CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set 02

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

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Chapter-wise Practice Material: Part 1 Chapter 03 Reconstitution of a Partnership Firm Retirement/Death of a Partner

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Retirement of a Partner
 
1 Ajay and Vijay who were sharing profits in the ratio of 5:3 admit Raju as a partner with 1/5TH share in profits. He had to contribute proportionate capital. The financial position was as under:
 
BALANCE SHEET As on 31.12.2014

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

 
They agreed to admit Raju , a new partner on the following terms:
(1)Raju brings in Rs 26,000 as his share of goodwill.
(2)Land & Building and Plant & Machinery were to be valued at Rs 38,000 and Rs 30,000 respectively.
(3)The provision for bad and doubtful debts was to be maintained up to Rs 1,000.
(4)A liability for Rs 1,200 included in Sundry Creditors was not likely to arise,
(5)Rs 10,000 of investments were taken over by old partners in their profit ratio.
(6)An amount of Rs 100 is outstanding for repairs
Give journal entries and Balance Sheet.
 
2 Following is the balance sheet of A,B and C sharing profits and losses in Proportion of 6:5:3 respectively

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

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

They agreed to take D into partnership and give him 1/8th share on the following terms.
(1) That furniture is depreciated by Rs 920.
(2) An old customer, whose account was written off as bad, has promised to pay Rs 2,000 in full settlement of his full debt.
(3) That a provision of Rs 1,320 be made for outstanding repair bills.
(4) That the value of land and building have appreciated be brought up to Rs 54,910
(5) That D should bring in Rs 14,700 as his capital.
(6) That D should bring in Rs 14,070 as his share of goodwill.
(7) That after making above adjustment, the capital accounts of old partners be adjusted on the basis of the proportion of D’s capital to his share in business i.e. actual cash to be paid off or brought in by the old partners, as the case may be. Pass Journal Entries and prepare the balance sheet of new firm.
 
3 Following is Balance sheet of A and B who share profits in the ratio of 2:1.

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

They admitted C into partnership on this date. New profit sharing ratio is agreed as 3:2:1. C brings in proportionate capital after the following adjustments.
1. C brings in Rs 10,000 in cash as his share of Goodwill.
2. Provision for doubtful debts is to be reduced by Rs 2,000
3. There is an old typewriter valued Rs 2,600. It does not appear in the books of the firm. It is now to be recorded.
4. Patents valueless.
5. 2 % discount is to be received from creditors Prepare revaluation A/C, Capital A/Cs and Balance Sheet.
4 P and S are partners in a firm sharing profits in the ratio of 3:2. Their Balance sheet as on 31.3.2018 was as follows:

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

CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set B 6

On 1.4.2018 they admitted V as a new partner on the following conditions:
a) V will get 1/8th share in the profits of the firm.
b) V’s loan will be converted into his Capital.
c) The goodwill of the firm was valued at Rs 80,000 and V brought his share of goodwill / premium in cash.
d) Provision for doubtful debts was to be made equal to 5% of the debto`
e) Stock was to be depreciated by 5%.
f) Land was to be appreciated by 10%.
Prepare revaluation/c, capital a/c and the balance sheet of the firm after admission.
 
5 A firm has two partners P and Q sharing profits in the ratio 3:2 and they admit Z into the firm on 1st Jan 2018, when the Balance sheet of the firm was as follows:-

CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set B 7

(i) Z is to bring Rs 2,00,000 as his capital for 1/3rd share in future profits and Rs 35,000 as his share of goodwill.
(ii) Value of fixed assets and stock are to be reduced by 20% and 10% respectively.
Capitals of the partners shall be proportionate to their new profit sharing ratio taking Z’s capital as the base. Excess and deficiency of capital is to be made up by opening current a/c.
 
6 X and Y are partners in a firm sharing profits in the ratio of 3:2. They decided to admit Z as a new partner w.e.f. April 1, 2015. In future profits will be shared equally. The balance sheet of X and Y as at 1st April 2015 and the terms of admission are given below:

CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set B 8

CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set B 9

a) Capitals of the firm was fixed at Rs 6,00,000 to be contributed by partners in the profit sharing ratio. The differences to be adjusted in cash.
b) Z was to bring his share of goodwill and capital in cash. Goodwill of the firm is to be valued on the basis of two years purchase of super profit. The average net profit expected in future by the firm Rs 90,000 per year.
The normal rate of return on capital in similar business is 10%. Calculate the goodwill and prepare partners’ capital a/c and cash a/c.
 
7 A and B are partners in a firm. Their balance sheet as on 31/12/2018 was as follows.

CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set B 11

C was taken into partnerships as from 01.01.19. C brought Rs 40,000 as his capital but he is unable to bring any amount for goodwill. New profit sharing ratio is 3:2:1. Following terms were agreed upon:
1. Claim on account of workmen’s Compensation is Rs 3,000.
2. To write off Bad Debts amounting to Rs 6,000.
3. Creditors are to be paid Rs 2,000 more.
4. `2,000 be provided for an unforeseen liability.
5. Outstanding expenses be brought down to Rs 1,200
6. Goodwill is valued at 1 ½ years purchase of the average profits of last three years, less `12,000. Profits of 3 years amounting to Rs 12,000; Rs 18,000, and Rs 30,000.
Prepare Journal entries, capital accounts and balance sheet.

 

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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

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