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12th Standard Accountancy English Medium - Admission of a Partner 5 Mark Creative Question Paper and Answer Key 2022 - 2023

Published on: 01/09/2022

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Questions:

Generic 5

14 x 5 = 70

Geetha and Seetha were partners sharing profits and losses in the ratio of 2:1. Their balance sheet as at 31^st December 2004 stood as under.

Liabilities		Rs.	Assets	Rs.
Sundry Creditors		60,000	Bank	24,000
General Reserve		45,000	Land and Buildings	1,45,000
Profit & Loss A/c		60,000	Plant and Machinery	1,00,000
Capital accounts:			Stock	60,000
Geetha:	1,40,000		Sundry Debtors	56,000
Seetha:	80,000	2,20,000
		3,85,000		3,85,000

on the above date, they decided to admit Latha subjed to following items of revaluation.
(a) To appreciate land and buildings by 20 %.
(b) To depreciate plant and machinery by: 5% and stock by 10%.
(c) To create for Rs. 3,000 for a claim against the firm for damages.
Show revalual ion account and capital accounts of the firm after the adjustments.

Valluvan and Kamban were partners sharing profits and losses as 60% to valluvan and 40% to Kamban. Their Balance sheet as at 1st January, 2005 stood as under.

Liabilities		Rs.	Assets	Rs.
Sundry Creditors		96,000	Cash in Hand	4,000
Bills Payable		34,000	Sundry Debtors	56,000
Capital accounts:			Stock·	40,000
Valluvan	90,000		Plant & Machinery	80,000
Kamban	80,000	1,70,000	Land & Buildings	1,20,000
		3,00,000		3,00,000

The partners agreed to admit Elangovan into the firm Subject to revaluation of the following items.
(i) Stock was to be reduced by Rs. 4,000
(ii) Land and buildings were to be value at Rs. 1,60,000
(iii) A provision of 2 112% was to be created for ·doubtful debtors.
(iv) A liability of 2,600 for outstanding expense had been omitted to be recorded in the books.
Prepare the revaluation account, capital amount and the balance sheet after the above adjustment.

M and G were partners sharing profit and losses in the ratio of 3: 2. They decided to admit L into the partnership and reduce their assets and liabilities as under :
a) To bring in record investment of Rs. 2,000 which had not so tar been recorded in the books of the firm.
b) To depreciate stock, furniture, machinery by Rs. 3,000; Rs.1,000 and Rs. 5,000 respectively.
c) A provision foi outstanding liabilities was to be created for Rs. 4,000.
Give Journal entries and show the revaluation account.

Raman and Laxmanan were partners sharing profits and losses in the ratio of 4:3. In view of Velan's admission, the decided to revalue their assets and liabilities as indicated below :
a) To increase the value of buildings by Rs. 60,000
b) Provision for doubtful debts to be decreased by Rs. 800
c) To decrease machinery by Rs. 16,000,, furniture by Rs. 4,000 and stock by Rs. 12,000.
d) A provision for outstanding liabilities was to be created for Rs.800.Show the revaluation account.

Sridevi and Cynthia were partners sharing profit and losses in the ratio 3: 2. They decided to admit Fathima into the partnership and revalue their assets and liabilities as indicated here under:
a) To bring into record investment of Rs. 18,000 which had not so far been recorded in the books of the firm.
b) To depreciate stock, furniture and machinery by Rs. 18,000 ; Rs. 6,000 and Rs. 30,000 respectively.
c) To provide for workmen's compensation of Rs. 24,000 .

Set out below is the balance sheet of Narayanan and Perumal sharing profits and losses equality as at-1^st - April 2005.

Liabilities		Rs.	Assets		Rs.
Sundry Creditors		24,000	Cash in Hand		2,000
Capital Account			Cash at Bank		19,000
Narayanan:	60,000		Sundry Debtors	2,000
Perumal	60,000	1,20,000	Less: provision for
			doubtful debts	1,000	11,000
			Furniture		8,000
			Buildings		80,000
			Stock		24,000
		1,44,000			1,44;000

On that date they admit Palani into the firm subject to the following terms of revaluation.
(a) Stock and furniture are to be reduced in value by 10%.
(b) Building are to be appreciated by Rs. 15,000.
(c) A provision for doubtful debts to be increased to Rs. 1,500.
Prepare the revaluation account, capital accounts and the balance sheet after the above adjustment.

