Amity University 2007 B.Com ACCOUNTANCY - Question Paper

6,10,000

Building realized Rs. 6, 50,000 and stocks Rs. 12,000. Rs. 1, 29,000 were paid to the creditors in full settlement of their claim. The firm had a joint life policy of Rs. 5, 00,000 which was surrendered for Rs. 1, 27,000. The annual premium paid on the joint life policy was debited to the Profit and Loss account.
Prepare Realization Account, Cash Account and Partners Capital Accounts. (6)

or

Sameer and Sudhir were partners in a firm sharing profits in the ratio of five : 3. On 28.2.2007 the firm was dissolved. On the date of dissolution Sameer’s capital was Rs. 2, 40,000 and Sudhir’s capital was Rs. 1, 80,000. Creditors on that date were Rs. 80,000 and there was a balance of Rs. 1, 36,000 in general reserve A/C. Cash balance was Rs. 20,000.

Sundry assets realized Rs. 7, 50,000 and expenses on dissolution were Rs. 2,000 which was paid by Sudhir .

Prepare Realization Account, Cash Account and Partners Capital Accounts.

Qs 14. G, H and I were partners of a firm sharing profit in the ratio of four :3 :3. On three 1.3.2006 heir Balance Sheet was as follows :

Balance Sheet of G. H and I as on 31.3.2006

Liabilities Amt. Rs. Assets Amt. Rs.
Creditors 87.000 Building 1,70,000
Reserve 33,000 Machinery 1,20,000
Capitals : Stock 40,000
Rs. Debtors 45,000
G : 1,05,000 Cash 15,000
H : 85,000
I : 80,000
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2,70,000

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3,90,000

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3,90,000

H died on 30.6.2006. Under the partnership agreement the executors of a deceased partner were entitled to :

Amount standing to the credit of deceased partner’s Capital Account at the time of his death.
Interest on capital at 12% per annum.
His share of goodwill. The goodwill of the firm on H’s death was valued at Rs 2, 70,000.
His share in profit from the profit of the firm from the closing of the last financial year till the date of death on the basis of last year’s profit. The profit of the firm for the year ended 31.3.2006 was Rs. 2, 40,000.
Prepare H’s Capital Account to be rendered to his executors.

Qs 15. B were partners in a firm sharing profits in the ratio of three : 2. They admitted C as a new partner for 1/6th share in the profits. C was to bring Rs. 40,000 as his capital and the capitals of A and B were to be adjusted on the basis of C’s capital having regard to profit sharing ratio. The Balance Sheet of A and B as on three 1.3.2006 was as follows:

Earning:   Approval pending.