Accounting for Partnership Firms (CBSE (Central Board of Secondary Education- Board Exam) Class-12 Accountancy): Questions 104 - 108 of 135

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Question number: 104

» Accounting for Partnership Firms » Past Adjustments

One Liner Question▾

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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.

Question number: 105

» Accounting for Partnership Firms » Goodwill

One Liner Question▾

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How should the goodwill of the firm be distributed when the sacrificing ratio of any of the existing partner is negative (i. e. he is gaining)

Question number: 106

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

Short Answer Question▾

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X wants to retire from the firm. The profit on revaluation of assets on the date of retirement is Rs. 10, 000. X is of the view that it be distributed among all the partners in their profit-sharing ratio whereas Y and Z are of the view that this profit be divided between Y and Z in new profit-sharing ratio. Who is correct in this case?

Question number: 107

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

One Liner Question▾

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What do you understand by admission of a new Partner?

Question number: 108

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

Essay Question▾

Describe in Detail

A, B and C were partners in a firm sharing profits in the ratio of 5: 3: 2 On 31st March 2005 their Balance Sheet was as under:

Balance sheet as on 31st March 2005

shows available balance of assets and liabilities as on 31st March 2005






10, 000


20, 000


7, 000


30, 000

A’s Capital



10, 000

B’s Capital



6, 000

C’s Capital


70, 000


21, 000

C died on 1st Oct. 2005. It was agreed between his executors and the remain partners that:

a. Goodwill be valued at 2 years’ purchase of the average profits of the pre five years, which were 2001: Rs. 15, 000; 2002: Rs. 13, 000; 2003: Rs. 12, 000; Rs. 15, 000: 2004 and 2005: Rs. 20, 000.

b. Patents be valued at Rs. 8, 000; Machinery at Rs. 28, 000; Buildings at Rs. 30,

c. Profit for the year 2005 - 06 be taken as having accrued at the same rate previous year.

d. Interest on capital be provided at 10 % p. a.

e. A sum of Rs. 7, 750 was paid to his executors immediately.

Prepare C’s Capital Account and his executors account at the time of his death.


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