A and Bare partners sharing ratio 3:1. Their balance sheet as under.

Liabilities		Rs.	Assets	Rs.
Capital A	80,000		Building1	1,00,000
B	40,000	1,20,000	Plant	25,000
General Reserve		40,000	Stock	40,000
Creditors		6'0,000	Debtors	70,000
Bills Payable		20,000	Cash	5,000
		2,40,000		2;40,000

'C' admitted into partner for 1/5 share.
(i) Building is Tevalued a Rs. 1,20,000
(ii) Plant is depreciated to 80%
(iii) Provision for Bad debt is made at 5%
(iv) Stock to revalued at Rs. 30,000
(v) 'C' introduve the capital Rs. 80,500.

M and S are partners sharing profit & losses 7:3. K admitted as new partner. M surrennders 1/7 of his profit in favour of K and S surrenders 1/3^rd of his share in favour K. calculate new profit sharing ratio and sacrificing ratio.3

M and G are partners sharing profit and losses ratio of 9 : 7. K is admitted as partner acquiies 3/16 of profit entirely from M. Calculate new profit sharing ratio and sacrificing ratio.

10.

Valluvan and Kamban were partners sharing profits and losses as 60% tovalluvan and 40% Kamban. Their balance sheet as at 1^st January, 2019 stood as under:

Liabilities	Rs.	Rs.	Assets	Rs.
Sundry creditors		96,000	Cash in hand	4,000
Bills payable		34,000	Sundry debtors	56,000
Capital Accounts:			Stock	40,000
Valluvan	90,000		Plant and machinery	80,000
Kamban	80,000	1,70,000	Land and Buildings	1,20,000
		3,00,000		3,00,000

The partners agreed to admit Elangovan into the firm subject to revaluation of the following items:
(i) Stock was to be reduced by Rs. 4,000
(ii) Land and Buildings were to be valued at Rs. 1,60,000
(iii) A provision of 2\(\frac{1}{2}\)% was to be created for doubtful debtors.
(iv) A liability of Rs.2,600 for outstanding expenses had been omitted to be recorded in the books
Prepare the Revaluation account, capital accounts and the Balance sheet after the above adjustment

11.

Kavitha and Radha are partners of a firm sharing profits and losses in the ratio of 4:3. They admit Deepa on 1.1.2019. On that date, their balance sheet showed debit balance of profit and loss account being accumulate loss
Rs. 1,40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

12.

Eswari and Ranikumari are partners sharing profits and losses in the ratio of 7:5. They agree to admit Chitra into partnership. Eswari surrenders \(\frac{1}{7}\) th of her share and Ranikumari \(\frac{1}{5}\) th of her share in the favour of Chitrao Calculate the New profit ratio and the sacrificing ratio.

13.

Kokila and Mala were sharing profits in the ratio of 4:3. Chandra was admitted in the business as a partner with \(\frac{3}{7}\)th share in the profits of the firm which she takes \(\frac{2}{7}\) th from Kokila and \(\frac{1}{7}\) th from Mala. Find out New profit Ratio and the sacrificing ratio.

14.

Sheela and Neela were sharing profits in the ratio of 4:3. Kamala was admitted with 1/5th share in profits of business. Calculated the New profit Ratio and the sacrificing ratio.

