HOLIDAY HOMEWORK CLASS XII COMM SUBJECT- ACCOUNTANCY
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1 (1marks) HOLIDAY HOMEWORK CLASS XII COMM SUBJECT- ACCOUNTANCY 1.Which Of The Following Is Not An Essential Feature Of A Partnership Firm? A. Association Of Two Or More Person C. Mutual Agency B. Compulsory Registration D.Existence Of Business 2. If There Is No Written Partnership Deed Or Agreement The Provision Of.. Are Applicable. A. Partnership Act 1932 C. Companies Act 2013 B. Contract Act D. Hindu Law 3. What Is Partnership Deed? 4. How Is Interest In Drawing Calculated, If The Drawing Are Made At Regular Intervals As On The First Day Of Each Month. (3, 4 Marks) 5. A And B Are Partners Sharing Profits In The Ratio Of 5:4. They Admit C For A 1/3 Share Which He Acquires In Equal Proportion From Both. Find The New Profit Sharing Ratio. 6. A And B Entered Into Partnership On 1 st April,2009 Without Any Partnership Deed. They Introduced Capital Of RS. 5,00,000 And 3,00,000 Respectively. On 31 st October 2009, A Advanced RS 2,00,000 By Way Of Loan To The Firm Without Any Agreement As To Interest. The Profit And Loss Accounts For The Year Ended Showed A Profit Of RS 4,30,000 But The Partner Could Not Agree Upon The Amount Of Interest On Loan To Be Charged And The Basis Of Division Of Profits. Pass A Journal Entry For The Distribution Of The Profit Between The Partner
2 7.R, A, M Were Partners In A Firm Sharing Profits And Losses In 5:3:2 Ratio For The Past 15 Yeas Decided To Share The Futures Equally. For This Purpose The Goodwill Of The Firm Was Valued At RS Pass An Adjustment Entry For The Treatment Of Goodwill Due To Change In The Profit Sharing Ratio. Prepare The Capital Account Of Both The Partners. (5, 6 Marks) 8. L, M, N Were Partners In Firm Sharing Profit In Ratio Of 3: 4 : 5 Their Fixed Capitals Were L RS 4,00,000,M RS 5,00,000 And N RS 6,00,000 Respectively. The Partnership Deed Provided For The Following: (1) Interest On P.A. (2) Salary Of RS 3,0000 P.A To N. (3) Interest On Partner s Drawings Will Be P.A During The Year Ended , The Firm Earned A Profit Of RS 2,70,000. L Withdrew RS On M Withdrew RS On And N Withdrew RS 15,000 On Prepare Profit And Loss Appropriation Account For The Year Ended A,B And C Were Partner In A Firm Having Capitals Of RS 60,000 And RS 60,000 And RS Respectively. Their Current Account Balances Were A: RS 10,000, B: RS 5,000, C: RS 2,000 (DR). According To The Partnership Deed The Partner Were Entitled To Interest On P.A. C Being The Working Partner Was Entitled To A Salary Of RS 6,000 P.A The Profits Were To Be Divided As Follow: (A) The First RS 20,000 In Proportion To Their Capitals. (B) Next RS In The Ratio Of 5:3:2. (C ) Remaining Amount To Be Shared Equally. The Firm Made A Profit Of RS 1,56,000 Before Charging Any Of The Above Items. Prepare The Profit And Loss Appropriation Account And Pass Necessary Journal Entry For Apportionment Of Profit. 10. Rakesh And Roshan Are Partners, Sharing Profits In The Ratio Of 3:2 With Capital Of RS 40,000 And 30,000 Respectively. They Withdrew From The Firm The Following Amounts For Their Personal Use.
3 MONTHS AMOUNT( RS) MAY 31, JUNE 30, RAKESH AUGUST 31, NOVEMBER 1, DECEMBER 31, JANUARY 31, MARCH 01, ROSHAN AT THE BEGNINNG OF EACH MONTH What Are The Factors Effecting The Value Of Goodwill? 12write Down The Method Of Goodwil? 13.. J And K Are Partners In A Firm. Their Capitals Are J: RS And K: During The Year Ended 31 st March, 2010 The Firm Earned A Profit Of RS Assuming That The Normal Rate Of Return Is 20%. Calculate The Value Of Goodwill Of The Firm: (1) By Captalisation Method (2) By Super Method If The Goodwill Is Valued At 2 Years Purchase Of Super Profit.
4 ( 8 marks) 14. S And T Were Partners In A Firm Sharing Profits In The Ratio Of 7:3. Their Balance Sheet On 31 March 2010 Was As Follow. Liabilities Amount Assets Amount Creditors Bank Overdraft General Reserve Capital Account: S 50,000 T 40,000 40,000 20,000 10,000 90,000 Bank Debtors Less Provision 2000 Stock Machinery 36,000 44,000 50,000 30, On The 1 st April 2010 They Admitted R As A New Partner For 1/4 th Share In Profits On The Following Terms: R Will Bring RS 30,000 For His Capital And RS 10,000 For Goodwill Premium. 20% Of General Reserve Will Be Transferred To Provision For Bad And Doubtful Debts. Stock And Machinery Will Be Depreciated By 40% Capital Accounts Of S And T Will Be Adjusted On Basis Of R Capital For This Purpose Actual Cash Will Be Brought In Or Paid Off To S And T As The Case May Be. Prepare Revaluation Account, Partners s Capital Accounts And Balance Sheet Of The Firm. 15. JAIN And GUPTA Were Partners In A Firm Sharing Profits In Ratio Of 3:2Their Balance Sheet On 31 st March 2014 Was As Follow:
5 Liabilities Amount Assets Amount Creditors Bills Payable Bank Overdraft Reserve Jain s Capital Gupta s Capital Cash Debtors Less: Prov For Bad Debts 300 Stock Plant Building Motor Vehicles ,200 20,000 40,000 70,000 20,000 1,85,000 1,85,000 They Agreed To Admit Mishra For 1/4 th Share From Subject To The Following Terms: Mishra To Bring In Capital Equals To 1/4 th Of The Capital Of Jain And Gupta After All Adjustments Including Premium For Goodwill. Building To Be Appreciated By RS And Stock To Be Depreciated By RS Provision To Be Bad Debts On Debtors To Be Raised To RS 1000 Mishra s Share Of Goodwill/Premium Was Calculated At RS 10,000. Prepare Revaluation Account, Partners Capital Accounts And The Balance Sheet Of New Firm On Mishra s Admission. calculate The New Profit Sharing Ratio And Sacrificing Ratio. 15. S And P Are Partner In A Firm Sharing Profits And Losses Equally. On The 1 April 2011, The Capital Of Partner Were S RS 20,000 And P RS 16,000. The Profit And Loss Account Of The Firm Showed A Net Profit Of 37500(Before Interest On P s Loan) For The Year Ended31 March Considering The Following. Prepare The Profit And Loss Appropriation Account Of The Partners Capital Interest On Capital To Be 6% Pa
6 Interest On P s Loan Account Of RS For The Whole Year Interest On Drawings Of 6% Pa. Drawings Being S RS 4000 And P RS Transfer 10% Of The Distributable Profits Of The Reserve.
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