Solution no 24 additional practice paper accountancy Class 12 sethsaccountancytricks

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Solution no. 24 additional practice paper accountancy Class 12 ‎@sethsaccountancytricks • 24. On 31st March 2023 the Balance sheet of Zoya and Zara who were sharing profits and losses in the ratio of 3:2 was as follows. • Liabilities Amount (Rs.) Assets Amount (Rs.) Creditors Bills payable General reserves Capitals Zoya 50,000 Zara 35,000 29,000 6,000 16,000 85,000 Cash at bank Debtors 20,000 Less : Provision 1000 Stock Land and Building Plant and Machinery Goodwill Profit and Loss account 9,000 19,000 15,000 25,000 30,000 10,000 28,000 1,36,000 1,36,000 They decided to admit Sara for 1/5th share on 1st April, 2022 in the firm on the following terms: (a) Goodwill of the firm is valued at Rs 28,000. (b) Depreciate Plant and Machinery by 10%, appreciate Land and Building by 40%. (c) The provision for doubtful debts was to be increased by Rs. 800. (d) A liability of Rs. 1,000 included in the creditors is not likely to arise. (e) New profit sharing ratio between Zoya, Zara and Sara shall be 5:3:2 respectively. (f) Sara was to contribute capital equal to 1/5th of the total capital of Zoya and Zara after all adjustments. You are required to prepare Revaluation Account and Partners’ Capital Accounts. OR Mark, Musk and Alen were partners in a firm sharing profits in 2:2:1 ratio, On 31.3.2023 Alen retires from the firm. On the date of Alen’s retirement the Balance Sheet of the firm was as follows: Balance Sheet of Mark, Musk and Alen as at 31.3.2023 Liabilities (Rs.) Assets (Rs.) Creditors Bill Payable Outstanding Rent Provision for Legal Claim Capitals : Mark 92,000 Musk 60,000 Alen 40,000 54,000 24,000 4,400 12,000 1,92,000 Bank Debtor 12,000 Less: Provision for Doubtful 800 Stock Furniture Premises 55,000 11,200 18,000 8,200 1,94,000 2,86,400 2,86,400 On Alen’s retirement it was agreed that: (a) Premises will be appreciated by 5%. (b) Furniture will be appreciated by Rs. 2,000. (c) Stock will be depreciated by 10%. (d) Provision for bad debts was to be made at 5% on debtors. (e) Provision legal damages to be made for Rs. 14,400. (f) Goodwill of the firm is valued at Rs. 48,000. (g) Rs. 50,000 from Alen’s Capital A/c will be transferred to his Loan A/c and balance will be paid by cheque. • Prepare Revaluation A/c, Partners Capital A/c’s and Balance Sheet of Mark and Musk after Alen’s Retirement. • • #accountancy #commerce #class12 #accounts #classxii #cbseboardexam2024 #cbsesamplepaper2024 #admissionofapartner • #partnership

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