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12th Standard English Medium Accountancy Subject Retirement and Death 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

Vijayan, Sudhan and Suman are partners who share profits and losses in their capital ratio. Their balance sheet as on 31.12.2018 is as follows Balance Sheet as on 31.12.2018

Liabilities	Rs.	Rs.	Asset	Rs.
Capital accounts:			Building	80,000
Vijayan	70,000		Stock	45,000
Sudhan	50,000		Debtors	25,000
Suman	30,000	1,50,000	Cash at bank	20,000
General reserve		18,000	Cash in hand	15,000
creditors		17,000
		1,85,000		1,85,000

Suman died on 31.3.2019. On the death of Suman, the following adjustments are made:
(i) Building is to be valued at Rs. 1,00,000
(ii) Stock to be depreciated by Rs. 5,000
(iii) Goodwill of the firm is valued at Rs. 36,000
(iv) Share of profit from the closing of the last financial year to the date of death on the
basis of the average of the three completed years’
profit before death. Profit for 2016, 2017 and 2018 were Rs. 40,000, Rs. 50,000 and Rs. 30,000 respectively.
Prepare the necessary ledger accounts and the balance sheet immediately after the death of Suman.

Rajesh, Sathish and Mathan are partners sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Their balance sheet as on 31.3.2017 is given below

Liabilities	Rs	Rs	Asset	Rs
Capital accounts:			Premises	4,00,000
Rajesh	4,00,000		Machinery	4,20,000
Sathish	3,00,000		Debtors	1,60,000
Mathan	2,50,000	9,50,000	Stock	3,00,000
General reserve		1,20,000	Cash at bank	20,000
Creditors		50,000
Bills payable		1,80,000
		13,00,000		13,00,000

Mathan retires on 31st March, 2017 subject to the following conditions:
(i) Rajsh and Sathish will share profits and losses in the ratio of 3:2
(ii) Assets are to be revalued as follows:
Machinery Rs. 3,90,000, Stock Rs. 2,90,000, Debtors Rs. 1,52,000.
(iii) Goodwill of the firm is valued at Rs. 1,20,000
Prepare necessary ledger accounts and the balance sheet immediately after the retirement of Mathan.

Kannan, Rahim and John are partners in a firm sharing profit and losses in the ratio of 5 : 3 : 2. The balance sheet as on 31^st December, 2017 was as follows:

Liabilities	Rs	Rs	Asset	Rs
Capital accounts:			Buildings	90,000
Kannan	1,00,000		Machinery	60,000
Rahim	80,000		Debtors	30,000
John	40,000	2,10,000	Stock	20,000
Workmen compensation fund		30,000	Cash at bank	50,000
Creditors		20,000	Profit and loss A/c (loss)	20,000
		2,70,000		2,70,000

John retires on 1st January 2018, subject to following conditions:
(i) To appreciate building by 10%
(ii) Stock to be depreciated by 5%.
(iii) To provide Rs. 1,000 for bad debts
(iv) An unrecorded liability of Rs. 8,000 have been noticed.
(v) The retiring partner shall be paid immediately.
Prepare revaluation account, partners’ capital account and the balance sheet of the firm after retirement.

Chandru, Vishal and Ramanan are partners in a firm sharing profits and losses equally. Their balance sheet as on 31^st March, 2018 is as follows:

Liabilities	Rs	Rs	Asset	Rs	Rs
Capital accounts:			Furniture		60,000
Chandru	60,000		Machinery		1,20,000
Vishal	70,000		Sundry debtors	33,000
Ramanan	70,000	2,00,000	Less: Provision for doubtful debts	3,000	30,000
Bills payable		80,000	Bills receivable		50,000
			Cash at bank		20,000
		2,80,000			2,80,000

Ramanan retired on 31^st March 2019 subject to the following conditions:
(i) Machinery is valued at Rs. 1,50,000
(ii) Value of furniture brought down by Rs. 10,000
(iii) Provision for doubtful debts should be increased to Rs. 5,000
(iv) Investment of Rs. 30,000 not recorded in the books is to be recorded now.
Pass necessary journal entries and prepare revaluation account.

Sundar, Vivek and Pandian are partners, sharing profits in the ratio of 3:2:1. Their balance sheet as on 31st December, 2018 is as under:

Balance Sheet as on 31st December, 2018
Liabilities	Rs.	Rs.	Asset	Rs.
Capital accounts:			Land	80,000
Sundar	50,000		Stock	20,000
Vivek	40,000		Debtors	30,000
Pandian	10,000	1,00,000	Cash at bank	14,000
General reserve		36,000	Profit and loss A/c (loss)	6,000
Sundry creditors		14,000
		1,50,000		1,50,000

On 1.1.2019, Pandian died and on his death the following arrangements are made:
(i) Stock to be depreciated by 10%
(ii) Land is to be appreciated by Rs. 11,000
(iii) Reduce the value of debtors by Rs. 3,000
(iv) The final amount due to Pandian was not paid
Prepare revaluation account, partners’ capital account and the balance sheet of the firm after death.

