Xii qp accountancy (autosaved)

K.V. NO.2 AFS CHAKERI KANPUR
I-Unit Test 2011-12
Class – XII
Time-90 minutes Subject – Accountancy M.M –40
Q.No. MM
1. State any two factors which affect the value of goodwill. 1
2. C and S are partners in a firm without a partnership deed. C’s capital is Rs. 10,000 and S’s
capital is Rs. 14,000. C has advanced a loan of Rs. 5000 and claim interest @ 12% p.a. State
whether his claim is valid or not. 1
3. Give any two features of partnership. 1
4. State any two items of debit side and two items of credit side of partner’s capital account if
partner’s capital is fixed. 1
5. A, B and C started business on 1 July 2010. Calculate interest on drawing of Mr. A @ 9% p.a.
for nine months ending 31 March 2011 if he withdrew Rs 12,000 p.m. in the beginning of every
month. 4
6. From the following information, find out the amount which will be debited in income and
expenditure account of Star library club for the year ending march 2010:
31-3-2009 31-3-2010
Stock of stationary Rs.55000 Rs.15000
Creditors for stationary Rs.5000 Rs.15000
Advance paid for stationary Rs.10000 Rs.20000
Amount paid for purchase of stationary during the year 2009-10 Rs.75000.
4
7.
A, B, and C are partners sharing profits and losses in the ratio of 2:2:1. Interest on drawings was
charged @ 10% p.a. instead of 8% p.a. for the year ended 31st
march 2011. Amount of
drawings for the period were Rs.10000, Rs. 20000, and Rs.30000 respectively. Pass
necessary adjustment entry.
4
8. (a) Show the following information in financial statements of a ‘ Not-for-Profit’
Organization: Rs.
Match Expenses 76,000
Match Fund 50,000
Donation for Match Fund 25,000
Sale of Match tickets 5,000
(b) What will be the effect,if match expenses go up by Rs. 10,000 other things
remain same?
4
9. From the following Receipt and payment account of a club and from the information supplied,
prepare the Income and expenditure account for the year ended 31st
December,2006 and the
balance sheet as on that date;
Receipt Amount Payment Amount
To Balance
To subscription
2005
2006
2007
To sale of old furniture
(costing Rs.100)
To Rent received for the use of
hall
To Profit from Entertainment
To sale of news paper
250
250
1000
200
60
740
400
100
3000
By Salaries
By General Expenses
By Electric Charges
By Books
By News Papers
By Postage
By Furniture
By Balance
1200
300
200
100
400
50
250
500
3000
Additional information:
(i) The club has 50 members each paying annual subscription of Rs.25.Subscriptions

outstanding on 31st
December,2005 were Rs.300.
(ii) On December,2006, salaries outstanding amounted to Rs.100, Salaries paid
included Rs.100 for the year 2005.
On 31st
Dec., 2005, the club owned Land and Building valued at Rs.10000, furniture Rs.600 and
Books Rs.500.
6
10. C and D are partners sharing profits and losses in the ratio of 1:2. Their balance sheet stood as
under on March 31, 2011.
Liabilities Amount Assets Amount
Sundry creditors 47500 Cash in hand 50000
Bills payable 40000 Sundry Debtors 25000
Outstanding salary 3500
capital accounts Bills Receivable 31000
C 80000 Stock 40000
D 100000 Furniture 50000
Land and building 70000
prepaid insurance 5000
271000 271000
Balance sheet As on 31st March. 2011
E is admitted as new partner in the firm for 1/3rd
share in the profit. He brings Rs.90000 for
his share of capital and Rs.18000 for goodwill. At the time of admission furniture is depreciated
by 4%, Land and Building appreciated by 10% and provision for doubtful debt should made at
10%. Partners decided to share profit and loss equally in the future. Give journal entries.
6
11. X and Y are partners sharing profits and lose in the ratio of 1:2. Their balance sheet stood as
Bills Receivable 35000
Stock 20000
General reserve 27000 Furniture 99000
X 150000 Land and building 150000
Y 110000
379000 379000
They admitted Z into partnership 1/5th
share in the P/L. on the following basis:
*Goodwill of the firm is valued at Rs.90000.
*He brings in cash Rs.100000 as his capital and necessary amount of goodwill.
*Stock is revalued At Rs.28000. *Land & Building depreciated by 10%.
*Furniture is increased to Rs.110000.
*Capital of the new firm will be fixed at Rs.500000, which will be in the new profit sharing
ratio. Excess or deficiency if any will be adjusted through cash.
You are required to prepare revaluation account, partner’s capital account and balance sheet
after Z’s admission.
8

