CBSE Class-12 Accountancy: Questions 128 - 134 of 209

Get 1 year subscription: Access detailed explanations (illustrated with images and videos) to 209 questions. Access all new questions we will add tracking exam-pattern and syllabus changes. View Sample Explanation or View Features.

Rs. 250.00 or

Question number: 128

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

Short Answer Question▾

Write in Short

Why is it necessary to distribute Reserves Accumulated, Profits and Losses at the time of retirement or death of a partner?

Question number: 129

» Accounting for Companies » Accounting for Share Capital » Share and Share Capital

One Liner Question▾

Write in Brief

What do you mean by Private placement of shares?

Question number: 130

» Analysis of Financial Statements » Financial Statement Analysis

Short Answer Question▾

Write in Short

Give five objectives of financial analysis.

Question number: 131

» Analysis of Financial Statements » Financial Statements of a Company

One Liner Question▾

Write in Brief

What are the accumulated profit and accumulated losses?

Question number: 132

» Accounting for Companies » Accounting for Debentures » Redemption of Debentures

One Liner Question▾

Write in Brief

State in brief, the SEBI Guidelines regarding Debenture Redemption Reserve.

Question number: 133

» Accounting for Companies » Accounting for Debentures » Debentures

Short Answer Question▾

Write in Short

Raghav Ltd. purchased a running business from Krishna Traders for a sum of Rs. 15, 00, 000 payable 3, 00, 000 by cheque and for the balance issued 9 % debenture of Rs. 100 each at par. The assets and liabilities consisted of the following:

assets and liabilities

shows different assets and liabilities and their amount

Plant & Machinery

4, 00, 000

Building

6, 00, 000

Stock

5, 00, 000

Sundry debtors

3, 00, 000

Sundry creditors

3, 00, 000

Question number: 134

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

Essay Question▾

Describe in Detail

Dinesh, Yasmine and Faria are partners in a firm, sharing profits and losses in 11: 7: 2 respectively. The Balance Sheet of the firm as on 31st Dec 2001 was as follows:

On the same date, Annie is admitted as a partner for on-sixth share in the profits with Capital of Rs. 4, 500 and necessary amount for his share of goodwill on the following terms: -

a. Furniture of Rs. 2, 400 were to be taken over by Dinesh, Yasmine and Faria equally.

b. A Liability of Rs. 1, 670 be created against Bills discounted.

c. Goodwill of the firm is to be valued at 2.5 years’ purchase of average profits of 2 years. The profits are as under:

2000: - Rs. 2, 000 and 2001 - Rs. 6, 000.

d. Drawings of Dinesh, Yasmine, and Faria were Rs. 2, 750; Rs. 1, 750; and Rs. 500 Respectively.

e. Machinery and Public Deposits are revalued to Rs. 2, 000 and Rs. 1, 000 respectively.

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

Explanation

REVALUATION ACCOUNT in the Books of Dinesh, Yamine, Farte and Anie

shows re-valuated amount of assets and liabilities

Particulars

amount

Particulars

amount

To Bills Discounted A/c

1670

By Public deposits A/c

190

By Machinery A/c

200

By Loss transferred to

Dinesh’s capital A/c

704

Faria’s Capitla A/c

128

1280

1670… (166 more words) …

Sign In