Accounting for Partnership Firms (CBSE Class-12 Accountancy): Questions 33 - 36 of 135

Get 1 year subscription: Access detailed explanations (illustrated with images and videos) to 209 questions. Access all new questions we will add tracking exam-pattern and syllabus changes. View Sample Explanation or View Features.

Rs. 250.00 or

Question number: 33

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

One Liner Question▾

Write in Brief

Define the Not for profit organisation?

Question number: 34

» Accounting for Partnership Firms » Goodwill

One Liner Question▾

Write in Brief

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: 35

» Accounting for Partnership Firms » Partnership

One Liner Question▾

Write in Brief

What is Joint Life Policy?

Question number: 36

» 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) …

f Page
Sign In