12th Accounts Partnership Test 15 Sept

SARVODAYA GROUP OF EDUCATION
Accounts
TIME:- 2 HOURS Class-XII M.M : 30
Each Question (5) Marks:-

1. Sharma, Verma and Goyal are partners in a firm. On 1 st April, 2012 balances in their
Capital Accounts were are follows:
Sharma Rs.4,00,000; Verma Rs.4,20,000; Goyal Rs.3,70,000. Firm closes its accounts
every year on 31st March. Verma died on 30th September, 2012. In the event of death of
any partner following are the provisions in the partnership deed:
(i) Interest on capital will be calculated at the rate of 10% p.a.
(ii) The deceased partner’s legal representative will be paid Rs.35,000 for his share of
goodwill.
(iii) Firm has a Reserve Fund of Rs.2,10,000. The deceased partner will be paid his
share in the Reserve Fund.
(iv) His share of profit till the date of death will be calculated on the basis of sales. It is
also specified that the sales during the year 2011-12 were Rs.15,00,000. The sales
from 1st April, 2012 to 30th September, 2012 were Rs.3,00,000. The profit of the
firm for the year ending 31st March, 2012 was Rs.3,00,000.
Prepare Verma’s Capital Account to be presented to his representative.
2. A and B were partners sharing profits and losses in the ratio of 3:2. They agree to admit C
into partnership from 1st April, 2018. The new profit-sharing ratio will be 3:3:2. C brings
Rs.2,00,000 as his share of capital, but is unable to bring his share of goodwill in cash.
The goodwill of the firm is valued at Rs.1,60,000. Record the necessary journal entries in
the books of the firm.
3. Pass the necessary journal entries for the following transactions on the dissolution of the
firm of X and Y after the various assets (other than cash) and outside liabilities have been
transferred to realisation Accounts:
I. X agreed to pay off her husband’s loan Rs.19,000.
II. A debtor whose debt of Rs.9,300 was written off in the books paid Rs.7,500 in full
settlement.
III. Y took over all investment at Rs.13,300.
IV. Sundry Creditors Rs.10,000 were paid at 9% discount.
4. Aprajita and Khushi were partners in a firm sharing profits in the ratio of 3:2. On 1 st April
2014, their Balance Sheet was as follows:
Liabilities Rs. Assets Rs.
[ADDRESS: Beside O.B.C. BANK, BAGH CHHINGAMAL, AGRA GATE FIROZABAD-283203
CONTACT US:-8439065717, 9897222333 Email: sarvodayaclasses01@gmail.com YouTube :- SGE_Virtual ]
Creditors 17,000 Cash 6,000
General Reserve 4,000 Debtors 15,000
Workmen Compensation Fund 9,000 Investment 20,000
Investment Fluctuation Fund 11,000 Plant 14,000
Provision for Bad Debts 2,000 Land and Building 38,000
Capital A/cs: Aprajita 30,000
Khushi 20,000 50,000
93,000 93,000
th
On the above date Priya was admitted for 1/4 share in the profits of the firm on the
following terms:
I. Priya will bring Rs.20,000 for her capital and Rs.4,000 for her share of goodwill
premium.
II. All debtors were considered good.
III. The market value of investments was Rs.15,000.
IV. There was a liability of Rs.6,000 for Workmen Compensation.
V. Capital Accounts of Aprajita and Khushi are to be adjusted on the basis of Priya’s
capital by opening Current Accounts.
Prepare Revolution Accounts and Partner’s Capital Accounts.
5. Parth and Shivika were partners in a firm sharing profits in the ratio 3:2. The
Balance Sheet of the firm on 31st March, 2004 was is follows:
Sundry Creditors 80,000 Bank 1,72,000
Shivika’s Sister’s Loan 20,000 Debtors 27,000
Capital A/cs: Stock 50,000
Parth 1,75,000 Furniture 2,20,000
Shivika 1,94,000 3,69,000
4,69,000 4,69,000
On the above date, the firm was dissolved. The assets were realised and the
liabilities were paid off as follows:
I. 50% of the furniture was taken over by Parth at 20% less than book value.
The rest furniture was sold for Rs.1,05,000.
II. Debtors realised Rs.26,000.
III. Stock was taken over by Shivika for Rs.29,000.
IV. Shivika’s Sister’s Loan was paid off along with interest of Rs.2,000.
V. Expenses on realisation amounted to Rs.5,000.
Prepare Realisation Account, Partners’ Capital Accounts and Bank Account.
6. X,Y and Z are Partners in a firm. According to the Partnership Deed, the
partners are entitled to draw up to Rs.7,000 per month. On the 1 st day of every
month X,Y and Z drew Rs.7,000; Rs.6,000; and Rs.5,000; respectively.
Interest on capitals and interest on drawings are fixed @8% and 10%
respectively. Profit for the year ended 31st March, 2019 was rs.7,55,000 out of
which Rs.2,00,000 are to be transferred to General Reserve. Y and Z are to get
salary of Rs.30,000 and Rs.45,000 p.a. respectively and X is to receive
commission @ 10% on distributable profits after charging such commission.
On 1st April, 2018 balances of their Capital Accounts were Rs.4,00,000 and
Rs.3,50,000 respectively.
Prepare Profit & Loss Appropriation Accounts for the year ended 31 st March,
2019.
7. A and B are partners in a firm, sharing profits and losses equally. Their
Balance Sheet as at 31st March, 2017 was as follows:
Balance Sheet of A and B as at 31st March, 2017
Sundry Creditors 21,000 Cash at Bank 20,000
General Reserve 15,000 Sundry Debtors 22,000
Capital A/cs: Less: Provision for
A 45,000 Doubtful Debts (1,000) 21000
B 40,000 85,000 Stock 10,000
Plant & Machinery 60,000
Goodwill 10,000
1,21,000 1,21,000
C was to be taken as a partner for 1/4th share in the profits of the firm, with
effect from 1st April, 2017 on the following terms:
(a) Bad Debts amounting to Rs.1,500 to be written off.
(b) Stock to be taken over by A at Rs.12,000.
(c) Plant and Machinery to be valued at Rs.50,000.
(d) Goodwill of the firm to be valued at Rs.20,000.
(e) C to bring in Rs.50,000 as his capital. He was unable to bring in cash his
share of goodwill the old partners through his current accounts.
You are required to:
(i) Pass journal entries on the date of C’s admission.
(ii) Prepare the Capital Account and the Balance Sheet of the
reconstituted firm.
8. A and B are partners sharing profits in the ratio of A 3/6, B 2/6 and transfer to
reserve 1/6. Their balance Sheet as at 30th September, 2018 was as follows:
Employees Provident Fund 18,000 Goodwill 15,000
Reserve Fund 12,000 Plant 90,000
Sundry Creditors 10,000 Patents 4,400
Profit & Loss A/c 24,000 Stock 30,000
Capital Investments 20,000
A 80,000 Debtors 20,000
B 40,000 1,20,000 Less: Provision 400 19,600
Cash 5,000
1,84,000 1,84,000
B retires on 1st October, 2018. The term were:
(i) Goodwill is to be valued at Rs.50,000.
(ii) Value of patents is to be increased by Rs.3,000 but plant was found over-
valued by Rs.15,000.
(iii) Provision for doubtful debts should be 5% on Debtors and provision for
discount should also be made on Debtors and Creditors at 3%.
(iv) Out of insurance which was entirely debited to profit & Loss Account
Rs.870 be carried forward as unexpired insurance.
(v) Investments were re valued at Rs.16,000. Half of these investments were
taken over by B.
(vi) There is a calm for Workmen’s Compensation to the extent of Rs.5,000.
B was paid off in full. A borrowed the necessary money from the bank on the
security of plant and stock to pay off B.
Prepare Revaluation Account, Capital Accounts and the Balance Sheet of A.
9. A, B and C were partners sharing profit in ratio of 4:3:2 respectively. Their

