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cbse 12th Standard Accountancy Reconstitution of a Partnership Firm - Retirement - Death of a Partner Important Questions And Answers Study Material - QB365 Set A

Published on: 25/10/2025

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cbse 12th Standard Accountancy Reconstitution of a Partnership Firm - Retirement - Death of a Partner Important Questions And Answers Study Material - QB365

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Std: 12th Standard CBSE - Accountancy

chapter: Reconstitution of a Partnership Firm - Retirement - Death of a Partner - Important Questions And Answers

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Questions:

Generic 3

4 x 3 = 12

If partner's loan appears on the liabilities side of the balance sheet of the firm and the capital account of such partner shows a debit balance, how will you deal with such a loan?

Inspiring Minds Ltd provides the following information. Calculate cash from financing activities.

Particulars	31st March.2015 Amt (RS)	31st March, 2014 Amt (RS)
Equity Share Capital	30,00,000	20,00,000
10% Debentures	-	2,00,000
8% Debentures	4,00,000	-

Additional Information
(i) Interest paid on debentures RS. 20,000
(ii) Dividend paid RS. 1,00,000
(iii) During the year 2014 - 2015, Inspiring Minds Ltd issued bonus shares in the ratio of 2 : 1 by capitalizing reserve.
Write the values shown by the company in issuing bonus shares.

State the ratio in which the partners share all the accumulated profits, losses and fictitious assets at the time of retirement of a partner.

A, B and C wer partners in a firm sharing profits in 2 : 3 : 5 ratio. A was guaranteed a minimum profit of Rs. 1,00,000. Any deficiency on this account was to be borne by C. The net profit of the firm for the year ended 31.3.2006 was Rs. 4,50,000. Prepare Profit and Loss Appropriation Account of A, B and C for the year ended 31.3.2006.

Fill up / 1 Marks

3 x 1 = 3

Current ratio of a firm is 2:1. State whether Purchase of goods for cash‖ will improve, decrease or will not have any change in the ratio

SSS Ltd., has a paid up share capital of Rs.60,00,000 and a balance of Rs.15,00,000 in the Securities Premium Account. The company management do not want to carry over this balance. State the purposes for which this balance can be utilised.

State the ratio in which the partners share the accumulated profits when there is a change in the profit sharing ratio amongest existing partners.

1 Marks

1 x 1 = 1

State any two deductions that may have to be made from the amount payable to the legal representative of a deceased partner.

Generic 6

8 x 6 = 48

From the following extract of Receipt and Payment Account and the additional information, compute the amount of income from subscriptions and show as how they would appear in the Income and Expenditure Account for the year ending March 31, 2015 and the Balance Sheet.

Receipt and Payment Account for the year ending March 31, 2015

Receipts	Amount (Rs.)	Amount (Rs.)
Subscriptions:
2013-14	7,000
2014-15	30,000
2015-16	5,000	42,000

Additional Information: Rs.
1. Subscriptions outstanding March 31, 2014 8,500
2. Total Subscriptions outstanding March 31, 2015 18,500
3. Subscriptions received in advance 4,000 as on March 31, 2014.

10.

R, S and T are partners in a firm sharing profits in the ratio of 2:1:1 respectively.Firm closes its accounts on 31st March every year.S died on 30th September, 2015.There was a balance of Rs.1,25,000 in capital account in the beginning of the year.In the event of death of any partner, the partnership deed provides for the following
(i)Interest on capital will be calculated at the rate of 6% per annum.
(ii)The executor deceased partner shall be paid Rs.24,000 for his share of goodwill.
(iii)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 2014-15 were Rs.4,00,000.The sales from 1st April, 2015 to 30th Sptember, 2015 were Rs.1,20,000.The profit of the firm for the year ending 31st March, 2015 was Rs.2,00,000
Prepare capital account to be presented to his executor.

11.

Calculate revenue from operations, other income and total revenue of a financial company from the following information.Interest received on loans disbursed Rs 10,20,000, dividend received on investment in equity Rs 1,80,000, profit on sale of assets of business Rs 2,00,000, other incomes Rs 10,000.

