VYAS THE COMMERCE ACADEMY BHUVNESH DUTT VYAS

VYAS XII REVISION SPEED ASSIGNMENT Roll No. :

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Student Name : Class :

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Question 1 2 3 4 Marks Obtained Total Marks Signature of Examiner :

Marks Obtained 100 Date : 05-02-2025

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SECTION A () Choose The Right Answer From The Given Options.[1 Marks
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Each]
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1. The share of goodwill of the retiring partner is debited to the remaining
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partners in their:
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a.

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Capital retio.
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b. New ratio.
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c. Gaining ratio.
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2. On retirement/ death of a partner, the remaining partner(s) who have
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gained due to change in profit sharing ratio should compensate the:

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a. Retiring partners only.

b. Remaining partners (who have sacrificed) as well as retiring
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partners.
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c. Remaining partners only (who have sacrificed).

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d. None of these.
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3. On the death of a partner, his share in the profits of the firm till the
date of his death is transferred to the:
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i. Debit of Profit and Loss Account.

ii. Credit of Profit and Loss Account.
iii. Debit of Profit and Loss Suspense Account.
iv. Credit of Profit and Loss Suspense Account.
- (CBSE OUTSIDE DELHI SET - 2 2015)

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 4. The share of goodwill of the retiring partner is debited to the remaining
partners in their:
a. Capital retio.
b. New ratio.
c. Gaining ratio.
5. At the time of retirement of a partner, if goodwill appears in the

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Balance Sheet, it must be written off and the Capital Accounts of all

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partners are debited in:
a. The old profit-sharing ratio.

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b. The new profit-sharing ratio.

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c. The capital ratio.

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SECTION A () questions of 3 marks each. [15]

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6. Aparna, Manisha and Sonia are partners sharing profits in the ratio of 3

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: 2 : 1. Manisha retires and goodwill of the firm is valued at ₹ 1,80,000.
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Aparna and Sonia decided to share future profits in the ratio of 3 : 2.

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Pass necessary journal entries.
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-()
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7. Sangeeta, Saroj and Shanti are partners sharing profits in the ratio of 2 :
3 : 5. Goodwill is appearing in the books at a value of ₹ 60,000.
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Sangeeta retires and goodwill is valued at ₹ 90,000. Saroj and Shanti

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decided to share future profits equally. Record necessary journal

entries.
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-()
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8. M, N and O are partners in a firm sharing profits in the ratio of 3 : 2 : 1.

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Goodwill has been valued at ₹ 60,000. On N's

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retirement, M and O agree to share profits equally. Pass the necessary

journal entry for treatment of N's share of goodwill.
-()
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9. P, Q, R and S were partners sharing profits in the ratio of 2 : 3 : 5 : 2.

S retires and his share is acquired by Q and R in the ratio of 3 :
2. Calculate new ratio and gaining ratio.
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10. P, R and S are in partnership sharing profits 4
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3
and 1
respectively. It is
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provided under the partnership deed that on the death of any

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 partner his share of goodwill is to be valued at one-half of the net
profits credited to his account during the last 4 completed year (book of
accounts are closed on 31st march).
R died on 1st April, 2018. The firm's profits for the last 4 years were as
follows: 2015(Profits ₹ 1,20,000); 2016 (Profits ₹ 60,000); 2017 (Losses
₹ 20,000) and 2018 (Profits ₹ 80,000). - ( )

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SECTION A () questions of 4 marks each. [20]

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11. Distinguish between Gaining Ratio and Sacrificing Ratio in terms of:
1. Meaning

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2. Effect on Partner’s Share of Profit.

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3. Mode of calculation.

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4. When to calculate.
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12. X, Y and Z were partners in a firm sharing profit in 3 : 2 : 1 ratio. The
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firm closes its books on 31st March every year. Y died on 30th June,

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2018. On Y's death the goodwill of the firm was valued at ₹60,000. Y's
share in the profits of the firm till the time of his death was to be
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calculated on the basis of previous year's profit which was ₹ 1,50,000.
Pass necessary journal entries for the treatment of goodwill and Y's
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share of profit at the time of his death.

-()
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13. A, B, C and D are partners sharing profits in the ratio of 5 : 3 : 2 : 1. On

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the retirement of C, Goodwill was valued at ₹ 3,60,000 C's share of

goodwill will be adjusted into the Capital accounts of A, B, C and D.
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Pass necessary entry for the treatment of goodwill when new profit
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sharing ratio is decided at 9 : 2 : 1.

-()
14. Geeta, Sita and Meeta were partners in a firm sharing profits in the
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ratio of 5 : 3 : 2. The firm closes its books on 31st March every year. On
30-6-2015 Geeta died. On that date her capital account showed a debit
balance of ₹ 5,000 and Goodwill of the firm was valued at ₹ 3,70,000.
There was a debit balance of ₹ 12,000 in the profit and loss account.
Geeta’s share of profit in the year of her death was to be calculated on
then basis of the average profit of last 5 years which was ₹ 80,000.

