CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set 01

Download Class 12 Accountancy Worksheets for Part 1 Chapter 03 Reconstitution of a Partnership Firm Retirement/Death of a Partner

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Retirement of a Partner
 
1 X, Y and Z are partners in a business, sharing profits and losses in the ratio of 3:2:1. Their Balance Sheet as at 31st March, 2018 was:
 
CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set A 1
 
Z retires from business on 1st April, 2018. It was agreed that the amount due to him will be treated as loan. It was also agreed to adjust the value of assets as follows.
 
(i) Provide a reserve of 5% on Sundry Debtors for Doubtful Debt.
(ii)Reduce stock by 5% and Machinery By 10%.
(iii)Factory Building to be revalued at Rs 15,100.
(iv)Goodwill of the firm is valued at Rs 15,000.
(v)X and Y will continue to carry on business and shall share profits and losses equally in future.
 
Prepare Revaluation Account, Partners’ Capital Accounts and Balance Sheet of the firm on 1st April, 2018.
(Ans:Loss on Revaluation Rs 300; Z’s Loan A/c Rs 13,450; Balance Sheet Total Rs 37,300)
 
2 P, Q and R are partners in a business, sharing profits and losses in the ratio of 3:2:1. Their Balance Sheet as at 31st March, 2018 was:

CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set A 2

R retires from business on 1st April, 2018. It was agreed that the amount due to him will be treated as loan. It was also agreed to adjust the value of assets as follows.
(i) Provide a reserve of 5% on Sundry Debtors for Doubtful Debt.
(ii)Reduce stock by 5% and Machinery By 10%.
(iii)Factory Building to be revalued at Rs 30,200..
(iv)Goodwill of the firm is valued at Rs 30,000.
(v)P and Q will continue to carry on business and shall share profits and losses equally in future.
 
Prepare Revaluation Account, Partners’ Capital Accounts and Balance Sheet of the firm on 1st April, 2018.
3 Manav, Narain and Gaurav were partners in a firm sharing profits and losses in the ratio of 5:3:2. On 31st March, 2016, their Balance Sheet was as under:

CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set A 3

Manav retired on the above date and it was agreed that:
(i) Debtors of Rs 2,000 will be written off as bad debts and a provision of 5% on  debtors for bad and doubtful debts will be maintained.
(ii) Patents will be completely written off and stock, machinery and building will be depreciated by 5%.
(iii)An unrecorded creditor of Rs 10,000 will be taken into account.
(iv)Narain and Gaurav will share the future profits in the ratio of 2:3.
(v) Goodwill of the firm on Manav’s retirement was valued at Rs 3,00,000.
Pass necessary journal entries for the above transactions in the books of the firm on Manav’s Retirement.
(Ans: Loss on Revaluation Rs 54,150; Manav’s Loan A/c Rs 2,75,425)
 
4 P, Q and R were partners in a firm sharing profits in the ratio of 7:2:1. On 1st April, 2018 their Balance Sheet was as follows:
 
Balance Sheet of P, Q and R as on 1st April, 2018

CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set A 4

On the above date Q retired. Following was agreed:
(i) Goodwill of the firm was valued at Rs 12,00,000.
(ii)Land was to be appreciated by 30% and Building was to be depreciated by Rs 3,00,000.
(iii)Value of Furniture was to be reduced by Rs 60,000.
(iv)Liability of Workmen’s Compensation was determined at Rs 1,40,000.
(v)Amount payable to Q was transferred to his Loan A/c. His loan should be paid after two years with interest due @12% p.a. Q decided to donate interest to an NGO engaged in Women Empowerment.
(vi)Capitals of P and R were to be adjusted in their new profit sharing ratio and for this purpose Current Accounts of the partners will be opened. Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of the new firm. Identify the values highlighted in this case.
(Ans. Profit/Loss on Revaluation is NIL; Q’s Loan A/c Rs 12,32,000; Balance Sheet total Rs 45,75,000)
 
5 A, B and C were partners in a firm sharing profits in the ratio of 7:2:1. On 1st April, 2018 their Balance Sheet was as follows:
 
Balance Sheet of A, B and C as on 1st April, 2018

CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set A 5

On the above date B retired. Following was agreed:
(i) Goodwill of the firm was valued at Rs 6,00,000.
(ii)Land was to be appreciated by 30% and Building was to be depreciated by Rs 1,50,000.
(iii)Value of Furniture was to be reduced by Rs 30,000.
(iv)Liability of Workmen’s Compensation was determined at Rs 70,000.
(v)Amount payable to B was transferred to his Loan A/c.
(vi)Capitals of A and C were to be adjusted in their new profit sharing ratio and for this purpose Current Accounts of the partners will be opened.
Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of the new firm.
(Ans. Profit/Loss on Revaluation is NIL; Q’s Loan A/c Rs 6,16,000; Balance Sheet total Rs 22,87,500)

 

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Part 1 Chapter 03 Reconstitution of a Partnership Firm Retirement/Death of a Partner Practice Sheet and Solutions for Class 12 Accountancy

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

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