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    Ut Sample Paper Ak G 12 Acc

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    blackpink771170
    The document contains sample questions and solutions for an accounting exam on partnership accounts. There are 13 multiple choice and numerical questions covering topics like treatment of partner's drawings, distribution of profits, calculation of interest on capital and more. Detailed solutions and workings are provided for each question.

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    © All Rights Reserved
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    Ut Sample Paper Ak G 12 Acc

    Uploaded by

    blackpink771170
    10 views4 pages
    The document contains sample questions and solutions for an accounting exam on partnership accounts. There are 13 multiple choice and numerical questions covering topics like treatment of partner's drawings, distribution of profits, calculation of interest on capital and more. Detailed solutions and workings are provided for each question.

    Original Description:

    ACCOUNTS GRADE 12

    Original Title

    UT SAMPLE PAPER AK G 12 ACC

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    © © All Rights Reserved

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    The document contains sample questions and solutions for an accounting exam on partnership accounts. There are 13 multiple choice and numerical questions covering topics like treatment of partner's drawings, distribution of profits, calculation of interest on capital and more. Detailed solutions and workings are provided for each question.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    10 views4 pages

    Ut Sample Paper Ak G 12 Acc

    Uploaded by

    blackpink771170
    The document contains sample questions and solutions for an accounting exam on partnership accounts. There are 13 multiple choice and numerical questions covering topics like treatment of partner's drawings, distribution of profits, calculation of interest on capital and more. Detailed solutions and workings are provided for each question.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    UT 1 – SAMPLE PAPER ANSWER KEY

    1. A and B are the partners sharing profit equally. A draw regularly Rs. 4,000 at the end of every (1)
    month for 6 months. Year ended on 30 thSeptember 2018, calculate interest on drawings @ rate
    5% p.a.
    A 350 B 450

    C 150 D 250

    2. A partnership firm earned divisible profit of Rs. 5,00,000, interest on capital is to be provided to (1)
    partner is Rs. 3,00,000, interest on loan taken from partner is Rs. 50,000 and profit-sharing ratio
    of partners is 5:3 sequence the following in correct way.
    I. Distribute profits between partners.
    II. Charge interest on loan to Profit and Loss A/c
    III. Calculate the net profit Transfer to Profit and Loss appropriation A/c
    IV. Provide interest on capital.

    A II, III, IV, I B II, III, I, IV

    C I, III, IV, I D III, II, I, IV

    3. If the average capital employed in a firm is Rs. 9,80,000, actual profit is Rs. 75,000 and normal (1)
    rate of return is 12%, then super profit is
    A ₹98,000 B ₹23,000
    C ₹42,600 D ₹1,17600
    4. If Goodwill is Rs. 1,20,000, Average Profit is Rs. 60,000 Normal Rate of Return is10% on (1)
    Capital Employed Rs. 4,80,000. Calculate capitalized value of the firm.

    A ₹6,00,000 B ₹5,00,000

    C ₹4,00,000 D ₹7,00,000

    5. Assertion (A): - Commission provided to partner is shown in Profit and Loss A/c. (1)

    Reason (R): - Commission provided to partner is charge against profits and is to be provided at
    fixed rate.

    A A) is correct but (R) is wrong B Both (A) and (R) are correct, but (R) is
    not the correct explanation of (A)

    C Both (A) and (R) are incorrect. D Both (A) and (R) are correct, and (R) is
    the correct explanation of (A)

    6. Gani, a partner withdrew ₹ 5,000 in the beginning of each quarter and interest on drawings was (1)
    Page 1 of 4
    calculated as ₹ 1,500 at the end of accounting year 31 March 2022. What is the rate of interest
    on drawings charged?

    A 6% p.a. B 8% p.a.

    C 10% p.a. D 12% p.a.

    7. Shyam = 2,500 3
    Gopal = 750
    Arjun- No IOD

    8. Capitalization of super profit = 18200 x 100/8 = 2,27,500 3

    or

    Capitalization of average profit = 11,87,500 – 9,60,000 = 2,27,500

    9. 3
    Profit & Loss appropriation account
    Interest on capital Net Profit 138000
    Amay 9,000
    Anmol 4,500
    Rohan 4,500 18,000
    Divisible profit
    Amay's current a/c 60,000 -
    7,000 53,000
    Anmol's current a/c 40,000
    Rohan's current a/c 20,000 +
    7,000 27,000
    138,000 138000

    10. Adjustment Table 4


    Particulars P Q R Firm
    wrong profit (36000 (36000 (24000 96000
    IOC @ 2 % 1,600 1,280 960 (3,840
    Wrong Salary (15,000 15,000
    Correct Salary 15000 (15000
    Correct profit 34560 34560 23040 92160
    Net effect 14840(Dr) 14840(Cr) NIL

    Page 2 of 4
    11. 4

    12. 6
    Profit & Loss appropriation account
    Interest on capital P&L a/c 176000
    A 20,000 Add: salary 24,000 200000
    B 12000
    C 8000 40,000
    Salary
    A 24000
    B 36000 60,000
    B's Commission 10,000
    Transfer to reserve 9,000
    Divisible profit
    A's capital 37,000
    B's capital 25,000
    C's capital 19,000 81,000
    200,000 200000

    Page 3 of 4
    13. Neena’s current a/c Dr 9,000 6
    To Sara’s current a/c 9,000
    (IOC adjusted for two years)

    Page 4 of 4

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