CBSE Set Qa6a Accounts Sample Test Papers For Class 12th for students online
Accounts Class - XII (CBSE)
You are on Set no 2 Answer 1 to 5
Q1) List any two items
appearing on the credit side of a partner's current account. (Marks 2)
Ans1) (i) Interest on partner's capital.
(ii) Partner's share of profit.
Q2) On April
1st, 1998 an existing firm had assets of Rs. 75,000/- including cash of Rs.
5,000/-. The partner's capital account showed a balance of Rs. 60,000/- and
reserve constituted the rest. If the normal rate of return is 20% and the
goodwill of the firm is valued at Rs. 24,000/- at 4 year purchase of super
profits, find the average profits of the firm. (Marks 3)
Ans2) Goodwill = super profits x 4 year purchase
24000 = super profits x 4
super profits = 6000
Normal profits = Capital employed x Normal rate of return
= 75000 x 20/100
= 15000
(...Capital employed = Assets of the firm = 75000)
...Average profit = Normal profit + Super profit
= 15000 + 6000
Average profit = Rs. 21000
Q4) (a) A and B
are partners in a firm sharing profits equally. They had advanced to the firm a
sum of Rs. 30,000/- as a loan in their profit sharing ratio on July 1st, 1998.
The partnership deed is silent on the question of interest on loan from
partners. Compute the interest payable by the firm to the partners, assuming the
firm closes its books on December 31st. (Marks 3)
(b) A, B and C are partners sharing profits in the ratio of 5 : 4 : 1. C is
given a guarantee that his share of profits in any given year would be Rs.
5000/-. Deficiency, if any, would be borne by A and B equally. The profits for
the year 1998 amounted to Rs. 40000/-. Pass necessary entries in the books of
the firm. (Marks 3)
Ans4) (a) According to the provisions of the Indian Partnership
Act, 1932, interest @ 6% p.a. is payable to the partners on the loan advanced by
them to the firm.
Total loan = 30000
A's share of loan = 30000 x 1/2 = 15000
B's share of loan = 15000
... Interest on A's loan = 15000 x 6/100 x 6/12 = 450
Interest on B's loan = 15000 x 6/100 x 6/12 = 450
... Total Interest payable by firm =
450 + 450 = Rs. 900
(b) Working Notes :
C's share in profit = 1/10 x 40000 = 40000
C's guarantee = 5000
C's deficiency = 5000 - 4000 = 1000
The deficiency is to be borne equally by A and B.
A's share of profit = 5/10 x 40000 = 20000
Less : C's guarantee 500
A' profit = 19500
B's share of profit = 4/10 x 40000 = 16000
Less: C's guarantee 500
B's profit = 15500
Thus, the entry is :
Journal
| Date |
Particulars
|
LF |
Amt. (Dr.)
|
Amt. (Cr.)
|
| Profit and Loss
A/C Dr. To Pand L Appropriation A/C (Being the transfer of profits to Pand L Appropriation A/C) Pand L Appropriation A/C Dr. To A's Capital A/C To B's Capital A/C To C's Capital A/C (Being profits distributed among the partners) A's Capital A/C Dr. B's Capital A/C Dr. To C's Capital A/C (Being the deficiency of C's guarantee met by A and B) |
40000 40000 500 500 |
40000 20000 16000 4000 1000 |
Q5) 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. 540/-. All partners were solvent.
Close the books of the firm, showing the Realisation, Capital and Cash accounts.
(Show the working clearly).
Ans5) 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) |
|||
| 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)
|
8280 |
5520 |
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 540 28040 |
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 |
20,000 8,000 28,000 80,000 40,000 1,76,000 |
Goodwill Building Plant Furniture Debtors Bills Receivables Stock Bank |
30,000 34,000 27,500 4,000 32,500 15,000 22,500 11,000 1,76,000 |
On January 1st, 1999, they
decided to admit Khosla into the partnership giving him 1/5th share. He brings
in Rs. 50,000/- as his share of capital. The partners decide to revalue the
assets as follows:
Goodwill Rs. 50,000/-, Plant Rs. 25,000/-, Debtors Rs. 31,000/-, Stock Rs.
32,500/-, Building Rs. 40,000/-, Furniture Rs. 2,000/-, Bills Receivables Rs.
12,500/-.
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.5
| 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 pft tfd to Rohit's Capital A/C Bal's Capital A/C |
2000 |
By Stock A/C
By Building A/C |
10000 |
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) 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 Dr 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) |
20000 25000 15000 10000 50000 8000 10000 6000 8000 28000 |
12500 7500 50000 50000 2000 1500 2000 2500 16000 5000 3000 17500 11500 |
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