CBSE Set Qa2 Accounts Sample Test Papers For Class 12th for students online
Accounts Class - XII
(CBSE)
You are on Set no 1 Answer 6 to 7
Q6) X, Y and Z were partners
in a firm sharing profits in the ratio of 3 : 2 : 1. Z retired and the new
profit sharing ratio between X and Y was 1 : 2. On Z's retirement the goodwill
of the firm was valued at Rs. 30,000. Pass necessary journal entry for the
treatment of goodwill on Z's retirement without opening goodwill account.
They admitted C into partnership on this date. New profit sharing ratio is
agreed as 3 : 2 : 1. C brings proportionate capital after the following
adjustments :
(i) C brings Rs. 10,000 in cash as his share of Goodwill.
(ii) Provision for doubtful debts is to be reduced by Rs. 2,400.
(iii) There is an old typewriter valued at Rs. 2,600. It does not appear in the
books of the firm. It is now to be recorded.
(iv) Patents are valueless.
Prepare Revaluation A/c, Capital and the opening Balance Sheet of A, B and C.
OR
A, B and C were partners in a firm and shared profits in the ratio of 3 : 2 : 1. On 31.12.1996 their Balance Sheet was as follows :
|
Liabilities |
Rs. |
Assets |
Rs. | |
| Creditors Bills Payable Provident Fund Investment - Fluctuation Fund Commission Received in Advance Capitals: A 80,000 B 50,000 C 30,000 |
65,000 20,000 12,000 6,000 8,000 1,60,000 2,71,000 |
Cash Debtors Stock Investments Plant P and L A/c. |
22,500 52,300 36,000 15,000 91,200 54,000 2,71,000 |
On this date the firm was dissolved. A was
appointed to realise the assets. A was to receive 5% commission on the sale of
assets (except cash) and was to bear all expenses of realisation.
A realised the assets as follows :
Debtors Rs. 30,000, Stock Rs. 26,000, Investments 75% of book value, Plant Rs.
42,750. Expenses of realisation amounted to Rs. 4,100.
Commission received in advance was returned to the customers after deducting Rs.
3,000.
Firm had to pay Rs. 7,200 for outstanding salary not provided for earlier.
Compensation paid to employees amounted to Rs. 9,800. This liability was not
provided for in the above Balance Sheet. Rs. 25,000 had to be paid for Providend
Fund.
Prepare Realisation Account, Capital Accounts and Cash Account.
Ans6) Working Notes:
X : Y : Z
Old Ratio = 3 : 2 : 1
New Ratio = X : Y
1 : 2
X's gain = 1/3 - 3/6 = -1/6
Y's gain = 2/3 - 1/3 = 1/3
Thus X has lost by 1/6 share
Goodwill = 30000
Y's gaining share = 1/3 x 30000 = 10000
X's sacrifice = 1/6 x 30000 = 5000
Z's sacrifice = 1/6 x 30000 = 5000
Thus,
Journal
| Y's capital A/c
Dr To X's Capital A/c To Z's Capital A/c (Being the goodwill adjustment made on Z's retirement wherein 4 gains) |
10000 | 5000 5000 |
||
Q7) The following balances have been extracted from the books
of Rama Ltd. on 31.12.1996 :
Share Capitals Rs. 10,00,000, Share Premium Rs. 1,00,000 12% Debentures Rs.
5,00,000 Creditors Rs. 2,00,000, proposed dividend Rs. 50,000, Profit and Loss
Account (Dr.) Rs. 50,000, Live Stock Rs. 9,00,000, Government Bonds Rs.
4,00,000, Work in progress Rs. 4,00,000 and Discount on issue of 12% Debentures
Rs. 1,00,000.
Prepare the Balance Sheet of the Company as per Schedule VI Par I of the
Companies Act 1956. (Marks 5)
Ans. 7)
Rama Ltd.
Balance Sheet as on 31.12.96
| I) Share
Capital Authorised, Issue and subscribed Capital II) Reserves and Surplus: Share Premium III) Secured Loans 12% Debentures IV) Unsecured Loans V) Current Liabilities and provisions A) Current Liabilities: Creditors Proposed Dividend B) Provisions |
1000000 100000 500000 NIL 200000 50000 NIL |
I) Fixed
Assets: Livestock II) Investment Government Bonds III) Current Assets, Loans and Advances: A) Current Assets Work in progress B) Loans and Advances IV) Miscellaneous Expenditure Discount on issue of 12% Debentures V) P and L A/C |
900000 400000 400000 NIL 100000 50000 |
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