V.L. Memorial Public School Class- XII Commerce Sub Accountancy Time: Q.1. M.M.

.: X and Y were partners in the ratio of 6:4 respectively. The admit Z in the firm as a new partner for th share. Calculate the new profit sharing Ratio of the partner. l and M were partners in the Ratio of 3:2. On 1-4-2006, they admit C for th share. After that on 1-072007 they admit D as a new partner for th share which he acquired equally from L,M and C, Calculate the new profit sharing ratio of L,M,C and. X and Y were partners in the ratio of 6:4. Z was admitted with 3/7 th share in the profits which he takes 2/7 th from A and 1/7 th from B. Calculate the new profit sharing ratio of the partners.

Q.2.

Q.3.

OR Sita and Gita were partners in a firm sharing profits in the ratio of 5:3. Madhu was admitted for 1/6 th share which he takes 1/24 th from Sita and 1/8 th from Gita. Calculate the new profit sharing ratio of the partners. Q.4. Ram and Shayam were partners in a firm sharing profits in the ratio of 2:1. Mohan was admitted as a partners. Ram and Shayam surrender of their respective share in favour of Mohan . Find out the new profit sharing ratio. A,B and C are partner in the ratio of 3:2:1. They admit D into the firm, the new profit sharing ratio is 4;3:1:2. Calculate the sacrificing Ratio. L and M are partners. They decided to take N as a new partner for th share. L and M;s ratio in future will be 2:1. Calculate sacrificing and new ratio of the partners.

Q.5.

Q.6.

Q.7.Rohan purchased business of Mohan from 1st January, 2012. The profit of mohans Business for the last three years were as follows: Year 1999 Profit Rs. 32,000 (Which includes an abnormal gain of rs. 4,000) 2000 Rs. 40,000 (Which was after charging an abnormal loss of Rs. 8,000) 2001 Rs. 36,000 9which excludes Rs. 4,000 as insurance premium of property of the firm which is now insured) What will be the value of the goodwill when it is calculated on the basis of the 2 years purchase of the average profit for the past years.

Q.8.

Average profits of a firm were Rs. 33,600 which includes as abnormal profit of Rs. 2,400. The investment of capital in this business was Rs. 2, 64,000. The normal rate of your return was 10%. You are required to calculate the value of goodwill on the basis of four years purchase of the super profits.

Q.9. The average profit of a business was Rs. 3, 90,000 during the past few years. Normal rate of return is 10% in similar kind of business. Calculate the value of Goodwill by capitalization average Profits Methods if net assets (capital employed) of the business is Rs. 32, 50,000. Q.10. Amit, Sumit and Vineet have started business on 1st January 1998 with capital of Rs. 56,000, 44,800 and 33,600 Rs. Respectively. After distributing the profit of Rs. 67,200 for the year ended 31 st December 1998 in their agreed ratio of 3:1:1, It was fund that following items were not taken into consideration in the books of accounts for the year ended 31st December 1998: (1) Interest on capital at 10% p.a. (2) Commission to Amit was Rs. 6,720. (3) Salary due to Amit was Rs. 11,200 and Sumit was Rs.16,800. (4) Interest on Drawing Amit 784 RS.,Sumit 560 and Vineet Rs.336. You are required to pass a single journal entry in the beginning of the next year to rectify the above commissions. Q.11. A and B are partners sharing profits in the ratio of 3:2 with capitals of Rs. 50,000 and 30,000 respectively. Interest on capital is agreed t 6% p.a. B is to be allowed an annual salary of Rs. 2,500. During 2001 the profit for the year prior to calculation of interest on capital but after charging Bs salary amounted to Rs. 12,500. A provision of 5% of the profit is to be made in respect of managers commission. Prepare an account showing the allocation of profit and partners capital account. Q.12.Siddhant and Nishant were partners with capital of Rs. 90,000 and 54,000 respectively. Interest on capital was provided @ 6% p.a. Nishant is to be allowed an annual salary of Rs. 4,500. During the year 20042005 , the profits prior to calculation of interest on capital but after charging Nishants salary was Rs. 22,500. A provision os 5% of the profit is to be made in respect o0f commission to their manager. You are to prepare profit and loss appropriation account and partners capital account for the year ending 31st March ,2005.