Kendriya Vidyalaya No.

3 (AFS), NAL, BIKANER

First Periodical Test 2021-22
Subject : Accountancy
Class : XII

Time : 2 Hours MM:50

General Instructions :
1. All questions are compulsory.
2. Marks of each question are written against each.
Q1.Diffrentiate sacrificing ratio and gaining ratio? (1)

Q2.Define NPO? (1)

Q3 Write the formula of Interest on drawing, if it is made at the beginning of the Quarter ? (1)

Q4.Explain the factors of Goodwill? (3)

Q5.Ajay and Ankit were partners in a firm sharing profits in the ratio of 5:3 .Their capitals were Rs.1,80,000 and Rs.
1,20,000 respectively. They admitted Ashish on 1st April 2018 as a new partner for 1/5 share in the future profits.Ashish
brought Rs1,50,000 as his capital .Calculate the value of goodwill of the firm and record necessary journal entries for the
above transactions on Ashish’s admission. (3)

Q6. Himani, Veena and Amisha are partners and their profit sharing ratio is 5:3:2. They decided to share the profit
equally w.e.f 01 Apr 2019. Goodwill of the firm valued at Rs.1,00,000. General Reserves Rs.50,000. Machinery of
Rs.50,000 valued at 40,000 and unrecorded claim for legal charges Rs.5,000. Provision for B.D Rs.5,000. Creditors gave
discount of Rs.10,000. Patent of Rs.5,000 is valueless. Make the capital adjustments through a single entry on change in
profit sharing ratio. (3)

Q7. Ankur and Ashish are partners in a firm sharing profit in 3:2. They admitted Deepak as a new partner for 1/5 share.
New Ratio between Ankur and Ashish will be 4:5calculate their new and sacrificing ratio? (3)

Q8.Calculate what amount will be shown to Income & Expenditure A/c for the year ending 31-03-2019: (3)

(i) Stock of stationery on 01-04-2018 Rs.7,000

(ii) Creditors for stationery on 01-04-2018 Rs.4,000
(iii) Advance paid for stationery c/f on 01-04-2018 Rs.6,000
(iv) Stock of stationery on 31-03-2019 Rs.3,000
(v) Creditors for stationery on 31-03-2019 Rs.8,000
(vi) Advance paid for stationery c/f on 31-03-2019 Rs.1,500
(vii) Amount paid for stationery during 2018-19 Rs.42,000

Q9. Differentiate Fixed and Fluctuating methods of partners’ capital account ? (4)

Q10. The net profit of Abhishek, Manish & Shiv for the year ended 31 March 2019 was Rs. 15,00,000 and the same was
distributed among them in 3:1:1 ratio. It was later discovered the following transactions were not recorded in the
books: (4)

(i) Interest on capital @ 10/- p.a

(ii) Drawings were Rs. 7000,8000 and 9000 respectively.
(iii) Interest on Drawings were @10%
(iv) Abhishek’s commission Rs 10000 & Shiv’s Salary Rs 7500 per month.
 The capital were fixed as Rs 15,00,000 Rs 10,00,000 and 7,00,000 respectively. Record the adjustment
entry.

Q11. Raghu and Rakesh partners sharing profit in 3:2 ratio, interest on capital @ 15% p.a. Rakesh should be paid salary
of Rs.16000. interest on Drawing @ 10% p.a. is to be charged. The net profit for the year before charging interest on
capital and drawing and charging Rakesh’ salary was Rs.2,00,000. Raghu introduced Rs.10,000 & Rakesh withdrawn
Rs.10,000 on 01 Oct 2017.The following balance are extracted from books as on March 31,2018. (4)

Details Raghu Rakesh

Rs. Rs.
Capital A/c 50,000 50,000
Current A/c (Dr.)10,000 Cr. 5,000
Drawings 15,000 10,000
Prepare profit and loss appropriation A/c and partners capital A/c under fixed method.