I-Unit Test (Supplementary) 2011-12
Class – XII
Q.
No
M.
M.
1 State the difference between receipt and payment account and Income & Expenditure
Account on the basis of Nature of transactions that are recorded in its.
1
2 A,B and C were partners in firm sharing P/L in the ratio of 2:3:5. Their Fixed capitals
were Rs.15, 00,000, Rs.30, 00,000 and Rs.60, 00,000 respectively. For the year 2008
interest on capital was credited to them @ 12% instead of 10%. Pass the necessary
adjustment entry.
3
3 Show the following information in financial statements of a ‘ Not-for-Profit’ Organization:
Rs.
Sports Fund as on 1.4.2011 95,000
Sports Fund Investments 95,000
Interest on Sports Fund 5,000
Donations for Sports Fund 25,000
Sports Prizes awarded 30,000
Expenses on Sports Events 15,000
General Fund 1,00,000
General Fund Investments 10,000
Interest on General Fund Investments 10,000
3
4 From the following information, find out the amount which will be shown in income and
expenditure account and balance sheet:
Subscription received during the year 2006 Rs.1, 50,000.
01-01-2006 31-12-2006
Subscription received in advance Rs.50, 000 Rs.25, 000
Subscription out standing Rs.45, 000 Rs.35, 000
3
expenditure account and balance sheet of Star health club for the year ending 2005-06:
01-4-2005 31-3-2006
Stock of medicine Rs.25000 Rs.20000
Creditors for medicine Rs.5000 Rs.10000
Advance paid for medicine Rs.15000 Rs.25000
Amount paid for medicine during the year 2005-06 Rs.85000.
4
6 Suppose partner’s capital is fixed, where and how will you record the following items?
Salary payable to partners, (ii) Drawings made by partners (iii) Fresh capital introduced by a
partner (iv) Interest on partners capital (v) Interest on partners drawings (vii) Capital
withdrawn by partner.
4
7 A and B are partners in a firm sharing p/l in the ratio of 2:1. Their capitals on 1st
January 2006 were Rs.2, 00,000 and 1, 50,000 respectively. On July 1st 2006 they
introduce further capitals of Rs.1, 00,000 and Rs.50, 000 respectively. October 1st 2006A
withdrew
Rs.50, 000.Interest is allowed @ 8% p.a. Compute interest on capital for both the
partners for the year ending 31st December 2007.
4

8 O and P are partners in a firm sharing profits and losses in the ratio of 3:2. They
admitted Q as a new partner in the firm for 1/3 share in the P/L. He brings stock of
Rs.50000, building Rs.45000, furniture Rs.55000 and liabilities of Rs.25000 for his capital
and goodwill. Goodwill of the firm valued at Rs.75000. You are required to journalize the
above transactions.
4
9
From the following Receipt and payment account of a club and from the information supplied, prepare
the Income and expenditure account for the year ended 31st
December,2006 and the balance sheet as
on that date;
To Balance
To subscription
2005
2006
2007
(costing Rs.100)
To Rent received for the use of
hall
250
250
1000
200
60
740
400
100
3000
By Salaries
By General Expenses
By Electric Charges
By Books
By News Papers
By Postage
By Furniture
By Balance
1200
300
200
100
400
50
250
500
3000
(i) The club has 50 members each paying annual subscription of Rs.25.Subscriptions
outstanding on 31st
December,2005 were Rs.300.
(ii) On December,2006, salaries outstanding amounted to Rs.100, Salaries paid included
Rs.100 for the year 2005.
On 31st
Dec., 2005, the club owned Land and Building valued at Rs.10000, furniture Rs.600 and Books
Rs.500.
6
10 P and Q are partners sharing profits and lose in the ratio of 3:2. Their balance sheet
stood as under on March 31, 2006.
Sundry creditors 30000 Goodwill 10000
Bills payable 30000 Cash in hand 60000
W.C.Fund 35000 Sundry Debtors 100000
E.P.Fund 75000 Bills Receivable 35000
General reserve 40000 Stock 30000
P's capital 150000 Furniture 100000
Q's capital 125000 Land and building 150000
485000 485000
They admitted R into partnership 1/4th
*Goodwill of the firm is valued Rs.80000.
*R brings in cash Rs.100000 as his capital and necessary amount of goodwill.
*Stock is revalued At Rs.35000.
*Land & Building depreciated by 8%. *Furniture is increased to Rs.130000.
*Liabilities against W.C. Fund are Rs.5000. *Outstanding salary is Rs.1500.
*Partners decided to share profit and loss equally in the future
*Capital of the newfirm will be adjusted according to newpartner’s profit sharing ratio.
Excess or deficiency ifany will be adjusted through cash.
You are required to prepare revaluation account, partner’s capital account and newbalance
sheet.
8

