Commerce zone

Auraiya

REVISION TEST
Class 12 - Accountancy
Time Allowed: 45 minutes Maximum Marks: 40

1. A has given guarantee to C for minimum ₹ 10,000 profit. At year end, the firm suffered loss and C’s share in the [1]
loss was ₹ 2,000. Calculate amount of deficiency to be borne by A.

a) ₹ 10,000 b) ₹ 8,000

c) ₹ 2,000 d) ₹ 12,000
2. Guarantee given to partner A by the other partners B & C means: [1]

a) All of these b) In case of loss or insufficient profits 'A' will

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withdraw the minimum guarantee amount.

c) In case of insufficient profits 'A' will receive

only the minimum guarantee amount.
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d) In case of loss ‘A' will not contribute
towards that loss.
3. If a fixed amount is withdrawn by a partner at the end of each quarter, interest on drawings on the total amount [1]
withdrawn will be calculated for:
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a) 6 months b) 3 months
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c) 9 months d) 4
1

2
months
4. For transfer of Profit from Profit and Loss Appropriation account to Reserve account, which account to be [1]
credited
By

a) Reserve A/c b) Profit and Loss Appropriation account

c) Profit and Loss Adjustment Account d) Profit and Loss account

5. X, Y and Z are partners sharing profits and losses equally. Their capital balances on March, 31, 2012 are ₹ [1]
80,000, ₹ 60,000 and ₹ 40,000 respectively. Their personal assets are worth as follows: X - ₹ 20,000, Y - ₹
15,000 and Z - ₹ 10,000. The extent of their liability in the firm would be:

a) X - ₹ 80,000 : Y - ₹ 60,000 : and Z - ₹ b) X - ₹ 20,000: Y - ₹ 15,000 : and Z - ₹ 10,00

40,000

c) X - ₹ 1,00,000 : T - ₹ 75,000 : and Z - ₹ d) Equal

50,000
6. Calculate the Interest on Drawings of Ram @10% p.a for the year ended 31st March 2012. If Ram withdraws [1]
drawings Rs. 2000 p.m at the beginning of every month.

a) ₹1,300 b) ₹1,100

c) ₹1,400 d) ₹1,200
7. AK, BK and CK are sharing profits in the ratio of 2:1:1. They have decided to share future profits in the ratio of [1]

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 3:2:1. Find out the gainer partner.

a) Both AK is the gainer partner and CK is the b) CK is the gainer partner

gainer partner

c) BK is the gainer partner d) AK is the gainer partner

8. How sacrificing ratio is calculated [1]

a) Sacrificing ratio = Old ratio - Gaining ratio b) Sacrificing ratio = New ratio - Old ratio

c) Sacrificing ratio = Old ratio - New ratio d) Sacrificing ratio = Old ratio + New ratio
9. Profit and Loss adjustment account differs from Profit and Loss Appropriation account which is prepared to [1]
show the effect of

a) Change in Capital Accounts b) Change in Current Accounts

c) Depreciation charged on assets d) Revaluation of assets and re-assessment of

liabilities
10. Vinod and Govind are equal partners in a partnership. They decided to change their ratio as 2 : 1. On that date, [1]
general reserve appeared in the books as ₹ 30,000. What amount of reserve will be transferred to Govind's

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Capital Account?

a) ₹ 5,000
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c) ₹ 20,000 d) ₹ 15,000

11. Yogesh and Raja are partners in firm sharing profits and losses in the ratio of 3 : 2. on 31st March, 2023 after [3]
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closing the books of account, their Capital Accounts stood at ₹ 4,80,000 and ₹ 6,00,000 respectively. On 1st
May, 2022, Yogesh introduced an additional capital of ₹ 1,20,000 and Raja withdrew ₹ 60,000 from his capital.
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On 1st October, 2022, Yogesh withdrew ₹ 2,40,000 from her capital and Raja introduced ₹ 3,00,000. Interest on
capital is allowed at 6% p.a. Subsequently, it was noticed that interest on capital @ 6% p.a. had been omitted.

