SOLVED PAPER-2023 43

24. (a) Kamal, Rahul and Neeraj were partners in a firm sharing profits and losses in the
ratio of 5:3:2. On 31
March, 2022, their Balance Sheet was as under:
Balance Sheet of Kamal, Rahul and Neeraj as on 31 March, 2022
Liabilities Amount (?) Assets Amount )
Capitals: Land and Building 1,70,000
Kamal 1,20,000
Rahul
Plant and Machinery 2,60,000
1,20,000 Stock 1,00,000
Neeraj 120,000 3,60,000 Debtors 80,000
General Reserve 1,20,000 Cash 50,000
Sundry Creditors 1,80,000
6,60,000 6,60,000
On the above date, Rahul retired and following terms were agreed
upon:
(i) Goodwill of the firm was valued at3,50,000.
(ii)) An item of 10,000 included in Sundry creditors is not likely to be claimed and hence written off.
Stock was
valued at90,000.
(iii) Capital of the new firm was fixed at 2,10,000 and the same will be adjusted in the profit sharing ratio of the
remaining partners. For this purpose the required cash will be brought in- or paid off as the case may be.
(iv) Amount payable to Rahul will be transferred to his loan account
Prepare Revaluation Account and Partners Capital Accounts on Rahul'sretirement.
OR
(b) Ashish and Vishesh were partners sharing profits and losses in the ratio of 3: 2. Their Balance Sheet as at 31
March, 2022 was under:
Balance Sheet of Ashish and Vishesh as at 31 March, 2022
Liabilities Amount () Assets Amount ()
Creditors 30,000 Cash at Bank
50,000
Outstanding Debtors 80,000
electricity bill 20,000 Less: provision for
Capitals: bad debts (2.000) 78,000
Ashish 3,00,000 Stock
1,12,000
Vishesh 2,00,000 5,00,000 Machinery 3,00,000
Profit and Loss Ae 10,000
5,50,000
5,50,000
On 1 April, 2022, Manya was admitted into the firm with 1/4" share in the profits on the
following terms:
(i) Manya will bring ? 1,00,000 as her capital and 50,000 as her share of goodwill
premium in cash.
(ii) Outstanding electricity bill will be paid off.
(iii) Stock was found over valued by 12,000.
Pass the necessary journal entries in the books of the firm on Manya's admission
6
25. C.D, E were partners in a firm sharing profits in the ratio of 3 :1:1. Their Balance Sheet as
as follows: at 31 March, 2022 was
Balance Sheet of C, D and Eas at 31" March, 3033
Liabilities Amount () Assets Ameunt )
 SOLVED PAPER-2023 43
24. (a) Kamal, Rahul and Neeraj were partners in a firm sharing profits and losses in the ratio of 5 :3: 2. On 31l
March, 2022, their Balance Sheet was as under:
Balance Sheet of Kamal, Rahul and Neeraj as on 31s March, 2022
Liabilities Amount () Assets Amount ()
Capitals: Land and Building 1,70,000
Kamal 1,20,000 Plant and Machinery 2,60,000
Rahul 1,20,000 Stock 1,00,000
Neeraj 1,20,000 3,60,000 Debtors 80,000
General Reserve 1,20,000 Cash 50,000
Sundry Creditors 1,80,000
6,60,000 6,60,000
On the above date, Rahuld retired and following terms were agreed upon:
(i) Goodwill of the firm was valued at 3,50,000.
(ii) An item of 10,000 included in Sundry creditors is not likely to be claimed and hence written off. Stock was
valued at 90,000.
(iii) Capital of the new firm was fixed at 2,10,000 and the same will be adjusted in the profit sharing ratioof the
remaining partners. For this purpose the required cash will be brought in- or paid off as the case may be.
(iv) Amount payable to Rahul will be transferred to his loan account
Prepare Revaluation Account and Partners' Capital Accounts on Rahul's retirement. 6
OR
(b) Ashish and Vishesh were partners sharing profits and losses in the ratio of 3: 2. Their Balance Sheet as at 31st
March, 2022 was under:
Balance Sheet of Ashish and Vishesh as at 31t March, 2022
Liabilities Amount () Assets Amount )
Creditors 30,000 Cash at Bank 50,000
Debtors 80,000
Outstanding 20,000 Less: provision for
electricity bill
bad debts (2,000)
Capitals: Stock
78,000
Ashish 3,00,000 1,12,000
Vishesh 2,00,000 5,00,000 Machinery 3,00,000
Profit and Loss Ac 10,000
5,50,000 5,50,000
On 1" April, 2022, Manya was admitted into the firm with 1/4h share in the profits on the following terms:
(i) Manya will bring ? 1,00,000 as her capital and ? 50,000 as her share of goodwill premium in cash.
(ii) Outstanding electricity bill will be paid off.
(iii) Stock was found over valued by 12,000.
Pass the necessary journal entries in the books of the firm on Manya's admission. 6
 Sample Question Papers 25

