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Class 12 Accountancy-Holiday Homework

The document is a holiday homework sheet for Class 12 Accountancy, focusing on various topics such as past adjustments in partnerships, guarantee of profit, changes in profit-sharing ratios, and valuation of goodwill. It includes advanced questions requiring journal entries, ledger accounts, and ethical considerations in accounting practices. Students are instructed to present their work neatly and clearly, with specific submission guidelines.

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16 views3 pages

Class 12 Accountancy-Holiday Homework

The document is a holiday homework sheet for Class 12 Accountancy, focusing on various topics such as past adjustments in partnerships, guarantee of profit, changes in profit-sharing ratios, and valuation of goodwill. It includes advanced questions requiring journal entries, ledger accounts, and ethical considerations in accounting practices. Students are instructed to present their work neatly and clearly, with specific submission guidelines.

Uploaded by

kumarrajeev71492
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Class 12 Accountancy – Holiday Homework Sheet

Submission Date: ________________________

Instructions:
• Attempt all questions neatly in your Accounts register with proper headings and
workings.
• Show journal entries, ledger accounts, and necessary notes wherever required.
• Use double-column working note format where applicable.
• This assignment will be assessed for depth of understanding, presentation, and clarity.

Topics Focus:
• Past Adjustments in Partnership
• Guarantee of Profit
• Change in Profit Sharing Ratio
• Valuation of Goodwill (All Methods)

Advanced & Challenging Questions:


1. Past Adjustment – Multi-Step
A, B, and C are partners in a firm sharing profits in the ratio 2:2:1. The firm closes its
books on March 31 every year. It was discovered after final accounts were prepared for
31st March 2024 that:
a) Interest on capital @10% p.a. was omitted. Capitals: A – ₹2,00,000, B – ₹1,50,000, C
– ₹1,00,000
b) Salary of ₹3,000 per quarter to B was not recorded.
c) Commission of ₹10,000 payable to C was recorded as ₹1,000.
Pass adjustment entry and explain the impact on each partner’s capital.
2. Guarantee of Profit – Critical Analysis & Application
X, Y, and Z share profits in the ratio 3:2:1. Z is guaranteed ₹40,000 by X and Y in the
ratio of 2:1. The firm earned only ₹1,20,000 in 2023–24.
a) Prepare Profit and Loss Appropriation Account.
b) Pass journal entries.
c) Analyze how this affects X and Y’s share and capital.
3. Case-Based Adjustment with Ethics
P, Q, and R are partners. After final accounts, R finds interest on drawings of ₹12,000
(P) and ₹8,000 (Q) were omitted. Also, P’s salary of ₹2,000/month wasn’t recorded.
a) Rectify with journal entries.
b) Discuss if this reflects a breach of accounting ethics.
c) Use past adjustments table to correct accounts.
4. Goodwill Valuation – Conceptual + Practical
A, B, and C share profits in 5:3:2. New ratio: 4:4:2. Goodwill: ₹1,50,000.
a) Calculate sacrificing/gaining ratio.
b) Pass journal entries for:
i) Goodwill raised & retained
ii) Goodwill raised & written off
iii) Goodwill not recorded
c) Show capital adjustments.
5. Goodwill Treatment – Real-life Simulation
X, Y, Z share profits in 4:3:3. New ratio: 5:2:3. Goodwill of firm: ₹2,40,000. No goodwill
raised.
a) Calculate sacrificing/gaining ratio.
b) Pass capital account journal entries.
c) What if X wants goodwill shown in balance sheet? Explain implications.
6. Valuation of Goodwill – All Methods Comparison
Firm profits: ₹80,000, ₹95,000, ₹85,000. Capital employed: ₹9,00,000. NRR: 10%.
a) Calculate goodwill using:
i) Average profit method
ii) Super profit (2 years)
iii) Capitalization of average profit
iv) Capitalization of super profit
b) Which method is realistic for fluctuating profits?
7. Guarantee with Admission
A and B share equally. C is admitted for 1/5th share, guaranteed ₹30,000 by A. Firm
earns ₹1,00,000.
a) Calculate new share of profit.
b) Journal entries for guarantee.
c) Discuss the fairness of such guarantees.
8. Goodwill & Capital Adjustment – Journal + Ledger
Ravi and Mohan share in 7:3. Sohan joins for 1/4th share. Goodwill: ₹1,60,000. Sohan
brings ₹50,000 capital + ₹40,000 goodwill.
a) Journal entries.
b) Capital accounts (goodwill not retained).
c) If new ratio is 2:2:1, compute sacrificing ratio.

9. Comprehensive Revaluation + Change in PSR:


X, Y, and Z are partners in the ratio 5:3:2. They decide to change the ratio to 4:4:2. On
that date:
• Machinery increased by ₹20,000
• Building decreased by ₹25,000
• Stock undervalued by ₹10,000
• Provision for doubtful debts to be created at 5% on ₹40,000
Also, Goodwill of the firm is valued at ₹60,000. Pass journal entries, prepare Revaluation
Account, Partners’ Capital Accounts and the Balance Sheet after the adjustment.
10. A, B and C are partners in a firm. They share profits in 5:3:2. On April 1, 2025, they
decided to admit D for 1/5th share. Revaluation results were:
Furniture appreciated by ₹4,000
Investment decreased by ₹6,000
A provision for legal damages ₹5,000 to be created
Outstanding rent ₹3,000
Goodwill is valued at ₹1,00,000. D brings ₹2,00,000 as capital and necessary premium.
Prepare:
a) Revaluation Account
b) Journal Entries
c) Partners’ Capital Accounts
d) Revised Balance Sheet

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