CBSE Set Qa4 Accounts Sample Test Papers For Class 12th for students online
Accounts Class - XII
(CBSE)
You are on Set no 1 Answer 9
Q9) A, B and C were partners sharing profits in the proportions of 1/2, 1/3 and 1/6 respectively. The Balance Sheet of the firm on 31st March 1998 was as follows:
|
Liabilities
|
Amt. (Rs.)
|
Assets
|
Amount (Rs.)
|
| Sundry
Creditors Provident Fund Reserve Fund Capitals: A B C |
12,600
3,000 9,000 40,000 36,500 20,000 1,21,100 |
Cash at Bank Debtors Rs. 30,000 Less Provision Rs. 1,000 Stock Investments Patents Plant and Machinery |
4,100
29,000 25,000 10,000 5,000 48,000 1,21,100 |
(i) Goodwill of the firm was valued at Rs. 27,000, but it was not to remain in the books of the new firm.
(ii) Value of the patents was to be reduced by 20% and that of Plant and Machinery by 10%.
(iii) Provision for doubtful debts was to be raised to 6%.
(iv) C took over the Investments at a value of Rs. 15,800.
(v) Liability on account of Provident Fund was only Rs. 2,500.
Show the necessary journal entries for the treatment of goodwill, prepare revaluation account, Capital accounts of the partners and the Balance Sheet of A and B after C's retirement. (Marks 14)
Ans 9)
Journal
| Date |
Particulars
|
LF |
Amt. Dr
|
Amt. Cr
|
|
Goodwill A/c Dr
To A's Capital A/c. To B's Capital A/c To C's Capital A/c (Being goodwill raised and divided amongst old partners in their old profit sharing ratio) A's Capital A/c ...................Dr B's Capital A/c ...................Dr To Goodwill (Being goodwill written off between remaining partners in their new ratio) |
27000 |
|
Dr..........................................................Revaluation A/c......................................Cr.
|
To Patents A/c
To Plant and Machinery A/c To debtors |
1000 |
By Investment A/c
By Provident Fund By loss transferred To A's Capital A/c B's Capital A/c C's Capital A/c |
5800 |
Dr........................Partners' Capital A/c....................................... Cr.
|
Particulars
|
A | B | C |
Particulars
|
A
|
B
|
C
|
| To
Revaluation A/c (Loss) To Goodwill A/c To Investment To C's Loan A/c To Balance c/d |
150 16200 41650 _____ |
100 10800 37600 _____ |
50 15800 10150 _____ _____ |
By
balance b/d By Reserve Fund By Goodwill A/c |
40000 4500 13500 _____ _____ |
36500 3000 9000 _____ _____ |
20000 1500 4500 _____ _____ |
Balance Sheet of A and B as on ...
|
Liabilities
|
Amount
|
Assets
|
Amount
|
|
|
Sundry Creditors
Provident Fund Capitals: A B ....C's loan |
12600 |
Cash at bank
Debtors 30000 Less: Provision 1800 Stock Patents Plant and Machinery |
4100 |
OR
Q 9 Following is the Balance Sheet of Hari, Ram and Shyam as
on 31st December 1994.
|
Liabilities
|
Amount (Rs.)
|
Assets
|
Amount (Rs.)
|
|
|
Sundry creditors
Reserve fund Capital Accounts: Hari Ram Shyam |
3,000
3,200 10,000
5,000
5,000 |
Tools
Furniture Stock Debtors Cash at Bank Cash in Hand |
1,000
8,000 6,000 6,000 5,000 200 |
|
|
26,200 |
26,200 |
|||
(a) Amount standing to the credit of his Capital Account.
(b) Interest on capital which amounted to Rs. 62.50.
(c) His share of goodwill Rs. 3,500.
(d) His share of profit from the closing of the last financial year to the date of death which amounted to Rs. 437.50.
Ram's executor was paid Rs. 1,800 on 1st April 1995 and the balance in four equal yearly instalments starting from 31/3/1996 with interest @ 6% p.a.
Pass the necessary Journal entries and draw up Ram's Account to be rendered to his executor and Ram's Executor's account till it is finally paid.
Ans. 9
Journal
| Date |
Particulars
|
LF |
Amt.
|
Amt. |
|
Reserve Fund
To Ram's Capital A/c (Being Ram's share of reserve fund transferred to his capital A/c) Interest on Capital To Ram's Capital A/c (Being his interest on capital transferred to his capital A/c) Goodwill A/c Dr To Ram's Capital A/c (Being Ram's share of goodwill transferred to his capital A/c) P/L suspense A/C Dr To Ram's Capital A/c (Being Ram's share of profit to his date of death transferred to his capital A/c) Ram's Capital A/c Dr To Ram's Executor's A/c (Being the balance of Ram's Capital A/c transferred to his Executors A/c) |
1067 |
|
RAM'S CAPITAL A/C
| Date | Particulars | Amt. | Date | Particulars | Amt. |
| 31/3/95 | To Ram's Executors A/c |
10067 |
31/3/95 31/3 31/3 31/3 31/3 |
By balance b/d By Interest on Capital By Goodwill By Reserve Fund By P/L Suspense A/c |
5000 |
RAM'S EXECUTORS A/C
| 31/3/95 1/4/95 31/3/96 31/3/97 31/3/97 31/3/98 31/3/98 31/3/99 |
To balance C/d
To bank A/c To bank (2067+ 496) To balance c/d To bank A/c (2067+ 372) To balance c/d To bank A/c (2067 + 248) To balance c/d To bank A/c |
10067 |
31/3/95
1/4/95 31/3/96 1/4/96 31/3/97 1/4/97 31/3/98 1/4/98 31/3/99 |
By Ram's Capital A/c
By balance b/d By Interest A/c (6% on 8267) By balance b/d By Interest A/c (6% on 6200) By balance b/d By Interest A/c (6% on 4133) By balance b/d By Interest (6% on 2066) |
10067 |
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