HOLIDAY HOMEWORK FORCLASS XII CCMMERCE
SUBJECT- ACCOUNTANCY
Q1. If partnership deed provides for payment of interest on partner’s loan, but does not specify
the rate, what will be therate of interest on partner’s loan?
Q.2.Under what circumstances the fixed capital of may changed?
Q3.) P, Q and R are partners sharing profits and losses in the ratio of 5:3:2. From 1stJanuary,
2012, they decide to share profits and losses in equal proportion. The partnership deed provides
that in the event of any changein profit sharing ratio, the goodwill should be valued at three
years’ purchase of the average of five years’profits. The profits and losses of the preceding five
years are:
Profits :2007 - Rs. 60,000 2008 Rs. 1,50,000 2009 - Rs. 1,70,000 2010 - Rs. 1,90,000.
Loss :2011 -Rs. 70,000. Give the necessary journal entry to record the above change. (3)
Q4. X , Y & Z were partners in a firm sharing profits in the ratio of 3:2:1. After division of
profits for the year ended 31.3.2011, their capitals were Rs.295000, Rs.330000 and
Rs.335000.During the year they withdrewRs.40000 each for personal use. The profits of the year
was Rs.180000.The partnership deed provided for interest on capital @10% p.a. ,interest on
drawings to be charged @5%p.a. and salary to X Rs.6000 p.a. While preparing the final
accounts, the above provisions were omitted to be recorded. Give the necessary adjustment
5.Y and Z are partners in a firm sharing profit and losses in the ratio of 5:3 with capitals of
Rs.40000 and rs.30000 respectively. They withdrew from the firm the following amounts, for the
personal use:
Y
Month
May 31 , 2011
June 30, 2011
August 31st, 2011
November 1st, 2011
December 31st, 2011
January 31st, 2012
March 1st, 2012
At the beginning of each month
st
Z
Rs.
1200
1000
2000
800
3000
600
1400
800
Calculate interest on drawings @ 6% p.a. for the year ended on March 31st, 2012.
Q6. (a)Ajay, Vijay & Sanjay are partners in a firm sharing profits and losses in the ratio of 3:1:2.
Vijay retires.After making all adjustments, the capital balances of Ajay, Vijay &Sanjay were Rs.
21,600, Rs. 17,800, & Rs. 5,600 respectively. Vijay was to be paid through cash, brought in by
continuing partners in such a way as to make their capitals proportionate to their profit sharing
ratio. Calculate theamount of cash brought in by continuing partners and givethe necessary entry
for this.
(b) M, N and O are partners in firm sharing profit and losses in the ratio of 3:2:5. N retires and
on his retirement goodwill was estimated at Rs. 80000. Pass necessary journal entry. (2)
Q7. Anil & Sunil were partners. The partnership deed provided for profits to be divided as Anil
1/2, Sunil 1/3 and 1/6 to be transferred to reserves; the accounts are closed on March 31 each
year. In the event of death of a partner, the executors will be entitled to the following I) capital to the credit on the date of death
II) interest on capital @ 12% p.a
III) proportion of profit to the date of death based on the average profits of the preceding 3
years
IV) share of goodwill based on 3 years purchase of average profits of the preceding 3 years.
The following information is provided to you :
Anil’s capital Rs. 80,000 ; Sunil’s capital Rs. 50,000 ; Reserves Rs. 30,000 ; cash Rs. 10,000 ;
Investments Rs. 140,000; JLP(Policy amount Rs.80,000)-Rs.10,000
Sunil died on 30th September, 2010. The profits for the 3 preceding years wereRs. 48,000, Rs.
42,000 and Rs. 45,000. Pass necessary journal entries and calculate the balance due to Sunil’s
executor.
Metallic Ltd invited applications for issuing 18,000 shares of Rs.20 each at a premium of 10%.
Rs.14 per share were payable on application (including premium) and the balance on allotment.
Applications for 20,000 shares were received.Shares were allotted proportionately to all
applicants.An applicant who was allotted 1,800 shares failed to pay the allotment money. His
Q8.A and B share profits in the proportions of ¾ and ¼ .Their Balance Sheet on Dec.31,2010
was as follows:
Balance Sheet (as on 31 Dec. 2010)
LIABILITIES
AMOUNT
Sundry Creditors
41,500
Reserve Fund
4,000
Capitals Accounts
A’s
30,000
B’s
16,000
46,000
ASSETS
Cash at Bank
Bills Receivable
AMOUNT
26,500
3,000
Debtors
16,000
Stock
20,000
Fixtures
1,000
Land and Building
91,500
25,000
91,500
On Jan. 1,2011,C was admitted into partnership on the following terms :
( a)That C pays Rs.10,000 as his capital.
(b)That C pays Rs.5,000 for goodwill. Half of this sum is to be withdrawn by A and B.
(c)That Stock and Fixtures be reduced by 10% and a 5% provision for doubtful debt be created
on
Sundry Debtors and Bills Receivable.
(d)That the value of land and building be appreciated by 20%.
(e)There being a claim against the firm for damages, a liability to the extent of Rs.1,000 should
be created.
(f)An item of Rs. 650 included in sundry creditors is not likely to be claimed and hence should
be writtenback.
Prepare Revaluation Account, Partner’s Capital Account and the new Balance Sheet.
9.Sonu and Ashu sharing profits as 3:1 and they agree upon dissolution.The Balance Sheetas on
March 31st,2010 is as under :
Balance Sheet as on 31 March 2010
LIABILITIES
AMOUNT(Rs.)
ASSETS
AMOUNT(Rs.)
Loan
12,000
Cash at Bank
25,000
Creditors
18,000
Stock
45,000
Furniture
16,000
Debtors
70,000
Capitals:
Sonu
1,10,000
Ashu
68,000
1,78,000
2,08,000
Plant and Machinery
52,000
2,08,000
Sonu took over plant and machinery at an agreed value of Rs.60,000.Stock and furniture
were sold for Rs.42,000 and Rs. 12,000 respectively. Debtors were took over by Ashu at
Rs.69,000. Creditors were paid subject to discount of Rs.900. Sonu agrees to pay the loans.
Realisation expenses were Rs.1,600.
Prepare Realisation Account, Bank account and Capital accounts of all the partners.