CBSE Set Qa2 Accounts Sample Test Papers For Class 12th for students online

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Accounts Class - XII (CBSE)
You are on Set no 1 answer 5

Q 5) A, B and C are partners sharing profits and losses in the ratio of 2 : 3 : 5. On 31st March, 1995, their Balance Sheet was as follows:

Liabilities	Rs.	Assets	Rs.
Capitals A 36,000 B 44,000 C 52,000 Creditors Bills Payable P & L A/c	1,32,000 64,000 32,000 14,000 2,42,000	Cash Bills Receivable Furniture Stock Debtors Investments Machinery Goodwill	18,000 24,000 28,000 44,000 42,000 32,000 34,000 20,000 2,42,000

They admit D into partnership on the following terms :
1. Furniture, investments and machinery to be depreciated by 15%.
2. Stock is revalued at Rs. 48,000.
3. Goodwill to be valued at Rs. 26,000.
4. Outstanding rent amounted to Rs. 1,800.
5. Prepaid salaries Rs. 800.
6. D to bring Rs. 32,000 towards capital for 1/6 share and partners to re-adjust their capital accounts on the basis of their profit-sharing ratio.
7. Adjustment of capitals to be made by cash.
Prepare revaluation account, Partners, Capital accounts, Cash account and Balance sheet of the new firm.

Ans. 5) Working notes, Goodwill entry, Journal


Date	Particulars	Lf	Amount (Dr)	Amount (Cr.)
	Goodwill A/c Dr. To A's Capital A/c To B's Capital A/c To C's Capital A/c (Being goodwill raised to 26000 by dividing the difference in old partners in their old profit sharing ratio)		6000	1200 1800 3000

D brings for 1/6 share = 32000
.^.. Total Capital of the reconstituted firm = 32000 x 6 = 192000
This is to be divided in the new ratio as 2 : 3 : 5 : 2

Dr....................................Revaluation Account................................Cr.

Particulars	Amount	Particulars	Amount
To Outstanding Rent To Furniture A/c To Investment A/c To Machinery A/c	1800 4200 4800 5100 _____ 15900	By Stock A/c By Prepaid Salaries A/c By loss transferred to A's Capital A/c B's Capital A/c C's Capital A/c	4000 800 2220 3330 5550 15900

Dr....................................Partners Capital A/C................................. Cr.

	'A'	'B'	'C'	'D'		'A'	'B'	'C'	'D'
To Revaluation A/c (loss) To Cash A/c To balance c/d	2220 5780 32000 40000	3330 48000 51330	5550 80000 85550	32000 32000	By balance b/d By P/L A/c By Goodwill A/c By Cash A/c	36000 2800 1200 _____ 40000	44000 4200 1800 1330 51330	52000 7000 3000 23550 85550	32000 32000

Dr....................................... Cash Account.......................................Cr.


To balance b/d To D's Capital A/c To B's Capital A/c To C's Capital A/c	18000 32000 1330 23550 74880	By A's Capital A/c By balance c/d	5780 69100 _____ 74880

Balance Sheet of A, B, C, D as on 31st March, 1995


Liabilities	Amount	Assets	Amount
Capitals: A B C D Creditors Bill Payable Outstanding Rent	32000 48000 80000 32000 64000 32000 1800 ______ 2,89,800	Cash Bill receivable Debtors Stock Prepaid salaries Investment Furniture Machinery Goodwill	69100 24000 42000 48000 800 27200 23800 28900 26000 2,89,800

Or

Q 5 A, B and C are partners sharing profits and losses in the ratio of 3 : 2 : 1. On 31st March, 1995, their Balance Sheet was as follows:


Liabilities	Rs.	Assets	Rs.
Creditors Bills Payable A's Loan Capitals A 80,000 B 12,000 C 40,000 General Reserve	40,200 16,800 57,000 1,32,000 9,000 2,55,000	Cash at Bank Stock Debtors 57,000 Less: Provision 3,000 Plant & Machinery	12,500 57,400 54,000 1,31,000 _______ 2,55,000

The firm was dissolved on 1st April, 1995.
1. There was a Joint Life Policy of Rs. 60,000. The policy was surrendered for Rs. 15,000.
2. The assets were realised as under : Stock Rs. 47,000; Goodwill Rs. 12,000; Debtors 60% of the book value; Machinery Rs. 90,000.
3. Liabilities were paid in full.
4. The expenses on realisation amounted to Rs. 400.
You are required to prepare the Realisation A/c, Partners' Capital Accounts, and Bank A/c. (Marks 15)
Ans. 5

Dr.....................................Realisation Account..............................Cr.


Particulars	Amount	Particulars	Amount
To Stock To Debtors To Plant To Bank A/c (Creditors) (Bills Payable) To Bank A/c (Realisation Exp.)	57400 57000 131100 40200 16800 400 ______ 302900	By Prov. for B/d debts By Creditors By B/P By Bank A/c -Joint Life Policy 15000 -Stock 47000 -Goodwill 12000 -Debtors 34200 -Machinery 90000 By loss transferred to A's Capital A/c B's Capital A/c C's Capital A/c	3000 40200 16800 198200 22350 14900 7450 302900

...Dr...........................Partners' Capital Account Cr.

Particulars	'A'	'B'	'C'	Particulars	'A'	'B'	'C'
To Realisation A/c (loss) To Bank A/c	22350 62150 84500	14900 100 15000	7450 34050 41500	By balance b/d By General Reserve	80000 4500 _____ 84500	12000 3000 _____ 15000	40000 1500 _____ 41500

Dr..............................................Bank Account...........................Cr.

To balance b/d
To Realisation A/c
(Sale of assets)

12500

198200

210700

By Realisation (Crs.)
By Realisation (Exp.)
By A's loan A/c
By A's Capital
By B's Capital
By C's Capital

57000
400
57000
62150
100
34050
210700

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