CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set C

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Part 1 Chapter 4 Reconstitution of a Partnership Firm Retirement/Death of a Partner Accountancy Worksheet for Class 12

Class 12 Accountancy students should refer to the following printable worksheet in Pdf in Class 12. This test paper with questions and solutions for Class 12 Accountancy will be very useful for tests and exams and help you to score better marks

Class 12 Accountancy Part 1 Chapter 4 Reconstitution of a Partnership Firm Retirement/Death of a Partner Worksheet Pdf

Retirement of a Partner 
 
1 Kapil, Dia and Karan were partners sharing profits in the ratio of 2:1:1. On 31st March, 2016 their Balance Sheet was as under:

CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set C 1

Kapil retired on 1st April, 2016. For this purpose, the following adjustments were agreed upon.
(a) Goodwill of the firm was valued at 2 years’ purchase of average profits of three completed years preceeding the date of retirement. The profits for the year: 2013-14 were Rs 1,00,000 and for 2014-15 Rs 1,30,000.
(b) Fixed Assets were to be increased to Rs 3,00,000.
(c) Stock was to be valued at 120%.
(d) The amount payable to Kapil was transferred to his Loan Account.
(Ans : Gain on Revaluation `80,000; Capital A/cs Dia Rs 80,000; Karan Rs 60,000; Kapil’s Loan Rs 3,00,000; Balance Sheet Total Rs 5,40,000.
 
2 X, Y and Z are partners in a business, sharing profits and losses in the ratio of 3:2:1. Their Balance Sheet as at 31st March, 2018 was:
 CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set C 2
 
Z retires from business on 1st April, 2018. It was agreed that the amount due to him will be treated as loan. It was also agreed to adjust the value of assets as follows.
(i) Provide a reserve of 5% on Sundry Debtors for Doubtful Debt.
(ii)Reduce stock by 5% and Machinery By 10%.
(iii)Factory Building to be revalued at Rs 15,100.
(iv)Goodwill of the firm is valued at Rs 15,000.
(v)X and Y will continue to carry on business and shall share profits and losses equally in future.
Prepare Revaluation Account, Partners’ Capital Accounts and Balance Sheet of the firm on 1st April, 2018.
(Ans:Loss on Revaluation Rs 300; Z’s Loan A/c Rs 13,450; Balance Sheet Total Rs 37,300)
 
3 Manav, Narain and Gaurav were partners in a firm sharing profits and losses in the ratio of 5:3:2. On 31st March, 2016, their Balance Sheet was as under:

CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set C 3

Manav retired on the above date and it was agreed that:
(i) Debtors of `2,000 will be written off as bad debts and a provision of 5% on debtors for bad and doubtful debts will be maintained.
(ii) Patents will be completely written off and stock, machinery and building will be depreciated by 5%.
(iii)An unrecorded creditor of `10,000 will be taken into account.
(iv)Narain and Gaurav will share the future profits in the ratio of 2:3.
(v) Goodwill of the firm on Manav’s retirement was valued at `3,00,000.
Pass necessary journal entries for the above transactions in the books of the firm on Manav’s Retirement.
(Ans: Loss on Revaluation `54,150; Manav’s Loan A/c `2,75,425)
 
4 P, Q and R were partners in a firm sharing profits in the ratio of 7:2:1. On 1st April, 2018 their Balance Sheet was as follows:
 
Balance Sheet of P, Q and R as on 1st April, 2018
CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set C 4
 
On the above date Q retired. Following was agreed:
(i) Goodwill of the firm was valued at `12,00,000.
(ii)Land was to be appreciated by 30% and Building was to be depreciated by `3,00,000.
(iii)Value of Furniture was to be reduced by `60,000.
(iv)Liability of Workmen’s Compensation was determined at `1,40,000.
(v)Amount payable to Q was transferred to his Loan A/c. His loan should be paid after two years with interest due @12% p.a. Q decided to donate interest to an NGO engaged in Women Empowerment.
(vi)Capitals of P and R were to be adjusted in their new profit sharing ratio and for this purpose Current Accounts of the partners will be opened.
Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of the new firm. Identify the values highlighted in this case.
(Ans. Profit/Loss on Revaluation is NIL; Q’s Loan A/c `12,32,000; Balance Sheet total `45,75,000)
 
