CBSE Class 12 Accountancy Revision Assignment Set C

1. Anupam and Abhishek are partners sharing profits and losses in the ratio of 3: 2. Their capital accounts showed balances of Rs. 1,50,000 and Rs. 2,00,000 respectively on Jan 01, 2003. Show the treatment of interest on capital for the year ending 31-12-06 in each of the following alternatives:

(a) If the partnership deed is silent as to the payment of interest on capital and the profit for the year is Rs.50,000;

(b) If partnership deed provides for interest on capital @ 8% p.a. and the firm incurred a loss of Rs. 10,000 during the year;

(c) If partnership deed provides for interest on capital @ 8% p.a. and the firm earned a profit of Rs. 50,000 during the year;

(d) If the partnership deed provides for interest on capital @ 8% p.a. and the firm earned a profit of Rs. 14,000 during the year.

2. Manu, Harry and Ali are partners in a firm sharing profits and losses equally. Harry and Ali withdrew the following amounts from the firm, for their personal use, during 2006.

Calculate interest on drawings if the rate of interest to be charged is 10 %, and the books are closed on December 31 every year.

3. A, B, and C are partners sharing profit in the ratio of 1/2:1/3:1/6. D is admitted in the firm for 1/6. C share will remain unchanged, calculate new ratio.

4. X and Y are partners sharing profits in the proportion of 7: 5. They agree to admit Z into partnership who is to get 1/6th share in profits. He acquires this share as 1/24th from X and 1/8 from Y. Calculate new profitsharing ratio.

5. Anita, Asha and Amrit are partners sharing profits in the ratio of 3: 2:1 respectively. From 1-1-10, they decided to share profits in the ratio 1:1:1. The Partnership Deed provides that in the event of any change in profit sharing ratio, the goodwill should be valued at three years' purchase of the average of five years' profits.

The profits and losses of the preceding five years Profits: 2005- Rs. 1,20,000; 2006- Rs. 3,00,000; 2007- Rs. 3,40,000; 2008- Rs. 3,80,000 Loss: 2009- Rs. 1,40,000.

Showing the working clearly, give the necessary Journal entry to record the above change.

6. Anita, Asha and Amrit are partners sharing profits in the ratio of 3 : 2 : 1 respectively. From 1-1-10, they decided to share profits in the ratio 2: 3: 1. The Partnership Deed provides that in the event of any change in pro sharing ratio, the goodwill should be valued at three years' purchase of average of five years profits. The profits and losses of the preceding five years Profits: 2005- Rs.1, 20,000; 2006- Rs. 3, 00,000; 2007- Rs. 3,40,000; 2008- Rs. 3,80,000, Loss: 2009— Rs. 1,40,000.

Showing the working clearly, give the necessary Journal entry to record the above change.

7. Rini & Nikita are in partnership sharing profits in the ratio of 2:3 with effect from 1-4-09 they agreed to shareprofits in the ratio of 1:2. For this purpose, the goodwill of the firm is to be valued at 2 yrs purchase of the average profits of last 3 yrs, which were Rs. 3,00,000; Rs. 3,20,000 and Rs. 4,00,000 respectively. The reserves appear in the books at Rs. 2,20,000. Partners neither want to show the goodwill in the books nor to distribute the reserve. You are required to give effect to the change by passing a single Journal Entry

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