12.

Ayyan Ltd issued 85,000, 12% preference shares Rs 100 each at a premium of Rs 20 per share, payable
(i) Rs 30 on application
(ii) Rs 40 on allotment (including premium)
(iii) Rs 30 on first call
(iv) Rs 20 on second and final call
The company received applications for 1,00,000 shares and the directors approved the following schemes of allotment.
(i) Applicants for 20,000 shares were allotted in full.
(ii) Applicants for 50,000 shares were allotted 50% of the shares applied.
(iii) Applicants for 30,000 shares were allotted \({83}^\frac{1}{2}\) % of the shares applied.
Pass the necessary journal entries

13.

P and Q who share profits in the ratio of 3:2 had capitals of RS.4,00,000 and RS.3,00,000 respectively. They agree to admit R into partnership from 1st April, 2015 on the following terms in return for 1/3rd share in future profits.
(i) That R should bring in RS.4,00,000 as capital.
(ii) That as R is unable to bring in his share of goodwill in cash, goodwill of the firm is valued at RS.3,00,000.

14.

Rajeev,Sanjay and Mohit are partners sharing profits and losses in the ratio of 2:3:5 On 1st April,2015,they decide to change their ratio to 3:3:4 as Rajeev contributes more time to the business

15.

X and Y are partners doing a dry cleaning business in Agra, Sharing profits in the ratio 2:1 with capital of Rs.5,00,000 and Rs.4,00,000 respectively. X withdrew the following amounts during the year to pay the hostel expenses of her son.

1st April	Rs.10,000
1st June	Rs.9,000
1st November	Rs.14,000
1st December	Rs.5,000

y withdrew Rs.15,000 on the first day of April, July, October and January to pay rent for the accommodation of his family.He also paid Rs.20,000 per month as rent for the office of partnership which was in a nearby shopping complex.Calculate interest on drawings @ 6% per annum.

16.

List any two items of operating activities, that are typical of and pertaining to Tyre Industry.

Generic 8

5 x 8 = 40

17.

Infinity Ltd issued 30,000,10% debentures of Rs.100 each at 6% discount, redeemable at par after 5 years on 1st April, 2014. Issue was fully subscribed. According to the terms of issue, interest is payable on quarterly basis. Interest for the quarter ending 31st March, 2015 was paid on 31st March, 2015.
You are required to pass journal entries for issue of debentures and interest.

18.

From the following trial balance of Aryaman Ltd for the year ended 31st March 2015, prepare statement of profit and loss as per Part II of Schedule III of the Companies Act, 2013.

Particulars	Debit Balance(Rs)	Credit Balance(Rs)
Share capital		20,00,000
Securities Premium Reserve		5,00,000
9% Debentures		10,00,000
Bank overdraft		4,00,000
Proposed Dividend		2,00,000
Provision for tax		3,00,000
Fixed Assets	35,00,000
Investments	9,00,000
Sale		85,00,000
Sale of Scrap		1,00,000
Dividend on Investment		15,000
Openings Inventory of Materials	3,00,000
Purchase of Materials	42,00,000
Opening Inventory of Work-in-prodress	1,50,000
Opening Inventory of Finished Goods	2,50,000
Wages	12,00,000
Salaries	14,40,000
Staff Welfare	1,20,000
Interest on debentures	1,00,000
Interest on Bank loans	40,000
Depreciation	3,00,000
Carriage Inwards	42,000
Audit Fee	85,000
Advertisement Expenses	1,50,000
Telephone and Internet Expenses	48,000
Courier Expenses	24,000
Power and Electricity Expenses	60,000
Bank Charges	6,000
Administrative Expenses	60,000
Marketing and selling Expenses	40,000
Total	1,30,15,000	1,30,15,000

Additional information
Closing inventory: Materials Rs 2,50,000, work-in-progress Rs 1,30,000, finished goods Rs 2,80,000.Provide for tax @ 35%

19.

