Class-12th COMMERCE

UNIT TEST II (JULY-2017)

SUBJECT ACCOUNTANCY (055)

SET A

TIME: 1hour M.M-25

Q:1 Why are Reserves &Surplus disturbed at the time of reconstitution of firm? 1

Q:2 What is Gaining Ratio? 1

Q:3 Ankit and Nomit are parents in a film sharing profits & losses in the ratio of 3:2.They decided to
share future profits equally. On the date of change in profit sharing ratio, the profit & loss account
showed a debit balance of Rs. 10000 and general reserve of Rs.40000. record necessary journal
entries for the distribution of the balance in the profit & loss account & general reserve before the
change in PSR. 3

Q:4 A and B are partners sharing profits & losses in the ratio of 3:2 they admit C into the firm for
1/4th share in profit which he takes 1/6th from A and 1/2th from B. C brings only 60% of his share of
firms goodwill. Goodwill of the firm was valued at Rs.10000. Pass necessary journal entries. 3

Q:5(A) Rakesh and Suresh are sharing profit in the ratio of 4:3. Zaheer joins and the new ratio among
Rakesh, Suresh and Zaheer is 7:4:3, Find out sacrificing ratio.

(B) R and S are partners sharing profits in the ratio of 5:3. T joins the firm as a new partner. R GIVES
1/4th of his share and S gives 1/5th of his share to the new partner. Calculate new profit sharing ratio.

(1*2=3)
Q: 6 Brijesh, Charu and Dilip are partners sharing profits & losses in the ratio of 3:2:1. Their balance
sheet as at 31th March 2016 was as follows:

LIABILITES RUPEES ASSETS RUPEES

Creditors 87000 Cash 30,000
Debtors 62,000
Reserves 42,000 60,000

Profit & Loss Less: Provision for 2,000

Doubtful debit
(profit) 21,000

Capital A/Cs 6,50,000 Stock 1,80,000

Furniture 30,000
Brijesh 3,00,000 Plant 2,00,000
Building 3,00,000
Charu 3,00,000

Dilip 50,000

8,00,000 8,00,000

Partners agreed that from 1st aprial2016, they will share profits & losses in the ratio of 4:4:1. They
agreed that:

A. Value of stock is to be reduced by 20%

B. Furniture is to be depreciated by 20%&plant by 15%
C. Rs.3500 are outstanding for salaries.
D. Building is to be valued at Rs 3, 50,000.
E. Provision for doubtful debts to be increased by Rs.1500.
F. Goodwill is valued at Rs.45000.

Partners do not want to record the altered values of assets &liabilities in the books & do not want
to disturb the reserves & profits. You are required to pass single journal entry to give effect to above
and prepare partners capital A/Cs. (6)
Q.7 X and Y are partners sharing profits and losses equally. The balanced sheet as on 31st

March 2017 is given below.

LIABILITIES RUPEES ASSETS RUPEES

Capital A/Cs 2,50,000 Land & Building 1,50,000

X 1,50,000 Plant & Machinery 1,00,000
Y 1,00,000 Furniture & fittings 25000
Current A/C Stock 75,000
X 40,000 70,000 Debtors 75,000 70,000
Y 30,000 Less provision for
Creditors 1,30,000 d/d 5,000
Bills payable 50,000 Bills receivables 30,000
Bank 50,000

5,00,000 5,00,000

Z is admitted as a new partner 1/4th share under the following terms:

(A) Z is to introduce Rs 1, 25,000 as capital.

(B) Goodwill of the firm was valued at nil.

(C) It is found that the creditors include a sum of Rs. 75, 00 which was not to be paid. But it

was also found that there was a liability for compensation to workmen amounting to Rs.

10,000.

(D) Provision on doubtful debts is to be created @10% on debtors.

(E) In regard to partners capital Account's present fixed capital method to convert into fluctuating
capital method.

(E) Bills of Rs. 20,000 accepted from the creditors were not recorded in books.

(F) X provide Rs. 50,000 loan to business carrying interest @ 10% p.a.

You are required to prepare a revaluation account, Partners capital account, Bank account & the
balance sheet of the firm. (8)