CBSE Class-12 Accountancy: Questions 82 - 86 of 209

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Question number: 82

» Analysis of Financial Statements » Financial Statement Analysis

One Liner Question▾

Write in Brief

what is the work of comparative financial statement?

Question number: 83

» Accounting for Partnership Firms » Past Adjustments

One Liner Question▾

Write in Brief

Ramesh, a partner in the firm has advanced a loan of a Rs. 1, 00, 000 to the firm and has demanded on interest@9 % per annum. The partnership deed is silent on the matter. How will you deal with it?

Question number: 84

» Cash Flow Statement

Short Answer Question▾

Write in Short

From the following Balance Sheets of Som Ltd. as on 31.3. 2006 and 31.3. 2007 prepare a Cash Flow Statement:

Balance Sheets of Som Ltd. as on 31.3. 2006 and 31.3. 2007

shows available balance of assets and liabilities

Liabilities

Amount 2006

Amount 2007

Assets

Amount 2006

Amount 2007

Equity Share Capital

2, 00, 000

5, 00, 000

Fixed Assets

3, 00, 000

4, 50, 000

Profit and Loss

1, 25, 000

25, 000

Stock

1, 00, 000

1, 50, 000

10 % Debentures

1, 00, 000

75, 000

Debtors

75, 000

1, 25, 000

8 % Preference Shares Capital

50, 000

75, 000

Bank

45, 000

65, 000

General Reserve

45, 000

1, 15, 000

5, 20, 000

7, 90, 000

5, 20, 000

7, 90, 000

During the year machine costing Rs. 70, 000 was sold for Rs. 15, 000. Dividend paid Rs. 24, 000

Question number: 85

» Accounting for Partnership Firms » Reconstitution and Dissolution » Retirement and Death of a Partner

One Liner Question▾

Write in Brief

‘How can a partner retire from the firm?

Question number: 86

» Accounting for Partnership Firms » Partnership

Essay Question▾

Describe in Detail

A, B and C were partners in a firm sharing profits equally: Their Balance Sheet on. 31.12. 2007 stood as:

BALANCE SHEET AS on 31.12. 07

shows balance of assets and liabilities of the firm

Liabilities

Rs.

Assets

Rs.

A

30, 000

Goodwill

18, 000

B

30, 000

Cash

38, 000

C

20, 000

85, 000

Debtors

43, 000

Bills payable

20, 000

Less: Bad Debt provision

3, 000

40, 000

Creditors

18, 000

Bills Receivable

25, 000

Workers Compensation Fund

8, 000

Land and Building

60, 000

Employees provide4nt Fund

60, 000

Plant and Machinery

40, 000

General Reserve

30, 000

2, 21, 000

2, 21, 000

It was mutually agreed that C will retire from partnership and for this purpose following terms were agreed upon.

i) Goodwill to be valued on 3 years’ purchase of average profit of last 4 years which were 2004: Rs. 50, 000 (loss); 2005: Rs. 21, 000; 2006: Rs. 52, 000; 2007: Rs. 22, 000.

ii) The Provision for Doubtful Debt was raised to Rs. 4, 000.

iii) To appreciate Land by 15%.

iv) To decrease Plant and Machinery by 10%.

v) Create provision of Rs; 600 on Creditors.

vi) A sum of Rs. 5, 000 of Bills Payable was not likely to be claimed.

vii) The continuing partners decided to show the firm’s capital at 1, 00, 000 which would be in their new profit sharing ratio which is 2: 3. Adjustments to be made in cash

Make necessary accounts and prepare the Balance Sheet of the new partners.

Explanation

REVALUATION ACCOUNT of A, B and C

shows re-valuated amount of assets and liabilities

Particulars

Rs.

Particulars

Rs.

To Provision for Debts A/c

1, 000

By Land A/c

9, 000

To Plant & Machinery A/c

4, 000

By Provision on Creditors A/c

600

To Profit transferred to

By Bills Payable… (240 more words) …

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