II-Unit Test 2011-12
Class – XII
Q.
No
M.
M.
1 State the difference between capital reserve and reserve capital. 1
2 The directors ofXcompany Ltd. Forfeited 5000 equity shares ofRs.10 each issued at a discount
of 10%. On which Rs.8 paid. These shares were re-issued upon payment of Rs.30000. You are
required to journalize these transactions. 3
3 T Ltd. Purchased an asset from S.Ltd. For Rs.12, 00,000 payable 25%in cash and the balance in
fully paid shares ofRs.100 each at a discount of10%. Journalize the above transaction. 3
4 State the terms and condition which are required to issue ofshare at discount. 3
5 Record necessary journal entries to record the following at the time of dissolution of a firm :
1. There was an old furniture in the firm which had been written –offcompletely in the
books.it was sold for Rs. 3,000.
2. Paras a Partner agreed to take over the firm’s goodwill (not recorded in the books ofthe
firm). At a value ofRs. 30, 000.
3. P/L. (Dr.) Rs.15,000 shown in the books ofaccounts.
4. Loss on realization Rs. 60000 was to be distributed between A and B in the ratio of 3:2.
4
6 Vimal Ltd. decided to redeem 250, 10% debentures ofRs. 100 each. It purchased 200 of its
debentures in the open market at Rs. 97.50 each. Expenses being incurred Rs. 200 and redeemed
the balance ofRs. 5,000 debentures by draw of lots. Journalize. 4
7 Alpha Ltd. has 5,000 8% Debentures ofRs. 100 each due for redemption on March 31, 2007.
Assume that Debenture Redemption Reserve has a balance ofRs. 1,90,000 on that date. Record
the necessary entries at the time ofredemption ofdebentures.
4
8 Give Journal Entries for issue of debentures in the following cases:
(i). 200, 9% Debentures of Rs. 100 each issued at par & redeemable at par.
(ii) 200, 9% Debentures of Rs. 100 each issued at par & redeemable at premium
(iii). 200, 9% Debentures of Rs. 100 each issued at discount & redeemable at par.
(iv). 200, 9% Debentures of Rs. 100 each issued at discount & redeemable at premium
(v). 200, 9% Debentures of Rs. 100 each issued at premium & redeemable at par.
(vi). 200, 9% Debentures of Rs. 100 each issued at premium & redeemable at premium
6
9 Sanjay, Tarun and Vineet shred profit in the ratio of 3:2:1. On December 2008 their balance
sheet was as follows:
Books of Sanjay, Tarun and Vineet
Balance Sheet as on December 31, 2008
Liabilities Amount (Rs) Asset Amount (Rs)
Creditors
Bills Payable
Sanjay’s capital 1,00,000
Taruns’s capital 1,00,000
Vineet’s capital 70,000
80,000
30,000
2,70,000
Plant
Debtors
Furniture
Stock
Investment
Bills receivable
Cash
90,000
60,000
32,000
60,000
70,000
36,000
32,000
3,80,000 3,80,000
On this date the firm was dissolved. Sanjay was appointed to realize the assets.Sanjay was to
receive 6% commission on the sale ofassets (except Cash) and was to bear all expenses of
realization.
Sanjay realized the assets as follows: Plan Rs.72,000,debtors Rs.54,000, Furniture Rs.18,000,
Stock 90% ofthe book value, Investments Rs.76,000 and bills receivables Rs.31,000. Expenses
of realization amounted to Rs.4, 500.
Prepare Realization Account, Capital accounts and Cash Account.
6

10 Five star Ltd. Issued prospectus inviting applications for 4000 shares ofRs.10 each at a premium
of Rs.2 per share, payable as follows;
On application Rs.3 (Including premium Rs.1)
On allotment Rs.4 (Including premium Rs.1)
On first call Rs.3
On final call Rs.2
Application received for 6000 shares. And pro-rata allotment was made to 4800 applicants, excess
application money being applied towards the amount due on allotment.
Jeevan, to whom 80 shares were allotted, failed to the allotment money and on his subsequent
failure to pay the first call money his shares were forfeited.
Makhan who applied for 144 shares failed to pay the two calls and his shares were forfeited.
Off the shares forfeited 160 shares were re-issued as fully paid for Rs.9 per share, the whole of
jeevan’s shares being included. You are required to journalize these transactions.
OR
A, B and C are partners in a firm and sharing profits and losses in the ratio of5:3:2. Their
balance sheet on 31st
March 2011 was as follows:
Liabilities
Amount Assets Amount
Creditors
Bills payable
Expenses owing
General Reserve
Capitals:
A 200000
B 300000
C 100000
15000
30000
5000
50000
600000
Cash
Debtors
Stock
Bills receivables
Building
Patents
Furniture
Machinery
Land
15000
25000
40000
20000
150000
50000
75000
175000
150000
700000 700000
On 1st
July, 2011 B retiresfrom the firm on the following terms:
(i). Goodwill of the firm was valued at Rs.180000.
(ii). Building is to be depreciated by 5%.
(iii). furniture is valued at Rs.60000.
(iv). Machinery to be increased upto Rs.200000.
(vi). Land to be increased by Rs.50000.
(vii). Reserve for doubtful debts be created upto 8%.
(viii). Partnership deed provided interest on capital @ 10%p.a.
(ix)Amount sum due to B due to retirement should be transfer to his Loan a/c.
You are required to prepare revaluation a/c and B’s capital a/c.
8

Ist Unit Test 2010-11
Class – XI
Q.
N
M.M.
1 Differentiate income and expenditure account to receipt and payment account on the
basis of type of account.
1
2 State any two items of Cr. side of partner’s capital account when partner’s capital is
fixed.
1
3 State any two features of partnership firm. 1
4 What do you mean by reconstitution of partnership firm? 1
5 X,Y and Z were partners in firm sharing P/L in the ratio of 2:3:5. Their Fixed capitals
were Rs.5, 00,000, Rs.3,00,000 and Rs.6, 00,000 respectively. For the year 2009 interest
on capital was credited to them @ 10% instead of 12%. Pass the necessary adjustment
entry.
3
6 State the adjustments which are required at the time of reconstitution of a firm. 3
7 Show the following information in the financial statement of a Not- for-profit
organization:
Details Amount (Rs.)
Match Expenses
Match Fund
Donation for match Fund
Sale of match tickets
50000
200000
100000
25000
3
8 P and Q are partners in a firm sharing in the ratio of 2:1. They admitted R into
partnership giving him 1/5th share, which he acquired from P and Q in 1:2 ratio.
Calculate new profit sharing ratio.
3
expenditure account and balance sheet of Star library club for the year ending 2009-10:
31-3-2009 31-3-2010
Stock of stationary Rs.75000 Rs.15000

