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

Published on: 13/05/2022

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Questions:

Generic 5

5 x 5 = 25

Rajan and Selva are partners sharing profits and losses in the ratio of 3:1. Their balance sheet as on 31^st March 2017 is as under:

Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts:			Building	25,000
Rajan	30,000		Furniture	1,000
Selva	16,000	46,000	Stock	20,000
General reserve		4,000	Debtors	16,000
Creditors		37,500	Bills receivable	3,000
			Cash at bank	12,500
			Profit and loss account	10,000
		87,500		87,500

On 1.4.2017, they admit Ganesan as a new partner on the following arrangements:
(i) Ganesan brings Rs. 10,000 as capital for 1/5 share of profit.
(ii) Stock and furniture is to be reduced by 10%, a reserve of 5% on debtors for doubtful debts is to be created.
(iii) Appreciate buildings by 20%.
Prepare revaluation account, partner's capital account and the balance sheet of the firm after admission.

Sai and Shankar are partners, sharing profits and losses in the ratio of 5:3. The firm’s balance sheet as on 31st December, 2017, was as follows:

Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital accounts:			Building		34,000
Sai	48,000		Furniture		6,000
Shankar	40,000	88,000	Investment		20,000
Creditors		37,000	Debtors	40,000
Outstanding wages		8,000	Less: Provision for bad debts	3,000	37,000
			Bills receivable		12,000
			Stock		16,000
			Bank		8,000
		1,33,000			1,33,000

On 31st December, 2017 Shanmugam was admitted into the partnership for 1/4 share of profit with Rs. 12,000 as capital subject to the following adjustments.
(a) Furniture is to be revalued at Rs. 5,000 and building is to be revalued at Rs. 50,000.
(c) Provision for doubtful debts is to be increased to Rs. 5,500
(d) An unrecorded investment of Rs. 6,000 is to be brought into account
(e) An unrecorded liability Rs. 2,500 has to be recorded now.
Pass journal entries and prepare Revaluation Account and capital account of partners after admission.

Ameer and Raja are partners sharing profits in the ratio of 3:2. Their balance sheet is shown as under on 31.12.2018.

Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts:			Machinery	60,000
Ameer	80,000		Furniture	40,000
Raja	70,000	1,50,000	Debtors	30,000
Reserve fund		15,000	Stock	10,000
Creditors		35,000	Prepaid insurance	40,000
			Cash at bank	20,000
		2,00,000		2,00,000

Rohit is admitted as a new partner who introduces a capital of Rs. 30,000 for his 1/5 share in future profits. He brings Rs. 10,000 for his share of goodwill.
Following revaluations are made:
(i) Stock is to be appreciated to Rs. 14,000
(ii) Furniture is to be depreciated by 5%
(iii) Machinery is to be revalued at Rs. 80,000
Prepare the necessary ledger accounts and the balance sheet after the admission.

Vetri and Ranjit are partners, sharing profits in the ratio of 3:2. Their balance sheet as on 31^st December 2017 is as under:

Liabilities	Rs.	Rs.	Assets	Rs.
Capital accounts:			Furniture	25,000
Vetri	30,000		Stock	20,000
Ranjit	20,000	50,000	Debtors	10,000
Reserve fund		5,000	Cash in hand	35,000
Sundry creditors		45,000	Profit and loss A/c (loss)	10,000
		1,00,000		1,00,000

On 1.1.2018, they admit Suriya into their firm as a partner on the following arrangements.
(i) Suriya brings Rs. 10,000 as capital for 1/4 share of profit.
(ii) Stock to be depreciated by 10%
(iii) Debtors to be revalued at Rs. 7,500.
(iv) Furniture to be revalued at Rs. 40,000.
(v) There is an outstanding wages of Rs. 4,500 not yet recorded.
Prepare revaluation account, partners’ capital account and the balance sheet of the firm after admission.

Raghu and Sam are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as on 31^st March, 2017 is as follows:

Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital accounts:			Machinery		30,000
Raghu	40,000		Furniture		10,000
Sam	30,000	70,000	Stock		10,000
Sundry creditors		30,000	Debtors	21,000
			Less: Provision for
			doubtful debts	1,000	20,000
			Bank		30,000
		1,00,000			1,00,000

Prakash is admitted on 1.4.2017 subject to the following conditions:
(a) He has to bring a capital of Rs. 10,000
(b) Machinery is valued at Rs. 24,000
(c) Furniture to be depreciated by Rs. 3,000
(d) Provision for doubtful debts should be increased to Rs. 3,000
(e) Unrecorded trade receivables of Rs. 1,000 would be brought into books now
Pass necessary journal entries and prepare revaluation account and capital account of partners after admission.

