THE INDIAN SCHOOL

REGULAR ASSESSMENT (2023-24)

ACCOUNTANCY (055)
CLASS-XII
Time allowed: 45 min. Maximum Marks:20
No. of printed pages: 2
General instructions:
1) Question nos. 1 to 8 carry 1 mark each.
2) Question no. 9 is for 5 marks.
3) Question nos. 10 & 11 are long-answer type questions, each for 6 marks.
4) There is no overall choice.

1. According to the profit and loss account, the net profit for the year is Rs. 4, 20,000. The salary of a partner is Rs.
5,000 per month, and the commission of another partner is Rs. 10,000. The interest on drawings by partners is Rs.
4000. The divisible profit as per the profit and loss appropriation account will be: 1
(a) Rs. 3, 54,000
(b) Rs. 4, 10,000
(c) Rs. 3, 56,000
(d) Rs. 4, 20,000

2. Sangeeta and Ankita are partners in a firm. Sangeeta's capital is Rs. 70,000, and Ankita's capital is Rs. 25,000. If
the firm's profit is Rs. 60,000, then Ankita's share of the profit will be 1
(a) Rs. 25,000
(b) Rs. 35,000
(c) Rs. 30,000
(d) Rs. 20,000

3. In a partnership firm, partner A is entitled to a monthly salary of Rs. 7500. At the end of the year, the firm
earned a profit of Rs. 75,000 after charging A's salary. Therefore, if the manager is entitled to a 10% commission
on the net profit after deducting his commission, the manager's commission will be: 1
(a) Rs. 7,500
(b) Rs. 8,250
(c) Rs. 16,500
(d) Rs. 15,000

4. Vikas is a partner in a firm. His drawings during the year ended on March 31, 2019, were 72,000. If interest is
charged at 9% per annum on drawings, then the interest charged will be: 1
(a) Rs. 324
(b) Rs. 3,240
(c) Rs. 6,480
(d) Rs. 648

5. Anuradha is a partner in a firm. She withdrew Rs. 6,000 at the beginning of each quarter during the year ended
on March31, 2019. The interest rate on her drawings will be 10% p.a. and interest on drawings will be as follows:1
(a) Rs. 900
(b) Rs. 1,200
(c) Rs. 1,500
(d) Rs. 600

1
Read the following hypothetical situation and answer Questions Nos. 6 and 7 on the basis of the same.
Nitya, Shreya, and Ishita are partners in a firm. They share profits in the ratio of 5:3:2. Their fixed capitals
are Rs. 1, 80,000; Rs. 1, 60,000; and Rs. 2, 00,000, respectively. For the year ending March 31, 2022, Nitya
withdrew Rs. 7,500 at the end of every quarter.

6. The partnership deed provides that interest on the capital will be allowed at 10% p.a. The amount of interest on
Ishita's capital will be: 1
(a) Rs. 18,000
(b) Rs. 20,000
(c) Rs. 16,000
(d) Rs. 10,000

7. The average number of months for which interest on drawings is calculated will be: 1
(a) 3% p.m.
(b) 7% p.m.
(c) 412 months
(d) 6 months

8.Assertion (A): Partnership is the relation between persons who have agreed to share the profits of the business
carried on by all or any of them acting for all.
Reason (R): If a partner carries on any business of the same nature and competing with that of the firm, he or she
shall account for and pay to the firm all profit made by him or her in that business. 1
(a) Both (A) and (R) are correct.
(b) Both (A) and (R) are incorrect.
(c) Both (A) and (R) are correct, and (R) is the correct explanation of (A).
(d) Both (A) and (R) are correct, and (R) is not the correct explanation of (A).

9. A, B, and C were partners in a firm , having capitals of Rs. 1,00,000, Rs. 1,00,000, and Rs. 2,00,000,
respectively. Their current account balances were Rs. 20,000, Rs. 10,000, and Rs. 4,000 (Dr.). According to the
partnership deed, the partners were entitled to interest on capital of 10% p.a. C as the working partner was also
entitled to a salary of Rs. 24,000 p.a. The profits were to be divided as:
(a) The first Rs. 20,000 in proportion to their capitals.
(b) The next Rs. 30,000 in the ratio of 5:3:2.
(c) The remaining profits were to be shared equally.
The firm earned a net profit of Rs. 3,44,000 before charging any of the above items. Prepare the profit and loss
appropriation account and make the necessary journal entries for profit appropriation. 5

10. A, B, and C were partners. Their respective capitals were Rs. 60,000, Rs. 40,000, and Rs. 20,000. According to
the partnership deed, they were entitled to interest on capital at 10% p.a. In addition, B was also entitled to draw a
salary of Rs 1,000 per month. C was entitled to a commission of 10% on the profits after charging interest on the
capital but before charging salary payable to B. The net profit for the year was Rs. 60,000, distributed in the ratio
of capital without providing for any of the above adjustments. The profits were to be shared in the ratio of 5:2:3.
Pass the necessary adjustment entry, showing it to be clearly working. 6

11. Ankur and Bobby are in the business of providing software solutions in India. They share profits and losses in
the ratio of 3:2. They admitted Rohit owned 1/5th of the firm. Rohit, an alumnus of IIT, Chennai, would help them
expand their business to various South African countries where he worked earlier. Rohit is guaranteed a minimum
profit of Rs. 2,000 for the year. Any deficiency in Rohit's share is to be borne by Ankur and Bobby in the ratio of
4:1. Losses for the year were Rs. 110,000. Pass the necessary journal entries. 6