Creditors for stationary Rs.5000 Rs.15000
Advance paid for stationary Rs.10000 Rs.20000
Amount paid for purchase of stationary during the year 2009-10 Rs.85000. 3
10 X and Y are partner in a firm. Their capitals on April 1, 2009 were Rs.3, 00,000 and Rs.5,
00,000 respectively. On July 1 2009 they decided that their capitals should be Rs.10, 00,000
each. Interest on capitals is allowed @ 5%p.a. compute interest on capital for both the
partners for the year ending 31st march 2010.
3
11 P and Q are partners in a firm sharing profit and losses in the ratio of 2:1. On Jan. 1st 2005
they admitted R as new partner in the firm for 1/4th share. He brings Rs.60000 for his share of
capital and necessary amount of goodwill. On that date P and Q’s capital was Rs.80000 and
Rs.40000 respectively. Calculate the amount of goodwill of the firm and record necessary
journal entries
4
12 P and Q are partners sharing profits and lose in the ratio of 3:2. Their balance sheet stood as
P 150000 Furniture 100000
Q 125000 Land and building 150000
485000 485000
They admitted R into partnership 1/5th share in the P/L. on the following basis:
i) Goodwill of the firm is valued Rs.75000.
ii) He brings in cash Rs.100000 as his capital and necessary amount of goodwill.
iii) Stock is revalued At Rs.35000.
iv) Land & Building depreciated by Rs15000.
v) Furniture is increased to Rs.130000.
vi) Outstanding salary is Rs.1500.
You are required to prepare revaluation account, partner’s capital account and new balance
sheet.
8
13 From the following Receipt and payment account of a club and from the information
supplied, prepare the Income and expenditure account for the year ended 31st
December, 2009 and the balance sheet as on that date;
To Balance
To subscription
2008
2009
2010
(costing Rs.100)
To Rent receivedfor the use
of hall
250
250
1000
200
60
740
By Salaries
By General Expenses
By Electric Charges
By Books
By News Papers
By Postage
By Furniture
By Balance
1200
300
200
100
400
50
250
500

400
100
3000 3000
(i) The club has 50 members each paying annual subscription of
Rs.25.Subscriptions outstanding on 31st December,2008 were Rs.300.
(ii) On December,2009, salaries outstanding amounted to Rs.100, Salaries paid
(iii) On 1st January, 2009, the club owned Land and Building valued at Rs.10000,
furniture Rs.600 and Books Rs.500. 6
K.V. NO.2 AFS CHAKERY KANPUR
Ist Unit Test 2008-09
Class – XII
Q.N M.
1 State the concept of fund based accounting. 1
2 Give two features of Partnership. 1
3 State any two factors which affect the amount of goodwill. 1
4 Give two items of credit side of partners capital accounts when capital of the partners
are fixed.
1
5 State any two needs of admission of a new partner. 1
6 A and B are partners in a firm sharing p/l in the ratio of 2:1. Their capitals on 1st
January 2007 were Rs.4, 00,000 and 2, 50,000 respectively. On July 1st 2007 they
introduce further capitals of Rs.2, 00,000 and Rs.1,00, 000 respectively. October 1st
2007 A withdrew
Rs.50, 000.Interest is allowed @ 10% p.a. Compute interest on capital for both the
partners for the year ending 31st December 2007.
3

7 Q and R are partners in a firm sharing P/L. in the ratio of 3:2.on 1st April 2006 they
decided to share P/L Equally. On that date goodwill of the firm valued at Rs.25000.
You are required to journalize the above transactions. 3
8 From the following information, find out the amount which will be shown in income
and expenditure account and balance sheet of Star health club for the year ending
2006:
31-3-2005 31-3-2006
Stock of medicine Rs.25000 Rs.20000
Creditors for medicine Rs.5000 Rs.10000
Advance paid for medicine Rs.15000 Rs.25000
Amount paid for medicine during the year 2006 Rs.85000.
3
9 A and B are partners in a firm sharing profit and losses in the ratio of 3:1. On Jan. 1st
2007 they admitted C as new partner in the firm for 1/5th share. He brings Rs.40000
for his share of capital and necessary amount of goodwill. On that date A and B’s
capital was Rs.30000 and Rs.40000 respectively. Calculate the amount of goodwill of
the firm and record necessary journal entries.
4
10 State the difference between receipt & payment A/c. and Income & expenditure A/c.
4
11 A and B are partners in a firm sharing profits and losses in the ratio of 1:2. They
admitted C as a new partner into the firm for I/3 shares in the profit and he brings
Rs.100000 as capital. On the date of admission goodwill of the firm valued at
Rs.120000, they also decide to share P/L. Equally in future. Goodwill already exist in
the books at Rs.90000. You are required to journalize the above transactions. 4
12 From the following Receipt and payment account of a club and from the information
supplied, prepare the Income and expenditure account for the year ended 31st
December, 2006 and the balance sheet as on that date;
To Balance
To subscription
2005
2006
2007
(costing Rs.100)
To Rent receivedfor the use
of hall
500
250
1000
200
60
740
400
100
3250
By Salaries
By General Expenses
By Electric Charges
By Books
By News Papers
By Postage
By Furniture
By Balance
1200
300
200
100
400
50
250
750
3250
(iv) The club has 50 members each paying annual subscription of
Rs.30.Subscriptions outstanding on 31st December,2005 were Rs.500.
(v) On December,2006, salaries outstanding amounted to Rs.200, Salaries paid
(vi) On 1st January, 2006, the club owned Land and Building valued at
Rs.20000, furniture Rs.750 and Books Rs.900. 6
13 X and Y are partners sharing profits and loses in the ratio of 3:2. Their balance sheet
stood as under on March 31, 2006.