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Answers Key:

Generic 5

14 x 5 = 70

Dr Revaluation Accounts Cr

Particulars	Rs.	Rs.	Particulars	Rs.
To plant and machinery		5,000	By Land and Buildings	29,000
A/c
To Stock A/c		6,000
To· Provision for damage		3,000
To Profit transferred to
Geetha's Capital (2/3)	10,000
Seetha's Capital (113)	5,000	15,000
		29,000		29,000

Dr Captital Account Cr

Particulars	Geetha (Rs.)	Seetha (Rs.)	Latha (Rs.)	Particulars	Geetha (Rs.)	Seetha (Rs.)	Latha(Rs.)
				By Balance b/d	1,40,000	80,000	-
				By General	30,000	15,000	-
				Reserve A/c
				By P&L A/c	40,000	20,000	-
To Balance c/d	2,20,000	1,20,000		By Revaluation A/c	10,000	5,000	-
	2,20,000	1,20,000	-		2,20,000	1,20,000	-
				By Balance b/d	2,20,000	1,20,000	-

Revaluation profit Rs. 15,000; Balance sheet: Geetha Rs. 2,20,000 ; Seetha Rs. 1,20,000

Dr Revaluation account Cr.

Particulars	Rs.	Rs.	Particulars	Rs.
To Stock		4,000	By Land and	40,000
To Provision Bad &
Doubtful debts		1,400
To outstanding expenses		2,600
To profit transferred to
Valluvan's Capital A/c	19,200
Kamban's Capital A/c	12,800	32,000
		40,000		40,000

Dr Capital Accounts Cr

Particulars	Valluvan (Rs.)	Kamban (Rs.)	Particulars	Valluvan (Rs.)	Kamban (Rs.)	Elangovan (Rs.)
			By Balance b/d	90,000	80,000	-
To			By
Balance	1,09,200	92,800	Revaluation	19,200	12,800
c/d			A/c
	1,09,200	92,800		1,09,200	92,800
			By Balance b/d	1,09,200	92,800

Balance sheet of Mis Valluvan, Kamban and Elangovan as on 1st January 2005.

Liabilities	Rs.	Assets	Rs.	Rs.
Sundry Creditors	96,000	Cash in Hand		4,000
Bills Payable	34,000	Sundry Debtors	56,000
Outstanding expenses	2,600	Less P.D.D	1,400	54,600
Capital accounts:		Stock	40,000
Valluvan	1,09,200	(-) Depreciation	4,000	36,000
Kamban	92,800	Plant & Machinery		80,000
Elangovan		Land & Buildings	1,20,000
		( +) Appreciation	40,000	1,60,000
	3,34,600			3,34,600

Revaluation profit Rs. 32,000
Capital A/c: Valluvan Rs. 1,09,200; Kamban Rs. 2,800; Balance sheet total Rs. 3,34,600.

Particulars	Valluvan (Rs.)	Kamban(Rs.)	Particulars	Valluvan (Rs.)	Kamban(Rs.)	Elangovan (Rs.)
			By Balance b/d	90,000	80,000	-
To Balance c/d	1,09,200	92,800	By Revaluation A/c	19,200	12,800	-
	1,09,200	92,800		1,09,200		-
			By Balance b/d	1,09,200	92,800	-

Balance sheet of Mis Valluvan, Kamban and Elaitgovan as on 1st January 2005

Liabilities	Rs.	Assets	Rs.	Rs.
Sundry Creditors	96,000	Cash in Hand		4,000
Bills Payable	34,000	Sundry Debtors	56,000
Outstanding expenses	2,600	Less P.D.D	1,400	54,600
Capital accounts:		Stock	40,000
Valluvan	1,09,200	(-) Depreciation	4,000	36,000
Kamban	92,800	Plant & Machinery		80,000
Elangovan		Land & Buildings	1,20,000
		(+) Appreciation	40,000	1,60,000
	3,34,600			3,34,600

Revaluation profit Rs. 32,000.
Capital Ale: Valluvan Rs. 1,09,200; Kamban Rs. 2,800; Balance sheet total Rs. 3,34,600.

