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12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 5 Mark Questions with Solution Part - I

Published on: 03/06/2021

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Questions:

Generic 5

5 x 5 = 25

Anbu and Shankar are partners in a business sharing profits and losses in the ratio of 3:2. The balance sheet of the partners on 31.03.2018 is as follows:

Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts:			Computer	40,000
Anbu	4,00,000		Motor car	1,60,000
Shankar	3,00,000	7,00,000	Stock	4,00,000
Profit and loss		1,20,000	Debtors	3,60,000
Creditors		1,20,000	Bank	40,000
Workmen compensation fund		60,000
		10,00,000		10,00,000

Rajesh is admitted for 1/5 share on the following terms:
(i) Goodwill of the firm is valued at Rs. 75,000 and Rajesh brought cash for his share of goodwill.
(ii) Rajesh is to bring Rs. 1,50,000 as his capital.
(iii) Motor car is valued at Rs. 2,00,000; stock at Rs. 3,80,000 and debtors at Rs. 3,50,000.
(iv) Anticipated claim on workmen compensation fund is Rs. 10,000
(v) Unrecorded investment of Rs. 5,000 has to be brought into account.
Prepare revaluation account, capital accounts and balance sheet after Rajesh’s admission.

Sundar and Suresh are partners sharing profits in the ratio of 3:2. Their balance sheet as on 1st January, 2017 was as follows:

Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts:			Buildings	40,000
Sundar	30,000		Furniture	13,000
Suresh	20,000	50,000	Stock	25,000
Creditors		50,000	Debtors	15,000
General reserve		10,000	Bills receivable	14,000
Workmen compensation fund		15,000	Bank	18,000
		1,25,000		1,25,000

They decided to admit Sugumar into partnership for 1/4 share in the profits on the following terms:
(a) Sugumar has to bring in Rs. 30,000 as capital. His share of goodwill is valued at Rs. 5,000. He could not bring cash towards goodwill.
(b) That the stock be valued at Rs. 20, 000.
(c) That the furniture be depreciated by Rs. 2,000.
(d) That the value of building be depreciated by 20%.
Prepare necessary ledger accounts and the balance sheet after admission

Amal and Vimal are partners in a firm sharing profits and losses in the ratio of 7:5. Their balance sheet as on 31st March, 2019, is as follows:

Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts:			Land	80,000
Amal	70,000		Furniture	20,000
Vimal	50,000	1,20,000	Stock	25,000
Sundry creditors		30,000	Debtors	30,000
Profit and loss A/c		24,000	Bank	19,000
		1,74,000		1,74,000

Nirmal is admitted as a new partner on 1.4.2018 by introducing a capital of Rs.30,000 for 1/3 share in the future profit subject to the following adjustments.
(a) Stock to be depreciated by Rs. 5,000
(b) Provision for doubtful debts to be created for Rs. 3,000
(c) Land to be appreciated by Rs. 20,000
Prepare revaluation account and capital account of partners after admission.

Veena and Pearl are partners in a firm sharing profits and losses in the ratio of 2:1. Their balance sheet as on 31st March, 2018 is as follows:
Liabilities Rs. Rs. Assets Rs. Capital accounts Buildings 60,000 Veena 60,000 Machinery 30,000 Pearl 40,000 1,00,000 Debtors 20,000 General reserve 30,000 Stock 10,000 Workmen compensation fund 10,000 Cash at bank 30,000 Sundry creditors 10,000 1,50,000 1,50,000 Deri is admitted on 1.4.2018 subject to the following conditions:
(a) The new profit sharing ratio among Veena, Pearl and Deri is 5 : 3 : 2.
(b) Deri has to bring a capital of Rs. 30,000
(c) Stock to be depreciated by 20%
(d) Anticipated claim on workmen compensation fund is Rs. 1,000
(e) Unrecorded investment of Rs. 11,000 has to be brought into books
(f) The goodwill of the firm is valued at Rs. 30,000 and Deri brought cash for his share of goodwill.
The existing partners withdraw the entire amount brought by Deri towards goodwill.
Prepare the necessary ledger accounts and balance sheet after admission.

The balance sheet of Rekha and Mary on 31st March 2018 is as follows:

Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts			Buildings	50,000
Rekha	50,000		Stock	8,000
Mary	30,000	80,000	Sundry debtors	60,000
General reserve		40,000	Cash at bank	32,000
Workmen compensation fund		10,000
Sundry creditors		20,000
		1,50,000		1,50,000

They share the profits and losses in the ratio of 3:1. They agreed to admit Kavitha into the partnership firm for 1/4 share of profit which she gets entirely from Rekha.
Following are the conditions:
(i) Kavitha has to bring Rs. 20,000 as capital. Her share of goodwill is valued at 4,000. She could not bring cash towards goodwill.
(ii) Depreciate buildings by 10%
(iii) Stock to be revalued at Rs. 6,000
(iv) Create provision for doubtful debts at 5% on debtors
Prepare necessary ledger accounts and the balance sheet after admission.

