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CBSE Class 12 Accountancy Solved Question Paper 2013 Long Answer Type

- Ali, Bimal, and Deepak are partners in a firm with capital accounts of Rs. 4,00,000, Rs. 3,00,000 and Rs. 2,00,000 respectively as of April 1, 2011 - Profits and losses are shared in a 5:3:2 ratio - Partners receive 10% interest on capital and Bimal and Deepak receive salaries of Rs. 2,000/month and Rs. 3,000/quarter respectively - Bimal's profit share is guaranteed at minimum Rs. 50,000, with any deficiency met by Deepak - The firm's profits for 2012 were Rs. 2,00,000

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22 views3 pages

CBSE Class 12 Accountancy Solved Question Paper 2013 Long Answer Type

- Ali, Bimal, and Deepak are partners in a firm with capital accounts of Rs. 4,00,000, Rs. 3,00,000 and Rs. 2,00,000 respectively as of April 1, 2011 - Profits and losses are shared in a 5:3:2 ratio - Partners receive 10% interest on capital and Bimal and Deepak receive salaries of Rs. 2,000/month and Rs. 3,000/quarter respectively - Bimal's profit share is guaranteed at minimum Rs. 50,000, with any deficiency met by Deepak - The firm's profits for 2012 were Rs. 2,00,000

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firoozdasman
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9/23/23, 4:06 PM Ali, Bimal and Deepak are partners in a firm.

On 1st April, 2011

CBSE Class 12 Accountancy Solved Question Paper 2013

Long Answer Type

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21. Ali, Bimal and Deepak are partners in a firm. On 1st April, 2011 their capital accounts stood at Rs. 4,00,000,
Rs. 3,00,000 and Rs. 2,00,000 respectively. They shared profits and losses in the proportion of 5:3:2. Partners
are entitled to interest on capital @ 10% per annum and salary to Bimal and Deepak @ 2,000 per month and Rs.
3,000 per quarter respectively as per the provisions of the partnership deed.
Bimal's share of profit (excluding interest on capital but including salary) is guaranteed at a minimum of Rs.
50,000 p.a. Any deficiency arising on that account shall be met by Deepak. The profits of the firm for the year
ended 31st March, 2012 amounted to Rs. 2,00,000. Prepare Profit & Loss Account for the year ended on 31st
March, 2012.

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9/23/23, 4:06 PM Ali, Bimal and Deepak are partners in a firm. On 1st April, 2011

Working Notes:
Profit available for distribution = 2,00,000 - (90,000 + 36,000) = 74,000
Profit sharing ratio = 5 : 3 : 2
Ali’s share of profit = 74000* 5/10 = 37,000
Bimal’s share of profit = 74000 * 3/10 = 22,200
Deepak’s share of profit = 74000 * 2 / 10 = 14,800
Bimal’s guaranteed profit = 50000
It includes profit 22,200+ Salary 24000 = 46,200.
50000 excludes interest.
Hence additional amount needed to give minimum guaranteed profit = 50,000- 46,200 = 3800
This deficiency is to be borne by Deepak.
Therefore,
Deepak’s New Profit Share = 14,800 - 3,800 = Rs 11,000
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22. The Balance Sheet of Sudha, Rahim and Kartik who were sharing profit in the ratio of 3:3 4 as on 31st March,
2012 was as follows:

Sudha died on June 30th 2012. The partnership deed provided for the following on the death of a partner:

(a) Goodwill of the firm be valued at two years purchase of average profits for the last three years.
(b) Sudha’s share of profit or loss till the date of her death was to be calculated on the basis of sales. Sales for
the year ended 31st March, 2012 amounted to Rs 4,00,000 and that from 1stApril to 30th June 2012 to Rs
1,50,000. The profit for the year ended 31st March, 2012 was Rs 1,00,000.
(c) Interest on capital was to be provided @ 6% p.a.
(d) The average profits of the last three years were Rs 42,000.

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9/23/23, 4:06 PM Ali, Bimal and Deepak are partners in a firm. On 1st April, 2011

(e) According to Sudha’s will, the executors should donate her share to Matri Chhaya an orphanage for girls.
Prepare Sudha’s Capital Account to be rendered to her executor. Also identify the value being highlighted in the
question.

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Answer

23. Sahaj and Nimish are partners in a firm. They share profits and losses in the ratio of 2:1. Since both of them
are especially abled, sometimes they find it difficult to run the business on their own. Gauri, a common friend
decides to help them. Therefore, they admitted her into partnership for a 1/3rd share. She brought her share of
goodwill in cash and proportionate capital. At the time of Gauri’s admission, the Balance sheet of Sahaj and
Nimish was as under:

It was decided to:


(a) Reduce the value of stock by Rs 5,000.
(b) Depreciate furniture by 10% and appreciate machinery by 5%.
(c) Rs 3,000 of the debtors proved bad. A provision of 5% was to be created on Sundry Debtors for doubtful
debts.
(d) Goodwill of the firm was valued at Rs 45,000.
Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of the reconstituted firm. Identify
the value being conveyed in the question.

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Answer

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