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

Liabilities Amount ) Assets Amount ()

Capital Acs: Fixed Assets (Tangible) 3,60,000
Rajinder 3,00,000 Goodwill 50,000
Vijay 1,50,000 4,50,000 Investments 40,000
Current A/cs: Stock 74,000
Rajinder 50,000 Debtors 1,00,000
Vijay 10,000 60,000 Less: Provision for Doubtful
Debts 4,000 96,000
Creditors 75,000 Bank 25,000
General Reserve 60,000
6,45,000 6,45,000

With an aim to expand business it is decided to admit Ranvijay as a partner on 1st 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 unaccoun ted interest accrued of 7,500 be provided for.
(D) Investment were sold at book value.
(E) Half of stock was taken by Rajinder at 42,000 and renmaining 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 average
profit of the last three years ended 31st March 2023, 2022 and 2021 were 1,50,000, 1,30,000 and1,70,000
respectively.
Pass necessary journal entries. [6]
OR
L, M and N were partners in a firmn sharing profit & losses in the ratio of 2:2:3.On 31s March 2023, their Balance
Sheet was as follows:
Liabilities Amount () Assets Amount )
Creditors 80,000 Land and Building 5,00,000
Bank overdraft 22,000 Machinery 2,50,000
Long term debts 2,00,000 Furniture 3,50,000
Capital A/C s: Investment 1,00,000
L 6,25,000 Stock 4,00,000
4,00,000 Debtors 2,00,000
M
5,25,000 15,50,000 Bank 20,000
N
Deferred Advertisement Expenditure 70,000
Investments 1,00,000
Employees provident fund 38,000
18,90,000 18,90,000

On 31: March 2023, Mretired from the firm and remaining partners decided to carry on business. It was decided
to revalue assets and liabilities as under:
(A) Land and Building be appreciated by T2,40,000 and Machinery be depreciated 10%.
(B) 50% of investments were taken by the retiring partner at book value.
(C) Provision for doubtful debts was to be made at 5% on debtors.
(D) Stock willbe valued at market price which is 1,00,000 less than the book value.
(E) Goodwill of the firm be valued at 5,60,000. L and N decided to shave fuksre nrofits and losses in the ratio of
2:3.
Land
(F) The total capital of the new firm will be 32,00,000 which will be in proportion of profit-sharing ratio of
N.
(G) Gain on revaluation account amounted to 1.05.000
Prepare Partner's Capital accounts and Balance sheet of firm after M's retirement. [6]
 Jourmalise.
24. Sunaina and Tamanna are partners in afirm sharing profits and losses in the ratio of 3:2. Their Balance Sheet as at
31st March,2020 stood as follows:
Balance Sheet

Liabilities Amount () Assets Amount ()

Capital Accounts: Plant & Machinery 1.20,000
Sunaina 60,000 Land and Building 1,40,000
Tamanna 80,000 1,40,000 Debtors 1,90,000
Current Accounts: Less: Provision for
Sunaina 10,000 Doubtful debts (40,000) 1,50,000
Tamanna 30,000 40,000 Stock 40,000
General Reserve 1,20,000 Cash 30,000
Workmen's Compensation Reserve 50,000 Goodwill 20,000
Creditors 1,50,000
5,00,000 5,00,000
They agreed to admit Pranav into partnership for 1/5th share of profits on lst April, 2020, on
(a) All debtors are good. the following terms
(b) Valueof land and building to be increased to 1,80,000.
(c) Value of plant and machinery to be reduced by 20,000.
(d) The liabilityagainst Workmen's Compensation Fund is
year.
determined at 20,000 which is to be paid later in the
le) Mr. Anil, to whom ? 40,000 were payable
(already included in above creditors), drew a bill of exchange for
3 months which was duly accepted.
(0 Pranav tobring in capital of 100,000 and 10,000 as premium for
Journalize.
goodwill in cash.
OR
CRs Padha and Gary were partners in a firm sharing
protits and losses in the ratio of 3:5:2 On 31 March, 2019
their balance sheet was as follows:
 Sample Question Papers 47

