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Important Questions- Admission (Accounting for Partnership Firms and Companies) | Accountancy Class 12 - Commerce PDF Download

Q 1.  A and B were partners in a firm. They admitted C as a new partner for a 20% share in the profits. After all adjustments regarding general reserve, goodwill, gain or loss on revaluation, the balances in capital accounts of A and B were 3,85,000 and 4,15,000, respectively. C brought proportionate capital so as to give him a 20% share in the profits. Calculate the amount of capital to be brought by C.                  (1)


Q2. Jai & Veero are partners sharing profits 3:2. They admitted om has a new partner for 1/5 share in profits one fourth of which he takes in from Jai and remaining from Veero. Ho brings stock of rs.60,000, debtors of rs.80000, land of rs.1,00,000, P&M rs.40,000 as his share of goodwill and capital. On the date of Om’s admission, goodwill was valued at rs.6,00,000. Pass entries.                                                        (3)


Q3. (i) A and B were partners in a firm who share profits in the ratio of 5:3. C is admitted for 1/10th share, half of which was gifted by A, and the remaining was taken by c equally from A & B, find the new ratio.

(ii) Rekha, Sunita, and Teena are partners in the firm, sharing profits in the ratio of 3:2:1. Samiksha joins the firm. Rekha surrenders 1/4th of her share; Sunita surrenders 1/3rd of her share and Teena 1/5th of her share in favor of Samiksha. Find the new Profit sharing ratio.          (4)


Q5. The Balance Sheet of A & B, who share profits in the ratio of 3:2 as at 31/03/13, was as follows:Important Questions- Admission (Accounting for Partnership Firms and Companies) | Accountancy Class 12 - CommerceThey admit C as a partner with 1/5 share in the profits of the firm. C brings Rs.40,000 as his capital. Give the necessary Journal entries to record Goodwill and capital.                  (4)


Q6. A and B are partners in the firm, sharing profits and losses in the ratio of 3:1. They admit C for a ¼ share on 31st March 2014 when their Balance Sheet was as follows:Important Questions- Admission (Accounting for Partnership Firms and Companies) | Accountancy Class 12 - Commerce The following adjustments were agreed upon:

 (a) C brings in 16,000 as goodwill and proportionate capital.

 (b) Bad debts amounted to 3,000.

 (c) Market value of an investment is 4,500.

 (d) Liability on account of workmen’s compensation reserve amounted to 2,000.

Prepare Revaluation A/c and Partner’s Capital A/cs.                                                                             (6)


Q7. P and Q were partners in the firm, sharing profits in a 3:2 ratio. R was admitted as a new partner for 1/4th share in the profits on April 1, 2015. The Balance Sheet of the firm on March 31, 2015, was as follows:Important Questions- Admission (Accounting for Partnership Firms and Companies) | Accountancy Class 12 - CommerceThe terms of the agreement on R’s admission were as follows:

 a) R brought in cash 60,000 for his capital and 30,000 for his share of goodwill.

 b) Building was valued at 1,00,000 and Machinery at 36,000.

 c) The capital accounts of P and Q were to be adjusted in the new profit-sharing ratio. Necessary cash was to be brought in or paid off to them as the case may be.

Prepare Revaluation Account, Partner’s Capital Account, and the Balance Sheet of P, Q and R.

Or

Raghu and Rishu are partners sharing profits in the ratio 3: 2. Their Balance Sheet as at 31st March 2014 was as follows:Important Questions- Admission (Accounting for Partnership Firms and Companies) | Accountancy Class 12 - Commerce Rishabh was admitted on that date for 1/4th share of profit on the following terms:

(i) Rishabh will bring his capital propionate to the capitals of existing partners.

(ii) Goodwill of the firm is valued at Rs. 42,000, and Rishabh will bring his share of Goodwill in cash.

(iii) Building was appreciated by 20%.

(iv) All Debtors were good.

(v) There was a liability of 10,800 included in creditors which was not likely to arise.

(vi) New profit-sharing ratio will be 2: 1: 1.

(vii) Capital of Raghu and Rishu will be adjusted on the basis of Rishabh's share of capital, and any excess or deficiency will be made by withdrawing or bringing in cash by the partners as the case may be.

Prepare Revaluation Account, Partner’s Capital Account, and the Balance Sheet of Raghu, Rishu and Rishabh.                                        (8)

The document Important Questions- Admission (Accounting for Partnership Firms and Companies) | Accountancy Class 12 - Commerce is a part of the Commerce Course Accountancy Class 12.
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FAQs on Important Questions- Admission (Accounting for Partnership Firms and Companies) - Accountancy Class 12 - Commerce

1. What is accounting for partnership firms and companies?
Ans. Accounting for partnership firms and companies is a branch of accounting that deals with recording, classifying, and summarizing financial transactions and events of partnerships and companies. It involves maintaining accurate financial records, preparing financial statements, and analyzing financial data to make informed business decisions.
2. What are the differences between accounting for partnership firms and companies?
Ans. The differences between accounting for partnership firms and companies are: - Partnerships have unlimited liability, whereas companies have limited liability. - Partnership firms do not have a separate legal entity, whereas companies have a separate legal entity. - Partnership firms are taxed as individuals, whereas companies are taxed as a separate legal entity. - In partnership firms, profits and losses are shared among partners, whereas in companies, profits are distributed among shareholders.
3. What are the different types of financial statements prepared in accounting for partnership firms and companies?
Ans. The different types of financial statements prepared in accounting for partnership firms and companies are: - Income statement: It shows the revenue, expenses, and net income of the partnership or company for a specific period. - Balance sheet: It shows the assets, liabilities, and equity of the partnership or company at a specific point in time. - Cash flow statement: It shows the inflow and outflow of cash and cash equivalents of the partnership or company during a specific period.
4. What is the role of an accountant in accounting for partnership firms and companies?
Ans. The role of an accountant in accounting for partnership firms and companies includes: - Recording financial transactions and events. - Classifying financial data and maintaining accurate financial records. - Preparing financial statements and reports. - Analyzing financial data to make informed business decisions. - Ensuring compliance with accounting standards and regulations. - Providing financial advice and guidance to partners or management.
5. What are some common accounting principles and concepts used in accounting for partnership firms and companies?
Ans. Some common accounting principles and concepts used in accounting for partnership firms and companies are: - Accrual principle: It states that revenues and expenses should be recognized when earned or incurred, regardless of when cash is received or paid. - Matching principle: It states that expenses should be matched with revenues in the same accounting period. - Consistency principle: It states that accounting methods and procedures should be consistent from one accounting period to another. - Materiality principle: It states that only significant information should be reported in financial statements. - Going concern principle: It assumes that the partnership or company will continue to operate in the foreseeable future.
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