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    12 TH

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    goelutkarsh.nmims
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    12th

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    12 TH

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    goelutkarsh.nmims

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    of 3

    Unit Test I

    Class XII
    M.M-40

    Time: - 90 min.
    Note: All questions are compulsory:-

     One mark questions

    1. what accounts are maintained,


    a) When the capitals are fixed
    b) When the capitals are fluctuating?

    2. Give one difference between Profit and Loss Account and


    Profit and loss appropriation Account.
    3. Mention the occasions on which reconstitution of
    partnership firm can take place.
    4. State any two purpose for admitting a new partner in a
    firm.
    5. Give the journal entry to distribute General Reserve and
    profit and Loss Account appearing on the liabilities side of
    Balance sheet.
    6. A, B and C were in partnership sharing profits in the ratio
    of 4:3:1. The partner agreed to share future profits in the
    ratio of 5:4:3. Calculate each partner's gain or sacrifice
    due to change in ratio.

     Two marks question

    7. Calculate interest on Drawings of Mr. Aryan @ 9% p.a. for


    the year ending 31 March 2022. If he withdrew 4,000 from
    the firm at end of every month.
    8. Give two difference between Scarifying and Gaining ratio.
    9. A, B are partners sharing profit in the ratio of 2:1. C is
    admitted with 5/11th share which he takes 3/11th from A
    and 2/11th from B. Calculate new profit sharing ratio of
    the partners.
    10. What rules are applicable in the absence of
    partnership deed -?
    a) Interest on capital
    b) Interest on loan.
     Four marks question: -

    11. A, B and C are partners in a firm sharing profits and


    losses in the ratio of 4:3:3. Their fixed capitals were 1,
    00,000 2, 00,000 and 3, 00,000 respectively. For the year,
    ended 31st March 2022 interest on capital was credited to
    them @ 10% instead of 9% p.a. Pass the necessary journal
    entry.
    12. On April 1, 2023, an existing firm had assets of 5, 00,
    000 including cash of 20,000 and the creditors amounted
    to 30,000. If the normal rate of return is 20% and the
    goodwill of the firm is valued at 64,000 at 4 year's
    purchase of super profit, find the average profit of the
    firm.
    13. Define partnership and explain any three features of
    it.
    14. X, Y, Z are partners with capital of 4, 00,000 3,
    00,000 and 2, 00,000 respectively. They charge 8% p.a.
    interest their capitals and divide the profits in the ratio of
    3:2:1. X has guaranteed that Z's share shall not be less
    than 50,000 in any one year. Net profit for the year before
    providing Interest on capital was 2, 52,000. Prepare P&L
    Appropriation Account.
    15. What do you mean by L.L.P. Explain three difference
    between partnerships and L.L.P.?

     Ten mark question.

    16. what accounting treatment is needed at the time of


    revaluation of partners of goodwill
    OR
    A and B are in partnership sharing profits and losses in the
    ratio of 3:2. On 1st April 2022, they admitted C into
    partnership. He paid 50,000 as his capital but nothing for
    goodwill, which was valued at 40,000 of the firm. He
    acquired 1/5th share in the profits equally from both the
    partners
    It was also decided that: -
    a) Land and Building be written off by 30,000.
    b) Stock be written down by 3,200.
    c) A provision of 1,000 be created for doubtful
    debts.
    d) An amount of 1,200 included in sundry
    creditors, be written off as it is no longer
    payable.

    The Balance sheet A and B as at 31st March 2023 was as


    under.

    Balance sheet as at 31st March 2023


    Liabilities Amount Assets Amoun
    t
    Capital 1,50,0 Goodwill 10,000
    Accounts 00
    A 86,000
    B 64,000
    General Reserve 20,000 Land & Building 60,000
    Sundry 31,200 Plant & 70,000
    Creditors Machinery
    Stock 36,000
    Sundry Debtors 20,000
    Cash at Bank 4,000
    Cash in Hand 1,200
    Total 2,01,2 2,01,2
    00 00

    Prepare Revaluation Account, Partner's Capital Account


    and Balance sheet of the firm.

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