Balance Sheet of Gita, Radha & Garv

as on 31 March, 2019
Liabilities Amount () Assets Amount ()
Sundry Creditors 60,000 Cash 50,000
General Reserve 40,000 Stock 80,000
Capitals: Debtors 40,000
Gita 3,00,000 Investments 30,000
Radha 2,00,000 Buildings 5,00,000
Garv 1,00,000 6,00,000
7,00,000 7,00,000

Radha retired on above date and it was agreed that:

(a) Goodwill of the firm be valued at 3,00,000 and Radha's share be adjusted through the capital accounts of
Gita and Garv.
(b) Stock was to be appreciated by 20%.
(c) Buildings were found undervalued by 1,00,000.
(d) Investments were sold for 34,000.
(e) Capital of the new firm was fixed at T5,00,000 which will be in the new profit sharing ratio of the partners;
the necessary adjustments for this purpose were to be made by opening current accounts of the partners.
Prepare Partners' Capital Accounts and the Balance Sheet of the reconstituted firm on Radha's retirement. [6]
2010
 wherever required. books of Premier tools Ltd. Open calls-inarrears account
24. Raman and Aman were partners in a firm and [6]
was as follows: were sharing profits in 3: 1 ratio. On 31.3.2019, their balance sheet
Balance Sheet of Raman and Aman
as on 31.3.2019

Liabilities Amount ) Assets

Provision for bad debts Amount ()
7,000 Bank
24,000
Outstanding Expenses 18,000 Bills Receivable
Bills Payable 80,000
47,000 Sundry Debtors 95,000
Sundry Creditors 1,02,000 Stock
14,000
Workmen' Compensation Reserve 55,000 Furniture
70,000
Capitals:
Raman
Machinery 2,00,000
3,00,000 Land && Building
Aman 1,96,000
1,50,000 4,50,000
6,79,000
6,79,000
On theabove date,Suman was
admitted as a new partner for 1/5 share in the profits on the
(i) Suman will bring 2,00,000 as her capital and following conditions:
necessary amount
goodwill of the firm on Suman's admission was valued at 1,00,000. for her share of goodwill premium. The
(ii) Outstanding expenses will be paid off.
5,000 will be written off as bad debts and a provision of 5% for
debts on debtors was to maintained. bad
(iii) The liability towards workmen's compensation was
estimated at 60,000.
(iv) Machinery was to be depreciated by 18,000 and Land and
Building was to be
Pass necessary journal entries for the above transactions in the books of the firm depreciated by R54.000.
[6
 Sample Question Papers 55
OR
Krish, Vrish and Peter are partners sharing profits in the ratio of 3 : 2:1.
the Balance Sheet of the firm was as Vrish retired from the firm. On that date
follows:
Balance Sheet as on March 31, 2020
Liabilities Amount ) Assets Amount ()
Creditors 15,000 Bank 7,600
General Reserve 12,000 Furniture 41,000
Bills Payable 12,000 Stock 9,000
Outstanding Salary 2,200 Premises 80,000
Provision for Legal Damages 6,000 Debtors 6,000
Capitals: Less: Provision for Doubtful Debts
Krish 46,000 400 5,600
Vrish 30,000
Peter 20,000
1,43,000 1,43,200
Additional Information:
(1) Premises to be appreciated by 20%, Stock to be depreciated by 10% and Provision for doubtful
debts was to be maintained @5% on Debtors. Further, provision for legal damages is to be increased
by 1,200and furniture to be brought up to 45,000.
(ii) Goodwill of the firmn is valued at 42,000.
(iii) 26,000 from Vrish's Capital account be transterred to his loan account and balance to be paid
through bank; if required, necessary loan may be obtained from bank.
(iv) New profit sharing ratio of Krish and Peter is decided to be 5 : 1.
Prepare Revaluation Account, Partners' Capital Accounts and Balance Sheet. [6)
24. Leena and Rohitare partners in a firm sharing profits in the ratioof 3: 2.On 31st March, 2018,their Balance Sheet
was as follows:
Balance Sheet of Leena and Rohit
as at 31 March, 2018
Liabilities Amount ) Assets Amount )
Sundry Creditors 80,000 Cash 42,000
Bills Payable 38,000 Debtors 132,000
General Reserve 50,000 Less: Provision for doubtful debts 2,000 1.30,000
Capitals: Stock 146,000
Leena 1,60,000 Plant and Machinery 1,50,000
Rohit 1,40,000 3,00,000
4,68,000 4,68,000
On the above date Manoj was admitted as a new partner for 1/5"
1/5 share in the profits of the firm on the following
terms:
() Manoj brought proportionate capital. He also brought his share of goodwill premium of 80,000in cash.
(ii) 10% of the general reserve was to be transferred to provision for doubtful debts.
(iii) Claim on account of workmen's compensation amounted to 40,000.
(iv) Stock was overvalued by 16,000.
:2,
(v) Leena,Rohit and Manoj will share future profits in the ratio of 5:3
Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the reconstituted firm. [61
 Sample Question Papers 63
OR
A, Band Cwere partners in afirm. Their Balance Sheet as at 31" March, 2019 was afollows:
Balance Sheet of A, B and C
as at 31 March, 2019
Liabilities Amount ) Assets Amount )
Bill payable 20,000 Bank 20,000
Creditors 40,000 Furniture 28,000
General Reserve 30,000 Stock 20,000
Workmen's Compensation Reserve 6,000 Debtors 45,000
Capitals: Less: Provision for doubtfuldebts 5,000 40,000
A 60,000 Land &Building 1,20,000
B 40,000
C 32,000 1,32,000
2,28,000 2,28,000
B retired on 1 April, 2019. A and C decided to share profits in the ratio of 2 : 1. The following terms were
agreed upon:
(i) Goodwill of the firm was valued at 30,000.
(ii) Bad debts 4,000 were written off. Theprovision for doubtful debts was to be maintained 10% on debtors.
(iüi) Land and Building was to be increased to 1,32,000.
(iv) Furniture was sold for 20,000 and the payment was received by cheque.
(v) Liability towards Workmen Compensation was estimated at 1,500.
(vi) Bwas to be paid 20,000 through a cheque and the balance was transferred to his loan account.
Prepare Revaluation Account, Partners' Capital Accounts and Bank Account.
 Pass the necessary journal entries for the above
24. On 31st March, 2017, the Balance Sheet of transactions in the books of Denspar Ltd.
Abhir and Divya, who were sharing profits in the ratio 3:
follows: of 1 was as
Balance Sheet of Abhir and Divya
as at 31 March, 2017
Liabilities Amount () Assets Amount ()
Creditors
2,20,000 Cash at Bank 1,40,000
Employees Provident Fund 1,00,000 Debtors 6,50,000
Investment Fluctuation Fund 1,00,000 Less: Provision for
General Reserve 1,20,000 bad debts 50,000 6,00,000
Capitals: Stock 3,00,000
Abhir: 6,00,000 Investments (market value 4,40,000) 5.00,000
Divya: 4,00,000 10,00,000
15,40,000 15,40,000