A and B Ltd offered to the public on 1st Apri; 2014, 2,00,00 equity shares and 2,40,000 preference shares of Rs10 each payable as under

	Equity Shares(Rs)	Preference Shares (Rs)
On appliaction	3	3
On allotment (1st May)	3	4
On first and final call(1st September)	4	3

Public applied for 2,40,000 equity shares and 90,000 preference shares. Applications for preference shares were accepted in full. Out of applications for equity shares, applications for 20,000 shares were rejected; applications for 1,70,000 shares accepted in full and 30,000 shares were allotted to the remaining applications.
All amounts were received except amount due on call on 2,000 equity shares and 1,000 preference shares. Pass entries in the cash book and journal.

20.

The current ratio of a company is 21:1.2. State with reasons which of the following transactions will increase, decrease or not change the ratio.
(i) Redeemed 9% debentures of Rs.1,00,000 at a premium of 10%.
(ii) Received from debtors Rs.17,000.
(iii)Issued Rs.2,00,000 equity shares to the vendors of machinery.
(iv) Accepted bills of exchange drawn by the creditors Rs.7,000.

21.

P,Q and R who are presently sharing profits and losses in the ratio of 5:3:2 decide to share future profits and losses in the ratio of 2:3:5 with effect from 1st April,2015.An extract of their balance sheet as at 31st March,2015 is as follows.
Balance Sheet (Extract)
as at 31st March,2015

Liabilities	Amt (Rs)	Assets	Amt (rs)
Sundry Creditors	6,00,000	Land and Building	5,00,000
Outstanding Rent	20,000	Plant and Machinery	2,00,000
		Stock	1,60,000
		Debtors 6,00,000 (-) Provision for Doubtful Debts (20,000)	5,80,000

It is decided that
(i) Land and building be valued at Rs 5,70,000.
(ii) Plant and machinery be depreciated by 15%
(iii) Stock is found overvalued by Rs 76,000
(iv) Provision for doubtful debts is to be made equal to 5% of the debtors.
(v)An item of Rs 60,000 included in sundry creditors is not likely to be claimed.
(vi)Rent of Rs 8,000 is still outstanding.
(vii) Out of the amount of insurance which was debited entirely to profit and loss account Rs 10,000 be carried forward as an unexpired insurance.
(viii)Out of total commission received,Rs 6,000 is to be treated as advance commission.This amount was earlier credited to profit and loss account.
(ix) An unaccounted accured income of Rs 2,000 be provided for.
(x) A debtor whose dues of rs 10,000 were written -off as bad debts paid 80% in full settlement.
Pass the necessary journal entries and prepare revaluation account.

Multiple Choice Question

2 x 1 = 2

22.

Good will is valued as two years purchase of the average profits of three previous years are Rs. 15000, the value of good-will be:

(a)

Rs. 15000

(b)

Rs. 30000

(c)

Rs. 20000

(d)

Rs. 50000

23.

When debentures are issued as secondary securities it is called

(a)

Issue for consideration other than cash

(b)

Issue as collateral securities

(c)

Issued at a discount

(d)

Issued at premium

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Answers Key:

Generic 3

4 x 3 = 12

When a partner's capital account shows a debit balance, his loan (to firm) account should be transferred to his capital account to the extent of debit balance and the balance, if any, in his loan account (to firm) should always be paid off separately.

Cash Flow from Financing Activities

Particulars	Amt (RS)
Cash Proceeds from the issue of 8% Debentures	4,00,000
Redemption of 10% Debentures	2,00,000
Interest Paid	20,000
Dividend Paid	1,00,000
Cash Flow from Financing Activities	80,000

Values shown by the company are:
(i) Sharing Company has shared its profits with the shareholders in the form of dividend and bonus shares.
(ii) Growth Company has worked towards growth by issuing bonus shares to shareholders and thus maximising their wealth.
Note: Bonus shares are not shown in the cash flow statement because there is no cash flow

At the time of retirement of a partner, all partners share accumulated reserves, profits and losses in their old profit sharing ratio.

Dr. C's Capital A/c and Cr. A's Capital A/c by Rs. 10,000; Share of profit : A Rs. 1,00,000; B Rs. 1,35,000 and C Rs. 2,15,000.

