CBSE Set Qa3 Accounts Sample Test Papers For Class 12th for students online
Accounts
Class - XII (CBSE)
You are on Set no 1 Answer 9 to 10
Q 9 J, S and R were in partnership sharing profits and losses in the ratio of 3 : 2 : 1. Their Balance Sheet as on 31 December, 1994 was as follows:
| Balance Sheet | |||
|
Liabilities
|
Rs.
|
Assets
|
Rs
|
| Capital Accounts | |||
| J | 12,000 | Buildings | 10,000 |
| S | 8,600 | Plant | 22,000 |
| R | 10,400 | Stock | 6,000 |
| Reserve Fund | 3,000 | Joint Life Policy | 6,200 |
| Employees' Provident Fund | 3,000 | Debtors | 5,000 |
| Depreciation Reserve | 5,000 | Accrued Interest | 1,000 |
| Creditors | 11,000 | Cash | 2,800 |
| 53,000 | 53,000 | ||
It was agreed to dissolve the
firm, and the terms of the dissolution were :
(i) J took over building at book value and agreed to pay off creditors.
(ii) Accrued interest was not collected whereas there was a contingent liability
of Rs. 600 which was meet.
(iii) Other assets realised : Plant : Rs. 25,000; stock : Rs. 5,000; Debtors :
Rs. 4,600.
(iv) Realisation expenses : Rs. 600
Prepare Realisation account, Capital accounts and Cash account.
OR
A, B and C were carrying on partnership business sharing profits in the ratio of
3 : 2 : 1 respectively. On 31 December, 1996, the Balance Sheet of the firm
stood as follows :
|
Balance Sheet |
|||
|
Liabilities
|
Rs.
|
Assets
|
Rs
|
| Creditors | 13,590 | Cash | 4,700 |
| Capital | Debtors | 8,000 | |
| A | 15,000 | Stock | 11,690 |
| B | 10,000 | Building | 23,000 |
| C | 10,000 | Pand L A/C | 1,200 |
| 48,590 | 48,590 | ||
B retired on the above mentioned
date on the following terms:
(i) Building to be appreciated by Rs. 7,000.
(ii) Provision for doubtful debts to be made 5% on debtors.
(iii) Goodwill of the firm is valued at Rs. 18,000 and adjustment in this
respect to be made in the continuing partners' capital accounts without raising
goodwill account.
(iv) Rs. 3,000 to be paid to B immediately and the balance in his capital
account to be transferred to his loan account.
Prepare Revaluation account, Capital accounts, Cash account, and the Balance
Sheet after B's retirement. (Marks 12)
Ans 9
| Dr. | Realisation A/C |
Cr
|
|
|
To Buildings A/C
To Plant A/C To Stock A/C To Joint Life Policy A/C To Debtors To Accrued Interest To J's Capital A/C (Creditors) To Cash A/C (Employees Prov. fund) To Cash A/C (Contigent Liabilities) To Cash A/C (expenses) To Profit Transferred to capital A/C's J To Profit Transferred to capital A/C's S To Profit Transferred to capital A/C's R |
10000 |
By Employee's Provident fund A/C
By Depreciation Reserve By Creditors By J's Capital A/C (Building) By Cash A/C Plant Stock Debtors Joint Life Policy |
3000 |
| Dr. |
Partner's Capital A/C |
Cr |
|||||
|
Particulars
|
J | S | R |
Particulars
|
J
|
S
|
R
|
|
To Realisation A/C
(Building) To Cash A/C |
|
|
|
By balance b/d
By Reserve fund By Realisation A/C (Profit) By Realisation A/C (Creditors) |
12000 |
8600 |
10400 |
| Dr | Cash Account | Cr | |
|
To Balance b/d
To Realisation A/C (Assets realised) |
2800 |
By Realisation A/C
(Creditors + Liab) By Realisation A/C (Expenses) By J's Capital A/C By S's Capital A/C By R's Capital A/C |
3600 600 16700 11067 11633 43600 |
OR
| Dr | Revaluation Account |
Cr |
|
| Particulars | Amt | Particulars |
Amt
|
|
To Provision for doubtful debts
To Profit transferred to: A's Capital A/C B's Capital A/C C's Capital A/C |
400 |
By Building A/C
|
7000 |
| Dr |
Partner's Capital A/C |
Cr. | |||||
|
To P/L A/C
To B's Capital A/C To cash A/C To B's loan A/C To balance c/d |
600 |
400 |
200 |
By balance b/d
By Revaluation A/C (Profit) By A's Capital A/C By C's Capital A/C |
15000 |
10000 |
10000 1100 11100 |
Balance Sheet of A and C as on 1.1.97
|
Particulars
|
Amt
|
Particulars
|
Amt
|
|
Creditors
Capital A C B's loan Account |
13590 |
Cash
Debtors 8000 Less: Prov for DDebts 400 Stock Buildings |
1700 |
Working Notes,
Journal (Goodwill)
|
Particulars
|
LF |
Amt (Dr)
|
Amt (Cr)
|
|
A's Capital A/C
C's Capital A/C To B's Capital A/C (Being goodwill of retiring partner adjusted in remaining partners in their gaining ratio) |
4500 |
|
Part B
Q 10
Indicate which of the following transactions would result in (a) Source, (b)
use, and (c) Neither Source nor use of the fund :
(i) Collection from debtors Rs. 5,000, (ii) Sale of old machinery Rs. 2,000,
(iii) Redemption of debentures Rs. 10,000. (Marks 3)
Ans 10 A transaction will have flow of funds (source or use) when one
item is current and the other is non-current. Using this, we analyse the
following cases :
(i) Collection from debtors Rs. 5000 :
In this, as cash and debtors, both are current, there is neither any source nor
any use of funds.
(ii) Sale of old machinery 2000 :
Of the two items, cash and machinery, one is current (cash) and other is
non-current (machinery), so there is a flow of funds. As the cash is coming in,
so it is a source of funds.
(iii) Redemption of debentures :
As the cash (current) is being used to pay off debentures (non-current) so there
is an use of funds in this case.
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