Investment Fluctuatio.Fund 25000 Bills Receivable 65000
E.P.Fund 20000 Stock 20000
Profit & loss account 30000 Furniture 120000
Y 110000
510000 510000
They admitted Z into partnership for 1/4th share in the P/L. on the following
basis:
*Goodwill of the firm is valued Rs.120000.*He brings Rs.130000 as his capital.
*Stock is revalued At Rs.25000.*Land & Building depreciated by 5%.
*Furniture is increased by10%
*Liabilities against Investment fluctuation Fund are Rs.35000.
*Outstanding salary is Rs.1000.
*Capital of the new firm will be adjusted according to new partner’s profit
sharing ratio. Excess or deficiency if any will be adjusted through cash.
You are required to prepare revaluation account, partner’s capital account and new
balance sheet.
8

II Unit Test 2009-10
Class – XII
Q.N M.
M.
1. State the difference between dissolution of partnership and dissolution of partnership firm. 1
2. Hema and Prema are partners in a firm sharing P/L in the ratio of 2:1. They admitted Nema as a new
partner for 1/3 share in P/L, which he acquired equally from Hema and Prema. Calculate new P/L ratio
of Hema, Prema and Nema.
2
3. On what account realization account differs from revaluation account. 2
4. On what grounds a court can dissolve a firm. 2
5. Record necessary journal entries to record the following at the time ofdissolution ofa firm :
1. There was an old furniture in the firm which had been written –ofcompletely in the books.This was
sold for Rs. 3,000.
2. Ashish an old customer whose account was for Rs. 1,000 was written-offas bad in the previous year,
paid 60%, ofthe amount.
3. Paras a Partner agreed to takeover the firm’s goodwill (not recorded in the booksofthe firm). At a
valuation of Rs. 30, 000.
4- P/L. (Dr.) Rs.15, 000 shown in the books ofaccounts.
5-Loss on realization Rs. 60000 was to be distributed between A and B in the ratio of 3:2. 5
6. P and Q are partners sharing profits and lose in the ratio of 3:2. Their balance sheet stood as under on March 31,
2006.
P 150000 Furniture 100000
Q 125000 Land and building 150000
485000 485000
They admitted R into partnership 1/5th
vii) Goodwill of the firm is valued Rs.75000.
viii) He brings in cash Rs.100000 as his capital and necessary amount of goodwill.
ix) Stock is revalued At Rs.35000.
x) Land & Building depreciated by 8%.
xi) Furniture is increased to Rs.130000.
xii) Liabilities against W.C. Fund are Rs.5000.
xiii) Outstanding salary is Rs.1500.
You are required to journalize the above transactions.
6
7. Sanjay, Tarun and Vineet shred profit in the ratio of 3:2:1. On December 2008 their balance sheet was
as follows:
Creditors
Bills Payable
80,000
30,000
2,70,000
Plant
Debtors
Furniture
Stock
Investment
Bills receivable
Cash
90,000
60,000
32,000
60,000
70,000
36,000
32,000
3,80,000 3,80,000
On this date the firm was dissolved. Sanjay was appointed to realize the assets.Sanjay was to receive
6% commission on the sale ofassets (except Cash) and was to bear all expenses ofrealization.
Sanjay realized the assets as follows: Plan Rs.72,000,debtors Rs.54,000, Furniture Rs.18,000, Stock

