Page 1 - H A (change in psr)

CLASS – XII
ACCOUNTANCY

Home Assignment

1. Accounting treatment for goodwill that is existing in the books of the firm, ________
will be debited .

2. Accounting treatment for goodwill that is existing in the books of the firm, ________
will be credited .
3. General reserve is distributed among _______ partners .

4. Workmen Compensation Reserves is distributed among _______ partners .

5. Goodwill in books is distributed among _______ partners .

6. Advertisement suspense in books is distributed among _______ partners .

7. General reserve is distributed in _______ ratio .

8. Prepaid expenses is _________ to revaluation account.

9. Outstanding expenses is _________ to revaluation account.

10. Unrecorded liability is _________ to revaluation account.

11. Profit/loss on revaluation is distributed among _______ partners .

12. Unrecorded asset is _________ to revaluation account .

13. Worksmen compensation reserve in books is distributed among _______ partners

14. Profit/loss on revaluation is distributed in _______ ratio .

15. Ahuja and Barua are partners in a firm sharing profits and losses in the ratio of 3:2.
They decide to admit Chaudhary into partnership for 1/5 share of profits, which he
acquires equally from Ahuja and Barua. Goodwill is valued at Rs. 30,000. Chaudhary
brings in Rs. 16,000 as his capital but is not in a position to bring any amount for
goodwill. No goodwill account exists in books of the firm. Goodwill account is to be
raised at full value. Record the necessary journal entries
16. Rajinder and Surinder are partners in a firm sharing profits in the ratio of 4:1. On
April 15, 2007 they admit Narender as a new partner. On that date there was a
balance of Rs. 20,000 in general reserve and a debit balance of Rs. 10,000 in the