Commerce (English Medium) कक्षा १२ - CBSE Important Questions for Accountancy

Moli, Bhola and Raj were partners in a firm sharing profits and losses in the ratio of 3 : 3 : 4. Their partnership deed provided for the following :
(i) Interest on capital @ 5% p.a.
(ii) Interest on drawing @ 12% p.a.
(iii) Interest on partners' loan @ 6% p.a.
(iv) Moli was allowed an annual salary of Rs 4,000; Bhola was allowed a commission of 10% of net profit as shown by Profit and Loss Account and Raj was guaranteed a profit of Rs 1,50,000 after making all the adjustments as provided in the partnership agreement.
Their fixed capitals were Moli : Rs 5,00,000; Bhola : Rs 8,00,000 and Raj : Rs 4,00,000. On 1^st April, 2016 Bhola extended a loan of Rs 1,00,000 to the firm. The net profit of the firm for the year ended 31^st March, 2017 before interest on Bhola's loan was Rs 3,06,000.
Prepare Profit and Loss Appropriation Account of Moli, Bhola and Raj for the year ended 31^st March, 2017 and their Current Accounts assuming that Bhola withdrew Rs 5,000 at the end of each month, Moli withdrew Rs 10,000 at the end of each quarter and Raj withdrew Rs 40,000 at the end of each half year.

A, B, C and D were partners in a firm sharing profits in the ratio of 3 : 2 : 3 : 2. On 1.4.2016, their Balance Sheet was as follows: 

From the above date partners decided to share the future profits in the ratio of 4 : 3 : 2 : 1. For this purpose the goodwill of the firm was valued at Rs 2,70,000. It was also considered that :

(i) The claims against Workmen Compensation Reserve has been estimated at Rs 30,000 and fixed assets will be depreciated by Rs 25,000.

(ii) Adjust the capitals of the partners according to the new profit sharing ratio by opening Current Accounts of the partners.

Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm.

S, T, U and V were partners in a firm sharing profits in the ratio of 4 : 3 : 2 : 1. On 1-4-2016 their Balance Sheet was as follows: 

From the above data the partners decided to share the future profits in 3 : 1 : 2 : 4 ratio. For this purpose the goodwill of the firm was valued at Rs 90,000.
The partners also agreed for the following :

(i) The claim for workmen compensation has been estimated at Rs 70,000.

(ii) To adjust the capitals of the partners according to new profit sharing ratio by opening partners current accounts.

Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm. 

P, Q, R and S were partners in a firm sharing profits in the ratio of 1 : 4 : 2 : 3. On 1-4-2016 their Balance Sheet was as follows: 

From the above data the partners decided to share the future profits equally. For this purpose the goodwill of the firm was valued at Rs 2,70,000.
The partners also agreed for the following:

(i) Claim against workmen compensation reserve was estimated at Rs 2,00,000.

(ii) Capitals of the partners was to be adjusted according to the new profit sharing ratio by bringing or paying cash as the case may be.

Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the reconstituted firm. 

Mahadev, Sukesh, Menon and Thomas were partners in a firm sharing profits in the ratio of 5 : 2 : 2 : 1. On 31^st March 2016 their Balance Sheet was as follows: 

From the above data the partners decided to share the future profits in the ratio of 4 : 3 : 2 : 1. For this purpose the goodwill of the firm was valued at Rs 1,20,000. The partners also agreed for the following:

(i) Claims against Workmen Compensation Reserve was estimated at Rs 1,00,000 and Rs 75,000 depreciation on fixed assets was to be provided.

(ii) Capitals of the partners will be adjusted according to the new profit sharing ratio by bringing in or paying off cash as the case may be.

Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the reconstituted firm. 

Singh, Jain, Sharma and Gupta were partners in a firm sharing profits in the ratio of 4 : 3 : 2 : 1. On 1.4.2016 their Balance Sheet was as follows:  

From the above date the partners decided to share the future profits equally. For this purpose the goodwill of the firm was valued at Rs 60,000. Partners also agreed that:

(i) Claims against Workmen Compensation Reserve was estimated at Rs 40,000 and depreciation of Rs 15,000 will be charged on fixed assets.

