CBSE (Central Board of Secondary Education- Board Exam) Class-12 Accountancy: Questions 157 - 160 of 209

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Question number: 157

» Analysis of Financial Statements » Financial Statement Analysis

Short Answer Question▾

Write in Short

what are the limitations of financial statement analysis?

Question number: 158

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

One Liner Question▾

Write in Brief

Give journal entry for distribution of ‘Accumulated Profits * in case of admission of a partner.

Question number: 159

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

Essay Question▾

Describe in Detail

X and Y are partners as they share profits in the proportion of 3: 1 their balance sheet as at 31.03. 07 as follows.

On the same date, Z is admitted into partnership for 1/5th share on the following terms

a. Goodwill is to be valued at 3 years purchase of average profits of last for year which were Rs. 20,000 Rs. 17,000 Rs. 9,000 (Loss) respectively.

b Stock is fund to be overvalue by Rs. 2,000 Furniture is reduced and Land to be appreciated by 10 % each, a provision for Bad Debts@12 % is to be created on Debtors and a Provision of Discount of Creditors@4 % is to be created.

c A liability to the extent of Rs. 1,500 should be created for a claim against the firm for damages.

d An item of Rs. 1,000 included in Creditors is not likely to be claimed, and hence it should be written off.

Prepare Revaluation Account, Partners: Capital Accounts and Balance Sheet of the new firm if Z is to contribute proportionate capital and goodwill. The capital of partners are to be in profit sharing ratio by opening current Accounts.



shows re-valuated amount of assets and liabilities






Amount Particulars

To Stock A/c


By land A/c


To furniture A/c


By creditors A/c


To Provision for bad debts A/c


By provision of discount on creditors A/c


… (131 more words) …

Question number: 160

» Accounting for Partnership Firms » Past Adjustments

One Liner Question▾

Write in Brief

Ram and Mohan are partners in a firm without any partnership deed. Their capitals are

Ram Rs. 8,00,000 and Mohan Rs. 6,00,000. Ram is an active partner and looks after the business. Ram wants that profit should be shared in proportion of capitals. State with reason whether his claim is valid or not.

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