Balance as at 31st March , 2014 was as follows:
Capital A/cs: Cash 10,000
A 5,00,000 Bank 40,000
B 3,00,000 Stock 2,00,000
C 1,50,000 9,50,000 Debtors 4,00,000
Creditors 1,45,000 Land 5,00,000
Workmen’s Compensation Reserve 40,000
Provision for doubtful debts
15,000
11,50,000 11,50,000
B died on 12th June, 2014 and it was agreed that A and C will share future
profits in the ratio of 5:4. The following was agreed upon:
(i) Goodwill is to be valued at 2.5 year’s purchase of average profits of last
three years. The average profits were Rs.1,80,000.
(ii) B’s Share of profit till the date of his death will be calculated on the basis
of average profits of last three years.
(iii) Land was undervalued by Rs.1,20,000 and stock overvalued by
Rs.43,000.
(iv) Provision for doubtful debts is to be made at 5% of Debtors.
(v) Claim of workmen compensation was estimated at Rs.10,000.
Prepare B’s capital account to be presented to his executors.
10. A, B and C are partners in a firm. Their fixed capitals were Rs.3,00,000
Rs.2,00,000 and Rs.2,00,000 respectively. According to the partnership deed
they were entitled to interest on capital @ 5% p.a. In addition B was also
entitled to draw a salary of Rs.5,000 per month. C was entitled to a
commission of 10% on the profits after charging interest on capital but before
charging salary payable to B. The net profit for the year was Rs.2,10,000,
distributed in the ratio of their capitals without providing for any of the above
adjustments. The remaining profits were to be shared in the ratio 2:2:1, Pass
the necessary adjustment entry showing the working clearly.
11. Jain and Gupta were partners sharing profits in the ratio of 3:2. Their Balance
Sheet on 31st March, was as follows:
Jain’s Capital 70,000 Building 70,000
Gupta’s Capital 60,000 Plant 40,000
Reserve 15,000 Motor Vehicles 20,000
Bank Overdraft 17,000 Stock 20,000
Bills Payable 3,000 Debtors 20,500
Creditors 20,000 Less: Provision for Bad Debts 300 20,200
Cash 14,800
1,85,000 1,85,000
They agreed to admit Mishra for 1/4th Share from from 1st April, 2017 subject
to the following terms:
Mishra is bring capital equal to 1/4th of the total capital of jain and Gupta after
all adjustments included premium for goodwill. Building to be appreciated by
Rs .14,000 and stock to be depreciated by Rs.6000. Provision for Bad debts on

