# Accounting for Partnership Firms-Past Adjustments (CBSE Class-12 Accountancy): Questions 9 - 11 of 16

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## Question number: 9

» Accounting for Partnership Firms » Past Adjustments

One Liner Question▾

### Write in Brief

How would you calculate interest on drawing of equal amount drawn in the middle of every month?

## Question number: 10

» Accounting for Partnership Firms » Past Adjustments

Essay Question▾

### Describe in Detail

 Liabilities Amount Assets Amount A’s Capital 400, 00 Buildings 20, 000 B’s Capital 30, 000 Motor Car 18, 000 C’s Capital 20, 000 Stock 20, 000 General Reserve 17, 000 Investments 1, 20, 000 Sundry Creditors 1, 23, 000 Debtors 40, 000 Patents 12, 000 2, 30, 000 2, 30, 000

The partners share profits in the ratio of 8: 4: 5. C retires from the firm on the same date subject to the following term S and conditions:

i) 20 % of the General Reserve is to remain’ as a reserve for bad and doubtful debts. ;

ii) Motor) r Car is to be decreased by 5%.

iii) Stock is to be revalued at Rs. 17, 500.

iv) Goodwill is valued at’ 2 years purchase of the average profits of last 3 years.

Profits were; 2001: Rs. 11, 000; 200l: Rs. 16, 000 and 2003: Rs. 24, 000.

C. was paid in July A and B borrowed the necessary amount from the Bank on the security of Motor Car and stock to payoff C.

Prepare Revaluation Account, Capital Accounts and Balance Sheet of A and B.

### Explanation

 Particulars Rs. Particulars Rs. To Motor Cars A/C 900 By Loss transferred to To Stock A/C 2, 500 A’s Capital A/c 1, 600 B’s Capital A/c 800 C’s Capital A/c 1, 000 3, 400 3, 400 3,… (170 more words) …

## Question number: 11

» Accounting for Partnership Firms » Past Adjustments