Accounting for Partnership Firms-Reconstitution and Dissolution (CBSE Class-12 Accountancy): Questions 23 - 28 of 60

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Question number: 23

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

One Liner Question▾

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‘How can a partner retire from the firm?

Question number: 24

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

One Liner Question▾

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What is meant by retirement of a partner?

Question number: 25

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

One Liner Question▾

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What do you understand by ‘Gaining Ratio*?

Question number: 26

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

Short Answer Question▾

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How is the account of retiring partner settled?

Question number: 27

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

Essay Question▾

Describe in Detail

Surender and Narender share profits and losses in the ratio of 3: 2. On 1st January 1994, Mahendra was admitted who paid Rs. 40, 000 for Capital and Rs. 20, 000 for Godwill. Surender and Narender withdrew half of the goodwill. The Balance Sheet of Surender and Narender as on 31st Dec 1993 was as follows:

The assets and liabilities of the firm were revalued as under:

a. Stock at Rs. 36, 000; Furniture Rs. 8, 000, Plant at Rs. 8, 000 and Buildings at Rs. 24, 000.

b. Provision for Doubtful Debts is to be maintained at 10 % of the Debtors.

c. A Liability of Rs. 1, 000 included in Creditors was not likely to be paid.

Prepare Revaluation Account, Partners’ Capital Accounts and Balance Sheet of the reconstituted firm. Mahender was admitted for 1/6th Share in future.

Explanation

Revaluation account of Surendar, Mahender and Narender

shows re-valuated assets and liabilities in the books of account

Particulars

Rs.

Particulars

Rs.

To provision for doubtful A/c

200

by creditors A/c

1, 000

To Stock A/c

4, 000

By furniture A/c

1, 000

To Plant A/c

2, 000

By building A/c… (138 more words) …

Question number: 28

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

One Liner Question▾

Write in Brief

At the time of admission of a new partner, workmen’s compensation reserve in appearing in the Balance sheet as Rs. 1, 000. Give journal entry if workmen’s compensation at the time of admission is estimated at Rs. 1, 200.

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