Consumer Buying Behaviour

Page 1 of 4 AUGUST- 2019 CLASS: - XII SUBJECT: ACCOUNTANCY TIME: 1.5 Hr. MAX. MARKS: 40 Q.1. Firm has earned an exceptionally high profits from a contract which has expired. In such a case the profit from this contract will not be considered for ............ (a) distribution as profit share to the partners. (b) calculation of goodwill of the firm. (c) allowing interest on capital provided in the deed. (c) setting of losses of the firm. 1 Q.2. Partners are supposed to pay interest on drawing to the firm only when firm is in a loss and partnership deed is silent. State whether the statement is 'True' or 'False'. 1 Q.3. Guarantee given to a partner, ' A ' by the other partners ' B ' & ' C ' means : (a) In case of loss A will not be allowed interest on capital but other partners will be charged. (b) In case of insufficient profits ' A ' will receive only the minimum guaranteed amount, even if other partners bear loss. (c) In case of insufficient profits ' A ' will get the minimum guaranteed profit and will not be charged for interest on drawings. (d) In case of good profits 'A' can only claim the minimum guaranteed profits. 1 Q.4. On 1 st April, 2019 A, B and C who were carrying on a partnership business, had fixed capitals of Rs.50,000; Rs.40,000 and Rs.30,000 respectively. Whereas on the same date their current account balances were Rs. 30,000 (cr); Rs.22,000 (cr) and Rs.15,000 (dr) respectively. For the accounting period ending on 31 st December, 2019, their firm reported a profit of Rs.80,000. As per provisions of the Indian partnership Act, 1932, what will be the profit share of partner 'C' in the above amount after taking into account that no interest has been provided on an advance by A of Rs.20,000 in addition to his capital contribution. 1 Q.5. Every partner is bound to attend diligently to his .................... in the conduct of the business. (a) Rights (b) Meeting (c) Capital (d) Duties 1 Q.6. X, Y and Z are partners in a firm. At the time of division of profit for the year there was dispute between the partners. Profits before interest on capital was Rs.6,000 and X wanted interest on capital @ 20% as per agreement as his capital contributions was Rs.1,00,000 as compared to that of Y and Z which was Rs.75,000 and Rs.50,000 respectively. Their allowed interest on capital to all the partners and the loss of Rs.39,000 was distributed to all the partners. Explain with reason was the accounted correct in his treatment? 1 Q.7. At the end of the accounting year 'P artners ' Drawing A/c is closed by transferring to ........... (a) debit sided of partners capital or current account. (b) credit side of partners capital account. (c) credit side of partners current account. (d) credit side of partners capital and current account. 1 Q.8. Interest on drawings, when provided in the deed is recorded on the credit side of ............A/c. (Fill up the blank) 1
Page 2 of 4 Q.9. Sunita and Babita are partners sharing profits and losses in the ratio 4:1 Meeta was manager who was entitled to a monthly salary of Rs. 4,000 in addition to a commission of 5% on net profit after charging such commission. Profit for the year is Rs.6,78,000 before charging salary. The total remuneration payable to Meeta is ..................... (Fill up the blank) 1 Q.10. Arman and Rehman are partners with capitals of Rs.25,000 and Rs. 15,000 respectively. Interest payable on capital is 10% p.a. When profits of the firm for the year is Rs.2,400, the interest on capital will be ........................ (a) Rs.2,500 and Rs.1,500 (b) Rs.1,500 and Rs.900 (c) Rs. 1,200 each (d) No interest will be paid 1 Q.11. A partnership firm of Gagan, Chaman and Umang suffered a loss of Rs.72,000 during the year. State the provisions of Indian Partnership Act, 1932 applicable for them in the absence of partnership deed. 3 Q.12. Calculate interest on drawings @ 6 % p.a. in each of the following cases for the year ending on 31 st March, 2019: (1) Alex drew Rs.3,000 p.m. in the beginning of each month for first six months then he drew Rs. 4,000 p.m. at the end of each month for rest of the six months. (2) Black drew Rs.6,000 p.m. at the end of each alternative month starting from April, 2018. (3) Cremlin drew Rs.4,000 per quarter in the beginning of each