Accountancy

SURMOUNT INTERNATIONAL SCHOOL
TARAMANDAL, GORAKHPUR
SESSION: 2024 - 25
Standard : XII ASSIGNMENT
Subject: Account (055)
General Instructions:
1. This question paper contains 14 questions.
2. Answers should be brief and to the point.
3. Attempt all parts of the questions together.
Q. 1 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 amounts to Rs.8,250. Drawings of
B were:
(A) Rs. 12,000 p.m. (B) Rs.l0,000 p.m. (C) Rs. 9,000 p.m. (D) Rs. 8,000 p.m.
Q. 2. A and B are partners with a profit sharing ratio of 2 : 1 and capitals of Rs.3,00,000 and Rs.2,00,000
respectively. They are allowed 6% p.a. interest on their capitals and are charged 10% p.a. interest on
their drawings. Their drawings during the year were A Rs.60,000 and B Rs.40,000. B’s share of net
profit as per profit and loss appropriation account amounted to Rs.40,000. Net Profit of the firm before
any appropriations was :
(A) Rs. 1,22,000 (B) Rs. 1,13,000 (C) Rs.l, 17,000 (D) Rs. 1,45,000
Q. 3. A and B are partners in a firm. They are entitled to interest on their capitals but the net profit was not
sufficient for this interest, then the net profit will be distributed among partners in :
(A) Agreed Ratio (B) Profit Sharing Ratio
(C) Capital Ratio (D) Equally
Q. 4. A firm earns Rs. 1,10,000. The normal rate of return is 10%. The assets of the firm amounted to
Rs.11,00,000 and liabilities to Rs. 1,00,000. Value of goodwill by capitalisation of Average Actual Profits
will be :
(A) Rs.2,00,000 (B) Rs. 10,000 (C) Rs. 5,000 (D) Rs. 1,00,000
(C.S. Foundation Dec., 2012)
Q. 5. A, B and Care partner sharing profits in the ratio of 1 : 2 : 3. On 1-4-2016 they decided to share the
profits equally. On the date there was a credit balance of Rs. 1,20,000 in their Profit and Loss Account
and a balance of Rs. 1,80,000 in General Reserve Account. Instead of closing the General Reserve
Account and Profit and Loss Account, it is decided to record an adjustment entry for the same. In the
necessary adjustment entry to give effect to the above arrangement:
(A) Dr. A by Rs.50,000; Cr. B by Rs.50,000
(B) Cr. A by Rs.50,000; Dr. B by Rs.50,000
(C) Dr. A by Rs.50,000; Cr. C by Rs.50,000
(D) Cr. A by Rs.50,000; Dr. C by Rs.50,000
Q. 6. X, Y and Z are partners in a firm sharing profits in the ratio 4:3:2. Their Balance Sheet as at 31-3-
2016 showed a debit balance of Profit & Loss A/c Rs. 1,80,000. From 1-4-2016 they will share profits
equally. In the necessary journal entry to give effect to the above arrangement when X, Y and Z
decided not to close the Profit & Loss Acccount:
(A) Dr. A by Rs.20,000; Cr. Z by Rs.20,000
(B) Cr. X by Rs.20,000; Dr. Z by Rs.20,000
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(C) Dr. X by Rs.40,000; Cr. Z by Rs.40,000
(D) Cr. X by Rs.40,000; Dr. Z by Rs.40,000
Q. 7. State four important points which must be incorporated in a Partnership Deed.
Q 8 . Define partnersheep deed. Discuss some of its features?
Q 9 Distinction between Capital account and Current account?
Q 10 Define Sacrificing Ratio and Gaining Ratio?
Q 11. Calculate the interest on drawings of Mr. Navdeep @ 10% p.a. for the year ended 31st March, 2018
in each of the following alternative cases:
Case (a)If he withdrew Rs. 20,000 in the beginning of each quarter.
Case (b)If he withdrew Rs. 20,000 at the end of each quarter.
Case (c)Ifhe withdrew Rs. 20,000 during the middle of each quarter.
Q 12 A firm earned net profits during the last seven years as follows :
2009 Rs. 20,000 Profit 2010 Rs. 70,000 Loss
2011 Rs. 40,000 Loss 2012 Rs.2,50,000 Profit
2013 Rs.2,70,000 Profit 2014 Rs.3,00,000 Profit
2015 Rs.3,20,000 Profit
The Capital invested in the firm is Rs. 12,00,000. Normal rate of return in the similartype of business is
1
10%. Calculate the value of goodwill on the basis of 2 years’purchases of average super profits earned
2
during the above mentioned seven years.
Q 13. A and B are partners in a firm sharing profits in the ratio of 4 : 3. On March 31, 2016 their Balance
Sheet showed a General Reserve of Rs.35,000. On that date they decided to admit Sewak as a new
partner and the new profit-sharing ratio will be 5:3:2. Record necessary journal entries in the books of the
firm under the following circumstances:
(i) When they want to transfer the general reserve to their capital accounts.
(ii) When they don’t want to transfer general reserve in their capital accounts but prefer to record an
adjustment entry for the same.
Q 14. A and B are partners sharing profits equally. They agree to admit C for equal share. For this
purpose goodwill is to be valued at 150% of the average annual profits of the last 5 year’s profits.
Profits were :
It was observed that:
Year ended Rs.
31 st March-2015 40,000
” 2016 60,000
” 2017 1,00,000
” 2018 20,000 (Loss)
” 2019 1,50,000
(1) During the year ended 31st March 2016, an asset of the original cost of Rs.2,00,000 with book value of
Rs. 1,50,000 was sold for Rs. 1,24,000.
(2) During the year ended 31 st March, 2017, firm ’ s assets were not insured due to oversight. Insurance
premium being Rs.20,000.
(3) On 1 st April, 2017,2 Computer’s costing Rs. 1,00,000 were purchased and were wrongly debited to
Travelling Expenses. Depreciation on Computers was to be charged @ 20% p.a. on written down value
basis.
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SURMOUNT INTERNATIONAL SCHOOL

Standard : XII ASSIGNMENT

Subject: Account (055)

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