CBSE (Central Board of Secondary Education- Board Exam) Class-12 Accountancy: Questions 135 - 139 of 209

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Question number: 135

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

One Liner Question▾

Write in Brief

At the time of retirement of a partner give journal entry for writing off the existing goodwill.

Question number: 136

» Accounting for Partnership Firms » Not-for-Profit Organizations

One Liner Question▾

Write in Brief

What are the objectives of accounting for NPO?

Question number: 137

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

Short Answer Question▾

Write in Short

X, Y and Z are partners sharing profits and losses in the ratio of 3: 2: 1. Z retires and the following Journal entry is passed in respect of Goodwill:

journal entry for the distribution of goodwill when partner Z retires from business

entry is for the distribution of goodwill

No.

Particulars

L. F.

Dr. Rs.

Cr. Rs.

1

Y’s Capital A/c …Dr.

-

20, 000

To X’s Capital A/c

10, 000

To Z’s Capital A/c

10, 000

The value of goodwill is Rs. 60, 000. What is the new profit-sharing ratio between X and Y?

Question number: 138

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

One Liner Question▾

Write in Brief

Give the name of the compensation which is paid by a new Partner to sacrificing Partners for sacrificing their share of profits.

Question number: 139

» Accounting for Companies » Accounting for Debentures » Debentures

Short Answer Question▾

Write in Short

Journalise the following transactions in the books of sum ltd.

  1. 100, 12 % debentures of Rs. 100 each issued at a discount of 10 % were converted into 10 % preference shares of Rs. 100 each issued at a premium of 25%. The debentures were converted at the option of the debenture holders before the date of redemption.
  2. 100, 10 % debentures of Rs. 500 each were converted into debentures of Rs. 100 each. The new debentures were issued at a discount of 20%.

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