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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		5,000	By Buildings A/c	20,000
To Profit on revaluation
transferred to
Vijayan's capital A/c
(15,000 \(\times\) 5/12)	7,000
Sudhan's capital A/c
(15,000 \(\times\) 4/12)	5,000
Suman's capital A/c	3,000	15,000
(15,000 \(\times\) 3/12)
		20,000		20,000

Dr Capital Account Cr
Particulars	Vijayan Rs	.Sudhan Rs	Suman Rs	Particulars	Vijayan Rs	Sudhan Rs	Suman Rs
To Suman's				By Balance b/d	70,000	50,000	30,000
capital A/c	4,200	3,000	-	By Gene
To Suman's				reserve	8,400	6,000	3,600
To Balance c/d	81,200	58,000	-	A/c (profit)	7,000	5,000	3,000
				By Vijayan's
				capital A/c			4,200
				BySudhan's
				capital A/c			3,000

	85,400	61,000	43,800		85,400	61,000	43,800
				By Balanced b/d	81,200	58,000	-

Balance Sheet as on 31st March 2019
Liabilities	Rs	Rs	Assets	Rs	Rs
Capital accounts			Building	80,000
Vijayan	81,200		Add: Appreciation	20,000	1,00,000
Sudhan	58,000	1,39,200	Stock	45,000
			Less: Deprec	5,000	40,000
Suman's Executor's A/c		43,800	Debtors		25.000
		17,000	Cash at bank		20,000
					15,000

		2,00,000			2,00,000

Working Notes:
(i) Profit sharing ratio = capital ratio = 70,000 : 50,000 : 30,000 that is 7 : 5 : 3
Gaining ratio between Vijayan and Sudhan = old profit sharing ratio = 7: 5
(ii) Calculation of current year's profit
Average profit = \(\cfrac { 40,000+50,000+30,000 }{ 3 } =\cfrac { 1,20,000 }{ 3 } =40,000\)

Current year's profit = \(40,000\times \cfrac { 3 }{ 12 } =10,000\)
Suman's Share of current year's profit = \(10,000\times \cfrac { 3 }{ 15 } =2,000\)
(iii) Suman's Share of good will = \(36,000\times \cfrac { 3 }{ 15 } =7,200\)
It is to be borne by Vijayan and Sudhan in the gaining ratio 7 : 5

Dr Revaluation A/c Cr
Particulars	Rs	Particulars	Rs	Rs
To Machinary A/c	30,000	By Profit on revaluation transferred
To Stock A/c	10,000	Rajesh capital A/c	24,000
To Debtors A/c	8,000	\(\left( 48,000\times \cfrac { 3 }{ 6 } \right) \)
		Sathish's capital A/c	16,000
		\(\left( 48,000\times \cfrac { 2 }{ 6 } \right) \)
		Mathan's capital A/c	8,000	48,000
		\(\left( 48,000\times \cfrac { 1 }{ 6 } \right) \)
	48,000			48,000

Dr Capital Account Cr
Particulars	Rajesh Rs	Sathish Rs	Mathan Rs	Particulars	Rajesh Rs	Sathish Rs	Mathan Rs
To Mathan's capital A/c	12,000	28,000	-	By Balance b/d	4,00,000	3,00,000	2,50,000
To Revaluation A/c	24,000	16,000	8,000	By General
To Mathans loan A/c	-	-	3,02,000	revenue	60,000	40,000	20,000
To Balance c/d	4,24,000	2,96,000	-	By Rajesh's
				capital A/c	-	-	12,000
				By Mathans
				capital A/c	-	-	28,000

	4,60,000	3,40,000	3,10,000		4,60,000	3,40,000	3,10,000
				By Balance b/d	4,24,000	2,96,000	-

NOTE:
(i) Computing of gaining ratio
Share gained = New share - Old Share
Rajesh =\(\cfrac { 3 }{ 5 } -\cfrac { 3 }{ 5 } =\cfrac { 18-25 }{ 30 } =\cfrac { 3 }{ 30 } \)

Sathish = \(\cfrac { 2 }{ 5 } -\cfrac { 1 }{ 6 } =\cfrac { 12-5 }{ 30 } =\cfrac { 7 }{ 30 } \)
Therefore, the gaining of Rajesh and Sathish is 3:7
(ii) Adjustment for goodwill
Goodwill of the firm = Rs. 1,20,000
Share of goodwill of Mathan = \(Rs.1,20,000\times \cfrac { 2 }{ 6 } =Rs.40,000\)
It is to be adjusted in the capital accounts of Rajesh and Sathis in the gaining ratio 3:7
That is,
Rajesh : \(40,000\times \cfrac { 3 }{ 10 } =Rs.12,000\)
Sathish : \(40,000\times \cfrac { 7 }{ 10 } =Rs.28,000\)

