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12th Accountancy PA2 Set B

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20 views3 pages

12th Accountancy PA2 Set B

Uploaded by

vaibhavkasish111
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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SANSKARAM INTERNATIONAL SCHOOL

KHERI SULTAN (PATAUDA)

CLASS – 12TH COMMERCE

SET - B

SUBJECT – Accountancy

M. M 40. TIME 1.30 Hours

Q.1:-Answer the following questions:-

I) what will be the journal entry for workmen compensation fund if there is no claim against it at the
time of admission of a new partner?

II)What are the main benefits of admitting a new partner in the partnership firm?

III) If the new partner does not bring his goodwill in cash which account should be be debited.

IV) Land and building was over valued by ₹20000 what will be journal entry for this mistake in
revaluation account?

V) What is meant by investment fluctuation reserve?

VI) State the ratio in which the partners share the gain or loss on revaluation of assets and liabilities.

VII) How can a new partner be admitted?

VIII) A and B are partners in a firm. They admit C as a new partner with 1/5th share in the profits of the
firm . C bring ₹400000 as his share of capital calculate the value of c’s share of goodwill on the basis of
his capital,given that the combined capital of A and B after all adjustments is ₹1000000.

Q.2 :- questions carrying 8 marks :-

) Leena and Rohit are partners in a firm sharing profits in the ratio of 3:2 . On 31 March,2018 ,their
balance sheet was as follows:-

Liabilities Amount Assets Amount


Sundry creditors 80000 Cash 42000
Bills payable 38000 Debtors 132000
General reserve 50000 Less: Provision for 130000
doubtful debts 2000
Capital: Stock 146000
Leena 160000 Plant and machinery 150000
Rohit. 140000 300000
468000 468000
On the above date Manoj was admitted as a new partner for 1/5th share in the profits of the firm on the
following terms:

I) Manoj brought appropriate capital. He also brought his share of goodwill premium of ₹
80000 in cash.
II) 10% of general reserve was to be transferred to provision for doubtful debts
III) Claim on the account of workmen compensation amounted to ₹40000
IV) Stock was overvalued by 16000
V) They share future profits in the ratio of 5:3:2

Prepare Revaluation account, Partner’s capital account and the balance sheet of the reconstituted
firm.

II) Rajat and Ravi are partners in a firm sharing profits and losses I the ratio of 7:3 . Their balance sheet as
at 31st March,2018 is as follows:

Liabilities Amount Assets Amount


Creditors 60000 Cash in 36000
hand
Reserve 10000 Cash at 90000
bank
Capital account Debtors 44000
Rajat Furniture 30000
100000
Ravi 80000 180000 Stock 50000
250000 250000
On 1st April,2018 , They admit Rohan on the following terms:

I) Goodwill is valued at ₹ 40000 and Rohan is to bring in necessary amount in cash as a


premium for Goodwill and ₹60000 as capital for ¼ th share in profits.
II) Stock is to be reduced by 40% and furniture is to be reduced to 40%
III) Capitals of the partners shall be proportionate to their to their profit sharing ratio taking
Rohan’s capital as base .Adjustment of capital to be made by cash.

Prepare Revaluation account, Partner capital account and cash account.

IV) Charu and Deepika were partners sharing profits in the ratio of 3:2 . They admitted Esha as a
new partner and the new ratio is agreed at 4:3:2. On the date of Esha’s admission,the
balance sheet of Charu and Deepika disclosed General reserve ₹ 120000; Dr. Balance in
profit and loss account ₹ 40000; Investment ₹ 200000 and investment fluctuations reserve
₹60000.

The following was agreed upon Esha’s admission:

a)Esha will bring ₹ 300000 as her capital and her share of goodwill premium in cash.

b) Goodwill of the firm be valued at ₹ 180000

C) The market value of investment was ₹ 230000.


Prepare the necessary journal entries and show your workings cleary.

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