Fill up / 1 Marks

3 x 1 = 3

()
It will not change the ratio as stock increases and cash decreases.

()
(i) To issue fully paid up bonus shares to the existing share holders.

(ii) To write off preliminary expenses of the company.

(iii) To buy-back its own shares.

()
Old profit sharing ratio.

1 Marks

1 x 1 = 1

()
(i) Share of accumulated losses
(ii) Drawings upto death etc.

Generic 6

8 x 6 = 48

Income and Expenditure Account for the year ending on March 31, 2015
Expenditure	Amount (Rs.)	Income	Amount (Rs.)
		Subscriptions	30,000
		Received for 2014-15
		Add: Outstanding for 2014-15	17,000
		Add: Received in advance for 2014-15	4,000

			51,000

Balance Sheet (Relevant Data) as on March 31, 2015
Liabilities	Amount (Rs.)	Assets	Amount (Rs.)	Amount (Rs.)
Subscription Received in Advance for 2014-15		Subscription Outstanding:
		2013-14	1,500
	5,000	2014-15	1,7000	18,500

10.

Transferred to S's executor's account=Rs.1,79,750
Share of S's in current year's profit=Rs.15,000

11.

Revenue from operations = Rs 12,00,000 ;
Other income = Rs 2,10,000;
Total revenue = Rs 14,10,000.

12.

Amount to be received at the time of allotment = Rs 29,50.000

13.

Debit R's capital with RS.1,00,000 and credit P and Q's capitals RS.60,000 and 40,000 respectively.

14.

At that date,goodwill appears in the books at Rs 1,25,000 pass necessary journal entries ,showing adjustment of goodwill ,if goodwill is valued at Rs 2,00,000 Also identify the value communicated by the firm.

15.

interest on Drawings: X = Rs.1,500; Y = Rs.2,250

16.

For Tyre Industry, operating activities will be (i) purchase of raw material, payment of wages, salaries and other manufacturing expenses like power, oil, factory rent etc. and (ii) sale of finished goods.

Generic 8

5 x 8 = 40

17.

JOURNAL

Date	Particular		LF	Amt(Dr)	Amt(Cr)
2014
Apr 1	Bank A/c(30,000X94)	Dr		28,20,000
	To Debenture Application and Allotment A/c				28,20,000
	(Being the application money received on 30,000, 10% debentures @ Rs.94)
	Debenture Application and Allotment A/c	Dr		28,20,000
	Discount on Issue of Debentures A/c	Dr		1,80,000
	To 10% Debentures A/c				30,00,000
	(Being the debentures allotted to applicants, discount of be written-off @6%)
Jun 30	Debenture Interest Ale [(30,00,000 x 10%)\(\div \)4]	Dr		75,000
	To Debentureholders' A/c				75,000
	(Being the interest on 10% debentures for the quarter ended 30th June, 2014 payable @ 10% on 30,00,000)
	Debentureholders' A/c			75,000
	To Bank A/c				75,000
	(Being the interest payable for quarter ended 30th June, 2014)
Sep 30	Debenture Interest A/c	Dr	75,000
	To Debentureholders' A/c				75,000
	(Being the interest due for the quarter ended 30th September, 2014)
	Debentureholders' A/c			75,000
	To Bank A/c				75,000
	(Being the interest paid for quarter ended 30th September, 2014)
Dec 31	Debenture Interest A/c	Dr		75,000
	To Debentureholders'A/c				75,000
	(Being the interest due 'for the quarter ended 31st December, 2014)
	Debentureholders' A/c	Dr		75,000
	To Bank A/c				75,000
	(Being the Interest paid for the quarter ended 31st December, 2014)
2015
Mar 31	Debenture Interest A/c	Dr		75,000
	To Debentureholders' A/c				75,000
	(Being the interest due for the quarter ended 31st March, 2015)
	Debentureholders' A/c	Dr		75,000
	To Bank A/c				75,000
	(Being the interest paid for the quarter ended 31st March, 2015)
Mar 31	Statement of Profit and Loss	Dr		3,00,000
	To Debenture Interest A/c				3,00,000
	(Being interest on debentures charged to current year's profit)

18.

