CBSE Set Qa1 Accounts Sample Test Papers For Class 12th for students online
Accounts Class - XII
(CBSE)
You are on Set no 1 answer 1 to 4
PART 'A' (ACCOUNTING III)
Q 1) Define Partnership.
State the main provisions of the Partnership Act relating to partnership
accounts in the absence of partnership deed. (Marks 3)
Ans. 1) Partnership :
The relationship between persons who have agreed to share the profits of a
business carried on by all or any one of them acting for all. In the absence of
the partnership deed, the following provisions are applicable :
(i) No interest is payable on the capital to the partners.
(ii) No interest is charged on partners drawings.
(iii) 6% p.a. interest is charged on loan advanced by a partner to the firm.
(iv) Profits are to be shared equally by all partners.
(v) No salary is payable to any partner for any extra time devoted by him
for the business.
Q2) A and B are partners
sharing profits in the ratio of 3 : 2 with capitals of Rs. 50,000 and Rs. 30,000
respectively. Interest on capital is agreed @ 6% p.a. B is to be allowed an
annual salary of Rs. 2,500. During 1995, the profits of the year prior to
calculation of interest on capital but after charging B's salary amounted to Rs.
12,500. A provision of 5% of the profits is to be made in respect of manager's
commission.
Prepare an account showing the allocation of profits and partner's capital
account. (Marks 5)
Ans. 2)
Profit and Loss Appropriation
A/C for the year ending 1995
Dr.
Cr.
|
Particulars |
Amount |
Particulars |
Amount |
|
To A's Capital A/c |
|
By Profits |
|
Dr...................................... Partner's Capital A/C............................. Cr.
|
Particulars |
'A' |
'B' |
Particulars |
'A' |
'B' |
|
To balance c/d
|
57389 |
37226 |
By balance b/d |
50000 |
30000 |
Q 3) A and B are
partners sharing profits in the ratio of 3 : 2. C is admitted as a
partner. The new profit - sharing ratio among A, B and C is 4 : 3 : 2. Find out
the sacrificing ratio.
Ans. 3) A's sacrifice = A's old share - A's new share
= 3/5 - 4/9
= 7/45
B's sacrifice = B's old share - B's new share
= 2/5 - 3/9
= 3/45
Thus, the sacrificing ratio of A and B :
A : B
7 : 3
Q 4) Mention the items
that may appear on the debit side of the capital account of a partner when the
capitals are fluctuating.
(Marks 2)
Ans. 4) (i) Drawings
(ii) Interest on Drawings
(iii) Share of loss
(iv) Closing balance of capital (cr.)
|
Boarding Schools By State
|
Boarding Schools Top Cities
|
Boarding Schools By Board
|