CBSE (Central Board of Secondary Education- Board Exam) Class-12 Accountancy: Questions 43 - 51 of 209

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Question number: 43

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

One Liner Question▾

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What is meant by the sacrificing Ratio in case of admission of a Partner?

Question number: 44

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

Short Answer Question▾

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How is amount payable to the representative of a deceased partner calculated?

Question number: 45

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

One Liner Question▾

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Define the Not for profit organisation?

Question number: 46

» Accounting for Partnership Firms » Goodwill

One Liner Question▾

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State the amount of goodwill, if goodwill is to be valued on the basis of 2 years’ purchase of last year’s profit. Profit of the last year was Rs. 20, 000.

Question number: 47

» Accounting for Partnership Firms » Partnership

One Liner Question▾

Write in Brief

What is Joint Life Policy?

Question number: 48

» Analysis of Financial Statements » Financial Statements of a Company

One Liner Question▾

Write in Brief

What is honorarium?

Question number: 49

» Accounting for Companies » Accounting for Debentures » Debentures

Short Answer Question▾

Write in Short

Deepak Ltd. purchased furniture Rs. 2, 20, 000 from M/s Furniture Mart. 50 % of the amount was paid to Furniture Mart by accepting a bill of exchange and for the balance the company issue 9 % debentures of Rs. 100 each at a premium of 10 % in favour of Furniture Mart. Pass necessary journal entries in the books of Deepak Ltd. for the above transactions.

Question number: 50

» Analysis of Financial Statements » Activity Ratios

One Liner Question▾

Write in Brief

The stock turnover ratio of a company is 3 times. State, giving reason, whether the ratio improves, declines or does not change because of increase in the value of closing stock by Rs. 5, 000.

Question number: 51

» Accounting for Partnership Firms » Partnership

Essay Question▾

Describe in Detail

Rashmi and Pooja are partners in a firm. They share profits and losses in the ratio of 2: 1. They admit Santosh into partnership firm on the condition that she will bring Rs. 30, 000 for Goodwill and will bring such an amount that her capital will be 1/3 of the total capital of the new firm. Santosh will be given 1/3 share in future profits. At the time of admission of Santosh, the Balance Sheet of Rashmi and Pooja was as under:

Balance ssheet of the firm before admission of new partner

table shows assets and liability of the firm at the end of the year

Liabilities

Rs.

Assets

Rs.

Capital Account

Rashmi

Pooja

1, 35, 000

1, 25, 000

Cash

90, 000

Creditors

30, 000

Machinery

1, 20, 000

Bills Payable

10, 000

Furniture

10, 000

Stock

50, 000

Debtors

30, 000

3, 00, 000

3, 00, 000

It was decided to:

  1. revalue stock at Rs. 45, 000.
  2. depreciated furniture by 10 % and machinery by 5%.
  3. made provision of Rs. 3, 000 on sundry debtors for doubtful debts.

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

Explanation

Revaluation account of partners

table records value of assets and liability after revaluation

Particulars

Rs.

Particulars

Rs.

To Stock

5000

By Loss on Revaluation b/f to:

Rashmi

Pooja

10000

5000

To Furniture

1000

To Machinery

6000

To Debtors

3000

15000

15000

Capital accounts of partners

table shows the capital of

… (164 more words) …

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