KENDRIYA VIDYALAYA CME PUNE – 31
AUGUST MONTHLY TEST 2011
CLASS XII B
SUBJECT: ACCOUNTANCY
MARKS: 30
Q.1 A, B and C are partners sharing profits and losses in the ratio 2:1:3. A retires and give her share to B. What is the gaining share of C? (1 M)
Q.2 Name the new account opened for transferring the amount due to deceased partner. (1 M)
Q.3 Which liabilities are transferred to Realistion account? (1 M)
Q.4 A, B and C are partners sharing profits in the ratio of 6:4:5. Their capitals were A- Rs 1 lakh B- Rs 80000 and C- Rs 60000. On 1st April 2009 B retired from the firm and the new profit sharing ratio between A and C was decided as 11:4. On B’s retirement the goodwill of the firm was valued at Rs 180000. Show your calculations clearly and pass journal entry for the treatment of goodwill on B’s retirement. (3 M)
Q.5 A, B and C are partners in a firm whose books are closed on 31st March every year. A died on 30th June2009 and according to the agreement the share of profits of a deceased partner upto the date of the death is to be calculated on the basis of last 5 years profit which was as follows Rs 14000, Rs 18000, Rs 16000, Rs 10000(loss) and Rs 16000. Calculate A’s share of the profits upto the date of death and pass journal entry. (4 M)
Q.6 X and Y are partners in the firm who decided to dissolve the firm. Assets and Liabilities are transferred to Realisation account. Pass the necessary journal entry. (4 M)
a. Creditors were Rs 100000. They accepted building valued Rs 140000 and paid cash to the firm Rs 40000.
b. Aman as old customer whose account of Rs 1000 was written off as bad in the previous year paid 40% of the amount due.
c. There were 300 shares of Rs 10 each of ABC Ltd which were acquired for Rs 2000 were now valued at Rs 6 each. These were taken over by the partners in the profit sharing ratio.
d. Profit on realization Rs 42000 was divided among the partners.
Q.7 The following is the balance sheet of A, B and C who were sharing profits and losses int eh ratio of 2:1:1 as at 31st December 2010.
Balance Sheet
| LIABILITIES | AMOUNT | ASSETS | AMOUNT |
| A CAPITAL | 16000 | GOODWILL | 8000 |
| B CAPITAL | 12000 | STOCK | 8000 |
| C CAPITAL | 12000 | PLANT AND MACHINERY | 24000 |
| GENERAL RESERVE | 8000 | DEBTORS | 10000 |
| CREDITORS | 12000 | CASH | 10000 |
| TOTAL | 60000 | TOTAL | 60000 |
Adjustment:
On this date B retired and it was agreed
a. Stock is to be reduced to 90%
b. Provision for doubtful debt to be created on debtors at 5%
c. Creditors were valued at Rs 15000
d. A and C took over Plant and Machinery for Rs 18000 in their profit sharing ratio
e. No goodwill account is to remain in the books.
f. The capital of the new firm is to be fixed at Rs 9000 and it is to be distributed proportionately among A and C in their profit sharing ratio. Balance has to be withdrawn or introduced in cash. B was paid off immediately.
Prepare Realisation account, Partners capital account and Balance sheet after B’s retirement. (8 M)
Q.8 Following is the balance sheet of Karan and Sandeep who share profits and losses equally as on 31st March 2010.
Balance Sheet
| LIABILITIES | AMOUNT | ASSETS | AMOUNT |
| Karan Capital | 100000 | Bank | 40000 |
| Sandeep Captial | 50000 | Debtors | 25000 |
| Creditors | 30000 | Stock | 35000 |
| Reserve | 15000 | Machinery | 60000 |
| Bank Loan | 5000 | Furniture | 40000 |
| Total | 200000 | Total | 200000 |
The firm was dissolved on the above date
a. Karan agreed to take over 50% of the stock at 10% less on its book value, the remaining stock was sold at a profit of 15%. Furniture and machinery realized for Rs 30000 and 50000 respectively.
b. There was unrecorded investment which was sold for Rs 25000
c. Debtors realized Rs 31500 with interest and Rs 1200 was recovered for bad debts which was written off last year,
d. There was an outstanding bill for repairs which had to be paid Rs 2000.
Prepare necessary ledge account. (8 M)
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