TRE EAREST ACADEMY

MONTHLY TEST-1 TAL MARI{S:30

GRADE: Xl B ~~RATION: 1 aoUR
SUBJECT:ACCOUNTANCY ~D iOcf'..(.~ pATE: 27/03/2023
I.ANSWER THE FOLLOWING:
. . . . . Of 5 : 3.. They_
l . A and B were partners ma furn shanng profits and losses 111 the ratio 3 .2 .3 A
. A B anct>C was,_ ..
admitted C as a new partner. The new profit sharing ratio between , _,. .... . (1)
th 11~
_,,,....
surrendered 115 of his share in favour of C. Calculali.: B's sa~rifice.
.
2. ln the absence ~f partnership deed, interest on -paitner's loan is provided@ ·
0
(a)6%p.a. , (b)7%p.a. \,rtfo/ ~ '-
(1)
(c) 4% p.a. (d) 10 % p.a.

3. A,B and Care partneL

. . . . d d I I ·t- ·111 the profit' shared
a firm with no parlne~sl11p ee . n w 18 w '-<JV . ,;j)
I.

I
111
.
amongst them. 0.o \
(a) equally (b) capital ratio

(c) partners loan ratio (d) ratio of work experience. -'\((l) ~'""
4. Sam and krish were partners in a firm sharing profits in the ratio 7 : 3. Their capitals were
Rs. 2,00,000 and Rs. 1,50,0<10 respectively. 'l\ ,;y, admijted .Aditi on P' Aprii 2021 as a
partner for I/6 th
. r ,.
s. Disha and Divya are partners in a firm sh~ri1{g_profits in a ratio of 3 : 2 respectively. The
.
share in future praiits.Aditi brn_&_ht Rs. 1,00,000 as her capital . ~ecJ"'11)
\,]tv ff-;,'i--
I i

fixed capital of Disha is Rs. 4,80,000 and Divya 15 Rs.3 ,~),000. On 1.4.2012, they admitted
Hi..na as a new partner for I /5 th share i_n future 1r fits. Hina brought Rs. 3,00,000 as her n 00 ;,
~apita!. Calculate the value of goodwill of th e .mn and record necessary journal entries on
, d · · I
~rf-,,·11
L.f 0 o .. "' /
Hh1a s a 1111ss1on. (3) O'

6. X and y are partners in a firm, sharing pro~its in the rntio of 5 : 3. They d 'd d
. · 3 . 5 o the dale Qf cha 111
their profit shanng ratio to · · 11 fR
· eci e to change
nge the profit sharing ratio p. fi
Losses Account showed a debit balance od_ _1b· 5~,000 and General Reserve of R, 214o010t and 1- t> o
'
. I t1·ies for the isu (I Ullon oft\ d b' s. , 0 ,,....---\ 1o \ '?
Record necessary Journa en • le e it balance in th 10 . ·
. I Reserve the change 111 profit sharing nti e P fit and loss / 0
Account an d ueneia ""i.. ~ -~\ . ' o. · 0 v..,
\ . (3) ') I
· -7~ tr'" · : fi · _, ' ·
. ere partners 111 a mn sharing pr fit ·
7. Radhika, Banu and ci::tra ;, 2020 the;' decided to sharefutt~r~ s ~nd losses •in the ratio
2:3 : I .with effect from I . ~P .. balance sheet showed a debit b I p1ofits and losses in the
V
:r,'° -\~~ ",

.:.
.
ratio of 3 :2: I .on that date t ,e'.~ of Rs:!, '+..,,oou in General Re a ance of Rs.24000 in profit
and loss account and a balanc ~,q~erve. It~;:,~s also agreed th ,, "'"' 'O,o_
(4) .
v-,\lll •\
~ ;J.:.
.
at: ~"'
- · 1w·d at Rs J 80 · -
Tl dwill of the firm be va - . , ,000 . -..
a) ie goo . k value of Rs.3,00,000) will b
b) The land (havmg ~oo .. I entries for the above . c valued at Rs.4,80 OOQ
Pass the necessary JOUI na chc1nges. '
"\ ..
1r" "--~ '-
 in ~ firm sharing profits and losses in the ratio of I :2.their
rtners 1 •
d vanin were pa nd ~s. 3,00,000 respectively. on I s1 April 2020.kishore was
8 Karan an 2 oo 00 Oa 1 • •
· d iia/s were Rs_. ' ' 11 th share m the profits. k1shore brought rs.2,00,000 for his
fixe cap er for /4 I . '
d •ued as a new partn fi ed )ike\the capitals of karan and Varnn.kishore acquired his
a m1 t be kept IX
ca ital which was o
p fit from Varun . \
share of pro 1
. f the frim on kishorcs admission and the new profit sharing ratio of
C I I te goodw1 11 o . . . .
a cu a k'sliore also pass neces:;my Journal entry for the treatment of goodwill on
k Varun an • . .
_aran, d ·ssion considering that kishore did not bring his share of goodwill premium 10
k1shores a mi
cash. (4)
<>.A. 13 and c_ were partners 111 .