Particulars	Note No.	31st March, 2015 s)
I.Revenue from operations	1	86,00,000
II. Other Income	2	15,000
III.Total Revenue(I+II)		86,15,000
IV.Expenses
Cost of Materials consumed	3	42,50,000
Changes in Inventories of Finished Goods and Work- in-progress	4	(10,000)
Employees Benefit Expenses	5	27,60,000
Finance Costs	6	1,40,000
Depreciation and Amortisation Expenses		3,00,000
Other Expenses	7	5,15,000
Total Expenses		79,55,000
V.Profit before Tax(III-IV)		6,60,000
VI.(-) Tax		(2,31,000)
VII.Profit or Loss for the Period(V-VI)		4,29,00

Particulars		31st March 2015(Rs)
1.Revenue from Operations
Sale		85,00,000
Sale of Scrap		1,00,000
		86,00,000
2.Other Income
Divident		15,000
3.Cost of Materials Consumed
Opening Inventory of Materials		3,00,000
(+) Purchase of Materials		42,00,000
		45,00,000
(-) Closing Inventory of Materials		(2,50,000)
		42,50,000
4.Changes in Inventories of Finished Goods and Work-in-progress
(i) Finished Goods
Opening Inventory	2,50,000
(-) Closing Inventory	(2,80,000)	(30,000)
(ii)Work-in-progress
Opening Inventory	1,50,000
(-) Closing Inventory	(1,30,000)	20,000
Total(i+ii)		(10,000)
5.Employees Benefit Expenses
Wages		12,00,000
Salaries		14,40,000
Staff Welfare		1,20,000
		27,60,000
6.Finance Costs
Interest on Debentures		1,00,000
Interest on Bank loans		40,000
		1,40,000
7.Other Expenses
Carriage Inwards		42,000
Audit Fee		85,000
Advertisement Expenses		1,50,000
Telephone and Internet Expenses		48,000
Courier Expenses		24,000
Power and Electricity Expenses		60,000
Bank charges		6,000
Administrative Expenses		60,000
Marketing and Selling Expenses		40,000
		5,15,000

19.

Cash Book(Bank Column only)

Date	Particulars	Amt(Rs)	Date	Particulars	Amt(Rs)
2014 Apr 1	To Equity Share Application A/c	7,20,000	2014 Apr1	By Equity Share Application A/c (Refunded on 20,000 shares @ Rs3)	60,000
	(Rs 3 on 2,40,000 shares)		Sep 1	By Balnace c/d	28,89,000
Apr 1	To Preference Share Application A/c	2,70,000
	(Rs 3 on 90,000 Shares)
May 1	To Equity Share Allotment A/c	5,40,000
	(Rs 6,00,000 - Rs 60,000)
May 1	To Preference Share Allotment A/c	3,60,000
	(Rs 4 on 90,000 shares)
Sep 1	To Equity Share First and Final Call A/c	7,92,000
	(Rs 8,00,000 - Rs 8,000)
Sep 1	To Preference Share First and Final Call A/c (Rs 2,70,000 - Rs 3,000)	2,67,000
		29,49,000			29,49,000
Sep 1	To Ballnce b/d	28,89,000

