Class 12th Accountancy 2017 Set3 Delhi Board Paper Solution

What is Capital Fund? How is it calculated?

What is sacrificing ratio? Why is it calculated?

If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?

 Why there is need for the revaluation of assets and liabilities on the admission of a partner? 

What is subscription? How is it calculated?

List the items which may be debited or credited in capital accounts of the partners when:

(i) Capitals are fixed.
(ii) Capital are fluctuating.

Why is Profit and Loss Adjustment Account prepared? Explain.

If some goodwill already exists in the books and the new partner brings in his share of goodwill in cash, how will you deal with existing amount of goodwill?

 Why it is considered desirable to make the  partnership agreement in writing.

On what occasions sacrificing ratio is used?

Priya and Kajal are partners in a firm, sharing profits and losses in the ratio of 5:3. The balance in their fixed capital accounts, on April 1, 2016 were: Priya, Rs. 6,00,000 and Kajal, Rs. 8,00,000. The profit of the firm for the year ended March 31, 2017 was Rs, 1,26,000. Calculate their shares of profits: (a) when there is no agreement in respect of interest on capital, and (b) when there is an agreement that the interest on capital will be allowed @ 12% p.a.

Mohan and Shyam are partners in a firm. State whether the claim is valid if the partnership agreement is silent in the following matters:

(i) Mohan is an active partner. He wants a salary of Rs. 10,000 per year;
(ii) Shyam had advanced a loan to the firm. He claims interest @ 10% per annum;
(iii) Mohan has contributed Rs. 20,000 and Shyam Rs. 50,000 as capital. Mohan wants equal share in profits.
(iv) Shyam wants interest on capital to be credited @ 6% per annum.

Rani and Suman are in partnership with fixed capitals of Rs, 80,000 and Rs.60,000, respectively. During the year 2015-16, Rani withdrew Rs. 10,000 from her capital and Suman Rs. 15,000. Profits before charging interest on capital was Rs. 50,000. Rani and Suman shared profits in the ratio of 3:2. Calculate the amounts of interest on their capitals @ 12% p.a. for the year ended March 31, 2016.

Why is Profit and Loss Adjustment Account prepared? Explain.

How deficiency of crditors is paid off at the time of dissolution of firm.

State the order of settlement of accounts on dissolution.

List the items which may be debited or credited in capital accounts of the partners when:

(i) Capitals are fixed.
(ii) Capital are fluctuating.

Illustrate how interest on drawings will be calculated under various situations.

On dissolution, how will you deal with partner’s loan if it appears on the
(a) assets side of the balance sheet, (b) liabilities side of balance sheet.

What is a Realisation Account?