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12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 5 Mark Questions with Solution Part - II updated Book back Questions

12th Standard English Medium Accountancy Subject Retirement and Death 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. Sundar, Vivek and Pandian are partners, sharing profits in the ratio of 3:2:1. Their balance sheet as on 31st December, 2018 is as under:

    Balance Sheet as on 31st December, 2018
    Liabilities Rs. Rs. Asset Rs.
    Capital accounts:     Land 80,000
    Sundar 50,000   Stock 20,000
    Vivek 40,000   Debtors 30,000
    Pandian 10,000 1,00,000 Cash at bank 14,000
    General reserve   36,000 Profit and loss A/c (loss) 6,000
    Sundry creditors   14,000    
        1,50,000   1,50,000

    On 1.1.2019, Pandian died and on his death the following arrangements are made:
    (i) Stock to be depreciated by 10%
    (ii) Land is to be appreciated by Rs. 11,000
    (iii) Reduce the value of debtors by Rs. 3,000
    (iv) The final amount due to Pandian was not paid
    Prepare revaluation account, partners’ capital account and the balance sheet of the firm after death.

  2. Chandru, Vishal and Ramanan are partners in a firm sharing profits and losses equally. Their balance sheet as on 31st March, 2018 is as follows:

    Liabilities Rs Rs Asset Rs Rs
    Capital accounts:     Furniture   60,000
    Chandru 60,000   Machinery   1,20,000
    Vishal 70,000   Sundry debtors 33,000  
    Ramanan 70,000 2,00,000 Less: Provision for doubtful debts 3,000 30,000
    Bills payable   80,000 Bills receivable   50,000
          Cash at bank   20,000
        2,80,000     2,80,000

    Ramanan retired on 31st March 2019 subject to the following conditions:
    (i) Machinery is valued at Rs. 1,50,000
    (ii) Value of furniture brought down by Rs. 10,000
    (iii) Provision for doubtful debts should be increased to Rs. 5,000
    (iv) Investment of Rs. 30,000 not recorded in the books is to be recorded now.
    Pass necessary journal entries and prepare revaluation account.

  3. Kannan, Rahim and John are partners in a firm sharing profit and losses in the ratio of 5 : 3 : 2. The balance sheet as on 31st December, 2017 was as follows:

    Liabilities Rs Rs Asset Rs Rs
    Capital accounts:     Buildings   90,000
    Kannan 1,00,000   Machinery   60,000
    Rahim 80,000   Debtors   30,000
    John 40,000 2,10,000 Stock   20,000
    Workmen compensation
    fund    		   30,000 Cash at bank   50,000
    Creditors   20,000 Profit and loss A/c (loss)   20,000
        2,70,000     2,70,000

    John retires on 1st January 2018, subject to following conditions:
    (i) To appreciate building by 10%
    (ii) Stock to be depreciated by 5%.
    (iii) To provide Rs. 1,000 for bad debts
    (iv) An unrecorded liability of Rs. 8,000 have been noticed.
    (v) The retiring partner shall be paid immediately.
    Prepare revaluation account, partners’ capital account and the balance sheet of the firm after retirement.

  4. Rajesh, Sathish and Mathan are partners sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Their balance sheet as on 31.3.2017 is given below

    Liabilities Rs Rs Asset Rs Rs
    Capital accounts:     Premises   4,00,000
    Rajesh 4,00,000   Machinery   4,20,000
    Sathish 3,00,000   Debtors   1,60,000
    Mathan 2,50,000 9,50,000 Stock   3,00,000
    General reserve   1,20,000 Cash at bank   20,000
    Creditors   50,000      
    Bills payable   1,80,000      
        13,00,000     13,00,000

    Mathan retires on 31st March, 2017 subject to the following conditions:
    (i) Rajsh and Sathish will share profits and losses in the ratio of 3:2
    (ii) Assets are to be revalued as follows:
    Machinery  Rs. 3,90,000, Stock Rs. 2,90,000, Debtors Rs. 1,52,000.
    (iii) Goodwill of the firm is valued at Rs. 1,20,000
    Prepare necessary ledger accounts and the balance sheet immediately after the retirement of Mathan.

  5. Vijayan, Sudhan and Suman are partners who share profits and losses in their capital ratio. Their balance sheet as on 31.12.2018 is as follows Balance Sheet as on 31.12.2018

    Liabilities

    		 Rs. Rs. Asset Rs.
    Capital accounts:     Building 80,000
    Vijayan 70,000   Stock 45,000
    Sudhan 50,000   Debtors 25,000
    Suman 30,000 1,50,000 Cash at bank 20,000
    General reserve   18,000 Cash in hand 15,000
    creditors   17,000    
        1,85,000   1,85,000

    Suman died on 31.3.2019. On the death of Suman, the following adjustments are made:
    (i) Building is to be valued at Rs. 1,00,000
    (ii) Stock to be depreciated by Rs. 5,000
    (iii) Goodwill of the firm is valued at Rs. 36,000
    (iv) Share of profit from the closing of the last financial year to the date of death on the
    basis of the average of the three completed years’
    profit before death. Profit for 2016, 2017 and 2018 were Rs. 40,000, Rs. 50,000 and Rs. 30,000 respectively.
    Prepare the necessary ledger accounts and the balance sheet immediately after the death of Suman.

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