90% ofthe book value, Investments Rs.76,000 and bills receivablesRs.31,000. Expenses ofrealization
amounted to Rs.4,500.
Prepare Realization Account, Capital accounts and Cash Account. 6
8. A, B and C were partners in a firm sharing profits in the ratio of 5:3:2. On March 31,2009, their Balance
Sheet was as follows:
Books of A, B and C
Balance Sheet (As on March 31,2009)
Liabilities Amount
(Rs)
Asset Amount
(Rs)
Creditors
Reserve fund
A’s capital 30,000
B’s capital 25,000
C’s capital 15,000
11,000
6,000
70,000
building
machinery
stock
patents
debtors
cash
20,000
30,000
10,000
11,000
8,000
8,000
87,000 87,000
A died on October 1, 2009. It was agreed between his executers and the remaining partners that:
(a) Goodwill to be valued at 2 ½ years purchase ofthe average profits ofthe previous four years which
were:2005-06-Rs.13000, Year 2006-07 Rs.12000,Year 2007-08 Rs.20000 and in Year 2008-09 Rs.15000.
(b) Patents be valued at Rs.8000;and Building at Rs.25000.
(c) Profit for the year 2009-10 be taken as having accrued at the same rate as that ofthe previous year.
(d) Intereston capital be provided at 10% p.a.
(e) Halfof the amount due to A be paid immediately.
Prepare A’s Capital account and A’s executer’s account as on 1, October 2009. 8
9. The balance sheet of A, S and L , who were sharing profits in the ratio of 5: 3: 2: is given below as on march 31,
2007.
Balance sheet of A,S and L
As on march 31, 2007
Liabilities Amount
(Rs)
Asset Amount
(Rs)
Capitals:
A 7,20,000
S 4,15,000
L 3,45,000
Reserve fund
Sundry creditors
Outstanding Expresses
14,80,000
1,80,000
1,24,000
16,000
Land
Building
Plant and Machinery
Furniture and Fittings
Stock
Sundry debtors
Cash in hand
4,00,000
3,80,000
4,65,000
77,000
1,85,000
1,72,000
1,21,000
18,00,000 18,00,000
S retires on the above date the following adjustment are agreed upon his retirement:
1- Stock was valued at Rs.172000.
2-Furniture and Fittings were valued at Rs.80000.
3-An amount of Rs.10000 due from Mr. D, a debtor, was doubtful and a provision for the same was required.
4-Goodwill of the firm was valued at Rs.200000 but it was decided not to show goodwill in the books of
accounts.
5- S was paid Rs.40000 immediately on retirement and the balance was transferred to his loan account.
6-A and L were to share future profits in the ratio of 3:2.
Prepare Revaluation Account, Capital Account and Balance Sheet of the reconstituted firm.
8

CLASS TEST
TIME: 45 Minutes. MM: 25
CLASS: XII SUBJECT: ACCOUNTANCY
The balance sheet of X, V, Z who was sharing profits in proportion of capital as follows :-
Particulars Amount Particulars Amount
Sunday creditors 7,000 Cash at bank 15,600
Capitals
Debtors 5,000
X 25,000 Lessprovision 100 4,900
Y 20,000
Z 15,000 60000 Stock 10,000
P/M 11,500
Furniture 25,000
67,000 67,000
Y retires arid the following adjustment of the assets and liabilities has been made before the ascertainment of the
amount payable by the firm to Y .That the stock be depreciated by 5% .That the provision for doubtful debts be increased
to 5% on debtors. That a provision ofRS.750 be made in respectofoutstanding legal charges. That the land and building
be appreciated by 20%. That the goodwill of the entire firm be fixed at Rs. 16,200 and V share of the same be adjusted
into the accountof X and Z (No good will accountis to be raised) .That X and Z decide to share future profits of the firm in
equal proportions .That the entire capital of the new firm at Rs. 48000 between X and Z in· equal proportion. For the
purpose, actual cash is to be brought in or paid off. You are required to prepare the revolution account; partner’s capital
account and bank account and revised balance sheet after V’s retirement also indicate the gaining rates.
* A, Band C were partners in a firm .sharing profits in the ratio of 5: 3: 2. On 31st March, 2005 their Balance Sheet was
as under
Liabilities Rs. Assets Rs.
Creditors 7,000 Buildings 20,000
Reserve 10,000 Machinery 30,000
Accounts: Stock 10,000
A 30,000 Patents 6,000
B 25,000 Debtors 8,000
C 15,000 70,000 Cash 13,000
87,000 87,000
A died on 1st October, 2005. It was agreed between his executors and the remaining partners that Goodwill be
valued at 2 years’ purchase of the average profits of the previous five years, which were 2001: Rs. 15,000; 2002: Rs.

