Commerce (English Medium) इयत्ता १२ - CBSE Important Questions

Under which major headings and sub-headings will the following items be shown in the Balance Sheet of a company as per schedule VI Part I of the Companies Act, 1956 :

(1) Net loss as shown by Statement of Profit and Loss
(2) Capital redemption reserve
(3) Bonds
(4) Loans repayable on demand
(5) Unpaid dividend

(6) Buildings
(7) Trademarks
(8) Raw materials

The following is the Balance Sheet of A, B and C as on 31st March 2014

'C' died on 300 June 2014. Under the terms of Partnership Deed, the executors of the deceased partner were entitled to:

(a) The amount standing to the credit of partner's capital account.
(b) Interest on capital @ 6% per annum.
(c) A share of goodwill on the basis of twice the average of past three years profits.
(d) A share of profit from the closing of last financial year to the date of death on the basis of last year's profit. The profits of the last three years were as follows

The firm closes its books on 31st March every year. The partners shared profits in the ratio of their capitals.

Prepare C's Capital Account to be presented to his executors.

On1.4.2014 the Balance Sheet of Anant, Sampat and Gunvant was as follows :

Gunvant died on 30.9.2014. Under the terms of Partnership Deed, the executors of the deceased partner were entitled to:

(a) The amount standing to the credit of partner's capital account.
(b) Interest on capital @12% per annum.
(c) A share of goodwill on the basis of twice the average of past three years profits.
(d) A share of profit from the closing of last financial year to the date of death on the basis of last year's profit.

The profits of the last three years were as follows:

The firm closes its books on 31st March every year. Partners share profits in the ratio of their capitals.
Prepare Gunvant's Capital Account to be presented to his executors

Joshi, Pandey and Agarwal were partners in a firm sharing profits in the ratio of 2:2:1. On 31.3.2014, their Balance Sheet was as follows:

On 31.12.2014, Agarwal died. The partnership deed provided for the following to the executors of the deceased partner:

(a) His share in the goodwill of the firm, calculated on the basis of three year's purchase of the average profits of the last four years. The profits of the last four years were Rs 2,70,000; Rs 3,00,000; Rs 5,40,000 and Rs 8,10,000 respectively.
(b) His share in the profits of the firm till the date of his death, calculated on the basis of the average profits of the last four years.
(c) Interest @12% per annum on the credit balance, if any, in his Capital account.
(d) Interest on his loan @12% per annum.

Prepare Agarwal's Capital Account to be presented to his executors.

K and L were partners in a firm sharing profits in the ratio of 3: 2. On 1.4.2014, their Balance Sheet was as follows :

The Profit of for the year ended 31.3.2014, Rs 90,000 was divided between the partners without allowing interest on capital @ 6% per annum and a salary to K at Rs 4,000 per quarter. During the year K withdrew Rs 20,000 and L withdrew Rs 27,000.
Pass a single journal entry to rectify the error.

Rajeev, Sanjeev and Jatin were partners in a firm manufacturing blanket. They were sharing profits in the ratio of 5 : 3: 2. Their capitals on 1st April, 2012 were Rs 1,00,000, Rs 2,00,000 and Rs 4,00,000 respectively. After the flood in Uttarakhand, all partners decided to help the flood victims personally.

For this, Rajeev withdrew Rs 10,000 from the firm on 1st October 2012. Sanjeev instead of withdrawing cash from the firm took blankets amounting to Rs 14,000 from the firm and distributed those to the flood victims. On the other hand, Jatin withdrew Rs 1,50,000 from his capital on 31st December 2012 and set up a centre to provide medical facilities in the flood affected area.

The partnership deed provides for charging interest on drawings @ 6% p.a. After the final accounts were prepared it was discovered that interest on drawings had not been charged. Give the necessary adjusting journal entry and show the working notes clearly. Also, state any two values which the partners wanted to communicate to the society.

The Balance Sheet of Sudha, Rahim and Kartik who were sharing profit in the ratio of 3:3:4. On the 31st March 2012 their Balance Sheet was as follows:

Sudha died on June 30th, 2012. The partnership deed provided for the following on the death of a partner:

a. Goodwill of the firm be valued at two years purchase of average profits for the last three years.
b. Sudha's share of profit or loss till the date of her death was to be calculated on the basis of sales. Sales for the year ended 31st March 2012 amounted to Rs 4,00,000 and that from 1st April to 30th June 2012 to Rs 1,50,000. The profit for the year ended 31st March 2012 was Rs 1,00,000.
c. Interest on capital was to be provided @ 6% p.a.
d. The average profits of the last three years were Rs 42,000.
e. According to Sudha's will, the executors should donate her share to "Matri Chhaya - an orphanage for girls.

Prepare Sudha's Capital Account to be rendered to her executor. Also, identify the value being highlighted in the question.

The Balance Sheet of Sadhu, Raja and Karan who were sharing profit in the ratio of 4:2:4. On the 31st March 2012 their Balance Sheet was as follows:

Sadhu died on July 31st, 2012. The partnership deed provided for the following on the death of a partner:
a. Goodwill of the firm is valued at two years purchase of average profits for the last three years.
b. Sadhu's share of profit or loss till the date of her death was to be calculated on the basis of sales. Sales for the year ended 31st March 2012 amounted to `4,50,000 and that from 1st April to 31st July 2012 to Rs 2,70,000. The profit for the year ended 31st March 2012 was Rs 1, 25,000.
c. Interest on capital was to be provided @ 5% p.a.
d. The average profits of the last three years were Rs 55,000.
e. According to Sudha's will, the executors should donate her share to "Matri Chhaya - an orphanage for girls".

Mrs Shehal and Mrs Meenal are equal partners in a business. Their balance sheet is as follows.

They agreed to admit Mr Komal on 1st April 2013 on the following terms:

(1) Komal should bring Rs. 50,000 towards her capital for one fourth (1/4th) Share in future profit.

(2) Goodwill to be raised in the books of the firm for Rs. 40,000.

(3) R.D.D. to be maintained at 5% on debtors.

(4) Premises to be valued at Rs. 30,000 and equipment to be written off fully.

(5) Creditors allowed a discount of Rs. 1,000 and they were paid off immediately.

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

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.