Scribd
Upload
28 views2 pages

Accountancy Test

The document outlines two partnership scenarios involving profit sharing, capital contributions, and the admission and death of partners. In the first scenario, Aditya joins an existing partnership with specific terms for goodwill and asset revaluation. The second scenario details the financial settlement for a deceased partner, including profit share calculations and goodwill valuation based on past profits.

Uploaded by

Divyanshi Saini
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
28 views2 pages

Accountancy Test

The document outlines two partnership scenarios involving profit sharing, capital contributions, and the admission and death of partners. In the first scenario, Aditya joins an existing partnership with specific terms for goodwill and asset revaluation. The second scenario details the financial settlement for a deceased partner, including profit share calculations and goodwill valuation based on past profits.

Uploaded by

Divyanshi Saini
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

ACCOUNTANCY TEST

1. Divya, Yasmin and Fatima are partners in a rm, sharing pro ts and losses in 11:7:2
respectively. The balance sheet of the rm as on 31st March 2018 was as follows:
On 1.4.2018, Aditya is admitted as a partner for one- fth share in the pro ts with a capital of
₹4,50,000 and necessary amount for his share of goodwill on the following terms:

(i) Furniture of ₹2,40,000 were to be taken over Divya, Yasmin and Fatima equally.

(ii) A creditor of ₹7,000 not recorded in books to be taken into account.

(iii) Goodwill of the rm is to be valued at 2.5 years purchase of average pro ts of last two
years. The pro t of the last three years were: 2015-16 ₹6,00,000; 2016-17 ₹2,00,000; 2017-18
₹6,00,000

(iv) At time of Aditya's admission Yasmin also brought in 50,000 as fresh capital

(v) Plant and Machinery is re-valued to ₹ 2,00,000 and expenses outstanding were brought
down to 9,000. Prepare Revaluation Account, Partners Capital Account and the balance sheet

of the reconstituted rm. (CBSE Sample Paper 2018-19)

2. Puneet. Pankaj and Pammy are partners in a business sharing pro ts and losses in the ratio
of 2:2: 1 respectively.

Their balance sheet as on March 31,2017 was as follows: Mr. Pammy died on September 30,
2017. The partnership deed provided the following:
fi
fi
fi
fi
fi
fi
fi
fi
fi
fi
(i) The deceased partner will be entitled to his share of pro t up to the date of death calculated
on the basis of year's pro t.

(ii) He will be entitled to his share of goodwill of the rm calculated on the basis of 3 years'
purchase of average of last 4 years' pro t. The pro ts for the last four nancial years are given
below: for 2013-14; ₹80,000; for 2014-15, ₹50,000; for 2015-16, ₹40,000; for 2016-17,
₹30,000.

The drawings of the deceased partner up to the date of death amounted to ₹10,000. Interest
on capital is to be allowed at 12% per annum.

Surviving partners agreed that ₹15,400 should be paid to the executors immediately and the
balance in four equal yearly instalments with interest at 12% p.a. on outstanding balance.
Show Mr. Pammy's Capital account, his Executor's account till the settlement of the amount
due.
fi
fi
fi
fi
fi
fi

You might also like