HSC Commerce Class 12 - Tamil Nadu Board of Secondary Education Question Bank Solutions for Accountancy

Seenu and Siva are partners sharing profits and losses in the ratio of 5 : 3. In view of Kowsalya admission, they decided

1. To increase the value of building by ₹ 40,000.
2. To bring into record investments at ₹ 10,000, which have not so far been brought into account.
3. To decrease the value of machinery by ₹ 14,000 and furniture by ₹ 12,000.
4. To write off sundry creditors by ₹ 16,000.

Pass journal entries and prepare a revaluation account.

Sai and Shankar are partners, sharing profits and losses in the ratio of 5 : 3. The firm’s balance sheet as on 31^st December, 2017, was as follows:

On 31^st December, 2017 Shanmugam was admitted into the partnership for 1/4 share of profit with ₹ 12,000 as capital subject to the following adjustments.

1. Furniture is to be revalued at ₹ 5,000 and building is to be revalued at ₹ 50,000.
2. Provision for doubtful debts is to be increased to ₹ 5,500
3. An unrecorded investment of ₹ 6,000 is to be brought into account
4. An unrecorded liability ₹ 2,500 has to be recorded now.

Pass journal entries and prepare the Revaluation Account and capital account of partners after admission.

Amal and Vimal are partners in a firm sharing profits and losses in the ratio of 7 : 5. Their balance sheet as on 31^st March, 2019, is as follows:

Nirmal is admitted as a new partner on 1.4.2018 by introducing a capital of ₹ 30,000 for 1/3 share in the future profit subject to the following adjustments.

1. Stock to be depreciated by ₹ 5,000
2. Provision for doubtful debts to be created for ₹ 3,000
3. Land to be appreciated by ₹ 20,000

Prepare revaluation account and capital account of partners after admission.

What are accounting reports?

State any five accounting reports.

Rajan and Selva are partners sharing profits and losses in the ratio of 3 : 1. Their balance sheet as on 31^st March 2017 is as under:

On 1.4.2017, they admit Ganesan as a new partner on the following arrangements:

1. Ganesan brings ₹ 10,000 as capital for 1/5 share of profit.
2. Stock and furniture is to be reduced by 10%, a reserve of 5% on debtors for doubtful debts is to be created.
3. Appreciate buildings by 20%.

Prepare revaluation account, partners’ capital account and the balance sheet of the firm after admission.

Sundar and Suresh are partners sharing profits in the ratio of 3 : 2. Their balance sheet as on 1^st January, 2017 was as follows:

They decided to admit Sugumar into partnership for 1/4 share in the profits on the following terms:

1. Sugumar has to bring in ₹ 30,000 as capital. His share of goodwill is valued at ₹ 5,000. He could not bring cash towards goodwill.
2. That the stock be valued at ₹ 20,000.
3. That the furniture be depreciated by ₹ 2,000.
4. That the value of building be depreciated by 20%.

Prepare necessary ledger accounts and the balance sheet after admission.

The following is the balance sheet of James and Justina as on 1.1.2017. They share the profits and losses equally

On the above date, Balan is admitted as a partner with a 1/5 share in future profits. Following are the terms for his admission:

1. Balan brings ₹ 25,000 as capital.
2. His share of goodwill is ₹ 10,000 and he brings cash for it.
3. The assets are to be valued as under:
   Building ₹ 80,000; Debtors ₹ 18,000; Stock ₹ 33,000

Prepare necessary ledger accounts and the balance sheet after admission.

Anbu and Shankar are partners in a business sharing profits and losses in the ratio of 7 : 5. The balance sheet of the partners on 31.03.2018 is as follows:

Rajesh is admitted for 1/5 share on the following terms:

1. Goodwill of the firm is valued at ₹ 80,000 and Rajesh brought cash ₹ 6,000 for his share of goodwill.
2. Rajesh is to bring ₹ 1,50,000 as his capital.
3. Motor car is valued at ₹ 2,00,000; stock at ₹ 3,80,000 and debtors at ₹ 3,50,000.
4. Anticipated claim on workmen compensation fund is ₹ 10,000
5. Unrecorded investment of ₹ 5,000 has to be brought into account.

Prepare revaluation account, capital accounts and balance sheet after Rajesh’s admission.

State the differences between double entry system and incomplete records.

If the old profit sharing ratio is more than the new profit sharing ratio of a partner, the difference is called ____________.

Match List I with List II and select the correct answer using the codes given below:

James and Kamal are sharing profits and losses in the ratio of 5 : 3. They admit Sunil as a partner giving him 1/5 share of profits. Find out the sacrificing ratio.

Balaji and Kamalesh are partners sharing profits and losses in the ratio of 2 : 1. They admit Yogesh into partnership. The new profit sharing ratio between Balaji, Kamalesh and Yogesh is agreed to 3 : 1 : 1. Find the sacrificing ratio between Balaji and Kamalesh.

What is sacrificing ratio?

Praveena and Dhanya are partners sharing profits in the ratio of 7 : 3. They admit Malini into the firm. The new ratio among Praveena, Dhanya and Malini are 5 : 2 : 3. Calculate the sacrificing ratio.

Ananth and Suman are partners sharing profits and losses in the ratio of 3 : 2. They admit Saran for 1/5 share, which he acquires entirely from Ananth. Find out the new profit sharing ratio and sacrificing ratio.

Raja and Ravi are partners, sharing profits in the ratio of 3 : 2. They admit Ram for 1/4 share of the profit. He takes 1/20 share from Raja and 4/20 from Ravi. Calculate the new profit sharing ratio and sacrificing ratio.

Vimala and Kamala are partners, sharing profits and losses in the ratio of 4 : 3. Vinitha enters into the partnership and she acquires 1/14 from Vimala and 1/14 from Kamala. Find out the new profit sharing ratio and sacrificing ratio.

Govind and Gopal are partners in a firm sharing profits in the ratio of 5 : 4. They admit Rahim as a partner. Govind surrenders 2/9 of his share in favour of Rahim. Gopal surrenders 1/9 of his share in favour of Rahim. Calculate the new profit sharing ratio and sacrificing ratio.