Profit for the year ended 31st March, 2023 amounted to ₹ 2,40,000 and the partners' drawings had been: Yogesh
By

- ₹ 1,20,000 and Raja - ₹ 60,000. Compute the interest on capital if the capitals are
i. fixed, and
ii. fluctuating
12. In the absence of Partnership Deed, state the provisions of the Partnership Act, 1932 relating to: [3]
a. Salaries of partners
b. Interest on partners'capitals
c. Interest on loan by partner,
d. Division of profit
e. Interest on partners'drawings,
f. Interest on Loan given to partners?
13. Anu, Manu, Sonu and Rohan were partners in a firm sharing profits and losses in the ratio of 1 : 2 : 1 : 2. With [3]
effect from 1st April, 2023, they decided to share profits and losses in the ratio of 2 : 4 : 1 : 3. Their Balance
Sheet showed General Reserve of ₹ 90,000. The goodwill of the firm was valued at ₹ 4,50,000.
Pass necessary journal entries for the above on account of change in the profit sharing ratio. Show your working
clearly.

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14. On 1st April, 2023, a partnership firm had assets of ₹ 2,00,000 including cash of ₹ 6,000 and bank balance of ₹ [3]
14,000. The partners' capital accounts showed a balance of ₹ 1,90,000 and reserves constituted the rest. If the
normal rate of return is 10% and the goodwill of the firm is valued at ₹ 60,000 at 4 years purchase of super
profits, find the average profits of the firm.
15. Barun, Tarun and Shivam are partners in a firm and do not have a Partnership Deed. Barun introduced further [4]

capital of ₹ 5,00,000 on 1st October, 2022. Whereas Shivam took loan of ₹ 50,000 from the firm on 1st October,
2022. Disputes have arisen among them on the following:
a. Barun demands interest @ 10% p.a. on ₹ 5,00,000 being his extra capital.
b. Tarun desires that his son Deep should be admitted as partner and he will give him half of his share. Barun
and Shivam do not agree.
c. Barun and Tarun are of the view that Shivam should be charged interest on loan from the firm at the lending
rate of the banks, which is 12% p.a.
d. Tanun has withdrawn ₹ 50,000 from the firm for his personal use. Barun and Shivam are of the view that
Tarun should be charged interest @ 10% p.a.
Give solution to each issue of dispute.

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16. Pass necessary rectifying journal entries for the following omissions committed while preparing Profit and Loss [4]
Appropriation Account. You are also required to show your workings clearly.
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i. A, B and C were partners sharing profits and losses equally. Their fixed capitals were A ₹ 4,00,000; B ₹
5,00,000 and C ₹ 6,00,000. The partnership deed provided that interest on partners’ capital will be allowed
@ 10% per annum. The same was omitted.
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ii. P, Q and R were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their partnership deed
provided that interest on partners’ drawings will be charged @ 18% p.a. Interest on the partners’ drawings
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was ₹ 1,000, ₹ 500 and ₹ 2,000 respectively. The same was omitted.
17. Ram and Shyam are partners sharing profits equally. They admit Rohan into partnership for equal share. [4]
Goodwill was agreed to be valued at two years purchase of average profit of last four years. Profits for the last
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four years were:

Year Ended Normal Profit/(Loss)(₹)

31st March, 2020 70,000;

31st March, 2021 1,00,000;

31st March, 2022 55,000(Loss);

31st March, 2023 1,44,000.

The books of account of the firm were perused and following was noticed:

i. Firm had profit on sale of building (abnormal gain) of ₹ 10,000 during the year ended 31st March 2020.

ii. Firm incurred loss on sale of computers (abnormal loss) of ₹ 20,000 during the year ended 31st March 2021.

iii. Repairs to car of ₹ 50,000 was wrongly debited to Vehicles Account on 1st June 2021. Depreciation was
charged on vehicles @ 12% p.a. on Straight Line Method.
Calculate the value of Goodwill.
18. R, S and T were partners in a firm sharing profits in 3 : 2 : 1 ratio. Their balance sheet as at 31st March, 2023 [6]

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was as follows
Balance Sheet
as at 31st March, 2023

Liabilities Amounts (₹) Assets Amount (₹)

Creditors 50,000 Land 50,000

Bills payable 20,000 Building 50,000

General Reserve 30,000 Plant 1,00,000

Capital A/c's Stock 40,000

R 1,00,000 Debtors 30,000

S 50,000 Bank 5,000

T 25,000 1,75,000

2,75,000 2,75,000

From 1st April. 2023 R, S and T decided to share the future profits equally. For this purpose it was decided that

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i. Goodwill of the firm be valued at ₹ 1,50,000.
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ii. Land be revalued at ₹ 80,000 and building be depreciated by 6%.
iii. Creditors of ₹ 6,000 were not likely to be claimed and hence be written-off.
Prepare revaluation account, partners’ capital accounts and the balance sheet of the reconstituted firm.
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