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Answers Key:

Generic 5

5 x 5 = 25

Dr Revaluation Account Cr
Particulars	Rs.	Rs.	Partiulars	Rs.
To Stock A/c		2,000	By Buildings A/c	5,000
To Furniture A/c		100
To Debtors A/c		800
To Profit on revaluation transferred capital A/c
Rajan (3/4)	1575
Selva (1/4)	525	2,100
		5,000		5,000

Dr Capital Account Cr
Particulars	Rajan Rs.	Selva Rs.	Ganesan Rs.	Particulars	Rajan Rs.	Selva Rs.	Ganesan Rs.
To Profit and loss A/c	7,500	2,500	-	By Balance b/d	30,000	16,000	-
To Balance c/d	27,075	15,025	10,000	By General reserve A/c	3,000	1,000	-
				By Revaluation A/c	1,575	525	-
				By Bank A/c	-	-	10,000
	34,575	17,525	10,000		34,575	17,525	10,000

Balance sheet as on 1st April 2017
Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital Account:			Building	25,000
Rajan	27,075		Add: Appreciation Furniture	5,000	30,000
Selvam	15,025		Furniture	1,000
Ganesan	10,000	52,100	Less: Depreciation	100	900
Creditors		37,500	Stock	20,000
			Less: Depreciation	2,000	18,000
			Debtors	16,000
			Less: Doubtful doubts	800	15,200
			Cash at bank	12,500
			Add: Ganesan's capital	10,000	22,500
			Bills receivable		3,000
		89,600			89,600

Journal Entry
Date	Particulars		Debit Rs.	Credit Rs.
2017 December 31	Bank A/c	Dr	12,000
	To Shanmugam's capital A/c			12,000
	(Capital brought by Shanmugam)
2017 December 31	Building A/c	Dr	16,000
	Unrecorded investment A/c	Dr	6,000
	To Revaluation A/c			22,000
	(Appreciation on building and unrecorded investments adjusted)
2017 December 31	Revaluation A/c	Dr	6,000
	To Furniture A/c			1,000
	To Unrecorded liability A/c			2,500
	To Provision for doubtful debts A/c			2,500
	(Decreased on furniture, unrecorded Liability and provision made for doubtful debts adjusted)
2017 December 31	Revaluation A/c	Dr	16,000
	To Sai's capital A/c			10,000
	To Shankar's capital A/c			6,000
	(Profit on revaluation transferred to capital accounts)

Dr Revaluation A/c Cr
Particulars	Rs.	Rs.	Particulars	Rs.
To Furniture A/c		1,000	By Buildings A/c	16,000
To Provision for bad debts A/c		2,500	By Unrecorded investment A/c	6,000
To Unrecorded liability A/c		2,500
To Profit on revaluation transferred to
Sai's capital A/c (5/8)	10,000
Shankar's capital A/c (3/8)	6,000	16,000
		22,000		22,000

Dr Capital A/c Dr
Particulars	Sai	Shankar	Shanmugan	Particulars	Sai	Shankar	Shanmugam
To Balance c/d	58,000	46,000	12,000	By Balance b/d	48,000	40,000	-
				By Bank A/c	-	-	12,000
				By Revaluation A/c	10,000	6,000	-
	58,000	46,000	12,000		58,000	46,000	12,000
				By Balance b/d	58,000	46,000	12,000

**Dr. Revaluation Account Cr.**
Particulars	Rs.	Rs.	Particulars	Rs.
To Furniture A/c		2,000	By Stock A/c	4,000
To Profit on revaluation transferred to			By Machinery A/c	20,000
Ameer’s capital A/c (3/5)	13,200
Raja’s capital A/c (2/5)	8,800	22,000
		24,000		24,000

**Dr. Capital Account Cr.**
Particulars	Ameer Rs.	Raja Rs.	Rohit Rs.	Particulars	Ameer Rs.	Raja Rs.	Rohit Rs.
To Balance c/d	1,08,200	88,800	30,000	By Balance b/d	80,000	70,000	-
				By Bank A/c	-	-	30,000
				By Reserve fund A/c	9,000	6,000	-
				By Revaluation A/c	13,200	8,800	-
				By Bank A/c* (share of goodwill	6,000	4,000	-
	1,08,200	88,800	30,000		1,08,200	88,800	30,000
				By Balance b/d	1,08,200	88,800	30,000

Since the sacrificing ratio is not given and the new partner’s share is given, it is assumed that the old profit sharing ratio (3:2) is the sacrificing ratio and the new partner’s share of goodwill is distributed to the old partners accordingly.

