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Category Accountancy Class 12th

Accountancy Class 12th 922 Questions

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Arun and Varun were in partnership sharing profits in the ratio of 2 : 3. With effect from 1st May 2021 they agreed to share profits in the ratio of 1 : 2. For this purpose the goodwill of the firm is to be valued at two year’s purchase of the average profits of last three years, which were ₹ 1,50,000, ₹ 1,40,000 and ₹ 2,20,000 respectively

263 viewsAnurag Pathak Answered question August 1, 2024Accountancy Class 12th

0 Votes 1 Ans

A, B, C and D are partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1 : 1. They decided to share future profits and losses in the ratio of 3 : 2 : 2 : 3. For this purpose goodwill of the firm valued at ₹ 1,50,000

241 viewsAnurag Pathak Answered question August 1, 2024Accountancy Class 12th

0 Votes 1 Ans

X Y and Z were sharing profits and losses in the ratio of 5 : 3 : 2. They decided to share future profits and losses in the ratio of 2 : 3 : 5 with effect from 1.4.2022. They decided to record the effect of the following, without effecting their book values

234 viewsAnurag Pathak Answered question August 1, 2024Accountancy Class 12th

0 Votes 1 Ans

A, B and C are partners sharing profits equally. From 1st April, 2022, they decided to share profits in the ratio of 3 : 4 : 5. On that date, Profit and Loss Account showed a credit balance of ₹ 90,000

305 viewsAnurag Pathak Answered question August 1, 2024Accountancy Class 12th

0 Votes 1 Ans

P, Q and R are partners in a firm sharing profits in the ratio of 2 : 2 : 1. On March 31, 2024, their Balance Sheet showed a general reserve of ₹ 3,00,000. On that date they decided to share future profits equally

253 viewsAnurag Pathak Answered question August 1, 2024Accountancy Class 12th

0 Votes 1 Ans

Samiksha, Ash and Divya were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. With effect from 1st April, 2019, they agreed to share future profits and losses in the ratio of 2 : 5 : 3

220 viewsAnurag Pathak Answered question August 1, 2024Accountancy Class 12th

0 Votes 1 Ans

A, B and C sharing profits and losses in the ratio of 4 : 3 : 2, decide to share profits and losses in the ratio of 2 : 3 : 4 with effect from 1st April, 2024. Following is an extract of their Balance Sheet as at 31st March, 2024

290 viewsAnurag Pathak Answered question August 1, 2024Accountancy Class 12th

0 Votes 1 Ans

P, Q and R were partners in a firm sharing profits in the ratio of 1 : 1 : 2. On 31st March, 2018, their balance sheet showed a debit balance of ₹ 9,000 in the profit and loss account and a Workmen Compensation Reserve of ₹ 64,000

279 viewsAnurag Pathak Answered question August 1, 2024Accountancy Class 12th

0 Votes 1 Ans

A and B sharing profits and losses in the ratio of 2 : 3 decide to share future profits and losses equally with effect from 1st April, 2024. An extract of their Balance Sheet as at 31st March, 2024 is as follows

269 viewsAnurag Pathak Edited answer August 1, 2024Accountancy Class 12th

0 Votes 1 Ans

A, B and C are partners sharing profits and losses in the ratio of 1 : 2 : 3. From April 1, 2024, they decided to share the profits in the ratio of 2 : 3 : 4

281 viewsAnurag Pathak Answered question August 1, 2024Accountancy Class 12th

0 Votes 1 Ans

A and B are partners in a firm sharing profits in the ratio of 3 : 2. They decided to share profits in the ratio of 3 : 4 w.e.f., April 1, 2024. On that date there was a credit balance of ₹ 70,000 in their profit and Loss Account

245 viewsAnurag Pathak Answered question August 1, 2024Accountancy Class 12th

0 Votes 1 Ans

A, B and C were partners sharing profits and losses in the ratio of 7 : 3 : 2. From 1st April 2021, they decided to share profits and losses in the ratio of 8 : 4 : 3. Goodwill is to be valued at the average of three year’s profits preceding the date of change in profit sharing ratio