Journal Entries

Particulars		Debit (Rs.)	Credit (Rs.)
Investment A/c	Dr	12,000
To Revaluation A/c			12,000
(Profit item credited to revaluation A/c)
Revaluation A/c	Dr	13,000
To Stock A/c			3,000
To Furniture A/c			1,000
To Machinery A/c			5,000
To provision for outstanding liabilities A/c			4,000
(Loss items debited to revaluation A/c)
M's Capital A/c	Dr	600
G's Capital A/ c	Dr	400
To Revaluation A/c			1,000
(Loss on revaluation transferred to old
partners capital accounts in the old ratio)

Dr Revaluation Account Cr

Particulars	Rs.	Particulars	Rs.	Rs.
To Stock	3,000	By Investment		12,000
To Furniture	1,000	By Loss transferred to
To Machinery	5,000	M's Capital A/c (3/5)	600
To Provision for	4,000	G's Capital A/c (2/5)	400	1,000
	13,000			13,000

Revaluation Loss Rs. 1,000

Particulars		Debit (Rs.)	Credit (Rs.)
Buildings A/c	Dr	60,000
Provision for doubtful Debts A/ c		800
To Revaluation A/c			60,800
(Profit items credited to revaluation A/c)
Revaluation A/c	Dr	32,800
To Machinery A/c			16,000
To Furniture A/c			4,000
To Stock A/c			12,000
To Provision for outstanding liabilities A/c			800
(Loss items debited to revaluation A/c)
Revaluation A/c	Dr	28,000
To Raman's Capital A/c			16,000
To Laxmanan's Capital A/c			12,000
(Profit on revolution transferred to old
partners capital account in the old ratio)

Dr. Revaluation Account Cr

Particulars	Rs.	Rs.	Particulars	Rs.
To Machinery		16,000	By Buildings	60,000
To Furniture		4,000	By Provision For
To Stock		12,000	doubtful Debts	800
To Provision for		800
outstanding liabilities
To Profit transferred to
Raman's Capital A/c ( 417)	16,000
Laxmanan's Capital A/c (3/7)	12,000	28,000
		60,800		60,800

Pass the neccessary journal entries and show the Revaluation account.
Journal Entries

Particulars		Debit (Rs.)	Credit(Rs.)
Investment A/c	Dr	18,000
To Revaluation A/c			18,000
(Profit item credited to revaluation A/c)
Revaluation A/c	Dr	78,000
To Stock A/c			18,000
To Furniture A/ c			6,000
To Machinery A/ c			30,000
To Workman compensation A/ c			24,000
(Loss items debited to revaluation A/c)
Sridevi's Capital A/c	Dr	36,000
Cynthia's Capital A/c		24,000
To Revaluation A/c			60,000
Loss on revaluation transferred to old
partners capital accounts in the old ratio)

Particulars	Rs.	Particulars	Rs.	Rs.
To Stock	18,000	By Investments		18,000
To Furniture	6,000	By Loss on revaluation
		transferred to
To Machinery	30,000	Sridevi's Capital A/c 3/5	36,000
To Workman	24,000	Cynthia's Capital A/c 2/5	24,00	60,000
	78,000			78,000

Revaluation account

Particulars	Rs.	Rs.	Particulars	Rs.
To StockA/c		2,400	By Buildings A/c	15,000
To Furniture A/c		800
To Provision for
Doubtful debts		500
To Profit transferred to
Narayanan's Capital A/ c		5,650
Perumal's A/c	5,560	11,300
		15,000		15,000

Dr Capital Accounts Cr.

Particulars	Narayanan's	Penunal's	Particulars	Narayanan's	Perumal's	Palani's
To Balance			By Balance
C/d	65,650	65,650		60,000	60,000
			By Revaluation A/c	5,650	5,650	-
	65,650	65,650		65,650	65,650

Balance sheet of M/s Narayanan, Pemmal and Palani as on 18t, April 2005

Liabilities	Rs.	Assets	Rs.	Rs.
Sundry crediors	24,000	Cash in hand		2,000
		Cash at Bank		19,000
Capital Account		Sundry Debtors	12,000
Narayanan	65,650	( -) Provision	1,500	10,500
Peruri1al	65,650	Furniture	8,000
Palani	1,31,300	(-) Depreciation	800	7,200
		Buildings	80,000
		( +) Appreciation	15,000	95,000
		Stock	24,000
		(-) Depreciation	2,400	21,600
	1,55,300			1,55,300

Revaluation profit : 11,300; Capital A/c: Narayanan Rs. 65,650; Perumal, Rs. 65,650;
Balance Sheet : Total 1,55,300.