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Answers Key:

Generic 5

5 x 5 = 25

Dr Revaluation Account Cr
Particulars	Rs.	Rs.	Particulars	Rs.
To Stock A/c		20,000	By Motor car	40,000
To Debtors A/c		10,000	By Unrecorded Investment A/c	5,000
Anbus capital A/c	8,750
Shankar's capital A/c	6,250	15,000
		45,000		45,000

Dr Capital Account Cr
Particulars	Anbu Rs.	Shankar Rs.	Rajesh Rs.	Particulars	Anbu Rs.	Shankar Rs.	Rajesh Rs.
To Balance C/d	5,11,419	3,79,581	1,50,000	By Balance b/d	4,00,000	3,00,000	-
				By Bank A/c	-	-	1,50,000
				By Profit and loss A/c	70,000	50,000	-
				By.Workmen compensation fund (60,000 - 10,000)	26,169	20,831	-
				By Revaluation A/c	8,750	6,250	-
				By Goodwill A/c	3500	2,500
	5,11,419	3,79,581	1,50,000		5,11,419	3,79,581	1,50,000

Good will of the firm is = Rs. 75,000
Rajesh share of goodwill = 75,000 \(\times\) \(\frac{1}{5}\)
= Rs. 15,000
It is to be distributed to Anbu and Shankar in their old ratio of 3:2

Balance sheet
Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Sundry creditors		1,20,000	Computer		40,000
Workmen compensation fund (60,000 - 50,000)		10,000	Motor Car	1,60,000
Capital			Add: Revaluation	40,000	2,00,000
Anbu	5,11,419		Stock	4,00,000
Shankar	3,79,581		Less: Revaluation	20,000	3,80,000
Rajesh	1,50,000	10,41,000	Sundry debtor	3,60,000
			(-) Revaluation	10,000	3,50,000
			Bank	40,000
			(+) Rajesh cap	1,50,000	1,90,000
			Investment		5,000
			Goodwill		6,000
		11,71,000			11,71,000

Dr Revaluation Account Cr
Particulars	Rs.	Partiulars		Rs.
To Stock A/c	5,000	By Loss on revaluation transferred to
To Furniture A/c	2,000	Sundar's capital A/c (3/5)	9,000
To Building A/c	8,000	Suresh's capital A/c (2/5)	6,000	15,000

	15,000			15,000

Dr Capital Account Cr
Particulars	sundar Rs.	Suresh Rs.	Sugumar Rs.	Particulars	Sundar Rs.	Suresh Rs.	Sugumar Rs.
Revaluation A/c	9,000	6,000	-	By Balance b/d	30,000	20,000	-
To Sundar's capital A/c (Loss)	-	-	5,000	By General reserve A/c	6,000	4,000	-
To Balance c/d	39,000	26,000	25,000	ByWorkmen Compensation fund A/c	9,000	6,000	-
				By Goodwill	-	-	25,000
	48,000	32,000	25,000		48,000	32,000	25,000

Balance sheet as on 1st January 2017
Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital Account:			Building	40,000
Sundar	41,000		Add: Depreciation 20%	8,000	32,000
Suresh	24,000		Furniture	13,000
Sugumar	25,000	90,000	Less: Depreciation	2,000	11,000
Creditors		50,000	Stock	25,000
			Less: Depreciation	5,000	20,000
			Debtors		15,000
			Bills receivable		14,000
			Bank	18,000
			Sugumar's capital	25,000	43,000
			Goodwill		5,000
		1,40,000			1,40,000

Dr Revaluation A/c Dr
Particulars	Rs.	Rs.	Particulars	Rs.
To Stock A/c		5,000	By Land A/c	20,000
To Provision for doubtful debts A/c		3,000
To Profit on revaluation transferred to
Amal's capital A/c	7,000
Vimal's capital A/c	5,000	12,000
		20,000		20,000

Dr Capital A/c Dr
Particulars	Amal Rs.	Vimal Rs.	Nirmal Rs.	Particulars	Amal Rs.	Vimal Rs.	Nirmal Rs.
To Balance c/d	91,000	65,000	30,000	By Balance b/d	70,000	50,000	-
				By Bank A/c	-	-	30,000
				By Revaluation A/c	7,000	5,000	-
	91,000	65,000	30,000		91,000	65,000	30,000
				By Balance b/d	91,000	65,000	30,000