261 viewsAnurag Pathak Answered question August 1, 2024Accountancy Class 12th

0 Votes 1 Ans

P, Q and R are partners sharing profits equally. They decided that in future R will get 1/7 share in profits. On the day of change, firm’s Goodwill is valued at ₹ 42,000. Give Journal Entries arising on account of change in profit sharing ratio

268 viewsAnurag Pathak Answered question July 31, 2024Accountancy Class 12th

0 Votes 1 Ans

Rajesh and Ravi are partners sharing profits in the ratio of 3 : 2. Their Balance Sheet at 31st March, 2023 stood as:

4.94K viewsAnurag Pathak Changed status to publish July 31, 2024[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th

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X, Y and Z were partners in a firm sharing profit in the ratio of 3 : 2 : 1. The firm closes its books on 31st March every year. Y died on 30th June, 2023.

3.26K viewsAnurag Pathak Changed status to publish July 31, 2024[CBSE] Death of Partner [CBSE] TS Grewal Solutions

0 Votes 1 Ans

A and B are partners sharing profits and losses in the ratio of 3 : 1. It was decided that with effect from 1st April, 2024 the profit sharing ratio will be 5 : 3

437 viewsAnurag Pathak Answered question July 16, 2024Accountancy Class 12th

0 Votes 1 Ans

The following information relates to a partnership firm: (a) Profits/Losses for the last six years:

319 viewsAnurag Pathak Changed status to publish July 16, 2024Accountancy Class 12th

0 Votes 1 Ans

The average profits of a firm is ₹ 48,000. The total assets of the firm are ₹ 8,00,000. Value of outside liabilities is ₹ 5,00,000. Average rate of return in the same business is 12%

356 viewsAnurag Pathak Answered question July 16, 2024Accountancy Class 12th

0 Votes 1 Ans

Anupama, Purnima and Ruchika are partners in a business. Balances in their Capital and Current Accounts as on 31st March, 2023 were:

268 viewsAnurag Pathak Answered question July 16, 2024Accountancy Class 12th

0 Votes 1 Ans

The average profits of a firm is ₹ 48,000. The total assets of the firm are ₹ 8,00,000. Value of outside liabilities is ₹ 5,00,000. Average rate of return in the same business is 12%

271 viewsAnurag Pathak Changed status to publish July 16, 2024Accountancy Class 12th

0 Votes 1 Ans

On April 1st 2024, an existing firm had assets of ₹ 5,00,000 including cash of ₹ 20,000. the firm had a General Reserve of ₹ 90,000, partner’s capital accounts showed a balance of ₹ 3,80,000 and creditors amounted to ₹ 30,000

482 viewsAnurag Pathak Answered question July 12, 2024Accountancy Class 12th

0 Votes 1 Ans

A and B are partners. They admit C for 1/4th share in profits. For this purpose goodwill is to be valued at three year’s purchase of super profits.

479 viewsAnurag Pathak Answered question July 12, 2024Accountancy Class 12th

0 Votes 0 Ans

Find out the capital employed from the following information: Normal rate of return: 12%

241 viewsAnurag Pathak Changed status to publish July 12, 2024Accountancy Class 12th

0 Votes 1 Ans

The capital of the firm of Anuj and Benu is ₹ 10,00,000 and the market rate of interest is 15%. Annual salary to the partners is ₹ 60,000 each. The profit for the last three years were ₹ 2,80,000, ₹ 3,80,000 and ₹ 4,20,000

378 viewsAnurag Pathak Answered question July 12, 2024Accountancy Class 12th

0 Votes 1 Ans

Capital invested in a firm is ₹ 3,00,000. Normal rate of return is 10%. Average profits of the firm are ₹ 41,000 (after an abnormal loss of ₹ 2,000). Calculate goodwill at five times the super profits

293 viewsAnurag Pathak Changed status to publish July 12, 2024Accountancy Class 12th

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