GAUTAM CLASSES

Std: XII (GSEB) Sub: Elements of Accountancy Chap- 1 [Part-1]

Date: 03-01-22 January Class Test Marks: 25
Select appropriate option for each question: [05]
1) What is the interest on partners’ capital for a partner?
[a] An expense [b] Income [c] Liability [d] Loss
2) At the end of the year where will you transfer drawings account, in fixed capital account method?
[a] To capital account [b] To current account
[c] To profit and loss account [d] To profit and loss appropriation account
3) How would you consider the interest on debit balance of partners’ current account for firm?
[a] An expense [b] Liability [c] Income [d] Loss
4) What percentage of interest will be paid when no provision is made pertaining to interest on
capital in the partnership deed?
[a] 6% [b] 12% [c] 9% [d] No interest
5) The capital proportion of A, B and C is 3:2:1 respectively. The divisible profit is ₹ 66000.
What will be the amount of profit of C?
[a] ₹11,000 [b] ₹22,000 [c] ₹33,000 [d] ₹66,000
Answer the following in one sentence: [05]
6) What is partnership?
7) What is maximum and minimum limit of partners to constitute a partnership firm?
8) What is the partnership deed for a firm?
9) Profit of a partner is credited to which account under fixed capital account method?
10) Profit and loss appropriation account is a part of which account?
Solve the following: [15]
11) Sheela, Surbhi and Seema are partners sharing profit-loss in the ratio of 5:7:9. Manager Sanket is
entitled to receive 10% commission from profit after deduction of his such commission. Surbhi
receives share profit ₹7000. Determine the amount of commission of Sanket. Also determine
amount of profit before the commission of manager.
12) Ram, Laxman and Sita are partners of a firm. On 1-4-2016 their capital was ₹40,000, ₹30,000 and
₹80000 respectively. At the end of the year after distribution of profit it was realised that
charging of interest on capital 12% is missed out. Write journal entry for rectification.
13) The profit-loss sharing ratio of Rajkumar, Kaushik and Sharma is 15:10:9. The total profit of the
year of firm is ₹68,000. Determine the share in profit of each partner.
14) Ram, Rahim and Ishu are partners of a partnership firm. Their capital as on 1-4-2016 was ₹60,000,
₹40,000 and ₹50,000 respectively. After the distribution of the profit of the year, it was realised
that charging of 6% interest on partners’ capital accounts was missed out. Write an entry
for the rectification of error.
15) The closing capital of Raghuvir is ₹80,000. In which ₹12,500 drawings of current year profit of
₹17,800 are recorded. What will be the interest at 6% p.a. on the opening capital?

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