CBSE Class 12 Accountancy Death of A Partner Worksheet Set 02

Class 12 Accountancy Practice Set: Part 1 Chapter 03 Reconstitution of a Partnership Firm Retirement/Death of a Partner

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Death of Partner 
 
 
I. Following QUESTIONS are of 3 Marks .
 
1. A, B and C were partners in a firm sharing profits in 3 : 2 : 1 ratio. The firm closes its books on 31st March every year. B died on 12-06-2009. On B’s death the Goodwill of the firm was valued at `60,000. On B’s death his share
in the profits of the firm till the time of his death was to be calculated on the basis of previous year’s profit which was Rs 1,50,000. Calculate B’s share in the profit of the firm. Pass necessary journal entries for the treatment of goodwill and B’s share of the profit at the time of his death.
 
2. 2. A, B and C are partners sharing profits equally. On 30th Sep.2014 B died. B’s share of profit from the closure of the last accounting year till the date of death was to be calculated on the basis of the average of three completed
years’ profits before death. Profits for the years ended 31st March 2012, 2013 and 2014 were Rs 50,000, Rs 60,000 and `70,000 respectively. Calculate B’s Share of profit till the date of death and pass journal entries for the same.
 
3. A, B and C are partners sharing profits and losses in the ratio 3:2:1. A died on 30th June 2014 Profits and turnover for the year ended 31st Dec 2013 were Rs 1,20,000 and Rs 10,00,000 respectively. The Turnover till 30th June 2014 were Rs 3,60,000. Calculate A’s share of profit and pass journal entries under Turnover or Sales basis.
 
4.Enumerate the items for which the representatives of decreased partners are entitled to receive.
 
5. Ramesh wants to retire from the firm .The profits on Revaluation on that date were Rs 12,000. Mohan and Rahul want to share this in their new profit sharing ratio 3:2.Ramesh wants this to be shared equally. How are the Profits to be shared? Give reasons.
 
6. From the following particulars. Calculate the new profit –sharing ratio of the partners:-
(a) A , B and C are partners in a firm sharing profits and losses in the ratio of 5:3:2 B died and his share was taken up by A and C in the ratio of 2:1.
(b) P , Q and R were partners sharing profits in the ratio of 5:4:1. P Died.
 
7. What are the methods of ascertaining the amount of profit to be given to the executors of deceased partner , if the death of a partner occurs on any day during the year .Explain.
 
II. Following QUESTIONS are of 6 Marks .
 
8. A, B and C are partners sharing profits and losses in the ratio 2:2:1 as on 31st December 2011. Their Balance sheet is given as follows 

CBSE Class 12 Accountancy Death of A Partner Worksheet Set B 1

C died on 15th March 2012. According to the deed, his legal representatives were entitled to:
(a) Balance in Capital A/c
(b) Share of goodwill valued on the basis of thrice the average profits of the past four years.
(c) Share in profits up to the date of death on the basis of average profits for the past four years.
(d) Interest on Capital @12%p.a.
(e) Average Profits for the last four years were `16,000. C’s representatives were paid the amount due. Pass Journal entries and prepare C,s Capital Account.
 
9. Following is the Balance sheet of X,Y and Z who were sharing profits in the ratio 2:2:1 as on 31st Dec.2009:

CBSE Class 12 Accountancy Death of A Partner Worksheet Set B 2

Y died on 31st March, 2010. Under the partnership agreement, the executors of Ram was entitled to :
(a) Balance in Capital A/C (b) His Share of goodwill Rs 7,000 (c) Share in profits up to the date of death Rs 875. (d) Interest on Capital Rs 125. Y’s Executors were Paid Rs 4,560 on 1st April 2010 and balance in four equal yearly installments with 6% interest p.a. Pass necessary Journal entries and draw up Y’s account to be rendered to his executors and Y’s Executors account till it is finally paid.
 
10. X,Y and Z were partners sharing profits and losses in the ratio of 5:3:2 respectively. On 31st Dec.2010, their B/S stood as under.

CBSE Class 12 Accountancy Death of A Partner Worksheet Set B 3

Z died on 1st May 2011. It was agreed that:-
a) Goodwill be valued at 2-1/2 years purchase of the average profits of the last four years, which were 2007 Rs 32,500; 2008 Rs 30,000; 2009 Rs 40,000 and 2010 Rs 37,500.
b) Machinery be valued at Rs 70,000, Patents at Rs 20,000, Building at Rs 62,500.
c) For the purpose of calculating Z’s share in the profits of 2011, previous year profits should be considered.
d) A sum of `10,500 is to paid immediately to the executors of Z and the balance to be paid in 4 equal half yearly instalments together with interest 10%p.a.
Give the necessary journal entries to record the above transactions and Z’s executors account for the year 2011.
 
11. Black and Brown are partners. The partnership deed provided inter alia as follows:
a) That the accounts be balanced 31st March each year.
b) That the profit be divided as follows:
c) Black one- half; Brown one-third and one sixth carried to a Reserve account.
d) That in the event of death of partner, his Executor will be entitled to be paid out:
e) The capital to his credit at the date of death. Interest on capital is provided at 12% p.a.
f) His proportion of profit to date of death based on the average profits of the last three completed years plus 10%.
g) His share of goodwill based on three years’ purchased of the average profits for the three preceding completed years less 5%.
h) His proportion of Reserve at the date of the last balance sheet.

On 31st March, 2010 the ledger balances were:

CBSE Class 12 Accountancy Death of A Partner Worksheet Set B 4

The profits for the last three years were: Rs 45,000; `42,000; Rs 48,000 respectively. Black died on 1st August, 2010. Prepare Black’s capital account and Black Executor’s account as on 1st August 2010.
 

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Exam Preparation Worksheet for Class 12 Accountancy Part 1 Chapter 03 Reconstitution of a Partnership Firm Retirement/Death of a Partner

CBSE Practice Material: Class 12 Accountancy Part 1 Chapter 03 Reconstitution of a Partnership Firm Retirement/Death of a Partner

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