13,000; 2003: Rs. 12,000; 2004: Rs. 15,000 and 2005: Rs. 20,000. Patents be valued at Rs. 8,000; Machinery at Rs.
28,000; Buildings at Rs. 30,000.Profit for the year 2005-06 is taken as having accrued at the same rate as the previous
year. Interest on capital be provided at 10% p.a. A sum of Rs. 11,500 was to be paid to his executors immediately.
X and Y are partners as they share profits in the proportion of 3:1 their balance sheet as at 31.03.07 as follows.
BALANCE SHEET
Liabilities Rs. Assets Rs.
Capital Account Land 1,65,000
X 1,76,000 Furniture 24,500
Y 1,45,200 Stock 1,32,000
Creditors 91,300 Debtors 35,200
Bills Receivable 28,600
Cash 27,500
4,12,500 4,12,500
On the same date, Z is admitted into partnership for 1/5th share on the following terms:
a. Goodwill is to be valued at 3½ years purchase of average profits of last for year which were Rs. 20,000 Rs.
17,000 Rs. 9,000 (Loss) respectively.
Stock is fund to be overvalue by Rs. 2,000 Furniture is reduced and Land to be appreciated by 10% each, a
provision for Bad Debts @ 12% is to be created on Debtors and a Provision of Discount of Creditors @ 4%
is to be created. A liability to the extent of Rs. 1,500 should be created for a claim against the firm for
damages.An item of Rs. 1,000 included in Creditors is not likely to be claimed, and hence it should be
written off.
Prepare Revaluation Account, Partners: Capital Accounts and Balance Sheet of the new firm if Z is to contribute
proportionate capital and goodwill. The capital of partners are to be in profit sharing ratio by opening
current Accounts.
The balance sheet of X, V, Z who was sharing profits in proportion of capital as follows :-
Particulars Amount Particulars Amount
Sunday creditors 7,000 Cash at bank 15,600
Capitals
Debtors 5,000
X 25,000 Lessprovision 100 4,900
Y 20,000
Z 15,000 60000 Stock 10,000
P/M 11,500
Furniture 25,000
67,000 67,000
Y retires arid the following adjustment of the assets and liabilities has been made before the ascertainment of the amount payable by the firm
to Y That the stock be depreciated by 5% 2.That the provision for doubtful debts be increased to 5% on debtors. That a provision of
RS.750 be made in respect of outstanding legal charges. 4.That the land and building be appreciated by 20%. That the goodwill of the entire
firm be fixed at Rs. 16,200 and V share of the same be adjusted into the account of X and Z (No good will account is to be raised) .That X
and Z decide to share future profits of the firm in equal proportions That the entire capital of the new firm at Rs. 48000 between X and Z in·
equal proportion. For the purpose, actual cash is to be brought in or paid off.
You are required to prepare the revolution account; partner’s capital account and bank account and revised balance sheet after V’s
retirement also indicate the gaining rates.

Class XII Accountancy Class Test Date: 07-09-09 MM.25
1-The balance sheet of A, S and L , who were sharing profits in the ratio of 5: 3: 2: is given below as on march 31, 2007.
Balance sheet of A,S and L As on march 31, 2007
Capitals:
A 800000
S 400000
L 200000
Reserve fund
Sundry creditors
14,00,000
2,00,000
1,84,000
16,000
Land
Building
Plant and Machinery
Stock
Sundry debtors
Cash in hand
4,00,000
3,80,000
4,65,000
77,000
1,85,000
1,72,000
1,21,000
18,00,000 18,00,000
3-An amount of Rs.10000 due from Mr. D, a debtor, was doubtful and a provision for the same was required.
4-Goodwill of the firm was valued at Rs.200000 but it was decided not to show goodwill in the books of accounts.
6-A and L were to share future profits in the ratio of 3:2.
Prepare Revaluation Account, Capital Account and Balance Sheet of the reconstituted firm. 8
2-Anil, Bhanu and Chandu were partners in a firm sharing profits in the ratio of 5:3:2. On March 31, 2009,
their Balance Sheet was as follows:
Books of Anil, Bhanu and Chandu Balance Sheet (As on March 31,2009)
Liabilities Amount
(Rs)
Asset Amount
(Rs)
Creditors
Reserve fund
Anil’s capital 30,000
Bhanu’s capital 25,000
Chandu’s capital 15,000
12,000
5,000
70,000
building
machinery
stock
patents
debtors
cash
20,000
30,000
10,000
11,000
8,000
8,000
87,000 87,000
Anil died on October 1, 2009. It was agreed between his executers and the remaining partners that:
(a) Goodwill to be valued at 2 ½ years purchase of the average profits of the previous four years which were:
2005-06-Rs.13000, Year 2006-07 Rs.12000, Year 2007-08 Rs.20000 and in Year 2008-09 Rs.15000.
(b) Patents be valued at Rs.9000; and Building at Rs.26000.
(c) Profit for the year 2009-10 be taken as having accrued at the same rate as that of the previous year.
(d) Interest on capital be provided at 5% p.a.
(e) Half of the amount due to A be paid immediately.
3-S, T and V shred profit in the ratio of 3:2:1. On December 2008 their balance sheet was as follows:
Books of S, T and V
Creditors
Bills Payable
60,000
50,000
Plant
Debtors
90,000
60,000

S’s capital 1,00,000
T’s capital 1,00,000
V’s capital 70,000 2,70,000
Furniture
Stock
Investment
Bills receivable
Cash
32,000
60,000
70,000
36,000
32,000
3,80,000 3,80,000
On this date the firm was dissolved. Sanjay was appointed to realize the assets.
S was to receive 6% commission on the sale of assets (except Cash) and was to bear all expenses of realization.
S realized the assets as follows: Plan Rs.72,000, debtors Rs.54,000, Furniture Rs.18,000, Stock 90% of the
book value, Investments Rs.76,000 and bills receivables Rs.31,000. Expenses of realization amounted to Rs.4,500.
4-Record necessary journal entries to record the following at the time of dissolution of a firm :
1. There was an old furniture in the firm which had been written –of completely in the books. This was sold for Rs. 4,000.
2. A an old customer whose account was for Rs. 3,000 was written-off as bad in the previous year, paid 60%, of the amount.
3. P a Partner agreed to takeover the firm’s goodwill (not recorded in the books of the firm). At a valuation of Rs. 10, 000. 4- P/L.
(Dr.) Rs.5, 000 shown in the books of accounts.
5-Loss on realization Rs.15,000 was to be distributed between A and B in the ratio of 3:2.
6-Creditors were Rs.80, 000. They accepted machinery valued at Rs.1, 20,000 and paid Cash to the firm Rs.40, 000. 5