Dr Revaluation A/c Cr

Particular		Rs.	Particular	Rs.
To Plant A/c		5,000	By Buildings A/c	20,000
To Provision for doubtful debts		3,500
To Stock		10,000
To Profit (transferred to)
(1,500 x ¾) A's Capital	1,125
(1,500 x ¼ ) B's capital	375	1,500
		20,000		20,000

Dr Capital A/c Cr

Particulars	A (Rs.)	B(Rs.)	C(Rs.)	Particulars	A(Rs.)	B(Rs.)	C(Rs.)
To Balance				By Balance
c/d (B.F)	1,11,125	50,375	80,500	b/d	80,000	40,000
				By Reserve	30,000	10,000
				By
				Revaluation
				(Profit)
				By cash	-	-	80,500
	1,11,125	50,375	80,500		1,11,125	50,375	80,500

Revaluation profit Rs. 1,500
Capital accounts: A Rs. 1,11,125; B Rs. 50,375; C Rs. 80,500

New profit ratio
New profit ratio = Old share - Sacrifice
M:S:K
Old Ratio = 7 :3
Old share = \(\frac{7}{10} : \frac{3}{10}\)
Sacrifice =  \(\frac{7}{10} \times \frac{1}{7} \quad: \frac{3}{10} \times \frac{1}{3}\)
= \(\frac{7}{10} : \frac{3}{30}\)
New share = \(\frac{7}{10}-\frac{7}{70}: \frac{3}{10}-\frac{3}{30}: \frac{7}{70}+\frac{3}{30}\)
=  \(\frac{147-21}{210}: \frac{63-21}{210}: \frac{21+21}{210}\)
= \(\frac{126}{210}: \frac{42}{210}: \frac{42}{210}\)
= 126 : 42 : 42 = 21 : 7 : 7 = 3 : 1 : 1
Sacrificing ratio: sacrificing = old share - New share
M's share =  \(\frac{7}{10}-\frac{3}{5}=\frac{7-6}{10}=\frac{1}{10}\)
S's share = \(\frac{3}{10}-\frac{1}{5}=\frac{3-2}{10}=\frac{1}{10}\)
= 1:1
New ratio - 3 : 1 : 1 ; Sacrificing ratio - 1 : 1

New profit ratio = Old share - New share
OId Ratio = 9 : 7
Old share = \(\frac{9}{16} \quad: \frac{7}{16}\)
Sacrifice = \(\frac{3}{16}\)
New share = \(\frac{9}{16}-\frac{3}{16}: \frac{7}{16}: \frac{3}{16}\)
= \(\frac{(9-3)}{16}: \frac{7}{16}: \frac{3}{16}\)
= \(\frac{6}{16} : \frac{7}{16}: \frac{3}{16}\)
New ratio = 6:7:3
Sacificing ratio
Sacrifice = Old share - New share
\(M=\frac{9}{16}-\frac{6}{16}=\frac{3}{16}\)
New ratio - 6 : 7 : 3; Sacrificing ratio - \(M=\frac{3}{16}\)

10.

Dr Revaluation Account Cr
Particulars		Rs.	Particulars	Rs.
To Stock A/c		4,000	By Land and Buildings A/c	40,000
To Provision for doubtful debts A/c		1,400
To Outstanding expenses A/c		2,600
To Profit on revaluation transferred to :
Valluvan's capital A/c	19,200
Kambans capital A/c	12,800	32,000
		40,000		40,000

Dr Capital Account Cr
Particulars	Ragu Rs.	Sam Rs.	Particulars	Ragu Rs.	Sam Rs.
To Balance c/d	1,09,200	92,800	By Balance b/d	90,000	80,000
	34,000	26,000	By Revaluation A/c	19,200	12,800
	1,09,000	92,000		1,09,000	92,000
			By Balance b/d	1,09,000	92,000

Balance sheet ofValluvan and Kamban as on 1st January, 2019
Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Outstanding expenses		2,600	Cash in hand		4,000
Sundry creditors		96,000	Sundry Debtors	56,000
Bills payable		34,000	Less: Provision for doubtful debts	1,400	54,600
Capital Accounts:			Stock	40,000
Vallauvan	1,09,200		Loss: Reduction	4,000	36,000
Kamban	92,800	2,02,000	Plant & Machinery		80,000
			Land and buildings	1,20,000
			Add: Appreciation	40,000	1,60,000
		3,34,600			3,34,600

11.

