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 to 9
Q8) M and N were partners
sharing profits in the ratio of 3 : 2. On the date of dissolution their capitals
were - M: Rs. 7,650/-, N: Rs. 4,300/-. The creditors amounted to Rs. 27,500/-.
The balance cash was Rs. 760/-. The assets realised Rs. 25,430/-, the expenses
on dissolution were Rs. 1,540/-. All partners were solvent. Close the books of
the firm, showing the Realisation, Capital and Cash accounts. (Show the working
clearly).
Ans8) Working notes :
The amount of sundry assets at the time of dissolution of the firm is not given
in the question. Thus, the Balance Sheet on the date of dissolution is prepared
to know that.
|
Balance Sheet of M and N as on ...(date of dissolution) |
|||
|
Liabilities
|
Amt.
|
Assets
|
Amt.
|
| M's Capital N's Capital Creditors |
7650 4300 27500 39450 |
Cash Sundry Assets (balancing figure) |
760 38690 39450 |
|
Realisation A/C |
|||
|
To Sundry Assets
To Cash (Creditors paid) To Cash A/C (Expenses paid) |
38690 |
By Creditors
By Cash A/C (Assets realised) By loss transferred to M's Capital A/C N's Capital A/C |
27500 |
| Dr. |
Partner's Capital A/C |
Cr |
|||
|
Particulars
|
M
|
N
|
Particulars
|
M
|
N
|
|
To Realisation A/C (loss)
|
8880 |
5920 |
By balance b/d
By Cash (bal fig.) |
7650 |
4300 |
| Dr | Cash Account | Cr | |
|
To Balance b/d
To M's Capital A/C To N's Capital A/C To Realisation A/C (Sales of Assets) |
760 |
By Realisation A/C
(Creditors) By Realisation A/C (Expenses) |
27500 1540 29040 |
OR
Rohit and Bal sharing profits in the ratio of 5 : 3 had
following balance Sheet as on December 31,1998:
|
Liabilities |
Amt.
|
Assets
|
Amt.
|
| Creditors Bills Payable General Reserve Capital Accounts: Rohit Bal |
10,000 4,000 14,000 40,000 20,000 88,000 |
Goodwill Building Plant Furniture Debtors Bills Receivables Stock Bank |
15,000 17,000 13,500 2,000 16,500 7,500 11,000 5,500 88,000 |
On January 1st, 1999, they
decided to admit Khosla into the partnership giving him 1/5 th share. He brings
in Rs. 25,000/- as his share of capital. The partners decide to revalue the
assets as follows:
Goodwill Rs. 25,000/-, Plant Rs. 12,500/-, Debtors Rs. 15,500/-, Stock Rs.
16,250/-, Building Rs. 20,000/-, Furniture Rs. 1,000/-, Bills Receivables Rs.
6,250/-. The partners also decided not to show goodwill in the books of the new
firm.
You are required to show the journal entries and prepare the Revaluation A/C.
(Marks 12)
Ans. 8
| Dr | Revaluation Account |
Cr |
|
| Particulars | Amt. | Particulars | Amt. |
| To Plant A/C To Prov. for doubtful debt To Furniture A/C To B/R To Rohit's Capital A/C To Bal's Capital A/C |
1000 |
By Stock A/C By Building A/C |
5250 |
Journal
| Date |
Particulars
|
LF |
Amt. (Dr.)
|
Amt. (Cr.)
|
| Goodwill A/C
Dr To Rohit's Capital A/C To Bal's Capital A/C (Being goodwill raised between old partners in their old ratio) Rohit's Capital A/C Dr Bal's Capital A/C Khosla's Capital A/C To Goodwill A/C (Being goodwill written off amongst all the partners in their new ratio 5 : 3 : 2) Bank A/C Dr To Khosla's Capital A/C (Being the amount brought in by khosla) Revaluation A/C Dr To Plant A/C To Prov. for doubtful debts To Furniture A/C To B/R (Being the decrease in the value of assets recorded) Stock A/C Dr Building A/C Dr To Revaluation A/C (Being the increase in the value of assets recorded) Revaluation A/C Dr To Rohit's Capital A/C To Bal's Capital A/C (Being the tfr. of profit on revaluation tfd to all partners in old ratio) General Reserve To Rohit's Capital A/C To Bal's Capital A/C (Being the amount of general reserve tfd. to old partners in old ratio) |
10000 12500 7500 5000 25000 4250 5250 3000 4000 14000 |
6250 3750 25000 25000 1000 1000 1000 1250 8250 2500 1500 8750 5250 |
Q9) The following figures were extracted from the Trial Balance of X Ltd. Share Capital 10,000 equity shares of Rs. 10/- each fully paid :
| Share premium | Rs. 10,000/- |
| 12% debentures | Rs. 50,000/- |
| Fixed deposits | Rs. 25,000 |
| Creditors | Rs. 5,000/- |
You are required to draw up the
liabilities side of the Balance Sheet, according to the requirements of the
Companies Act.
Ans. 9
Balance Sheet as on
| Share
Capital: Authorised, Issued and Subscribed 10000 equity shares of 10 each Reserve and Surplus Share Premium Secured Loans 12% Debentures Unsecured Loans Fixed Deposits Current Liabilities and Provisions a) Current Liabilities Sundry Creditors |
100000 10000 50000 10000 5000 |
OR
What is a
contingent liability? Where is it shown in the Balance Sheet? Give three
examples of contingent liabilities. (Marks 5)
Ans9) Contingent liability is a liability which is likely to arise as a
liability in future on the happening of some event. It is not a actual
liability at present.
They are not shown in the balance sheet. It is shown as a footnote to the
balance sheet.
Examples of Contingent liability :
i) Claims against a company not acknowledged as debt.
ii) Arrears of fixed cumulative dividend on cumulative preference shares.
iii) Uncalled liability on shares partly paid.
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