**Dr. Cash at bank Account Cr.**
Particulars	Rs.	Particulars	Rs.
To Balance b/d	20,000	By Balance	60,000
To Rohit’s capital A/c	30,000
To Ameer’s capital A/c	6,000
To Raja’s capital A/c	4,000
	60,000		60,000

Balance Sheet as on 1st January 2019
Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital accounts:			Machinery	60,000
Ameer	1,08,200		Add: Appreciation	20,000	80,000
Raja	88,800		Furniture	40,000
Rohit	30,000	2,27,000	Less: Depreciation	2,000	38,000
		35,000	Debtors		30,000
			Stock	10,000
			Add: Appreciation	4,000	14,000
			Prepaid insurance		40,000
			Cash at bank		60,000
		2,62,000			2,62,000

**Dr. Revaluation Account Cr.**
Particulars	Rs.	Rs.	Particulars	Rs.
To Stock A/c		2,000	By Furniture A/c	15,000
To Debtors A/c		2,500
To Outstanding wages A/c		4,500
To Profit on revaluation transferred to capital A/c
Vetri (3/5)	3,600
Ranjit (2/5)	2,400	6,000
		15,000		15,000

**Dr. Capital Account Cr.**
Particulars	Vetri Rs.	Ranjit Rs.	Suriya Rs.	Particulars	Vetri Rs.	Ranjit Rs.	Suriya Rs.
To Profit and loss A/c	6,000	4,000	-	By Balance b/d	30,000	20,000	-
To Balance c/d	30,600	20,400	10,000	By Reserve fund A/c	3,000	2,000	-
				By Revaluation A/c	3,600	2,400	-
				By Cash A/c	-	-	10,000
	36,600	24,400	10,000		36,600	24,400	10,000
				By Balance b/d	30,600	20,400	10,000

**Balance Sheet as on 1st January 2018**
Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital accounts:			Furniture	25,000
Vetri	30,600		Add: Appreciation	15,000	40,000
Ranjit	20,400		Stock	20,000
Suriya	10,000	61,000	Less: Depreciation	2,000	18,000
Sundry creditors		45,000	Debtors	10,000
Outstanding wages		4,500	Less: Decrease	2,500	7,500
			Cash in hand	35,000
			Add: Suriya's capital	10,000	45,000
		1,10,500			1,10,500

**Journal entries**
Date	Particulars		L.F.	Debit Rs.	Credit Rs.
2017	Bank A/c	Dr.		10,000
April 1	To Prakash’s capital A.c (Capital brought by Prakash)				10,000
"	Revaluation A/c	Dr.		11,000
	To Machinery A/c				6,000
	To Furniture A/c				3,000
	To Provision for doubtful debts A/c (Depreciation on machinery and furniture and provision made for doubtful debts adjusted)				2,000
"	Trade receivables A/c		1,000
	To Revaluation A/c (Unrecorded trade receivables recorded)				1,000
"	Raghu’s capital A/c			6,000
	Sam’s capital A/c	Dr.		4,000
	To Revaluation A/c (Loss on revaluation transferred to capital accounts)				10,000

**Dr. Revaluation Account Cr.**
Particulars	Rs.	Particulars	Rs.	Rs.
To Machinery	6,000	By Trade receivables A/c		1,000
To Furniture	3,000	By Loss on revaluation transferred to
To Provision for bad debts	2,000	Raghu’s capital A/c (3/5)	6,000
		Sam’s capital A/c (2/5	4,000	10,000
	11,000			11,000

**Dr. Capital Account Cr.**
Particulars	Ragu Rs.	Sam Rs.	Praksh Rs.	Particulars	Ragu Rs.	Sam Rs.	Prakash Rs.
To Revaluation A	6,000	4,000	-	By Balance b/d	40,000	30,000	-
To Balance c/d	34,000	26,000	10,000	By Bank	-	-	10,000
	40,000	30,000	10,000		40,000	30,000	10,000
				By Balance b/d	34,000	26,000	10,000

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12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 5 Mark Questions with Solution Part - II updated Book back Questions | QB365