5 A, B and C were partners in a firm sharing profits in the ratio of 7:2:1. On 1st April, 2018 their Balance Sheet was as follows:
 
Balance Sheet of A, B and C as on 1st April, 2018
CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set C 5
On the above date B retired. Following was agreed:
(i) Goodwill of the firm was valued at `6,00,000.
(ii)Land was to be appreciated by 30% and Building was to be depreciated by `1,50,000.
(iii)Value of Furniture was to be reduced by `30,000.
(iv)Liability of Workmen’s Compensation was determined at `70,000.
(v)Amount payable to B was transferred to his Loan A/c.
(vi)Capitals of A and C were to be adjusted in their new profit sharing ratio and for this purpose Current Accounts of the partners will be opened.
Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of the new firm.
(Ans. Profit/Loss on Revaluation is NIL; Q’s Loan A/c `6,16,000; Balance Sheet total `22,87,500)
 
6 P, Q and R were equal partners. Their Balance Sheets as at 31st March, 2018 was:

CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set C 6

CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set C 7

Q retired on 1st April, 2018. P and R decided to continue the business as equal partners on the following terms:
(i) Goodwill of the firm was valued at `57,600.
(ii) The provision for doubtful debt to be maintained @10% on debtors.
(iii) Land & Building to be increased to `1,32,000.
(iv) Furniture to be reduced by `8,000.
(v) Rent outstanding (not provided for as yet) was `1,500.
The remaining partners decided to bring in sufficient amount to pay Q and to maintain a bank balance of `24,800. They also decided to readjust their capitals as per their new profit sharing ratio.
Prepare the necessary Ledger Accounts and the Balance Sheet.
(Ans : Gain on Revaluation `3,000; Capital A/c of P `87,900 and R `87,900)


Please click on below link to download CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set C