(ii) Capitals of the partners will be adjusted according to the new profit sharing ratio for which current accounts will be opened.

Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the reconstituted firm.

Pass necessary journal entries on the dissolution of a firm in the following cases:    

(i) Satish, a partner, agreed to do the dissolution work for which he was allowed a commission of Rs 18,000. He also agreed to bear the dissolution expenses. Actual dissolution expenses paid by Satish were Rs 9,000.
(ii) Suleman, a partner, paid the dissolution expenses Rs 750.
(iii) Dissolution expenses were Rs 500.
(iv) Sandhya was appointed to look after the dissolution work on a remuneration of Rs 3,000. She agreed to bear the dissolution expenses. Actual dissolution expenses Rs 2,750 were paid by Sunil, another partner on behalf of Sandhya.
(v) Seema, a partner, agreed to do the dissolution work for a commission of Rs 4,500. She also agreed to bear the dissolution expenses. Seema took away stock of the same amount as her commission. The stock had already been transferred to realisation account.
(vi) Santosh, a partner, agreed to bear the dissolution expenses for a commission of Rs 6,000. Actual dissolution expenses Rs 4,500 were paid from the firm's bank account.

 P and G were partners in a firm sharing profits in the ratio of 7:4. On 1-1-2016 their firm was dissolved. After transferring assets (other than cash) and outsiders liabilities to realization account you are given the following information:

(a) Kumar, a creditor for Rs 3,90,000 accepted building at Rs 7,00,000 and paid the balance to the firm by cheque.
(b) Karan, a second creditor for Rs 2,83,000 accepted machinery of the books value of Rs 3,00,000 at Rs 2,80,000 in full settlement of his claim.
(c) Kishor, a third creditor for Rs 5,00,000 accepted investments of Rs 4,10,000 and a bank draft of Rs 89,000 in full settlement of his claim.
(d) Loss on dissolution was Rs 2,200.

Pass necessary journal entries for the above transactions in the books of the firm.

S, T and U were partners in a firm sharing profits and losses in the ratio of 4:3:3. On 31-3-2015 their Balance Sheet was as follows: 

From 1-4-2015 they decided to share future profits equally. For this purpose it was decided that
(i) Goodwill of the firm be valued at Rs 90,000.
(ii) Land be revalued at Rs 3,00,000 and building by depreciated by 10%.
(iii) Creditors Rs 7,500 were not likely to be claimed and hence be written-off.

Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of the reconstituted firm.

X,Y and Z are partners sharing profits in the ratio of `1/2, 3/10 and 1/5` Calculate the gaining ratio of remaining partners when Y retires from the firm.

Bhuwan and Shivam were partners in a firm sharing profits in the ratio of 3 : 2. Their capitals were Rs 50,000 and Rs 75,000 respectively. They admitted Atul on 1^st April, 2013 as a new partner for 1/4^th share in the future profits. Atul bought Rs 75,000 as his capital. Calculate the value of goodwill of the firm and record necessary journal entries for the above transactions on Atul's admission.

Karam Singh and Suleman decided to start a partnership firm to manufacture low cost paper bags from the waste paper as plastic bags were creating many environmental problem. For this, they contributed capitals of Rs 2,00,000 and Rs 1,00,000 respectively on 1st April, 2012. Suleman also expressed his willingness to admit Inderjeet as a partner without capital in the firm. Inderjeet is specially abled but a very creative and intelligent friend of his. Karam Singh agreed to this. The terms of partnership were as follows:

(i) Karam Singh, Suleman and Inderjeet will share profit in the ratio of 2 : 2 : 1.
(ii) Interest on capital will be provided @6% p.a

Due to shortage of capital, Karam Singh contributed Rs 50,000 on 30th September, 2012 and Suleman contributed Rs 20,000 on 1st January 2013 as additional capital. The profit of the firm for the year ended 31st March, 2013 was Rs 2,00,300.

(a) Identify any two values which the firm wants to communicate to the society.
(b) Prepare Profit and Loss Appropriate Account of the firm for the year ending 31st March, 2013.