JOURNAL

Date	Particulars		Amt(Dr)	Amt(Cr)
2014 Apr 1	Equity Share Application A.c	Dr	60,00,000
	to Equity Share Capital A/c \((2,00,000\times3)\)			6,00,000
	(Being the application money on 20,00,000 equity shares transferred to equity share capital account )
Apr 1	Preference Share Capital A/c	Dr	2,70,000
	To Preference Share Capital A/c \((90,000\times3)\)			2,70,000
	(Being the application money on 90,000 preference shares transferred to preference share capital account)
Apr 1	Equity Share Allotment A/c	Dr	60,000
	To Equity Share Allotment A/c \((20,000\times3)\)			60,000
	(Being the surplus application money on partially accepted applications transferred to equity share allotment account)
May 1	Equity Share Allotment A.c	Dr	60,00,000
	To Equity Share Capital A/c \((2,00,000\times3)\)			6,00,000
	(Being Rs3 per share due on 2,00,000 equity shares)
May 1	Preference Share Allotment A/c	Dr	3,60,000
	To Preference Share Capital A/c \((90,000\times4)\)			3,60,000
	(Being Rs4 per share due on 90,000 preference shares)
Sep 1	Equity Share First and Final Call A/c	Dr	8,00,000
	To Equity Share Capital A/c \((2,00,000\times4)\)			8,00,000
	(Being the amount due on 2,00,000 equity shares @ Rs 4 per share)
Sep 1	Preference Share First and Final Call A/c	Dr	2,70,000
	To Preference Share Capital A/c \((90,000\times3)\)			2,70,000
	(Being the amount due on 90,000 preference shares @ Rs 3 per share)

20.

Given that current ratio = 2.1 : 1.2
Let current assets = Rs.2,10,000
Current liabilities = Rs.1,20,000
(i) Due to redemption of Rs.1,00,000, 9% debentures at a premium of 10%.
Currant assets.will decrease by Rs.1,10,000.
ஃ New current assets = 2,10,000 - 1,10,000
=Rs.1,00,000
ஃ New current ratio =\(\frac { 1,00,000 }{ 1,20,000 } =0.83:1\)
Current ratio will decrease.
(ii) Received from debtors ~ 17,000.
It will not change the current assets and current liabilities.
ஃ The current ratio will not change.
(iii) Issued Rs.2,00,000 equity shares to the vendors of machinery. Current assets and current liabilities will not change and thus, there will be no change in current ratio.
(iv) Accepted bills of exchange drawn by the creditors Rs.7,000.
It will not change the value of current assets and current liabilities and thus current ratio will not change.

21.

Journal

Date	Particulars		Amt(dr)	Amt(Cr)
2015
Apr 1	Land and Building A/c	Dr	70,000
	To Revaluation A/c (Being the increase in value of land and building recorded)			70,000
	Revaluation A/c	Dr	30,000
	To plant and Machinery A/c (Being the decrease in value of plant and machinery recorded)			30,000
	Revaluation A/c	Dr	76,000
	To stock A/c (Being the decrease in value of stock recorded)			76,000
	Revaluation A/c (Rs 30,000) - Rs 20,000	Dr	10,000
	To provision for Doubtful Debts A/c (Being the short provision now created)			10,000
	Sundry Creditors	Dr	60,000
	To Revaluation A/c (Being the decrease in the amount of creditors recorded)			60,000
	Revaluation A/c	Dr	8,000
	To Outstanding Rent A/c (Being the outstanding rent recorded)			8,000
	Prepaid Insurance	Dr	10,000
	To Revaluation A/c (Being the prepaid insurance recorded)			10,000
	Revaluation A/c	Dr	6,000
	To Commission Received in Advance A/c (Being the commission received in advance recorded)			6,000
	Accured Income A/c	Dr	2,000
	To Revaluation A/c (Being the accrued income recorded)			2,000
	Bad Debts Recovered A/c	Dr	8,000
	To Revaluation A/c			8,000
	Revaluation A/c	Dr	20,000
	To P'S Capital A/c			10,000
	To Q's capital A/c			6,000
	To R's Capital A/c (Being the transfer of profit on revaluation to old partner's capital accounts in their old profit sharing ratio)			4,00

Revaluation Account
Dr Cr

Particulars	Amt(Rs)	Particulars	Amt (rs)
To Plant and Machinery A/c	30,000	By Land and Building A/c	70,000
To Stock A/c	76,000	By Sundry Creditors	60,000
To Provision Received in Advance A/c	10,000	By Prepaid Insurance A/c	10,000
To Outstanding Rent A/c	8,000	By Accrued Income A/c	2,000
To Profit on Revaluation Transferred to P's Capital A/c 10,000
Q's Capital A/c 6,000
R's Capital 4,000	20,000
	1,50,000		1,50,000