12th Class
Accountancy
Sample Paper
Accountancy - Sample Paper-9
question_answer
Ram and Laxman are partners in a firm with equal ratio. Balance Sheet as at 31st March, 2017
Liabilities
Amt (Rs.)
Assets
Amt (Rs.)
Creditors
2,00,000
Bank
80,000
Bills Payable
1,20,000
Debtors
1,20,000
General Reserve
80,000
Building
4,00,000
Capital A/cs
Machinery
2,00,000
Ram
4,00,000
Investment
80,000
Laxman
2,00,000
6,00,000
Patents
40,000
Furniture
40,000
Goodwill
40,000
10,00,000
10,00,000
Adjustments (i) Bharat comes for l/5th share and brings capital 2,00,000 and premium 40,000 out of Rs. 60,000. (ii) New ratio 2 : 2 : 1. (iii) Rs. 20,000 included in creditors are not likely to be paid. (iv) Patents are valueless. (v) 10% provision for doubtful debts on debtors out of general reserve. (vi) Capitals of Ram and Laxman be adjusted in new ratio and difference to be adjusted in cash. Prepare revaluation account, partners' capital account, bank account and balance sheet. Or Following is the balance sheet of R Q, and R as at 30th September, 2017: Balance Sheet as at 30th September, 2017
Liabilities
Amt (Rs.)
Assets
Amt (Rs.)
Sundry Creditors
70,000
Land and Building
5,50,000
P's Brother's Loan
40,000
Patents
10,000
Employee's Provident Fund
20,000
Debtors
1,20,000
Reserve Fund
60,000
(-) Provision
(6,000)
1,14,000
P's Capital A/c
3,00,000
Sundry Assets
40,000
Q's Capital A/c
2,50,000
Bank
48,000
R's Capital A/c
50,000
6,00,000
Cash
8,000
P's Current A/c
40,000
R?s Current A/c
70,000
Q's Current A/c
10,000
50,000
8,40,000
8,40,000
They decided to dissolve the firm. The following information is given to you:
(i) Land and building were sold for Rs. 5,00,000.
(ii) Debtors for Rs. 20,000 proved bad and rest paid the amount due at 5% discount.
(iii) An unrecorded investment of Rs. 20,000 was taken over by a creditor at Rs. 16,000.
Remaining creditors were paid at 10% discount.
(iv) There was an outstanding bill for repairs for which Rs. 10,000 were paid.
(v) P's brother's loan was paid together with interest of Rs. 4,000.
(vi) Q is to take over some of sundry assets at Rs. 13,500 (being 10% less than book value).
(vii) R is to take over the remaining sundry assets at 80% of the book value less Rs. 500 as discount.
Prepare necessary accounts.
Answer:
Dr Revaluation Account Cr
Particulars
Amt (Rs.)
Particulars
Amt (Rs.)
To Patents A/c
40,000
By creditors A/c
20,000
By Loss Transferred to
Ram's Capital A/c
10,000
Laxman's Capital A/c
10,000
20,000
40,000
40,000
Dr Partners' Capital Account Cr
Particulars
Ram (Rs.)
Laxman (Rs.)
Bharat (Rs.)
Particulars
Ram (Rs.)
Laxman (Rs.)
Bharat (Rs.)
To Revaluation A/c (Loss)
10,000
10,000
-
By Balance b/d
4,00,000
2,00,000
-
To Goodwill A/c
20,000
20,000
-
By General Reserve A/c
34,000
34,000
-
To Cash A/c
34,000
-
-
By Cash A/c
-
-
2,00,000
To Balance c/d
4,00,000
4,00,000
2,00,000
By Premium for
Goodwill A/c
20,000
20,000
-
By Bharat's Current A/c
10,000
10,000
-
By Cash A/c
-
1,66,000
-
4,64,000
4,30,000
2,00,000
4,64,000
4,30,000
2,00,000
Dr Bank Account Cr
Particulars
Amt (Rs.)
Particulars
Amt (Rs.)
To Balance b/d
80,000
By Ram?s Capital A/c
34,000
To Laxman's Capital A/c
1,66,000
By Balance c/d
4,52,000
To Bharat's Capital A/c
2,00,000
To Premium for Goodwill A/c
40,000
4,86,000
4,86,000
Balance Sheet as at 31st March, 2017
Liabilities
Amt (Rs.)
Assets
Amt (Rs.)
Creditors (2,00,000 - 20,000)
1,80,000
Debtors
1,20,000
Bills Payable
1,20,000
(-) Provision for Doubtful Debts
(12,000)
1,08,000
Capital A/cs
Building
4,00,000
Ram
4,00,000
Machinery
2,00,000
Laxman
4,00,000
Investment
80,000
Bharat
2,00,000
10,00,000
Furniture
40,000
Cash
4,52,000
Bharat's Current A/c
20,000
13,00,000
13,00,000
Working Note JOURNAL
Date
Particulars
LF
Amt (Dr)
Amt (Cr)
Cash A/c
Dr
2,40,000
To Bharat's Capital A/c
2,00,000
To Premium for Goodwill A/c
40,000
(Being cash brought in by capital and goodwill)
Premium for Goodwill A/c
Dr
40,000
To Ram's Capital A/c
20,000
To Laxman's Capital A/c
20,000
(Being premium brought in by Bharat transferred to Ram and Laxman)
Bharat's Current A/c
Dr
20,000
To Ram's Capital A/c
10,000
To Laxman's Capital A/c
10,000
(Being goodwill credited to Ram and Laxman)
Sacrificing Ratio = Old Share - New Share \[Ram=\frac{1}{2}-\frac{2}{5}=\frac{5-4}{10}=\frac{1}{10};\] \[Laxman=\frac{1}{2}-\frac{2}{5}=\frac{5-4}{10}=\frac{1}{10}\] Sacrificing Ratio = 1 : 1; Bharat's Share = 1/5 Total Capital of the Firm \[=\frac{5}{1}\times 2,00,000=Rs.\,10,00,000\] Ram's Capital \[=10,00,000\times \frac{2}{5}=Rs.\,4,00,000\] Laxman's Capital \[=10,00,000\times \frac{2}{5}=Rs.\,4,00,000\] Bharat's Capital \[=10,00,000\times \frac{1}{5}=Rs.\,2,00,000\] Or Dr Realisation Account Cr
