New ! Accountancy MCQ Practise Tests



  1. Home
  2. 12th Standard
  3. Accountancy
  4. 12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 5 Mark Questions with Solution Part - I

Updated 12th Standard Accountancy Study Materials 2024 - 2025Exams

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 5 Mark Questions with Solution Part - I Question Bank Software Jun-03 , 2021

QB365 provides detailed and simple solution for every Book back Questions in class 12 Accountancy Subject. It will helps to get more idea about question pattern in every book back questions with solution.

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 5 Mark Questions with Solution Part - I

12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 5 Mark Questions with Solution Part - I

12th Standard

    Reg.No. :
  •  
  •  
  •  
  •  
  •  
  •  

Accountancy

Time : 00:30:00 Hrs
Total Marks : 25

    Part I

    5 x 5 = 25

  1. The balance sheet of Rekha and Mary on 31st March 2018 is as follows:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts     Buildings 50,000
    Rekha 50,000   Stock 8,000
    Mary 30,000 80,000 Sundry debtors 60,000
    General reserve   40,000 Cash at bank 32,000
    Workmen compensation fund   10,000    
    Sundry creditors   20,000    
        1,50,000   1,50,000

    They share the profits and losses in the ratio of 3:1. They agreed to admit Kavitha into the partnership firm for 1/4 share of profit which she gets entirely from Rekha.
    Following are the conditions:
    (i) Kavitha has to bring Rs. 20,000 as capital. Her share of goodwill is valued at 4,000. She could not bring cash towards goodwill.
    (ii) Depreciate buildings by 10%
    (iii) Stock to be revalued at Rs. 6,000
    (iv) Create provision for doubtful debts at 5% on debtors
    Prepare necessary ledger accounts and the balance sheet after admission.

  2. Veena and Pearl are partners in a firm sharing profits and losses in the ratio of 2:1. Their balance sheet as on 31st March, 2018 is as follows:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts     Buildings 60,000
    Veena 60,000   Machinery 30,000
    Pearl 40,000 1,00,000 Debtors 20,000
    General reserve   30,000 Stock 10,000
    Workmen compensation fund   10,000 Cash at bank 30,000
    Sundry creditors   10,000    
        1,50,000   1,50,000

    Deri is admitted on 1.4.2018 subject to the following conditions:
    (a) The new profit sharing ratio among Veena, Pearl and Deri is 5 : 3 : 2.
    (b) Deri has to bring a capital of Rs. 30,000
    (c) Stock to be depreciated by 20%
    (d) Anticipated claim on workmen compensation fund is Rs. 1,000
    (e) Unrecorded investment of Rs. 11,000 has to be brought into books
    (f) The goodwill of the firm is valued at Rs. 30,000 and Deri brought cash for his share of goodwill.
    The existing partners withdraw the entire amount brought by Deri towards goodwill.
    Prepare the necessary ledger accounts and balance sheet after admission.

  3. Amal and Vimal are partners in a firm sharing profits and losses in the ratio of 7:5. Their balance sheet as on 31st March, 2019, is as follows:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Land 80,000
    Amal 70,000   Furniture 20,000
    Vimal 50,000 1,20,000 Stock 25,000
    Sundry creditors   30,000 Debtors 30,000
    Profit and loss A/c   24,000 Bank 19,000
        1,74,000   1,74,000

    Nirmal is admitted as a new partner on 1.4.2018 by introducing a capital of Rs.30,000 for 1/3 share in the future profit subject to the following adjustments.
    (a) Stock to be depreciated by Rs. 5,000
    (b) Provision for doubtful debts to be created for Rs. 3,000
    (c) Land to be appreciated by Rs. 20,000
    Prepare revaluation account and capital account of partners after admission.

  4. Sundar and Suresh are partners sharing profits in the ratio of 3:2. Their balance sheet as on 1st January, 2017 was as follows:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Buildings 40,000
    Sundar 30,000   Furniture 13,000
    Suresh 20,000 50,000 Stock 25,000
    Creditors   50,000 Debtors 15,000
    General reserve   10,000 Bills receivable 14,000
    Workmen compensation fund   15,000 Bank 18,000
        1,25,000   1,25,000

    They decided to admit Sugumar into partnership for 1/4 share in the profits on the following terms:
    (a) Sugumar has to bring in Rs. 30,000 as capital. His share of goodwill is valued at Rs. 5,000. He could not bring cash towards goodwill.
    (b) That the stock be valued at Rs. 20, 000.
    (c) That the furniture be depreciated by Rs. 2,000.
    (d) That the value of building be depreciated by 20%.
    Prepare necessary ledger accounts and the balance sheet after admission

  5. Anbu and Shankar are partners in a business sharing profits and losses in the ratio of 3:2. The balance sheet of the partners on 31.03.2018 is as follows:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Computer 40,000
    Anbu 4,00,000   Motor car 1,60,000
    Shankar 3,00,000 7,00,000 Stock 4,00,000
    Profit and loss   1,20,000 Debtors 3,60,000
    Creditors   1,20,000 Bank 40,000
    Workmen compensation fund   60,000    
        10,00,000   10,00,000

    Rajesh is admitted for 1/5 share on the following terms:
    (i) Goodwill of the firm is valued at Rs. 75,000 and Rajesh brought cash for his share of goodwill.
    (ii) Rajesh is to bring Rs. 1,50,000 as his capital.
    (iii) Motor car is valued at Rs. 2,00,000; stock at Rs. 3,80,000 and debtors at Rs. 3,50,000.
    (iv) Anticipated claim on workmen compensation fund is Rs. 10,000
    (v) Unrecorded investment of Rs. 5,000 has to be brought into account.
    Prepare revaluation account, capital accounts and balance sheet after Rajesh’s admission. 

*****************************************

Reviews & Comments about 12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 5 Mark Questions with Solution Part - I

Write your Comment