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12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 3 Mark Questions with Solution Part - I

12th Standard

    Reg.No. :
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Accountancy

Time : 00:30:00 Hrs
Total Marks : 15

    Part I

    5 x 3 = 15
  1. What are the ways in which the final amount due to an outgoing partner can be settled?

  2. Roja, Neela and Kanaga are partners sharing profits and losses in the ratio of 4:3:3. On 1st April 2017, Roja retires and on retirement, the following adjustments are agreed upon.
    (i) Increase the value of building by Rs. 30,000.
    (ii) Depreciate stock by Rs. 5,000 and furniture by Rs. 12,000.
    (iii) Provide an outstanding liability of Rs. 1,000
    Pass journal entries and prepare revaluation account.

  3. Rajan, Suman and Jegan were partners in a firm sharing profits and losses in the ratio of 4:3:2. Suman retired from partnership. The goodwill of the firm on the date of retirement was valued at Rs. 45,000. Pass necessary journal entries for goodwill on the assumption that the fluctuating capital method is followed.

  4. Rani, Jaya and Rathi are partners sharing profits and losses in the ratio of 2 : 2 : 1. On 31.3.2018, Rathi retired from the partnership. Profit of the preceding years is as follows: 2014: 10,000; 2015: Rs. 20,000; 2016: Rs.18,000 and 2017: Rs. 32,000 Find out the share of profit of Rathi for the year 2018 till the date of retirement if
    (a) Profit is to be distributed on the basis of the previous year’s profit
    (b) Profit is to be distributed on the basis of the average profit of the past 4 years
    Also pass necessary journal entries by assuming partners capitals are fluctuating.

  5. Janani, Janaki and Jamuna are partners sharing profits and losses in the ratio of 3:3:1 respectively. Janaki died on 31st December, 2017. Final amount due to her showed a credit balance of Rs. 1,40,000. Pass journal entries if,
    (a) The amount due is paid off immediately.
    (b) The amount due is not paid immediately.
    (c) Rs. 75, 000 is paid and the balance in future.

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