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Published on: 30/05/2018
Download CBSE Class 12th Standard CBSE Accountancy question papers, sample papers, important questions, and previous year solved papers in PDF format. Get free study materials, NCERT solutions, and exam preparation resources for Class 12th Standard CBSE Accountancy
Questions + Answers key
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1.
| Liabilities | Rs | Assets | Rs |
|---|---|---|---|
| Capitals: | Cash | 14,000 | |
| Raman | 60,000 | stock | 30,000 |
| Ratan | 40,000 | Debtors | 22,000 |
| Rajan | 30,000 | Building | 40,000 |
| Creditors | 30,000 | Plant | 53,000 |
| Bills payable | 4,000 | Motor Van | 26,000 |
| General Reserve | 21,000 | ||
| 1,85,000 | 1,85,000 |
On the above date, raman retired and following were agreed:
(i) The assets and liabilities were valued as Stock Rs.24,000, Debtors Rs.21,000, Building Rs.45,200, Plant Rs.50,000 and creditors Rs.28,000.
(ii) Amount due to Raman will be transferred to Raman's Loan Account.
Prepare Revaluation Account and Raman's Capital Accounts.
2.
Kumar,Verma and Naresh were partners in a firm sharing profit and loss in the ratio of 3:2:2. On 23rd January, 2015, Verma died. Verma's share of profit till the date of his death was calculated Rs.2,350.
Pass necessary journal entry for the same in the books of the firm.
3.
A,T and R were partners in a firm sharing profits in the ratio of 5:6:7 respectively. State the ratio in which the goodwill of the firm amounting to Rs.16,00,000 will be adjusted in the capital accounts of A and T in case of R's death.
4.
Why heirs of a retiring/deceased partner are entitled to a share of goodwill of the firm ?
5.
What is the need for treatement of goodwill on the death of a partner ?
1.
Loss on Revaluation Rs.2,800, Balance of Raman's Capital A/c Rs.70,400 i.e., Rs.60,000 (Balance) + Rs.12,000 (Share in General Reserve ) + Rs.16,00 (Share of loss on Revaluation).
2.
( )
Dr. Profit and Loss suspense A/c, Cr. Verma's capital A/c by RS.2,350.
3.
( )
R's share of goodwill will adjusted to A and T in their gain ratio 5:6.
4.
( )
The retiring partner/heirs of deceased partner are entitled to his share of goodwill because the goodwill earned by the firm is result of efforts of all the existing partners in the past. As they will not be sharing future profits, it will be fair to compensate them for the same.
5.
( )
Since the deceased partner will not be sharing profits, therefore, goodwill is given to compensate him for the same.
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