Kendriya Vidyalaya R.B.N.M. Salboni

Kendriya Vidyalaya R.B.N.M. Salboni

Periodic Test - I (2017-18)

Class – XII

Time : 90 mins. Subject : Accountancy Full Marks : 40

1)M and N were partners in a firm sharing profits in the ratio of 5:3. During the year ended 31-03-2016 M withdrawn₹40,000. Interest on drawings amounted to ₹2,000. Pass necessary Journal entry for charging interest on drawings assuming that the capitals of the partners were fluctuating. 1

2)Would a ‘charitable dispensary’ run by 8 members be deemed as a partnership firm? Give reason.1

3)State any two occasions when reconstitution of a partnership firm takes place.1

4)Suresh and Ramesh were partners in a firm sharing profits in the ratio of 3:2. On 1-4-2015 they admitted Prakash as a new partner for 1/8th share in the profit with a guaranteed profit of ₹1,50,000. The new profit sharing ratio between Suresh and Ramesh will remain the same but they decided to bear any deficiency on account of guarantee to Prakashin the ratio 2:3.The profit of the firm for the year ended 31-3-2016 was₹9,00,000. Prepare Profit and Loss Appropriation Account of Suresh, Ramesh and Prakash for the year ended 31-3-2016. (3)

5)Write any three difference between Charge against profit and appropriation of profit.Give examples.(3)

6)Riya purchased Rima’s business from 1st April 2016. The profits disclosed by Rima’s Business for the last three years were as follows :

2012-13: ₹40,000 (Including an Abnormal gain ₹5,000)

2013-14:₹50,000 (After charging an abnormal loss of ₹10,000)

2014-15:₹45,000 (Excluding ₹5,000 as Annual Insurance Premium of firm’s property)

Calculate the value of firm.s goodwill on the basis of 2 years purchase of the average profit for the last three years. (3)

7)Sita and Gita were partners in a firm sharing profits in the ratio 7:5. Their respective fixed capitals were Sita ₹10,00,000 and Gita ₹7,00,000. The partnership deed provided for the following :

i) Interest on capital @ 12% p.a.

ii) Sita’s salary ₹6,000 per month and Gita’s salary ₹60,000 per year.

The profit for the year ended 31-3-2016 was ₹5,04,000. The profit was distributed equally, without providing for the above. Pass an adjustment entry. Also show the statement of adjustments. (4)

8)i) A and B are partners in a firm sharing profits in the ratio 3:2. On March 31st, 2017 their Balance Sheet showed General Reserve of ₹54,000. On that day they decide to admit a new partner C and the new profit sharing ratio will be 4:3:2.

Show the necessary journal entry when :

i)they want to transfer the General Reserve to their capital A/c.

ii)they don’t want to transfer General Reserve to their capital A/c and prefer to record an adjustment entry for the same.

iii) They also decided to set aside each year 5% of the profits for subsidizing hostel fees of specially abled students of rural areas. Identify the values involved in making such a decision. 1+2+1=4

9)P, Q and R are partners sharing profits and losses in the ratio of 3:2:1. They decided to change the profit sharing ratio .R is facing acute financial difficulties and it is now agreed that in future they will share profits and losses equally w.e.f 1st April 2016. An extract of their Balance sheet on 31st March 2016 is given below :

Show the journal entry under the following alternatives.

i)If no other information is given.

ii)If the market value of investment ₹10,00,000.

iii)If the market value of investment ₹9,76,000.

iv)If the market value of investment ₹9,00,000.

v)Identify the values involved in changing the profit sharing ratio. (at least two)(6)

10)Tom and Harry are partners. As per the terms of agreement interest is allowed on capitals @8% p.a. and charged on drawings @ 10% p.a. A withdrew ₹10,000 per month at the end of each month and B withdrew ₹30,000 at the end of each quarter.

You are required to complete the missing figures in the following Accounts and balance Sheet.

Dr.PROFIT AND LOSS APPROPRIATION ACCOUNT

for the year ended 31st March, 2015Cr.

Dr.PARTNERS’ CAPITAL ACCOUNT Cr.

(6)

11)X,Y and Z are partners sharing profits and losses in the ratio 2:2:1. Their balance sheet as at 31st March, 2016 was as follows :

The partners agreed that from 1st April, 2016 they will share profits and losses equally. They agreed that :

i)Stock is to be valued at 90%.

ii)Provision for doubt debts to be increased to 6% on debtors.

iii)Outstanding expenses are to be increased by ₹12,000.

iv)Building is to be valued at ₹7,00,000.

v)Goodwill is valued at ₹1,20,000.

vi)Claim for Workmen’s Compensation is ₹40,000.

Partners decided to record the altered values of assets and liabilities in the books. However they want to leave the reserve undistributed.

You are required to prepare Revaluation Account, Capital Accounts of partners and revised balance sheet.

(8)

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