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    Revision Test 2 Accountancy Xii

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    sakshamagnihotri0
    The document contains 4 accounting problems related to partnerships. Problem 1 asks about calculating goodwill amount for a new partner. Problem 2 provides a journal entry for a contingent liability that was realized. Problem 3 provides dissolution journal entries for various partnership transactions. Problem 4 provides information to admit a new partner and asks to pass the necessary journal entries.

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    Revision Test 2 Accountancy Xii

    Uploaded by

    sakshamagnihotri0
    31 views2 pages
    The document contains 4 accounting problems related to partnerships. Problem 1 asks about calculating goodwill amount for a new partner. Problem 2 provides a journal entry for a contingent liability that was realized. Problem 3 provides dissolution journal entries for various partnership transactions. Problem 4 provides information to admit a new partner and asks to pass the necessary journal entries.

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    Revision Test 2 Accountancy Xii (2)

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    The document contains 4 accounting problems related to partnerships. Problem 1 asks about calculating goodwill amount for a new partner. Problem 2 provides a journal entry for a contingent liability that was realized. Problem 3 provides dissolution journal entries for various partnership transactions. Problem 4 provides information to admit a new partner and asks to pass the necessary journal entries.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    31 views2 pages

    Revision Test 2 Accountancy Xii

    Uploaded by

    sakshamagnihotri0
    The document contains 4 accounting problems related to partnerships. Problem 1 asks about calculating goodwill amount for a new partner. Problem 2 provides a journal entry for a contingent liability that was realized. Problem 3 provides dissolution journal entries for various partnership transactions. Problem 4 provides information to admit a new partner and asks to pass the necessary journal entries.

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    © All Rights Reserved
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    of 2

    REVISION TEST 2 ACCOUNTANCY XII

    1. Aditya and shiv are partners in a firm with capitals of ₹3,00,000 and Rs 2,00,000 respectively. Naina was
    admitted as a new partner for 1/4th share in the profits of the firm. Naina brought ₹1,20,000 for her share of
    goodwill premium and ₹2,40,000 as her capital. The amount of goodwill premium credited to Aditya will be:
    a) ₹ 40,000 b) ₹ 30,000
    c) ₹72,000 d) ₹60,000
    2. Balance Sheet of a firm disclosed as a footnote a contingent lability for ₹ 5,000 in respect of a bill
    discounted. The bill was received from Z. Later on, it was learnt that Z has become insolvent and a dividend of
    60% was received from his estate. Give Journal entry to record the above event when the firm was dissolved.
    3. Madhav, Madhusudan and Mukund were partners in Jaganath Associates. They decided to dissolve the firm
    on 31st March 2021. Pass necessary journal entries for the following transactions after various assets (other than
    cash) and third-party liabilities have been transferred to realization account:

    (i) Old machine fully written off was sold for ₹ 42,000 while a payment of ₹ 6,000 is made to bank for a bill
    discounted being dishonoured.

    (ii) Madhusudan accepted an unrecorded asset of ₹80,000 at ₹75,000 and the balance through cheque, against
    the payment of his loan to the firm of ₹1,00,000.

    (iii) Stock of book value of ₹30,000 was taken by Madhav, Madhusudan and Mukund in their profit sharing
    ratio.

    (iv) The firm had paid realization expenses amounting to ₹5,000 on behalf of Mukund. 4

    st
    4.Rajinder and Vijay were partners in a firm sharing profits in the ratio 3:2. On 31 March 2023 their balance
    sheet was as follows:

    Liabilities ₹ Assets ₹
    Capitals Bank 25,000

    Rajinder 3,00,000 Fixed Assets(tangible) 360,000

    Vijay. 1,50,000 4,50,000 Goodwill 50,000

    Current Accounts Investment 40,000

    Rajinder 50,000 Debtors 100,000

    Vijay. 10,000 60,000 Less provision for bad 96,000


    debts. (4,000)
    Creditors 75,000

    General Reserve 60,000 74,000


    Stock
    6,45,000 6,45,000
    st
    With an aim to expand business it is decided to admit Ranvijay as a partner on 1 April 2023 on the
    following terms:

    a) Provision for doubtful debts is to be increased to 6% of debtors.

    b) An outstanding bill for repairs ₹ 50,000 to be accounted in the books

    c) An unaccounted interest accrued of ₹ 7500 be provided for .

    d) Investment were sold at book value.

    e) Half of stock was taken by Rajinder at ₹42,000 and remaining stock was also to be revalued at the
    same rate.

    f) New profit-sharing ratio of partners will be 5:3:2.

    g) Ranvijay will bring ₹ 1,00,000 as capital and his share of goodwill which was valued at twice the
    st
    average profit of the last three years ended 31 March 2023, 2022 and 2021 were ₹ 1,50,000, ₹
    1,30,000 and ₹ 1,70,000 respectively.

    Pass necessary journal entries. 6

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