Part 1 Chapter 01 Accounting for Not-for-Profit Organisation
CBSE Class 12 Accountancy Accounting For Not For Profit Organisation Worksheet
CBSE Class 12 Accountancy Not For Profit Organisation Worksheet Set A
CBSE Class 12 Accountancy Not For Profit Organisation Worksheet Set B
Part 1 Chapter 02 Accounting for Partnership Basic Concepts
CBSE Class 12 Accountancy Accounting For Partnership Firms Worksheet Set A
CBSE Class 12 Accountancy Accounting For Partnership Firms Worksheet Set B
CBSE Class 12 Accountancy Fundamentals Partnership Worksheet Set A
CBSE Class 12 Accountancy Fundamentals Partnership Worksheet Set B
CBSE Class 12 Accountancy Fundamentals Partnership Worksheet Set C
CBSE Class 12 Accountancy Fundamentals Partnership Worksheet Set D
CBSE Class 12 Accountancy Fundamentals Worksheet Set A
CBSE Class 12 Accountancy Fundamentals Worksheet Set B
CBSE Class 12 Accountancy Partnership Volume Worksheet
Part 1 Chapter 03 Reconstitution of a Partnership Firm Admission of a Partner
CBSE Class 12 Accountancy Admission of A Partner Worksheet Set A
CBSE Class 12 Accountancy Admission of A Partner Worksheet Set B
CBSE Class 12 Accountancy Admission of A Partner Worksheet Set C
CBSE Class 12 Accountancy Change in Profit Sharing Worksheet Set A
CBSE Class 12 Accountancy Change in Profit Sharing Worksheet Set B
CBSE Class 12 Accountancy Change in Profit Sharing Worksheet Set C
CBSE Class 12 Accountancy Goodwill Nature And Valuation Worksheet Set A
CBSE Class 12 Accountancy Goodwill Nature And Valuation Worksheet Set B
CBSE Class 12 Accountancy Goodwill Nature And Valuation Worksheet Set C
Part 1 Chapter 04 Reconstitution of a Partnership Firm Retirement/Death of a Partner
CBSE Class 12 Accountancy Death of A Partner Worksheet Set A
CBSE Class 12 Accountancy Death of A Partner Worksheet Set B
CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set A
CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set B
CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set C
CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set D
CBSE Class 12 Accountancy Retirement or Death of a Partner Worksheet Set A
CBSE Class 12 Accountancy Retirement or Death of a Partner Worksheet Set B
Part 1 Chapter 05 Dissolution of Partnership Firm
CBSE Class 12 Accountancy Dissoultion of Partnership Firm Worksheet Set A
CBSE Class 12 Accountancy Dissoultion of Partnership Firm Worksheet Set B
CBSE Class 12 Accountancy Dissoultion of Partnership Firm Worksheet Set C
Part 2 Chapter 01 Accounting for Share Capital
CBSE Class 12 Accountancy Accounting For Companies Worksheet
CBSE Class 12 Accountancy Accounting For Share Capital Worksheet
Part 2 Chapter 02 Issue and Redemption of Debentures
CBSE Class 12 Accountancy Issue And Redemption of Debentures Worksheet Set A
CBSE Class 12 Accountancy Issue And Redemption of Debentures Worksheet Set B
CBSE Class 12 Accountancy Issue And Redemption of Debentures Worksheet Set C
Part 2 Chapter 03 Financial Statements of a Company
CBSE Class 12 Accountancy Financial Statements of A Company Worksheet
Part 2 Chapter 04 Analysis of Financial Statements
CBSE Class 12 Accountancy Analysis of Financial Statements Worksheet
CBSE Class 12 Accountancy Tools of Analysis Worksheet Set A
CBSE Class 12 Accountancy Tools of Analysis Worksheet Set B
Part 2 Chapter 05 Accounting Ratios
CBSE Class 12 Accountancy Ratio Analysis Worksheet Set A
CBSE Class 12 Accountancy Ratio Analysis Worksheet Set B
CBSE Class 12 Accountancy Ratio Analysis Worksheet Set C
Part 2 Chapter 06 Cash Flow Statement
CBSE Class 12 Accountancy Cash Flow Statement Worksheet Set A
CBSE Class 12 Accountancy Cash Flow Statement Worksheet Set B
CBSE Class 12 Accountancy Cash Flow Statement Worksheet Set C
z More Worksheets for Class 12 Accountancy
CBSE Class 12 Accountancy All Chapters Question Bank
CBSE Class 12 Accountancy All Chapters Worksheet
CBSE Class 12 Accountancy Worksheet Set A Solved
CBSE Class 12 Accountancy Worksheet Set B Solved
CBSE Class 12 Accountancy Worksheet Set C Solved
CBSE Class 12 Accountancy Worksheet Set D Solved
CBSE Class 12 Accountancy Worksheet Set E Solved
CBSE Class 12 Accountancy Worksheet Set F Solved
CBSE Class 12 Accountancy Worksheet Set G Solved
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Part 1 Chapter 4 Reconstitution of a Partnership Firm Retirement/Death of a Partner CBSE Class 12 Accountancy Worksheet

The above practice worksheet for Part 1 Chapter 4 Reconstitution of a Partnership Firm Retirement/Death of a Partner has been designed as per the current syllabus for Class 12 Accountancy released by CBSE. Students studying in Class 12 can easily download in Pdf format and practice the questions and answers given in the above practice worksheet for Class 12 Accountancy on a daily basis. All the latest practice worksheets with solutions have been developed for Accountancy by referring to the most important and regularly asked topics that the students should learn and practice to get better scores in their examinations. Studiestoday is the best portal for Printable Worksheets for Class 12 Accountancy students to get all the latest study material free of cost. Teachers of studiestoday have referred to the NCERT book for Class 12 Accountancy to develop the Accountancy Class 12 worksheet. After solving the questions given in the practice sheet which have been developed as per the latest course books also refer to the NCERT solutions for Class 12 Accountancy designed by our teachers. After solving these you should also refer to Class 12 Accountancy MCQ Test for the same chapter. We have also provided a lot of other Worksheets for Class 12 Accountancy which you can use to further make yourself better in Accountancy.

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