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12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 5 Mark Questions with Solution Part - II

12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Creative 5 Mark Questions with Solution Part - II

12th Standard

    Reg.No. :
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Accountancy

Time : 00:30:00 Hrs
Total Marks : 25
    5 x 5 = 25

  1. Sun, Moon and Jupiter are partners sharing profits and losses in the ratio of 5:3:2. Jupiter retires and the share is taken by Sun and Moon in the ratio of 3:2. Find out the new profit sharing ratio and gaining ratio

  2. Priya, Latha, and Kalai are partners sharing profits and losses in the ratio of 3:2:1 respectively. Priya died on 31st December, 2018 Final amount due to her showed a credit balance of Rs.1,20,000. Pass journal entries if
    (a) The amount due is paid off immediately,·
    (b) The amount due is not paid immediately,
    (c) Rs.80,000 is paid and the balance in future.

  3. Thangamuthu, Anaimuthu and Vairamuthu are partners sharing profit and loss in the ratio of 3:3:2.
    Thangamuthu wanted to retire on 1st June 2018, the firms books showed a general reserve of Rs.40,000. Pass entry.

  4. Selvam, Saravanan and Santhosh were partners of a firm sharing profits and losses in the ratio of 3: 2 : 1. Set out below was their balance sheet as on 31't December 2018.

    Liabilities Rs. Rs. Assets Rs.
    Bills payable   15,000 Cash in hand 3,000
    Sundry creditors   25,000 Cash at bank 35,000
    Capital Accounts     Bill receivable 11,000
    Selvam 80,000   Book debts 18,000
    Sarvanan 50,000   Stock 36,000
    Santhosh 40,000 1,70,000 Furniture 7,000
    Profit and Loss A/c   30,000 Plant & Machinery 50,000
          Buildings 80,000
        2,40,000   2,40,000

    Selvam retired from the partnership on 1st January 2019 on the following terms:
    (i) Goodwill of the firm was to be valued at Rs.30,000
    (ii) Assets are to be valued as under stock Rs.30,000 plant and machinery Rs.40,000; Buildings Rs.1,00,000
    (iii) A provision for doubtful debts be created at Rs.1,000
    (iv) Rs.21,500 was to be paid to Selvam immediately and the balance was transferred to his loan account.
    Show revaluation account, capital accounts, bank account and the balance sheet of the reconstituted Partnership.

  5. Shankar, Saleem and Pandian are partners, sharing profits in the ratio of 3:2:1. Their balance sheet as an  31st December 2018 is as under

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