xLRMT,D#[Y#J;t* -aa,/,

Std: XII (Commerce) Marks: 50

Date: ll8l20l4 Time: 2 hrs
,8. tg ; t O,tS dAa4

choose the correct option for the foilowing ffi [0sl

l. At what rate interest is charged on firrn's loan given to partner?
A. 60/0 B.YYo c. l0% D. No interest
2. What is interest on credit current balance of partners for firm?
A. Expenses B. lncome C. liability D. None of them
3, What is Labourer fund for firrn?
A. Income B. Liability C. Expenses D. Assets
4. Bad debt reserve Rs. 500 no lnore required is recorded in a\c at the time of reconstruction of
partnership firrn.
5. Goodwill is whiph type of assets?
A. Tangible B, Intangible C. Current D. Fictitious
-R
on*i^n _ B
Section
Answer the following questions in one sentence [0sl
6. Give the entry to close partner's drawings account?
\* 7. Give two points of difference between Profit & loss account and Profit & loss appropriation account?
8. Write a note on benefit ratio?
9. State the limitations of simple average method?
10. How you can find goodwiliby Capitalised average profitmethod?
Section - C
Answer the following questions , [08]
ILA paitner withdraws Rs. 1440 at the end of every month from 3l/l2t12.If interest on'drawings is to'Ue
charged at 5.o/o p.a. Calculate interest on drawings for year ending on 3l103/13.
12. Sagar, Sarita and Zarna are the partners of the firm their proportion of capital is 3:2: I . On ll4l}0l3
" there capital was Rs 80,000, Rs. 60,000 and Rs. 1, 60,000. At the end of the year after.distributing
profit it was found that interest atBYop.a. on capital is not calculated. Give entry to rectify the eror.
13. Jay, Ajay and Vijay are the partners sharing piofit and loss in 4:3:3 ratios. They decided to change
their ratio to 3:2:l for future. Find gain ratio.
14. State the limitations of Simple Average profit method.
$eptjon.- I)
Answer the following questions Itzl
15. Dipali, Janki and Heena are the partners ofthe firm. They distribute 50% profit in2:2:l ratio and 50Yo
in equal ratio. Profit of thb firm for the year ending on 31103/2013 was Rs. l, 20,000. After
\l distributing the profit it was noticed that (l ) interest on capital at l0%o p.a. (2) interest on drawings
l0% p.a. (3) Rs. 6,000 for bad debts are omitted. Drawings of partners were Rs. 9000 Rs. 0,000 ind
Rs. 6,000 respectively. The closing capital accounts of partners were Rs. 90,000 Rs. 60,000 and Rs.
**#7 60,000. Fgom above information prepare revised profit and loss appropriation account.
16. X and Y are the partners sharing profit and loss in 3:2. On 31103/2013 the following balances in lhe
books of frrm:
Profit & loss a\c (debit) balance Rs. 10,000
Reserve Fund Rs. 30,000
Worker's Profit Sharing Fund Rs. 15,000
Labour Safety Fund Rs. 5,000
On the above date they decided to change their ratio to l: l. Pass necessary entry showing distribution
of the following balances.
17. E, D andTare the partners sharing profitand loss in I:l:l
ratio. Allpartners agreed to changetheir
profit and loss ratio to 5:3:2 in future and value of goodwill is to be determineiut
.- f- yreo
r -' prirchase of
verage profit
avera vears.
or last )5 years.
roilt of
Year 2404 200 I 2000 2003 2402
Profit 80,000 50,000 45,000 70,000 65,000
FindvaIueofgoodwillandpassnegivedirecteffectofgoodwillto
partners capital account.
Sectio'n; E
solve the following
18.'From the folloriing-information prepare revaluation account, partners capital account
and new *[f;:}"
sheet as on3l/0312013.
Jayesh
19 -s-fr]fna are the partners sharing profit and loss in equal ratio. The balance sheet of their firm
as on 3ll03l20l3is as under.
Balance Sheet as on 3l/LSlZOIs
Liabilities Amount Assets Amount
Capital Account Land 25,000
Jayesh 30,000 Building I0,000
Shilpa 20,000 50,000 Debtors 0000
Profit & loss afc 4,000 - Bad debt reserve 1000 5,000
Creditors 6,000 Stock 9,000
Cash 12,000

60,000 60,000

PartnersdecidedtorevaIuetheassetianssin3:2ratio
in future. The information in this regard is as under.
.
. I Markgt value of land is Rs. 30;000
2, Market value of building is to be considered as Rs. 8,000
3. The value of stock is to be increased by Rs. 1,000
4- Total amount of bad debt reserve is to be kept at Rs. 1,500
ong creditors one of them is not to be paid Rs. 500.
Spction : E
boke the following
Ravi and lt2l
livyansu are the partners of a partnership firm sharing profit and koss in the ratio of 3:2.
From the following trail balance and adjustments prepareannuu] accounts
irTbE Dol3.
trail Balance as on 3ll01l}0l3 or "rrm""
partnershin firm
of Darlnersnl .\,
\*
Debit Balances Amount Credit Balarces Amount
i Drawings Capital
I Ravi 7000 Ravi 90,000
i Divyansu 3000 Divyansu 40,000
Factory Machine 33,300 Creditors
I Addition
48,452
to Machine 24,000 Sale of Machine 4800
(l-7-2012) (Book value Rs. 6900 on
Furniture?nd Fittings 2s60 u4DAn)
Debtors 65,744 Sales 2,69,904
Advertisement expenses 13,249 s%Mehta's loan on lfi}llz 10,000
Cash and Bank balance 8496 Commission 800
Purchases l,g l ,l6g
Production labour 45,277
llgqtric ity expen ses(factory) 4296
Rent and taxes(office) 872
Rent and ta<es(factory) 9384
Technical expenses 8s2
Opening stock 33,696
Factory expenses I 780
Offices salaries '8780
Discount 4800
Carriage I 700
Bad debts 836
Office expenses 2072

4,52,856 4,52,956
Adjustments:
I . On 31103/2013 closing stock was Rs. 85,500.
2. Provide depreciation q rcW on machinery and 7:SYo onfumiture and fittings
3. Provide Rs. 2,000 for bad debt reserve on debtors.
4. Partneri are entitled to receive 60lo interest on oapital.
5. Outstanding expenses: production labour Rs. 784, Advertis6ment expenses Rs. 312, office salary
Rs. 400 and technical expenses Rs. 320.