Ramesh and Umesh were partners in a firm sharing profits in the ratio of their capitals. On 31st March, 2013 their Balance Sheet was as follows:On the above data the firm was dissolved. 

(i) Ramesh took over 50% of stock at Rs 10,000 less than book value. The remaining stock was sold at a loss of Rs 15,000. Debtors were realised at a discount of 5%.
(ii) Furniture was taken over by Umesh for Rs 50,000 and machinery was sold for Rs 4,50,000.
(iii) Creditors were paid in full.
(iv) There was an unrecorded bill for repairs for Rs 1,60,000 which was settled at Rs 1,40,000.

Prepare Realisation Account.

Kalpana and Kanika were partners in a firm sharing profits in the ratio of 3 : 2. On 1^st April, 2013 they admitted Karuna as a new partners for 1/5th share in the profits of the firm. The Balance Sheet of Kalpana and Kanika as on 1st April, 2013, was as follows:

It was agreed that
(i) the value of Land and Building will be appreciated by 20%.
(ii) the value of plant be increased by Rs 60,000.
(iii) Karuna will bring Rs 80,000 for her share of goodwill premium.
(iv) the liabilities of Workmen's Compensation Fund were determined at Rs 60,000.
(v) Karuna will bring in cash as capital to the extent of `1/5`th share of the total capital of the new firm.

Prepare Revaluation Account, Partner's Capital Accounts and Balance Sheet of the new firm. 

For which share of Goodwill a partner is entitled at the time of his retirement?

Arun and Arora were partners in a firm sharing profits in the ratio of 5 : 3. Their fixed capitals on 1-4-2010 were: Arun Rs 60,000 and Arora Rs 80,000. They agreed to allow interest on capital @ 12% p.a. And to charge on drawings @ 15% p.a. The profit of the firm for the year ended 31-3 2011 before all above adjustments were Rs 12,600. The drawings made by Arun were Rs 2,000 and by Arora Rs 4,000 during the year. Prepare Profit and Loss Appropriation Account of Arun and Arora. Show your calculations clearly. The interest on capital will be allowed even if the firm incurs loss.  

‘B’ and ‘C’ were partners sharing profits in the ratio of 3 : 2. Their Balance Sheet as on 31-3-2011 was as follows: 

D’ was admitted to the partnership for 1/5^th share in the profits on the following terms:

(i) The new profit sharing ratio was decided as 2:2:1.

(ii) D will bring Rs 30,000 as his capital and Rs 15,000 for his share of goodwill.

(iii) Half of goodwill amount was withdrawn by the partner who sacrificed his share of profit in favour of ‘D’.

(iv) A provision of 5% for bad and doubtful debts was to be maintained.

(v) An item of Rs 500 included in Sundry Creditors was not likely to be paid.

(vi) An provision of Rs 800 was to be made for claims for damages against the firm.

After making the above adjustments the Capital Accounts of ‘B’ and ‘C’ were to be adjusted on the basis of D’s Capital. Actual cash wash to be brought in or to be paid off as the case may be.

Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of the new firm.  

G', 'E' and 'F' were partners in a firm sharing profits in the ratio of 7 : 2 : 1. The Balance Sheet of the firm as on 31^st March, 2011 was as follows: 

‘E’ died on 24^th August 2011. Partnership deed provides for the settlement of claims on the death of a partner of a partner in addition to his capital as under:

(i) The share of profit of deceased partner to be computed up to the date of death on the basis of average profits of the past three years which was Rs 80,000.

(ii) His share in profit/loss on revaluation of assets and re-assessment of liabilities which were as follows:

Land and Buildings were revalued at Rs 94,000, Machinery at Rs 38,000 and Stock at Rs 5,000. A provision of `2 1/2%` was to be created on debtors for bad and doubtful debts.

(iii) The net amount payable to 'E's executors was transferred to his Loan Account, to be paid later on.

Prepare Revaluation Account, Partner's Capital Accounts, E's Executor A/c and Balance Sheet of 'G' and 'F' who decided to continue the business keeping their capital balances in their new profit sharing ratio. Any surplus or deficit to be transferred to current accounts of the partners

How does the market situation affect the value of goodwill of a firm?

Prepare a Comparative Income Statements from the following information