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Maratha vidya prasarak samajache

Karmaveer Aabasaheb & N.M. Sonawane Arts Commerce & Science college, Satana.

First Unit Test 2017

Std. 12 Comm. Sub. Book Keeping & Accountancy Marks . 25

Q. 1] Attemp any ONE of the following

A] Snehal & Meenal are equal partners .

Balance Sheet As On 31/03/2013

Liabities Amt Amt Assets Amt Amt

Prremises 20,500
Capital A/C Investments 10,500
Snehal 80,000 Equipments 5,000
Meenal 45,000 1,25,000 B/R 18,000
Creditors 46,000 Debtors 1,10,000
G.reserve 20,000 (-) R.D.D. 11,000
----------- 99,000
Bank --------- 38,000

1,91,000 1,91,000

They agreed to admit Komal on 1/04/2013 with the following terms.

1) Komal should bring 50,000/- towards her capital for ¼ share in future profit.
2) Goodwill is to be raised in the books of the firm 40,000/-
3) R.D.D to be maintained 5% on debtors.
4) Premises to be valued at 30,000/- & equipments to be written off fully.
5) Creditors allowed discount 1,000/- & they were paid immediately.
Prepare Profit & Loss A/C , Partners Capital A/C & Balance Sheet of the new firm.

OR
Liabities Amt Amt Assets Amt Amt

Building 10,000
Capital A/C Machinery 10,700
Shailesh 11,000 Furniture 10,000
Anil 15,000 Debtors 5,000
Das 8,000 Stock 6,600
33,000 Bank 6,600
Creditors 9,000
Reserve fund 4,000

48,900 48,900

On 1 April 2012 Das retired from the firm on following terms.

1) Shailesh & Anil share in reserve fund should be continued in the firm.
2) Goodwill of the firm is to be valued at 4,0000/- , however only Das share in it is to be raised in
the book & written off immediately.
3) Assets to be revalued as under; Stock 6,300/-,Machinery 10,000/- , Furniture 10,200/-
4) R.D.D. to be maintained at 10% on debtors.
5) 100/- to be written off form creditors.
6) The amount payable to Das is to be transferred to his loan account.

Prepare Profit & Loss adjustment A/C , partners Capital A/C, Balance Sheet of the new firm on 1-4-
2012

Q.2] Mena & Reenaare equal partners sharing P& L in the ratio 3:2. From the following Trial Balance you
are required to prepare Trading A/C , P& L A/C & Balance Sheet as on 31-03-2012

Trial Balance As On 31-03-2012

Particulars Debit (Amt) Credit (Amt)


Building
Plant
Purchases
Carriage
Opening Stock