XI accountancy CBSE Board

Do you hink the comptroller has correctly recorded the fire on the loan? Give modestness for your reply. 7. redeem down the main features of Partnership. 8. When does the need for valuation of internally generated saving grace arise? Y IT tne amount 0T super pront Is negatlve, wnat does It Inalca e 10. Prithvi is admitted to the partnership and the goodwill he was to bring in is Rs. 50, 000. But, he is not in a position to bring in the goodwill. The accountant has recorded an entry in the books of account debiting gracility Account and crediting Sacrificing Partners Capital Account.Do you think, he has recorded the entry correctly? Give reasons for your reply. 11. X and Y atomic number 18 partners sh are bring ins in the ratio of 32. Z Joins for 1/6 th office in the running business on beginning(a) April 2011. Z was habituated guarantee of Rs. 48,000 per annum but unfortunately Z died on 1 st July 2011. addition during the current yr to be accrued on the same outstr ip as in the previous year. Profit earned during the year was Rs. get the amount of deficiency borne by X and Y. 3 rack ups 12. salvage down the provisions applicable in the absence of Partnership Agreement. 3 Marks 13. X, Y and Z ar partners sharing profit equally.X pull regularly Rs. ,000 at the beginning of every month for sextet months stop 30th September 2011. Y drew regularly Rs. 4,000 at the complete of every month for six months stop 30th September 2011. Z drew regularly Rs. 4,000 at the middle of every month for six months ended 30 th September 2011. shoot for the interest on drawings for X, Y and Z at 5%p. a. 3 Marks 14. salvage down three differences between drawings against profit and drawings against capital. 3 Marks 15. The intermediate profit of the firm is Rs. The total tangible assets in the firm are Rs. 14, 00,000 and outside liabilities are Rs.In the same type of usiness, the normal rate of conk is 10% of the capital employed. Calculate the value of go odwill by capitalisation of Super Profit Method. 4 Marks 16. A and B are partners in a firm. Their respective capital contributions are Rs. 3, 00,000 and Rs. and their profit sharing ratio is 32. Immediately after the allocation of Rs. 80, 000 as profit for the year ended 31st march 2011, it was discovered that in arriving at the profit of 2010-11 the pastime two items were ignored i. Outstanding expenses of Rs. 7,000 and i. Accrued interest on investment of Rs. 5,000. Pass the adjustment Journal entry. Marks 17. Write down the differences between fixed and fluctuating capital Accounts. 4 18. Mark and Pat are partners in a business. Their capitals at the end of the year were Rs 4BUUU ana Rs 36,000 respectlvely. During tne year enaea 31st Marcn, 2 Marks drawings and Pats drawings were Rs. 8,000 and Page 1 of 3 Rs. 12, 000 respectively. Profits before charging interest on capital during the year were Rs. 32, 000. Calculate the interest on capital at 5% for the year ended 31 st March 2011. 4 Marks 19. A and B overlap shekels and losses in the ratio of 32. With effect from 1st April 2011 they agreed to parcel salary equally.The goodwill of the firm was wanted at Rs. 30,000. Make the necessary Journal entry for the treatment of goodwill. What is a Gaining balance? (3+1) label 20. A, B and C were partners sharing profits in the ratio of 532. Their Balance sheet as at 1 st April 2012 was as follows Balance Sheet of A, C at 1st April, 2012 Liabilities Creditors Employees Provident silver Fund Capitals c 70,000 50,000 Amount Assets 20,000 notes 26,000 Debtors Stock Furniture twist 2, 20,000 266,000 16,000 80,000 34,000 C retires on the above date and it was agreed that Cs divide of Goodwill was Rs. ,OOO % provision for doubtful debts was to be made on debtors Sundry creditors were wanted Rs. 4, 000 more than the book value. Pass necessary journal entries for the above proceeding on Cs retirement. 21 . Ram, Shyam and Gita were partners sharing profits in the ratio of 532. On 31 st March 2012 their Balance Sheet showed the following Capitals Ram 1 50,000 Shyam 125,000 Gita 75000 Workmens Compensation reserve Capital Leasehold Patents Machinery 350,000 stock 30,000 cash at sank 30,000 40,000 Gita died on August 2012. It was agreed that l.Goodwill of the firm is to be valued at Rs. 1,75,OOO II. Machinery be valued at Rs. 1, 40,000 Patents at Rs. 40, 000 Leasehold at Rs. l, 50,000 on this date. Ill. For the purpose of calculating Gitas share in the profits of 2012-2013, the profits should be taken to have accrued on the same scale as in 2011- 2012 which were Rs. 75,OOO Prepare Gitas Capital Account and Revaluation Account. 6 label 22. X and Y are in partnership sharing profits and losses in the ratio of 32. The capitals of X and Y be after the adjustments are Rs. 80, 000 and Rs. 0, 000 respectively. They admit Z as a partner on his contribution of Rs. 35,000 as capital for 15th share of profits to be acquired equally from both X and Y. T he capital accounts of old partners are to be adjusted on the basis of proportion of Zs capital to his share in the business. Calculate the amount of actual cash to be nonrecreational off or brought in by the old partners for the purpose. 6 marks 23. bum and David were partners in a firm supplying school uniform. They share profits in the ratio of 43. Their capital as on 1st April 2012 were and Rs. 50,000 respectively.On this date John suggested David to start supplying low follow school uniforms also to the students who belong to low income group and have been dmitted to the sequestered schools of the city as per the provision of Rights to Education Act 2009. David agreed and pass on to admit his friend Sita, a visually handicapped unemployed individual into the firm however Sita will not contribute any capital. John agrees to it. They were in need of more capital. John therefore persuaded a well-heeled friend of his, All, who Joined them to be a partner. Ali contributed Rs. 7, 00,000 in cash. Delivery forefront of Rs. 2,75,OOO and furniture of Rs. 25,000 as his capital.