debtors to be raised to Rs.1,000. A provision be made for Rs.1,800 for

outstanding legal charges. Mishra’s Share of goodwill/premium was calculated
as Rs.10,000.
Prepare Revolution Accounts, Partner’s Capital Accounts and the balance
Sheet of the new firm on Mishra’s admission.
12. The following is the Balance Sheet of A and B 31st March, 2017.
A’s Capital 10,000 Building 15,000
B’s Capital 10,000 Plant 20,000
General Reserve 10,000 Goodwill 4,000
Mrs. A’s Laon 5,000 Investments 10,000
Mrs. B’s Laon 10,000 Stock in trade 5,000
Sundry Creditors 30,000 Debtors 20,000
Bills Payable 8,000 Less: Provision 2,000 18,000
Investment fluctuation reserve 1,000 Cash at Bank 8,000
Cash in Hand 500
3,500
84,000 84,000
The firm was dissolved on 31st March, 2017 on the following terms:
(a) A promised to pay off Mrs. A’s Loan and took away stock-in-trade at
Rs.4,000.
(b) B took away half the investment at 10% discount.
(c) Debtors realised Rs.19,000.
(d) Creditors and bills payable were due, on an average basis, one month
after 31st March, but they were paid immediately on 31st March, @ 6%
discount per annum.
(e) Plant realised Rs.25,000, Building Rs.40,000, Goodwill Rs.6,000 and
remaining investments at Rs.4,500.
(f) There was an old typewriter in the firm which had been written off
completely from the books. It was now estimated to realise Rs.300. It
was taken away by B at this estimated price.
(g) Realisation expenses were Rs.1,000.
You are required to give necessary ledger accounts.
“Failure is the opportunity to begin again more intelligently.”
Saurav Sir Sarvodaya 9634323477


12th Accounts Partnership Test 15 Sept

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SARVODAYA GROUP OF EDUCATION

Each Question (5) Marks:-

9. A, B and C were partners sharing profit in ratio of 4:3:2 respectively. Their

Rs .14,000 and stock to be depreciated by Rs.6000. Provision for Bad debts on

[ADDRESS: Beside O.B.C. BANK, BAGH CHHINGAMAL, AGRA GATE FIROZABAD-283203

[ADDRESS: Beside O.B.C. BANK, BAGH CHHINGAMAL, AGRA GATE FIROZABAD-283203

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