Dr.                 Revaluation Account                  Cr. Particulars Rs. Rs. Particulars Rs. To Stock A/c 2,000 By Investments A/c 11,000 To Profit on revaluation transferred to Veena’s capital A/c (2/3) 6,000 Pearl’s capital A/c (1/3) 3,000 9,000 11,000 11,000 Old ratio of Veena and Pearl = 2 : 1 that is, \(\frac { 2 }{ 3 } :\frac { 1 }{ 3 } \)
New ratio of Veena, Pearl and Deri = 5 : 3 : 2 i.e. \(\frac { 5 }{ 10 } :\frac { 3 }{ 10 } :\frac { 2 }{ 10 } \)
Share sacrificed = Old share - New share
Veena = \(\frac { 2 }{ 3 } -\frac { 5 }{ 10 } =\frac { 20-15 }{ 30 } =\frac { 5 }{ 30 } \)
Pearl = \(\frac { 1 }{ 3 } -\frac { 3 }{ 10 } =\frac { 10-9 }{ 30 } =\frac { 1 }{ 30 } \)
Sacrificing ratio of Veena and Pearl = 5:1
Dr.                     Capital Account                         Cr. Particulars Veena
Rs. Pearl
Rs. Deri
Rs. Particulars Veena
Rs. Pearl
Rs. Deri
Rs. To Bank A/c 5,000 1,000 - By Balance b/d 60,000 40,000 - To Balance c/d 92,000 56,000 30,000 By Bank A/c - - 30,000 By General reserve A/c 20,000 10,000 - By Workmen compensation fund A/c
(10,000- 1,000) 6,000 3,000 - By Revaluation A/c 6,000 3,000 - By Bank A/c*
(share of goodwill) 5,000 1,000 - 97,000 57,000 30,000 97,000 57,000 30,000 By Balance b/d 92,000 56,000 30,000 Goodwill of the firm is Rs. 30,000
Deri’s share of goodwill = 30,000 × 2/10 = Rs. 6,000
It is to be distributed to Veena and Pearl in their sacrificing ratio of 5 : 1
Dr.            Cash at bank Account           Cr. Particulars Rs. Particulars Rs. To Balance b/d 30,000 By Veena’s capital A/c 5,000 To Deri’s capital A/c 30,000 By Pearl’s capital A/c 1,000 To Veena’s capital A/c 5,000 By Balance c/d 60,000 To Pearl’s capital A/c 1,000 66,000 66,000 Balance Sheet as on 1st April 2018 Liabilities Rs. Rs. Assets Rs. Rs. Capital accounts: Buildings 60,000 Veena 92,000 Machinery 30,000 Pearl 56,000 Investments 11,000 Deri 30,000 1,78,000 Debtors 20,000 Workmen’s compensation Stock 10,000 fund (10,000-9,000) 1,000 Less: Decrease 2,000 8,000 Sundry creditors 10,000 Cash at bank 60,000 1,89,000 1,89,000

**Dr. Revaluation Account Cr.**
Particulars	Rs.	Particulars	Rs.	Rs.
To Buildings A/c	5,000	By Loss on revaluation transferred to
To Stock A/c	2,000	Rekha’s capital A/c (3/4)	7,500
To Provision for bad debts A/c	3,000	Mary’s capital A/c (1/4)	2,500	10,000
	10,000			10,000

**Dr. Capital Account Cr.**
Particulars	Rekha Rs.	Mary Rs.	Kavitha Rs.	Particulars	Rekha Rs.	Mary Rs.	Kavitha Rs.
To Revaluation A/c	7,500	2,500	-	By Balance b/d	50,000	30,000	-
To Rekha’s				By Bank A/c	-	-	20,000
capital A/c	-	-	4,000	By General reserve A/c	30,000	10,000	-
(share of goodwill)				By Workmen
				compensation fund A/c	7,500	2,500	-
To Balance c/d	84,000	40,000	16,000	By Kavith
				capital A/c	4,000	-	-
				(share of goodwill)
	91,500	42,500	20,000		91,500	42,500	20,000
				By Balance b/d	84,000	40,000	16,000

**Balance Sheet as on 1st April 2018**
Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital accounts			Buildings	50,000
Rekha	84,000		Less: Depreciation	5,000	45,000
Mary	40,000		Stock	8,000
Kavitha	16,000	1,40,000	Less: Decrease	2,000	6,000
Sundry creditors		20,000	Sundry debtors	60,000
			Less: Provision for doubtful debts	3,000	57,000
			Bank (32,000+20,000		52,000
		1,60,000			1,60,000