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

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

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

12th Standard

    Reg.No. :
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Accountancy

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

    Part I

    5 x 5 = 25

  1. Raghu and Sam are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as on 31st March, 2017 is as follows:

    Liabilities Rs. Rs. Assets Rs. Rs.
    Capital accounts:     Machinery   30,000
    Raghu 40,000   Furniture   10,000
    Sam 30,000 70,000 Stock   10,000
    Sundry creditors   30,000 Debtors 21,000  
          Less: Provision for    
          doubtful debts 1,000 20,000
          Bank   30,000
        1,00,000     1,00,000

    Prakash is admitted on 1.4.2017 subject to the following conditions:
    (a) He has to bring a capital of Rs. 10,000
    (b) Machinery is valued at Rs. 24,000
    (c) Furniture to be depreciated by Rs. 3,000
    (d) Provision for doubtful debts should be increased to Rs. 3,000
    (e) Unrecorded trade receivables of  Rs. 1,000 would be brought into books now
    Pass necessary journal entries and prepare revaluation account and capital account of partners after admission.

  2. Vetri and Ranjit are partners, sharing profits in the ratio of 3:2. Their balance sheet as on 31st December 2017 is as under:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Furniture 25,000
    Vetri 30,000   Stock 20,000
    Ranjit 20,000 50,000 Debtors 10,000
    Reserve fund   5,000 Cash in hand 35,000
    Sundry creditors   45,000 Profit and loss A/c (loss) 10,000
        1,00,000   1,00,000

    On 1.1.2018, they admit Suriya into their firm as a partner on the following arrangements.
    (i) Suriya brings Rs. 10,000 as capital for 1/4 share of profit.
    (ii) Stock to be depreciated by 10%
    (iii) Debtors to be revalued at Rs. 7,500.
    (iv) Furniture to be revalued at  Rs. 40,000.
    (v) There is an outstanding wages of Rs. 4,500 not yet recorded.
    Prepare revaluation account, partners’ capital account and the balance sheet of the firm after admission.

  3. Ameer and Raja are partners sharing profits in the ratio of 3:2. Their balance sheet is shown as under on 31.12.2018.

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Machinery 60,000
    Ameer 80,000   Furniture 40,000
    Raja 70,000 1,50,000 Debtors 30,000
    Reserve fund   15,000 Stock 10,000
    Creditors   35,000 Prepaid insurance 40,000
          Cash at bank 20,000
        2,00,000   2,00,000

    Rohit is admitted as a new partner who introduces a capital of Rs. 30,000 for his 1/5 share in future profits. He brings Rs. 10,000 for his share of goodwill.
    Following revaluations are made:
    (i) Stock is to be appreciated to Rs. 14,000
    (ii) Furniture is to be depreciated by 5%
    (iii) Machinery is to be revalued at Rs. 80,000
    Prepare the necessary ledger accounts and the balance sheet after the admission.

  4. Sai and Shankar are partners, sharing profits and losses in the ratio of 5:3. The firm’s balance sheet as on 31st December, 2017, was as follows:

    Liabilities Rs. Rs. Assets Rs. Rs.
    Capital accounts:     Building   34,000
    Sai 48,000   Furniture   6,000
    Shankar 40,000 88,000 Investment   20,000
    Creditors   37,000 Debtors 40,000  
    Outstanding wages   8,000 Less: Provision for
    bad debts    		 3,000 37,000
          Bills receivable   12,000
          Stock   16,000
          Bank   8,000
        1,33,000     1,33,000

    On 31st December, 2017 Shanmugam was admitted into the partnership for 1/4 share of profit with Rs. 12,000 as capital subject to the following adjustments.
    (a) Furniture is to be revalued at Rs. 5,000 and building is to be revalued at Rs. 50,000.
    (c) Provision for doubtful debts is to be increased to Rs. 5,500
    (d) An unrecorded investment of Rs. 6,000 is to be brought into account
    (e) An unrecorded liability Rs. 2,500 has to be recorded now.
    Pass journal entries and prepare Revaluation Account and capital account of partners after admission.

  5. Rajan and Selva are partners sharing profits and losses in the ratio of 3:1. Their balance sheet as on 31st March 2017 is as under:

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts:     Building 25,000
    Rajan 30,000   Furniture 1,000
    Selva 16,000 46,000 Stock 20,000
    General reserve   4,000 Debtors 16,000
    Creditors   37,500 Bills receivable 3,000
          Cash at bank 12,500
          Profit and loss account 10,000
        87,500   87,500

     On 1.4.2017, they admit Ganesan as a new partner on the following arrangements:
    (i) Ganesan brings Rs. 10,000 as capital for 1/5 share of profit.
    (ii) Stock and furniture is to be reduced by 10%, a reserve of 5% on debtors for doubtful debts is to be created.
    (iii) Appreciate buildings by 20%.
    Prepare revaluation account, partner's capital account and the balance sheet of the firm after admission.

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