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 Pass necessary journal entries in the books of the firm on Geeta’s
death.
- (CBSE FOREIGN - SET 1 2016)
15. Ajay, Vijay and Sanjay are partners in a firm sharing profits and losses
in the ratio of 5 : 4 : 3. Vijay retires. After making all adjustments
relating to revaluation, goodwill and accumulated profits, etc. the

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capital account of Ajay showed a credit balance of ₹ 2,00,000 and that

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of Sanjay ₹ 1,00,000. It was decided to adjust the capitals of Ajay and
Sanjay in their profit sharing ratio. You are required to calculate, the

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new capital of the partner's and record necessary entry for surplus/

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deficit.

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SECTION A () questions of 6 marks each. [60]

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16. X, Y and Z are partners in a firm sharing profits and losses equally. The
balance sheet of the firm as at 31st March, 2018 stood as follows:
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Z
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retires on 1st April, 2018 subject to the following adjustments:

i. Freehold Property be valued at ₹ 5,80,000
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ii. Investments be valued at ₹ 47,000 and stocks be valued at ₹

94,000
iii. A provision of 5% be made for doubtful debts,
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iv. Trade Marks are valueless.

v. An item of ₹ 12,000 included in creditors is not likely to be
claimed.
vi. Goodwill be valued at one year's purchase of the average profit
of the past three years. Profits ending 31st March were: 2016 ₹
1,20,000; 2017 ₹ 1,00,000 and 2018 ₹ 95,000.

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 Pass journal entries, give capital accounts and the balance sheet of the
remaining partners. - ( )
17. A, B and C were partners in a firm sharing profits in the ratio of 5 : 3 :
2. On 31st March, 2015 their Balance Sheet was as under:

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C died

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on 1st october, 2015. It was agreed between his executor and the

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remaing partner that:
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i. Goodwill be valued at 2 year's purchase of the average profits of

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the previous five years, which were 2011 : ₹ 15,000; 2012 : ₹
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13,000; 2013 : ₹ 12,000; 2014: ₹ 15,000 and 2015: ₹ 20,000.

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ii. Patents be valued at ₹ 8,000; Machinery at ₹ 28,000; Buildings at
₹ 30,000.
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iii. Profit for the year 2015-2016 be taken as having accrued at the
same rate as the previous year.
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iv. Interest on capital be provided at 10% p.a.

v. A sum of ₹ 7,750 was paid to his executor's immediately.
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Prepare C's Capital Account and his executor's account at the time of
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his death. - ( )
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18. L M and N were partners sharing profit and losses in the ratio of 5 : 3 :
2. Their Balance sheet as at 1.4.2015 was as under:
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N died
on 5th November, 2015 and according to the partnership deed his
executors were entitled to be paid as under:

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 1. The capital to his credit at the time of his death and interest
thereon @ 8% per annum.
2. His share of Reserves.
3. His share of profits for the intervening period will be based on
the sales during that period which were calculated as ₹ 2,40,000.
The rate of profit during past 4 years had been 15% on sales.

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4. Goodwill according to his share of profit to be calculated by

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taking thrice the amount of the average profit of the last four
years less 25%. The profits of the previous years were:
2012 ₹ 10,500

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2013 ₹ 12,000

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2014
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2015 ₹ 13,000
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The investments were sold at par and his executors were paid out. Pass

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the necessary journal entries and write the account of the executors of
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N. - ( )

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19. 'G', 'E' and 'F' were partners in a firm sharing profits in the ratio of 7 : 2
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: 1. The Balance Sheet of the firm as on 31st March, 2011 was as

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follows:
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'E' died on 24th August 2011. Partnership deed provides for the
settlement of claims on the death of a partner in addition to his capital
as under:

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 i. The share of profit of deceased partner to be computed upto the
date of death on the basis of average profits of the past three
years which was ₹ 80,000.
ii. His share in profit/loss on revaluation of assets and re-
assessment of liabilities which were as follows:
Land and Buildings were revalued at ₹ 94,000, Machinery at

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₹ 38,000 and Stock at ₹ 5,000. A provision of 2½% was to be created

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on debtors for bad and doubtful debts.
iii. The net amount payable to 'E's executors was transferred to his
Loan Account, to be paid later on.

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Prepare Revaluation Account, Partner's Capital Accounts, E's Executor

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A/c. and Balance Sheet of 'G' and 'F' who decided to continue the

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business keeping their capital balances in their new profit sharing ratio.
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Any surplus or deficit to be transferred to current accounts of the

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partners.
- (CBSE DELHI SET-1 2012)
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20. Akhil, Nikhil and Sunil were partners sharing profits and losses equally.
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Following was their Balance Sheet as at 31st March, 2018.