II Unit Test 2010-11
Class – XII
Q.N M.
M.
1. State the difference between dissolution of partnership and dissolution of partnership firm on
the basis of closure of books.
1
2. State the difference between Reserve capital and capital reserve. 1
3. Gopala Ltd. purchased machinery from Matola Ltd. For Rs.800000. A sum of Rs.350000 was paid by bank
draft and the balance due to Matola Ltd. By issue of Equity shares of Rs.10 each at a discount of 10%.
Journalize the above transaction.
3
4. State the types of share capital. 3
5. Record necessary journal entries to record the following at the time ofdissolution ofa firm :
1. There was an old furniture in the firm which had been written –ofcompletely in the books.This was
sold for Rs. 5,000.
2. Raja an old customer, whose account was for Rs. 2,000 was written-offas bad in the previous year,
paid 40%, ofthe amount.
3. Javed a Partner agreed to take over the firm’s goodwill (not recorded in the books ofthe firm). At a
valuation of Rs. 10, 000.
4-Loss on realization Rs. 50000 was to be distributed between A and B in the ratio of 3:2.
4
6. Sanjay, Tarun and Vineet shred profit in the ratio of 3:2:1. On December 2008 their balance sheet was
as follows:
Creditors
Bills Payable
80,000
30,000
2,70,000
Plant
Debtors
Furniture
Stock
Investment
Bills receivable
Cash
90,000
60,000
32,000
60,000
70,000
36,000
32,000
3,80,000 3,80,000
On this date the firm was dissolved. Sanjay was appointed to realize the assets.Sanjay was to receive
6% commission on the sale ofassets (except Cash) and was to bear all expenses ofrealization.
Sanjay realized the assets as follows: Plan Rs.72,000,debtors Rs.54,000, Furniture Rs.18,000, Stock
90% ofthe book value, Investments Rs.76,000 and bills receivablesRs.31,000. Expenses ofrealization
amounted to Rs.4,500.
7. X and Y are partners sharing profits and lose in the ratio of 1:2. Their balance sheet stood as
W.C.Fund 24000 Bills Receivable 35000
E.P.Fund 15000 Stock 20000
General reserve 27000 Furniture 99000
Y 110000
379000 379000
They admitted Z into partnership 1/5th share in the P/L. on the following basis:
*Goodwill of the firm was valued at Rs.90000.
*He brings in cash Rs.100000 as his capital and necessary amount of goodwill.

*Stock is revalued At Rs.28000. *Land & Building depreciated by 10%.
*Furniture is increased to Rs.110000. *Liabilities against W.C. Fund are Rs.6000.
*Capital of the new firm will be fixed at Rs.500000, in the new profit sharing ratio. Excess or
deficiency if any will be adjusted through cash.
Prepare revaluation account, partner’s capital account and new balance sheet.
8
8. A, B and C were partners in a firm sharing profits in the ratio of 5:3:2. On March 31,2009, their Balance
Sheet was as follows:
Books of A, B and C
Balance Sheet (As on March 31,2009)
Liabilities Amount
(Rs)
Asset Amount
(Rs)
Creditors
Reserve fund
A’s capital 30,000
B’s capital 25,000
C’s capital 15,000
11,000
6,000
70,000
building
machinery
stock
patents
debtors
cash
20,000
30,000
10,000
11,000
8,000
8,000
87,000 87,000
A died on October 1, 2009. It was agreed between his executers and the remaining partners that:
(a) Goodwill to be valued at 2 ½ years purchase ofthe average profits ofthe previous four years which
were:2005-06-Rs.13000, Year 2006-07 Rs.12000,Year 2007-08 Rs.20000 and in Year 2008-09 Rs.15000.
(b) Patents be valued at Rs.8000;and Building at Rs.25000.
(c) Profit for the year 2009-10 be taken as having accrued at the same rate as that ofthe previous year.
(d) Intereston capital be provided at 10% p.a.
(e) Halfof the amount due to A be paid immediately.
9. The balance sheet ofA, S and L , who were sharing profits in the ratio of 5: 3: 2: is given belowas on
march 31, 2007.
Balance sheet of A, S and L
As on march 31, 2010
Liabilities Amount
(Rs)
Asset Amount
(Rs)
Capitals:
A 7,20,000
S 4,15,000
L 3,45,000
Reserve fund
Sundry creditors
14,80,000
1,80,000
1,24,000
16,000
Goodwill
Building
Plant and Machinery
Stock
Sundry debtors
Cash in hand
4,00,000
3,80,000
4,65,000
77,000
1,85,000
1,72,000
1,21,000
18,00,000 18,00,000
3-An amount of Rs.2000 due from Mr. D, a debtor, was doubtful and a provision for the same was
required.
4-Goodwill of the firm was valued at Rs.200000 but it was decided not to showgoodwill in the books of
accounts.
Give necessary journal entries.
8

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