quarter for first six months and Rs.6,000 per quarter at end of each quarter for last six months. (OR) Capitals of A and B are Rs.3,00,000 and Rs.2,00,000 respectively as on 31 st March, 2019. During the year 2018 - 19 they made following transactions: A drew Rs.40,000 out of his capital on 1 st July, 2018. B introduced Rs.30,000 as additional capital on 31 st October, 2018. On 1 st December, 2018 A introduced Rs.50,000 as additional capital. On 31 st December, 2018 B withdrew Rs.20,000 out of capital. Apart from the above A and B have drawn Rs.50,000 each on 1 st September, 2018 and 1 st December, 2018 for their personal use. Calculate interest on their capital @ 12% p.a. 3 Q.13. Proctor, Rex and Quinton were partners sharing profits and losses in the ratio of 2:3:5. After distributing profit of Rs.60,000 for the year ended 31 st March, 2019, they decided to share profits and losses as 5:2:3 w.e.f. 1 st April, 2018. On 31 st March 2018 interalia their balance sheet showed following balances: Goodwill Rs.1,50,000 General Reserve Rs. 90,000 As per the provisions in the deed their goodwill was valued at Rs.2,40,000 and it was decided to show its effect by raising the goodwill account and maintaining it at its previous book value. The revalued values of assets and reassessed amount of liabilities showed loss of Rs.60,000. Though the partners decided to continue showing assets and liabilities at their current book values but to distribute the general reserve. You are required to pass necessary journal entries to give effect to the above. (OR) Amit, Bhavit and Charchit are partners in the ratio of 3:2:1. From 1 st April, 2019 they decided 4
Page 3 of 4 to share profits & losses in the ratio of 2:1:3. On the date of change in partnership deed following balances appeared in the books: Profit & Loss A/c (Dr.) Rs.1,20,000 Investment Fluctuation Reserve Rs. 15,000 Goodwill Rs. 60,000 Investments (Market value Rs.3,80,000) Rs.4,00,000 Partners decided to maintain same balance of investment fluctuation reserve in the books. The goodwill was valued at Rs.1,80,000 though it was decided to maintain it at the old value in the books. You are required to pass necessary journal entries to give effect to the above changes. Q.14. Sundry Assets of a firm (including miscellaneous expenses of Rs.60,000 and goodwill of Rs.40,000) are Rs.7,50,000. Contribution of partners and that of outsiders in the firm is in the ratio of 3:2. Average profit earned by the firm is Rs.60,000. Calculate goodwill of the firm at 3 years of purchase of super profit and also by capitalization of super profit method after considering the following: (1) Rs.5,000 is to be provided annually to cover cost of management. (2) Normal Rate of Return is 8 %. (3) Risk free rate of return is 2 %. 6 Q.15. Following is an extract of balance sheet of Xaviour and Yusuf as on 31 st March, 2019 who are sharing profits in the ratio of 3:2 : Liabilities Rs. Assets Rs. Capital Accounts: Xaviour - 2,50,000 Yusuf - 1,50,000 P & L Appropriation A/c 4,00,000 2,00,000 Drawings Accounts: Xaviour - 24,000 Yusuf - 12,000 36,000 Xaviour and Yusuf had drawn the above amounts per month in the beginning and at the end of each month respectively. Apart from the above drawings both have drawn the same amount on 1 st October, 2018 out of their capitals. Profit earned during the year was Rs.4,00,000 out of which salaries of Rs.20,000 & Rs.30,000 were credited to Xaviour and Yusuf. Later on following errors/ omissions were detected: (1) Interest @ 10 % p.a. was credited on their opening capitals without considering capitals withdrawals. (2) Profit was also distributed equally. (3) Interest on drawings was omitted to be charged @ 6 % p.a. Pass necessary journal entry to rectify above errors. 6 Q.16. Aman, Boby and Chaitanya are partners in a firm sharing profits in the ratio of 3:2:1. On 1 st April, 2018 their capitals were Rs.3,24,000; Rs.2,00,000 and Rs.1,00,000 respectively. As per partnership deed: (1) Partners were entitled to interest on their capitals @ 10% p.a. (2) Aman and Boby to get salary of Rs.10,000 p.m. and Rs.5,000 p.m. respectively. (3) Chaitanya to get special remuneration of Rs.30,000. (4) Interest on drawings was to be charged @ 12 % p.a. 8
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