CBSE Set Qa3 Accounts Sample Test Papers For Class 12th for students online
Accounts Class - XII
(CBSE)
You are on Set no 1 Answer 8
Q8) A and B were partners
with profit sharing ratio of 2 : 1. The Balance Sheet of the firm on 31.3.1996
was as follows:
| Liabilities |
Amount
Rs. |
Assets |
Amount
Rs. |
||
| Creditors Bills Payable Reserve Fund Capitals : A 40,000 B 30,000 |
20,000 1,17,000 |
Sundry Debtors Less Provision Stock Building Patents Machinery |
40,000
3,600 |
36,400 20,000 25,000 2,000 33,600 1,17,000 |
They admitted C into partnership on this date.
The new profit sharing ration is agreed as 3 : 2 : 1.
C brings in 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 now valueless. Prepare Revaluation Account, Capital Accounts and
the opening
Balance Sheet of A, B and C. (Marks 12)
Ans.8
|
Ans. 8)
Working Notes |
|
JOURNAL ...............C's
Capital A/c...............Dr.......................10000 |
.Dr....................................
..................REVALUATION
A/C...................................Cr
| Particulars. | ...Amount...... | ...Particulars | ..Amount |
| To Patents A/c... To Profit transferred to A's Capital A/c B's capital A/c.. |
2000. .2000... 1000.. 5000. |
By Provision for Doubtful
debts By Unrecorded .assets (typewriter) |
2400 2600 5000 |
Dr.................................................PARTNERS'
CAPITAL A/C............................Cr
| Particulars | A | B | C | Particular | A | B | C |
| To A's Capital A/c To balance C/d |
10000 60000 60000 |
10000 35000 35000 |
10000 19000 29000 |
By Balance b/d By Reserve fund By revaluation (Profit) By C's Capital a/c By Cash A/c |
40000 8000 2000 10000 60000 |
30000 4000 1000 35000 |
29,000 29,000 |
.BALANCE SHEET OF A, B and C AS ON
| Liabilities |
Amount
|
Assets
|
Amount
|
|
| Creditors Bills Payable A's Capital B's Capital C's Capital* |
20000 15000 60000 35000 19000 1,49,000 |
Cash Sundry Debtors .................40000 Less : Prov for D. Debts 1200 Stock Buildings Machinery Typewriter |
29000
38,800 20,000 25,000 33,600 2,600 1,49,000 |
* Proportionate Capital of C
A's Capital (after adjustments) = 60000
B's Capital (after adjustments) = 35000
Let C's capital = x
... x = 1/6 x (95000 + x)
x = 95000/5 = 19000
Thus, total cash brought by C =
19000 (Capital)
10000 (Goodwill)
29000
OR
A, B and C were partners in
a firm and shared profits in the ratio of 3 : 2 : 1. On 31st December, 1996
their Balance Sheet was as follows :
| Liabilities |
Amount
Rs. |
Assets
|
Amount
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 Profit and Loss 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 received commission on 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 books value, Plants Rs.
42,750. For realisation amounted to Rs. 4,100. Commission received in advance
was returned to the customer deducting Rs. 3,000. Firm had to pay Rs. 7,200 for
outstanding salary no provided Compensation paid to employees amounted to Rs.
9,800. This liability was not provided for the Balance Sheet Rs. 25,000 had to
be paid for Provident Fund.
Prepare Realisation Account, Capital Accounts and Cash Account.
Ans.8
| Dr. |
Realisation A/C
|
Cr. | ||
| Particulars | Amount | Particulars | Amount | |
| To Debtors To Stock A/c To Investment A/c To Plant A/c To A's Capital A/c [Commission 5/100 x 110000] To Cash A/c |
52300 36000 15000 91200 5500 |
By Creditors By B/P By Provident Fund By Investment flutuation fund By commission received in advance By Cash A/c |
65000 20000 12000 6000 8000 |
|
| - Commission recd. in advance - Outstanding Salary - Compensation - Provident Fund To Cash A/c - Creditors - B / P |
332000 |
Debtors Stock Invest Plant By loss transferred to A's Capital A/c B's Capital A/c C's Capital A/c |
30000 26000 11250 42750 |
332000 |
| Dr. |
PARTNERS CAPITAL ACCOUNT Cr.
|
Cr. | |||||
| Particulars | A | B | C | Particulars | A | B |
C |
| To Realisation A/c (loss) To P/L A/c To Cash A/C* To Cash A/c |
55500 27000 4100 86600 |
37000 18000 55000 |
18500 9000 2500 30000 |
By balance b/d By Realisation (Commission) By Cash A/c |
80000 5500 1100 86600 |
50000 5000 55000 |
30000 30000 |
* Actual expenses met by A are treated as his drawings.
|
CASH ACCOUNT
|
||||
| To balance b/d To Realisation A/c (Assets realised) To A's Capital A/c To B's Capital A/c |
22500
110000 1100 5000 138600 |
By Realisation A/c By Realisation A/c (Liabilities net) By A's Capital A/c By C's Capital A/c |
47000
85000 4100 2500 138600 |
|
|
Boarding Schools By State
|
Boarding Schools Top Cities
|
Boarding Schools By Board
|