They decided to admit Vibhor on April1, 2017 for 1/5th share.

(a) Vibhor shallbring 80,000 as his share of goodwill premium.
(b) Stock was found overvalued by 20,000.
(c) Adebtor whose dues of 5,000 were written off as bad debts, paid 4,000 in full settlement.
(d) Two months salary @7 6,000 per month was outstanding.
(e) Vibhor was to bring in capital to the extent of 1/5th of the total capital of the new firm.
Prepare Revaluation A/c, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm. [6]
72 Oswaal CBSE Sample Question Papers,ACCOUNTANCY, Class-XII
Balance Sheet of Akul, Bakul and Chandan as at 31-3-2018
Liabilities Amount ) Assets Amount
Sundry Creditors 45,000 Cash at Bank 42,000
Employees' Provident Fund 13,000 Debtors 60,000
General reserve 20,000 Less: Provision for
Capitals: doubtful debts (2,000) 58,000
Akul 1,60,000 Stock
80,000
Bakul 1,20,000 Furniture 90,000
Chandan 92,000 3,72,000 Plant and Machinery 1,80,000
4,50,000 4,50,000

Bakul retired on the above date and itwas agreed that:

(i) Plarnt and Machinery was undervalued by 10%.
(ii) Provision for doubtful debts was to be increased to 15% on debtors.
(iii) Furniture was to be decreased to 87,000.
(iv) Goodwillof the firm was valued at 3,00,000 and Bakul's share was to be adjusted through the capital ac
counts of Akul and Chandan.
(v) Capitalof the new firm was to be in the new profit sharing ratio of the continuing partners.
Prepare Revaluation account, Partners' Capital accounts and the Balance Sheet of the reconstituted firm
o019 and ho Ralanoobot