CBSE Class-12 Accountancy: Questions 123 - 127 of 209

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Question number: 123

» Accounting for Partnership Firms » Reconstitution and Dissolution » Admission of a Partner

One Liner Question▾

Write in Brief

Why a new Partners brings capital into the firm?

Question number: 124

» Analysis of Financial Statements » Financial Statements of a Company

Short Answer Question▾

Write in Short

Give any two points of difference between receipts and payment account and cash book?

Question number: 125

» Analysis of Financial Statements » Financial Statements of a Company

One Liner Question▾

Write in Brief

A club has 500 members each paying annual subscription received in advanced for the current year Rs. 10, 000. Subscription received during the year Rs. 30, 000. Calculate the amount of outstanding subscription?

Question number: 126

» Analysis of Financial Statements » Financial Statements of a Company

Short Answer Question▾

Write in Short

Calculate the amount of sports material to be debited to the Income and Expenditure Account of Capital Sports Club for the year ended 31.3. 2007 on the basis of the following information

Information related to the preparation of account

information is given of two years

particulars

1.4. 2006 Rs.

31.3. 2007 Rs.

Stock of sports material

7, 500

6, 400

Creditors for sports material

2, 000

2, 600

Amount paid for sports material during the year was Rs. 19, 000.

Question number: 127

» Accounting for Partnership Firms » Partnership

Essay Question▾

Describe in Detail

A, B and C are equal partners in a firm, their Balance Sheet as on 31st March 2002 was as follows:

Balance sheet as on 31st march, 2002.

shows assets and liabilities of the firm at the end of the year.

Liabilities

Rs.

Assets

Rs.

Sundry Creditors

27, 000

Goodwill

1, 17, 000

Employees Provident Fund

6, 000

Building

1, 25, 000

Bills Payable

45, 000

Machinery

72, 000

General Reserve

18, 000

Furniture

24, 000

Capitals:

A

B

C

2, 17, 000

1, 66, 000

90, 000

Stock

1, 14, 000

Bad Debts

1, 02, 000

Cash

12, 000

Advertisement Suspense A/c

3, 000

5, 69, 000

5, 69, 000

On that date they agree to take D as equal partner on the following terms:

  1. D should bring in Rs. 1, 60, 000 as his capital and goodwill. His share of goodwill is valued at Rs. 60, 000.
  2. Goodwill appearing in the books must be written off.
  3. Provision for loss on stock and provision for doubtful debts is to be made at 10 % and 5 % respectively.
  4. The value of building is to taken Rs. 2, 00, 000.
  5. The total capital of the new firm has been fixed has been fixed at Rs. 4, 00, 000 and the partners capital accounts are to be adjusted in the profit sharing ratio. Any excess is to be transferred to current account and any deficit is to be brought in cash.

Required: Prepare the Revaluation Account, Partners Capital Accounts, and the Balance Sheet of the new firm.

Explanation

revaluation account of the firm

shows re-valuate amount of assets and liabilities

(Dr. ) Particulars

Rs.

(Cr. ) Particulars

Rs.

To Stock

11400

By land & building

75000

To provision for doubtful debtors

5100

A’s Capital A/c (1/3)

19500

B’s Capital A/c (1/3)

19500

C’s Capital A/c (1/3)

19500

75000… (186 more words) …

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