Accounting for Partnership Firms-Reconstitution and Dissolution (CBSE (Central Board of Secondary Education- Board Exam) Class-12 Accountancy): Questions 14 - 22 of 60

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Question number: 14

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

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

Question number: 15

» Accounting for Partnership Firms » Reconstitution and Dissolution » Change in the Profit Sharing Ratio

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At the time of change in profit sharing ratio among the existing partners, where will you record an unrecorded liability?

Question number: 16

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

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How is the share of profit of a deceased partner calculated from the date of last balance sheet to the date of death?

Question number: 17

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

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Give the formula for ‘calculating gaining share’ of a partner in a partnership firm.

Question number: 18

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

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Why is it necessary to revalue assets and reassess liabilities of a firm in case of admission of a new partner?

Question number: 19

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

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State the ratio in which profit or loss on revaluation will be shared by the partners when a partner retires. ;

Question number: 20

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

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Enumeration the matters that need adjustment at the time of admission of a new Partner.

Question number: 21

» Accounting for Partnership Firms » Reconstitution and Dissolution » Change in the Profit Sharing Ratio

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Anand, Bhutan and Chadha sharing profits in ratio of 3: 2: 1. On 1st April 2007, they decided to share profits equal. Name the partners who is gaining on consequence of such change.

Question number: 22

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

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P, Q and R were partners in a firm sharing profits in 2: 2: 1 ratio. The firm closes its book on 31 March every year. P died three months after the last accounts were prepared. On that date the goodwill of the firm was valued at Rs. 90, 000. On the death of a partner his share of profit in the year of death was to be calculated on the basis of the average profits of the last four years.

profit of last four years

shows year ending profit of four years

Date and year

amount of profit

Year ended 31.3. 2007

2, 00, 000

Year ended 31.3. 2006

1, 80, 000

Year ended 31, 3.2005

2, 10, 000

Year ended 31.3. 2004

1, 70, 000 (Loss)

Pass necessary journal entries for the treatment of goodwill and P’s share of profit on his death.

Show clearly the calculation of P’s share of profit.

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