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Sunil
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died on 1st August, 2018. The partnership deed provided that the
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executor of a decesed partner was entitled to:

i. Balance of partner's capital account and his share of the
accumulated reserves.
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ii. Share of goodwill calculated on the basis of three times the

average profits of the last four year.
iii. Share of profit from the closure of the last accounting year till
the date of death on the basis of the profit of thepreceding
completed year before death.
iv. Interest on deceased's capital @ 6% per annum.
 ₹ 50,000 to be paid to deceased's executor immediately and the
balance to be kept in his loan account. Protlts and losses for the
preceding years ending 31st March were: 201'5 - ₹ 80,000 profit 2016 -
₹ 1,00,000 loss 2017 - ₹ 1,20,000 profit 2018 - ₹ 1,80,000 .profit Pass
the necessary journal entries and prepare Sunil's Capital Account and
Sunil's Executor's Account. - ( )

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21. K, L and M were partners in a firm sharing profits in the ratio of 5 : 3 :

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2. On 31.3.2016 The Balance Sheet of the firm was as follows:

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L
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retired from the firm on the following terms:
i. The new profit sharing ratio between K and M will be 2 : 1.
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ii. Goodwill of the firm is valued at ₹ 72,000.
iii. Provision for bad debts is to be made at the rate of 10% on
debtors.
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iv. Creditors of ₹ 4,000 will not be claimed.

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Prepare Revaluation Account Partner's Capital Accounts and Balance

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Sheet of K and M after L's retirement. - ( )

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22. The Balance Sheet of X, Y and Z who are sharing profits & losses in
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the proportion of 1
:
1
:
1
respectively was as follows as at 31st March,
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2015:
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X retires from the business from 1st April, 2015 and his share in the

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firm is to be ascertained on a revaluation of the assets as follows: Stock

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₹ 20,000; Furniture ₹ 3,000; Machinery ₹ 9,000; ₹ Building ₹ 20,000;

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and ₹ 850 are to be provided for doubtful debts. The goodwill of the
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firm is agreed tobe valued at ₹ 6,000 X is to be paid ₹ 11,050 in cash

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on retirement and the balance in three equal annual instalments with
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interest at 5% p.a. Show Revaluation Account, X's Capital Account and

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his Loan Account till final payment. - ( )
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23. The Balance Sheet of X, Y and Z who shared profits in the ratio of 5 : 3 :
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2, as on 31st March, 2018 was as follows:
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Y retired on the above date and it was agreed that:

i. Goodwill of the firm is valued at ₹ 1,12,500 and Y's share of it be
adjusted into the accounts of X and Z who are going to share
future profits in the ratio of 3 : 2.
ii. Fixed Assets be appreciated by 20%.
iii. Stock be reduced to ₹ 75,000.
 iv. Y be paid amount brought in by X and Z in such a way as to
make their capitals proportionate to their new profit-sharing
ratio.
Prepare Revaluation Account, Capital Accounts of all partners and the
Balance Sheet of the New Firm. - ( )
24. X, Y and Z were in partnership sharing profits and losses in the

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proportions of 3 : 2 : 1. On 1st April, 2018 Y retires from the firm. On

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that date, their Balance Sheet was:

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The terms were:
a. Goodwill of the firm was valued at ₹ 13,500 and adjustment in
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this respect was to be made in the continuing Partners' Capital

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Accounts without raising Goodwill Account.

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b. Expenses Owing to be brought down to ₹ 3,750.

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c. Machinery and Loose Tools are to be valued @ 10% less than

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their book value.

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d. Factory Premises are to be revalued at ₹ 24,300.

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Show Revaluation Account, Partners' Capital Accounts and prepare the

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Balance Sheet of the firm after the retirement of Y.

25. X, Y and Z are partners sharing profits and losses in the ratio of 3 : 2 :
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1. The Balance Sheet of the firm as at 31st March, 2018 stood as

follows:
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Z retired on the above date on the following terms:
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a. Goodwill of the firm is to be valued at ₹ 34,800.

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b. Value of Patents is to be reduced by 20% and that of machinery
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to 90%.

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c. Provision for Doubtful Debts is to be created @ 6% on debtors.
d. Z took over the investment at market value.
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e. Liability for Workmen Compensation to the extent of ₹ 750 is to
be created.
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f.
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A liability of ₹ 4,000 included in creditors is not to be paid.

g. Amount due to Z to be settled on the following basis ₹ 5,067 to
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be paid immediately, 50% of the balance within one year and

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the balance by a Bill of Exchange (without interest ) at 3 Months.

Give necessary journal entries for the treatment of goodwill, prepare
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Revaluation Account, Capital Accounts and the Balance Sheet of the

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new firm.
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 Commerce Academy 9983516609 I want to say that the assignment I have
given you today should be completed by tomorrow, in this situation your
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