CBSE Class 12 Accountancy Worksheet - Revision Worksheet (1)
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INTERNATIONAL INDIAN SCHOOL, RIYADH
WORKSHEET 2014
XII - ACCOUNTANCY
Page 1 of 4
Prepared by Mrs. Sindhu Sumeshlal ( X1 - X11 Girls Section)
1. Give two circumstances in which sacrificing ratio may be applied?
2. How the factors of nature affecting the goodwill of the partnership firm?
3. What do you mean by partnership deed?
4. Give one difference between Revaluation Account & Realization Account?
5. What are super profits?
6. Where would you record interest on capital when capitals are fixed?
7. Distinguish between Sacrificing Ratio & Gaining Ratio.
8. The books of the business showed that the capital employed was10 Lakh and the profits for the last five years were 80,000, 1,00,000, 1,10,000,
1,40,000 and 1,70,000. You are required to find out the value of goodwill based on 3 years purchase of Super Profits of the business given that the normal rate of return is 10%.
9. A, B and C were partners in a firm. On 1st April 209 their fixed capitals stood at 50,000, 25,000 and 25,000 respectively.
As per the provisions of the partnership deed:
a) B was entitled for a salary of 5,000 p.a.
b) All the partners were entitled to interest on capital at 5% p.a.
c) Profits were to be shared in the ratio of capitals and C gets a guaranteed amount of profit 10,000 every year.
d) Any deficiency arises, it will be borne by A.
The net profit for the year ending 31.03.2010 of 45,000 was divided equally without providing for the above terms.
Pass an adjustment journal entry to rectify the above error.
10. A and B were partners sharing profits and losses in the ratio of 3:2. They admitted C into partnership for 1/5th share in profits. C brought 50,000 as capital and 10,000 as his share of goodwill. At the time of admission goodwill was appearing in the books at 3,000. A and B withdrew half of their share of goodwill from the firm. Partners decided to share future profits in the ratio of 5:3:2. Pass necessary journal entries.
11. Neena and Meena were partners. The partnership deed provided for:
a) Profits to be divided as Neena 2/5 and Meena 3/5
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