CBSE Class 12 Accountancy Worksheet - Revision Worksheet (3)
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ACCOUNTANCY-CLASS XII
WORKSHEET
1. A, B and C are partners. Their capital accounts stood at Rs 30000, Rs 15000 and Rs 15000 respectively on 1st Jan 1996.As per the provisions of the deed.
i) C was to be allowed a remuneration of Rs 3000 per annum.
ii) Interest @ 5% p.a was to be provided on capital.
iii) Profits were to be divided in the ratio of 2:2:1.
Ignoring the above terms net profit of Rs 18000 for the year ended 1996 was divided among the three partners equally. Pass and adjustment entry to rectify the error.
2. X, Y and Z are partners sharing profits in the ratio of 3:2:1.Now the partners decide to share profits in the ratio of 2:2:1.They have also decided that the change shall be carried out with retrospective effect from1995.The profits and losses during the last few years have been 1994 – Rs 16000,1995- Rs 12000,1996 – Rs 14000 ,1997-Rs 19000,1998-Rs 15000 (Loss)
Pass and adjustment entry.
3. A and B are partners sharing profits in the ratio of 2:1.They admit ‘C’ for ¼ share in profits. ‘C’ brings Rs 30000 for his capital and Rs 8000 for his share of G/w .Before admission g/w appeared in the books at Rs 18000.Give journal entries.
4. A and C are partners sharing profits and losses in the ratio of 7:3. ‘A’ surrenders ¼ th of his share and ‘C’ surrenders 1/3rd of his share in favour of ‘Z’ ,a new partner.Calculate the new profit sharing ratio.
5.Asha,Deepa and lata are the partners in a firm sharing profits in the ratio of 3:2:1.Deepa retires after making all adjustments relating revaluation/w and accumulated profit etc.,the capital accounts of Asha and Lata showed a credit balance of Rs 1,60,000 and Rs 80,000 respectively. It was decided to adjust the capitals of Asha and Lata in their new profit sharing ratio .You are required to calculate the new capitals of the partners and record necessary new journal entries for bringing in or withdrawal of the necessary amounts involved.
6.A,B,C are partners in a firm sharing profits in the ratio of 4:3:1.A retires and his share is taken by B and C equally.Find the new profit sharing ratio and gain ratio. The g/w of the firm is valued at Rs 16000.Pass necessary journal entries for recording G/W.
7.Ali and Arib are partners in a firm sharing profits in the ratio of 4:1.They had insured their lives jointly for Rs 5,00,000.Ali dies 3 months after date of the last Balance Sheet. According to the partnership deed, legal representatives of the deceased partner were entitled for the following payments. (i)His capital Rs 1, 50,000 as per the last balance sheet.
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