Q12. L, M and N were partners in a firm sharing profits in the ratio of 2:1:1 . On 1st April 2019 their Balance Sheet was as
follows : (6)
st
Balance Sheet of L,M and N as on 1 April 2019

Liabilities Amount Rs Assets Amount Rs

Capitals : Land 8,00,000
L 6,00,000 Building 6,00,000
M 4,80,000 Furniture 2,40,000
N 4,80,000 15,60,000 Debtors 4,00,000
General Reserve 4,40,000 Less provision 20,000 3,80,000
Workmen’s Compensation 3,60,000 Stock 4,40,000
Fund
Creditors 2,40,000 Cash 1,40,000
26,00,000 26,00,000
On the above date N retired .

The following were agreed :

(i)Goodwill of the firm was valued at Rs 6,00,000.

(ii) Land was to be appreciated by 40% and Building was to be depreciated by Rs 1,00,000.

(iii)Furniture was to be depreciated by Rs 30,000.

(iv)The liabilities for Workmen’s Compensation Fund was determined at Rs. 1,60,000.

(v) Amount payable to N was transferred to his loan account .

(vi) Capitals of L and M were to be adjusted in their new profit sharing ratio and for this purpose current accounts of the
partners will be opened.

Prepare Revolution Account, Partners Capital Accounts and the Balance Sheet of the new firm.

Q13. Prepare Income & Expenditure A/c of Tirupati Balaji Club from the following receipt & Payment A/c for the year
ended 31-12-2017: (6)

Receipts Amount(RS.) Payments Amount(RS.)

To Balance b/d 1500 By Salaries & Wages 1600
To Subscription : By Office Expenses 350
2016 600 By Sports Equipments 3400
2017 3500 By Telephone Charges 240
To Donation 500 By Electricity Charges 320
To Entrance Fees 800 By Travelling Expenses 650
By balance b/d 340
6,900 6,900
(i) O/s Subscription for 2017 RS.550.
(ii) O/s Salaries & Wages Rs.400.
(iii) Depreciate Sports Equipments by 25%.

Q14. The Balance Sheet of Shiv Raj & Ganveer who shared profit in the ratio of 3:2 was as follows on March 31,2019.

Liabilities Rs Assets Rs
S. Crs. 20,000 Cash in hand 10,000
Employees Provident Fund 25,000 Cash at Bank 15,000
Workmen’s Compensation 10,000 S. Drs. 50,000
Fund
General Reserve 15,000 Less : Prov. For BD 3,000 47,000
Ganveer’s loan 10,000 Stock 25,000
Capital Plant & Machinery 3,50,000
Shiv Raj 4,00,000 Patents 3,00,000
Ganveer 3,00,000 7,00,000 R&D 3,000
Investment Fluctuation 20,000 Goodwill 20,000
Fund
8,00,000 Advertisement Expenses 10,000
Discount Unwritten off 20,000
8,00,000
On this date, Krishna was admitted as a partner on the following conditions : (8)

(i) He was to get 1/5 share of profit .

(ii) He had to bring in Rs 3,00,000 as his capital.
(iii) He would pay cash for goodwill would be based on 2(1/2) years purchase of the average profits of the past
four years.
(iv) Shiv Raj & Ganvir would withdraw half the amount of goodwill premium brought by Krishna.
(v) The assets would be revalued as S. Drs less a provision of 5% , stock at Rs. 20,000 plant &machinery at Rs.
3,00,000 and Patents at Rs.3,50,000.
(vi) Liabilities were valued as Crs. Rs.25,000 one bill for goods purchased having been omitted from books.
(vii) Workmen compensation claim was decided to be Rs. 5000 & loss on Investment is expected to be Rs.10,000.
(viii) Profit for the past four years were :
2016 Rs. 1,50,000 2017 Rs 18,000 (Loss)
2018 Rs. 20,000 2019 Rs 1,70,000
(ix) Adjust capital of the firm in new profit sharing ratio by bringing excess / deficiency in cash if the total capital
Of the firm Rs 20,00,000. Prepare the necessary ledger A/Cs and balance sheet after Krishna admission.
--------------------------------------------------------Good Luck------------------------------------------------------------