Class XII Accountancy Fundamental of Partnership Test Paper Part II

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Class XII Accountancy Fundamental of Partnership Test Paper Part II - 2021

Электронная почта *

Q1. Akhil and Ravi are partners sharing profits and losses in the ratio of 7:3 with capitals of ₹8,00,000 and ₹6,00,000 respectively. According to partnership deed interest on capital is to be provided @ 8% p.a. and is to be treated as a charge. Profit for the year is ₹80,000. Choose the correct option: *

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A will be credited by ₹ 64,000 and B will be credited by ₹ 48,000.

A will be credited by ₹ 56,000 and B will be credited by ₹ 24,000.

A will be credited by ₹ 22,400 and B will be credited by ₹ 9,600.

A will be credited by ₹ 41,600 and B will be credited by ₹ 38,400.

Q2. X, Y and Z are partners sharing profits and losses equally. Their capitals on March 31, 2021 are ₹80,000; ₹60,000; ₹40,000 respectively. Their personal assets are worth as follows: X- ₹20,000; Y - ₹15,000 and Z- ₹10,000. The extent of their liability in the firm would be: *

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X- ₹80,000; Y- 60,000; Z- ₹40,000

X- ₹20,000; Y- 15,000; Z- ₹10,000

X- ₹1,00,000; Y- 75,000; Z- ₹50,000

Equal.

Q3. A and B are partners. B draws a fixed amount at the end of every month. Interest on drawings is charged @15% p.a. At the end of the year interest on B’s drawings amounted to ₹8,250. Drawings of B were: *

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₹12,000 p.m.

₹10,000 p.m.

₹9,000 p.m.

₹8,000 p.m.

Q4. Mohit and Rohit were partners in a firm with capitals of ₹80,000 and ₹40,000 respectively. The firm earned a profit of ₹30,000 during the year. Mohit's share in the profit will be: *

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Rupees 20000

Rupees 15000

Rupees 10000

Rupees 18000.

Q 5. R and S are partners sharing profits in the ratio of 2:1. S has advanced a loan of ₹1,00,000 to the firm on 1st October, 2020. The net profit earned by the firm for the year ending 31st March, 2021 is ₹ 90,000. What amount will be credited to S’s capital account? *

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₹60,000

₹30,000

₹29,000

₹32,000.

Q 6. Match the following based MCQs a) b) 8 c) d) *

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I-A; II-B; III-C

I-B; II-A; III-C

I-C; II-B; III-A

I-B; II-C; III-A

Q 7. *

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I-A; II-B; III-B

I-A; II-A; III-B

I-A; II-B; III-A

I-B; II-A; III-B

Q 8. *

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I-A; II-B; III-C

I-B; II-A; III-C

I-C; II-B; III-A

I-B; II-C; III-A

Q 9. *

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I-A; II-B; III-C

I-B; II-A; III-C

I-C; II-B; III-A

I-B; II-C; III-A

Q 10. *

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I-A; II-B; III-C

I-B; II-A; III-C

I-C; II-B; III-A

I-C; II-A; III-B.

Case Study Based Questions Read the following information carefully and answer the questions that follow: X and Y are partners in 3:2. Their capital balances as on 1st April 2020 amounting to ₹2,00,000 each. On 1st February, 2021, X contributed an additional capital of ₹1,00,000. Following are the terms of deed: a) Interest on capital @ 6% per annum b) Interest on drawings @ 8% per annum c) Salary to X ₹1500 per month d) Commission to Y @10% on net profit after charging interest on capital, salary and his commission. Drawings of the partners were ₹20,000 and ₹30,000 respectively during the year. Net profit earned by the firm was ₹2,08,000. Choose the correct option based on the above information: Q11. What is the amount of Interest on capitals of X and Y: *

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₹12,000 each

₹12,000 to X and ₹ ₹13,000 to Y

₹13,000 to X and ₹12,000 to Y

None of the above.

Q 12. What is the amount of interest on drawings of X and Y: *

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₹ 1200 and ₹ 1800 respectively

₹ 800 and ₹ 1200 respectively

₹ 1200 and ₹ 800 respectively

₹ 1600 ₹ 2400 respectively

Q 13. What is the amount of commission payable to Y? *

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₹ 15000

₹ 16500

₹ 20800

None of these

Q 14. What is X's share in the net divisible profit? *

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₹ 124400

₹ 83600

₹ 91200

₹ 60800

Q 15. What will be the closing capital of X after all adjustments? *

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₹ 422200

₹ 401400

₹ 300000

₹ 423000

Read the following information carefully and answer the questions that follow: A, B and C were partners sharing profits in the ratio of 1:2:3. Their fixed capitals on 1st April, 2020 were: A ₹3,00,000; B ₹4,50,000 and C ₹10,00,000. Their partnership deed provided the following: i. A provides his personal office to the firm for business use charging yearly rent of ₹1,50,000. ii. Interest on capitals @8% p.a. and interest on drawings @ 10% p.a. iii. A was allowed a salary @ 10,000 per month. iv. B was allowed a commission of 10% of net profit as shown by Profit and Loss account, after charging such commission. v. C was guaranteed a profit of ₹3,00,000 after making all adjustments. The net profit for the year ended 31st march, 2021 was ₹10,30,000 before making above adjustments. You are informed that A has withdrawn ₹5,000 in the beginning of each month, B has withdrawn ₹5,000 at the end of each month and C has withdrawn ₹ 24,000 in the beginning of each quarter. Choose the correct option based on the above information: Q 16. A’s rent will be shown in: *

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Profit and loss account

Profit and Loss Appropriation account

A’s Capital account

None of the above.

Q 17. Net profit for the year is: *

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₹10,30,000

₹11,80,000

₹7,30,000

₹8,80,000

Q 18. What will be the divisible profit? *

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₹5,56,000

₹5,50,000

₹5,52,000

₹5,53,000.

Q 19. What will be the total interest on drawings? *

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₹24,000

₹12,000

₹36,000

48,000.

Q 20. What will be the commission of B? *

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Option 1

₹96,000

₹80,000

₹72,000.

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