Balance Sheet as on 31st March 2017
Liabilities	Rs	Rs	Assets	Rs	Rs
Capital accounts			Premises		4,00,000
Rajesh	4,24,000		Machinery	4,20,000
Sathish	2,96,000	7,20,000	Less: Depreciation	30,000	3,90,000

Mathans loan A/c		3,02,000	Debtors	1,60,000
Creditors		50,000	Less: Depreciation	8,000	1,52,000
Bills payable		1,80,000
			Stock	3,00,000
			Less: Depreciation	10,000	2,90,000

			Cash at bank

		12,52,000			12,52,000

Dr Revaluation A/c Cr
Particulars	Rs	Particulars	Rs	Rs
To stock A/c	1,000	By Building A/c		9,000
To Deptors A/c	1,000	By Loss on revaluation transferred to
To Unrecorded liability A/c	8,000
		Kannans capital A/c	500
		Rahim's capital A/c	300
		John's capital A/c	200
				1,000
	10,000			10,000

Dr Capital Account Cr
Particulars	Kannan Rs	Rahim Rs	John Rs	Particulars	Kannan Rs	Rahim Rs	John Rs
To Profit and Loss A/c	10,000	6,000	4,000	By Balance b/d	1,00,000	80,000	40,000
To Revaluation A/c	500	300	200	By Workmens Compensation fund	15,000	9,000	6,000
To Bank	-	-	41,800	compensation
To Balance c/d	1,04,500	82,700	-	fund	15,000	9,000	6,000

	1,15,000	89,000	46,000		1,15,500	89,000	46,000
				By Balance b/d	1,04,500	82,700

Balance Sheet as on 31st December 2017
Liabilities	Rs	Rs	Assets	Rs	Rs
Capital accounts			Buildings	90,000
			Add:Appreciation	9,000	99,000
Kannan	1,04,500		Machinary		60,000
Rahim	82,700	1,87,200
			Deptors	30,000
Sudry creditors		20,000	Less,Bad debts	1,000	29,000
Unrecorded liability		8,000
			Stock	20,000
			Less: Depreciation	1,000	19,000

			Cash at bank	50,000
			Less: Amount paid to John	41,800	8,200
		2,15,200			2,15,200

Journal entries
Date	Particulars		Debit Rs	Credit Rs
2018	Machinery A/c	Dr	30,000
March 31	To Revaluation A/c			30,000
	(Increase in the value of Machinery accounted)
2018	Revaluation AI c	Dr	12,000	10,000
March 31	To Furniture AI c
	To Provision for doubtful
	debts A/c
	(Furniture and provision made for doubtful debts adjusted)
2018	Investments A/c	Dr	30,000
March 31	To Revaluation A/c			30,000
	(Unrecorded investement brought into accounts)
2018	Revaluation A/c	Dr.	48,000
March 31	To Chandrus capital A/c			16,000
	To Vishal's capital A/c			16,000
	To Ramanans capital A/c			16,000
	(Parnosffietrroend retvoalcuaaptiitoanl account)

Dr Revaluation A/c Cr
Particulars	Rs	Rs	Particulars	Rs
To Furniture A/c		10,000	By Machinery A/c	30,000
To Provision for doubtful debts A/c		2,000	By Investments A/c	30,000
To Profit on revaluation transferred to
Chandrus capital A/c (48,000 x 113)	16,000
Vishal's capital A/c (48,000 x 113)	16,000
Ramanan's capital A/c (48,000 x 113)	16,000
		48,000
		60,000		60,000

Dr. Revaluation Account Cr.
Particulars	Rs.	Rs.	Particulars	Rs.
To Stock A/c		2,000	By By Land A/c	11,000
To Debtors A/c		3,000
To Profit on revaluation transferred to
Sundar’s capital A/c (3/6)	3,000
Vivek’s capital A/c (2/6)	2,000
Pandian’s capital A/c (1/6)	1,000	6,000
		11,000		11,000

Dr. Capital Account Cr.
Particulars	Sundar Rs.	Vivek Rs.	Pandian Rs.	Particulars	Sundar Rs.	Vivek Rs.	Pandian Rs.
To Profit and loss A/c	3,000	2,000	1,000	By Balance b/d	50,000	40,000	10,000
To Pandian’s Executor A/c			16,000	By General reserve	18,000	12,000	6,000
To Balance c/d	68,000	52,000		By Revaluation A/c (profit)	3,000	2,000	1,000

	71,000	54,000	17,000		71,000	54,000	17,000
				By Balance b/d	68,000	52,000

Balance Sheet as on 1st January, 2019
Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital account:			Land	80,000
Sundar	68,000		Add: Appreciation	11,000	91,000
Vivek	52,000	1,20,000	Stock	20,000
Pandian’s Executor A/c		16,000	Less: Decrease	2,000	18,000
Sundry creditors		14,000	Debtors	30,000
			Less: Decrease	3,000	27,000
			Cash at bank		14,000
		1,50,000			1,50,000

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