,000 Total 2,40,000
On the above date the firm was dissolved. The following information is available:
a. The assets realised as follows:
Debtors Rs. 52,000, Stock Rs.39,000, Machinery Rs.24,000 Buildings Rs.75,000 and Furniture
Rs.13,000
b. Creditors and bills payable were paid at 5% discount.
c. Dissolution expenses amounted to Rs.4000.
Prepare: 1. Realisation account 2. Partners capital accounts and 3. Bank account.