Journal entry
Date	Particulars		Debit Rs.	Credit Rs.
2019 January 1	Kavutha's capital A/c	Dr	80,000
	Radha's capital A/c	Dr	60,000
	To Profit and loss A/c			1,40,000
	(Accumulated loss transferred to old partner's capital account in the old profit sharing ratio)

12.

Eswari :  Ranikumari : Chitra
Old ratio = 7 : 5 : -
Old share = \(\frac{7}{12}\) :    \(\frac{5}{12}\) : -
Surrender = \(\frac { 7 }{ 12 } \times \frac { 1 }{ 7 } \) : \(\frac { 5 }{ 12 } \times \frac { 1 }{ 5 } \) : -
=   \(\frac{1}{12}\) : \(\frac{1}{12}\) : -
New ratio= Old share - Surrender
=   \(\frac { 7 }{ 12 } -\frac { 1 }{ 12 } \) : \(\frac { 5 }{ 12 } -\frac { 1 }{ 5 } \) : -
= \(\frac{6}{12}\) :   \(\frac{4}{12}\) :   \(\frac{2}{12}\)
= 6 : 4 : 2
New ratio = 3 : 2 : 1
Sacrificing ratio = 1 : 1

13.

New ratio: Kokila : Mala : Chandra
Old ratio 4 : 3 : -
Old share \(\frac{4}{3}\) : \(\frac{3}{7}\) : -
Sacrifice \(\frac{2}{7}\) :    \(\frac{1}{7}\) : -
New ratio = Old ratio - sacrifice
New share  \(=\frac { 4 }{ 7 } -\frac { 2 }{ 7 } \): \(\frac { 3 }{ 7 } -\frac { 1 }{ 7 } \) :   \(\frac { 3 }{ 7 } \)
= \(\frac { 2 }{ 7 } \) :  \(\frac { 2 }{ 7 } \) : \(\frac { 3 }{ 7 } \)
∴New ratio = 2 : 2 : 3
Sacrifice ratio = 2 : 1

14.

(i) New partner sharing ratio:
Let the total profit be 1
New partner Kamala's share \(=\frac{1}{5}\)
Remaining share of Sheela and Neela \(=1-\frac{1}{5}=\frac{5-1}{5}=\frac{4}{5}\)
New share of Sheela = Remaining share x Sheela's old share
Sheela \(=\frac{4}{5}\times\frac{4}{7}=\frac{16}{35}\)
Neela \(=\frac{4}{5}\times\frac{3}{7}=\frac{12}{35}\)
Share of new partner:
Kamala \(=\frac{1}{5}\)
In order to equalize the denominator, multiply and divide Kamala's share by 7.
Kamala's share \(=\frac{1}{5}\times\frac{1}{7}=\frac{7}{35}\)
New profit sharing ratio of Sheela, Neela and Kamala \(=\frac{16}{35}:\frac{12}{32}=\frac{7}{35}\) that 16:12:7
ii. Sacrificing ratio:
Sacrifice = Old share - New share
Sheela's sacrifice \(=\frac { 4 }{ 7 } -\frac { 16 }{ 35 } =\frac { 15-12 }{ 35 } =\frac { 4 }{ 35 } \)
Neela's sacrifice \(=\frac { 3 }{ 7 } -\frac { 12 }{ 35 } =\frac { 15-12 }{ 35 } =\frac { 3 }{ 35 } \)
Sacrificing ratio \(=\frac { 4 }{ 35 } :\frac { 3 }{ 35 } =4:3\)