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CLASS 12 ACCOUNTANCY PARTNERSHIP FUNDAMENTAL TEST

TEST PAPER FOR FUNDAMENTAL OF PARTNERSHIP

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Rakesh Agarwal
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331 views

CLASS 12 ACCOUNTANCY PARTNERSHIP FUNDAMENTAL TEST

TEST PAPER FOR FUNDAMENTAL OF PARTNERSHIP

Uploaded by

Rakesh Agarwal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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AGARWALS’ ACADEMIA

CLASS 12 ACCOUNTANCY TEST(030824)

Multiple Choice Questions

Q1. Which one of the following items cannot be recorded in the profit and loss appropriation
account?

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a. Interest on capital

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b. Interest on drawings

c. Rent paid to partners

d. Partner's salary

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Q2. Pick odd one out.

a. Goodwill is a fictitious asset.


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b. Goodwill is an intangible asset.

c. Goodwill is a current asset.


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d. Goodwill is a wasting asset.


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Q3. A partner draws 2,000 each on 1st April, 2018, 1st July 2018, 1st October, 2018 and 1st
January, 2019. For the year ended 31st March, 2019 interest
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on drawings @ 8% per annum will be:


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a. 540

b. 320
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c. 960

d. ₹400

Q4. A and B contribute₹ 1,00,000 and 60,000 respectively in a partnership firm by way of
capital on which they agree to allow interest @ 8% p.a. Their profit or loss sharing ratio is
3:2. The profit at the end of the year was 2,800 before allowing interest on capital. If there is
a clear agreement that interest on capital will be paid even in case of loss, then B's share will
be:
RAKESH Kr. AGARWAL
9804279998

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AGARWALS’ ACADEMIA
CLASS 12 ACCOUNTANCY TEST(030824)

a. Profit 6,000

b. Profit 4,000

c. Loss 6,000

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d. Loss 4,000

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Assertion and Reason Type Questions

Directions (Q. Nos. 5-6): Each of the following questions consists of two statements, one is

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Assertion (A) and the other is Reason (R). Give answer:

a. Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of
Assertion (A).
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b. Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation
of Assertion (A).
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c. Assertion (A) is true, but Reason (R) is false.


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d. Assertion (A) is false, but Reason (R) is true.

Q5. Assertion (A): Commission given to a partner is a charge against profit.


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Reason (R): Commission to a partner is credited to his capital/current account.


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Q6. Assertion (A): The guaranteed partner gets full amount of guaranteed given to his
regardless whether the firm earns profit or not.

Reason (R): The amount of guarantee is paid to the guaranteed partner by the guaranteeing
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partner out of his resources.

Case Study Based Question

Q7. Read the following hypothetical text and answer the given questions:

RAKESH Kr. AGARWAL


9804279998

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AGARWALS’ ACADEMIA
CLASS 12 ACCOUNTANCY TEST(030824)
Ajit and Naveen are partners in a firm, with capitals of ₹ 4,00,000 and ₹ 5,00,000
respectively. The profit of the firm, for the year ended 2020-21 is 28,800. As per the
partnership agreement, they share the profit in their capital ratio, after allowing a salary of
6,000 per month to Naveen and interest on partner's capital at the rate of 10% p.a. During
the year, Ajit withdrew 7,000 and Naveen 10,000 for their personal use. As per partnership
deed, salary and interest on capital appropriation treated as charge on profit.

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(i) What is the profit sharing ratio of Ajit and Naveen?

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(ii) Interest on capital will be debited in:

(iii) What is the share of profit of Naveen?

(iv) What is the closing balance of capital account of Ajit?

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Very Short Answer Type Questions
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Q8. What type of relationship does exist between the partners of a firm?

Q9. Write any three details, a partnership deed must contain.


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Q10. When can a partner be entitled to get salary for his service to the firm?
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Q11. What is the provision in case a partner runs the business of the same nature that of the
firm?
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Q 12. In fixed capital method, why can be the capital accounts of partner not show debit
balance?
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Short Answer Type Questions


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Q13. Monika and Radhika are partners in a firm. Their capital accounts as on 1st April, 2020
showed a balance of 2,50,000 and 4,00,000 respectively. On 01 July, 2020, Monika
introduced additional capital of 60,000 and Radhika 80,000. On 1st October, Monika
withdrew 30,000 and on 1st January, 2020 Radhika withdraw 15,000 from their capitals.
Interest is allowed @ 8% p.a. Calculate interest payable on capital to both the partners
during the financial year 2020-21.

RAKESH Kr. AGARWAL


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AGARWALS’ ACADEMIA
CLASS 12 ACCOUNTANCY TEST(030824)
Q14. M and R share profits and losses in the ratio of 3: 1. They admit P as a partner with 1/5
share in profits with a guarantee that his share of profit shall be at least 50,000. The net
profit of the firm for the year ending 31st March, 2020 was ₹ 1,80,000. New profit sharing
ratio among the partners is 3:1:1. Prepare Profit and Loss Appropriation Account.

Q 15. Ramesh is a partner in a firm. He withdrew the following amounts on the first date

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during the year 2020:

(₹)

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May 2020 4,000

August 2020. 12,000

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September 2020. 4,000

December 2020. 12,000


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March 2021. 4,000

Interest on drawings is to be charged @ 72% p.a.


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Calculate the amount of interest to be charged on Ramesh's drawings for the year ending
31st March, 2021.
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Q 16. P, D and K are partner's sharing profits in the ratio of 5:4: 1. K is given a guarantee
that his share of profits in any given year would not be less than 8,000. Deficiency, if any,
would be borne by P and D equally. Profits for the year amounted to 35,000. Record
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necessary journal entries in the books of the firm showing the distribution of profit.
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Long Answer Type Question


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Q 17. Arun and Bali are partners sharing profits in the ratio of 3: 2, with capitals of₹ 80,000
and 60,000 respectively. Interest on capital is agreed @ 6% p.a. Bali is to be allowed an
annual salary of 3,000. Manager is to be allowed commission 4,000. Arun has also given a
loan on 1st April, 2019 of 50,000 to the firm without any agreement. During the year
2019-20, the profits earned is 32,250. Arun has also given a guarantee to Bali

RAKESH Kr. AGARWAL


9804279998

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