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CBSE CLASS XII

Q.5. A, Band C were partners in a firm sharing profits equally:   Their Balance Sheet on.31.12.2007 stood  as:

BALANCE SHEET  AS AT  31.12.07

         Liabilities                                             Rs.    Assets                                                       Rs.
         A                       Rs. 30,000                          Goodwill                                              18,000
         B                       Rs. 30,000                          Cash                                                   38,000
         C                       Rs. 25,000          85,000    Debtors                            . 43,000                
         Bills payable     Rs. 20,000                         Less:BadDebt provision     3,000    40,000
         Creditors           Rs. 18,000                         Bills Receivable                                 25,000
         Workers Compensation
          Fund                Rs. 8,000                             Land and Building                             60,000
         Employees  provident
          Fund                 Rs.60,000                           Plant and Machinery                          40,000
         General ReserveRs.30,000                   
                                            2,21,000                                                                              2,21,000

It was mutually agreed that C will retire from partnership and for this purpose following terms were agreed upon.

1. Goodwill to be valued on 3 years’ purchase of average profit of last 4 years which were 2004 : Rs.50,000 (loss); 2005 : Rs. 21,000; 2006: Rs.52,000; 2007 : Rs.22,000.
2. The Provision for Doubtful Debt was raised to Rs. 4,000.
3. To appreciate Land by 15%.
4. To decrease Plant and Machinery by 10%.
5. Create provision of Rs;600 on Creditors.
6. A sum of Rs.5,000 of Bills Payable was not likely to be claimed.
7. The continuing partners decided to show the firm’s capital at 1,00,000 which would be in their new profit sharing ratio which is 2:3. Adjustments to be made in cash. Make necessary accounts and prepare the Balance Sheet of the new partners.
   

Q.6.  Anil, Jatin and Ramesh  were sharing profit in the ratio of 2:1:1. Their Balance Sheet as at 31.12.2001  stood as follows:-

BALANCE SHEET as at  31.12. 2001

         Liabilities                                             Rs.    Assets                                                       Rs.
         Creditors                                       24,400    Cash                                                1,00,000
         Bank Loan                                    10,000    Debtors                               20000                
         Profit and Loss A/c                      18,000    Less : Provision                   1600     18,400
         Bills Payable                                   2,000    Stock                                                   10,000
         Anil’s Capital                                50,000    Land & Building                                 20,000
         Jatin’s Capital                              40,000    Investment                                          14,000
         Ramesh’s Capital                        40,000    Goodwill                                              22,000
                                                              1,84,400                                                             1,84,400

Ramesh died on 31st March 2002. The following adjustments were agreed upon-

1. Building be appreciated by Rs. 2,000
2. Investments be valued at 10% less than the book value.
3. All debtors (except 20% which are considered as doubtful) were good.
4. Stock be increased by 10 %
5. Goodwill be valued at 2 years’ purchase of the average profit of the past five years.
6. Ramesh’s share of profit to the death be calculated on the basis of the profit of the preceding

year. profit for the years 1997, 1998, 1999 and 2000 were Rs. 26,000, Rs. 22,000,  Rs. 20,000  and Rs. 24,000 respectively.

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