CBSE Class-12 Accountancy: Questions 200 - 202 of 209

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Question number: 200

» Analysis of Financial Statements » Financial Statements of a Company

One Liner Question▾

Write in Brief

Mention any two categories of funds?

Question number: 201

» Accounting for Partnership Firms » Goodwill

Short Answer Question▾

Write in Short

Explain the accounting entries of ‘goodwill’ when at the time of admission of the new Partner brings in his share of goodwill in cash.

Question number: 202

» Accounting for Partnership Firms » Partnership

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:

Balancesheet of the firm as on 31st december, 2001.

balancesheet shows assdets and liabilities of the firm at the end of financial year.

Liabilities

Rs.

Assets

Rs.

Sundry Creditors

800

Factory

7350

Public Deposits

1190

Plant & Machinery

1800

Reserve fund

900

Furniture

2600

Capital A/c

Dinesh

Yasmine

Faria

5100

3000

5000

Stock

1450

Debtors

Less: bad debts provisions

1500

300

1200

Cash in hand

1590

15, 900

15, 900

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: -

  1. Drawings of Dinesh, Yasmine, and Faria were Rs. 2, 750; Rs. 1, 750; and Rs. 500 Respectively.
  2. MaFurniture of Rs. 2, 400 were to be taken over by Dinesh, Yasmine and Faria equally.
  3. A Liability of Rs. 1, 670 be created against Bills discounted.
  4. 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.
  5. chinery 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 of the partners dinesh, yasmine and faria

table records the assets and liability after revaluation of it.

Particulars

Rs.

Assets

Rs.

To Bills Discounted A/c

1670

By Pyublic deposits A/c

190

By Machinery A/c

200

By Loss transferred to

Dinesh’s capital A/c

Faria’s Capitla A/c

704

128

1280… (186 more words) …

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