2021 their balance sheet wns as follows.

-. I :

Balance Sheet
rr
. - .
Q
. ... 0 JlsLM
n !11111 s WLt g p1ol its 111 the rat10 ol 3.2.1. n

at 31st March, 2021

~ ,rch.
_
.
,
1
-~
z_ q ,tl{Q
0

-
Liabilities
A'lli'
\
Assets
Amt (Rs) I
(Rs)
17,000
Creditors 84,000 Bank
-
General Debtor~: 23,000
21,00~
Reserve
' 1,10,000
Capital A/cs I Stock

A 60,000 Investments 30,000

\

B 40,000 Furniture and Fittings 10,000

. ,
C 20,000 1,20,000 Machinery 35,000

,!, 2,25,000 2,25,000

~"'
/\ O~ lhe above> date, D wa:s ~ - . .
. . adm1tt...d
. as a new pm tner and II w<1s dec1de<l that
'>'°o 1 ,.p
? i.. , I. The new pro/it sharing r:itio bet,1y en.A, B, C and D will be 2: 2: I: I.

.•.'> \, 2. Goodwill of the firm was valued al Rs 90,000 al1cl D brought his share of
•. goodwill premium in cash.
J. The market value or invesiments 11sRs 24,000.
4. Machinery will be reduced to Rs 29.000.

5. A creditor or Rs 3,000 was not liket 1 tu dairn the amount and hence to be
wrillen-off
6. D will bring proportionate capital so a'; to ·give him I/6th share in the prolits of
the !ir111.
Prepare re va luation account, partners' capital accounts and the balance sheet
or the reconstiluled linn.
 Il · w•1s as
. l. On 31st t\·hr- . . 2 ratio ,.(6)
lollo\Vs < ch. 2020 the bal-. . fits ,n J.
,. ullcc sheet . cd pro
. ol Wand I{ who shnf

llalancc ~I
. lcct a~ at J 1st 11\.1 I 2020
- • r arc 1,

Liabilities
--r----.~ -----i----
Amt .- Amt _

- ---
(Rs) (Rs)
Assets ;_;.--
Creditors
20,000
Cash
- •s,ooo
Profit and
Loss A/c 1s,000 S11ndry 20,000
Debtors .
Capital
(-) P,ovision
A/cs (700)_ 19,300
for Doubtful
Debts -
w

R
40,000

30,000 70,000
Stock

Plant and
-
25,000

35,000
Machinery -
-
-
20,'700
Patents
l
.
l;0S,000 ~-,~.,..,.,., i~ 1,05,000
·~ --·
I

D'\.., ~s (. I

/ \.'-> ' On this cl.ale. D was admillcd as a partner on the following conditions

1-"' I. 13 will get 4115th slrnrc of profits ._.

s \.
. .
~./
7/ 2. B had lo bring Rs 30.000 as his capital lo which amounts other partners·
capital shall have lo be adjusted:.
,if
3. He would ray cash for his slrnr:/of goodwill which would be based 2.5 \ \ l
years' purchase of average prof its of past 4 years. 011
'1 ~J Sl)
4. . The assets would be revalued ~l) Undcr Sundry debtors al book value less 5% -;"I~ 0
st
iO provision for bad debts. ock di Rs. 20,000. pla,1t and machinery al Rs 40.000.
o'° The prolils of the firm for the_)~~ar's cnuing on :11st March. 2018. 2019 ·\
' 5. 2020 were Rs 20,000, Rs 14,() 0 an~\ )~s I: ,000 n:speetively . . am
Prepare revaluation account. l\1rlne1s capital account and balance sheet of the
new firm. '

ALL THE VERY llU:ST

\
i I t)OlJ
L,f-1000

'2,,2, 0

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