JB PARISAR, OPPOSITE SUNITA NURSERY, VIDHAN SABHA ROAD, RAIPUR

Grade-12th
SAMPLE QUESTION PAPER
ACCOUNTACY DATE-07/09/2023
1. Milan, Khilan and Silam were partners sharing profits in the ratio of 2 : 2 : 1. They decided to share future
profits in the ratio of 7 : 5 : 3 with effect from 1st April, 2019. After the revaluation of assets and re-assessment
of liabilities, Revaluation Account showed a loss of Rs.15,000. The amount to be debited in the capital account
of Milan because of loss on revaluation will be:
(A) Rs.15,000 (B) Rs.6,000 (C) Rs.7,000 (D) Rs.5,000
2. A, B and C were partners in a firm sharing profit and losses in the ratio of 1 : 2 : 3. B died on 31 st July, 2022.
According to the partnership agreement, her share of profit from the closure of last accounting year till the
date of her death was to be calculated on the basis of aggregate profits of two completed years before her
death. Profits of the firm for the years ending 31st March, 2021 and 31st March, 2022 were Rs.46,000 and
Rs.44,000 respectively. The firm closes its books on 31st March every year. B’s share of profit till the date of her
death will be:
(A) Rs.20,000 (B) Rs.5,000 (C) Rs.10,000 (D) Rs.45,000
3. A, B, C and D are partners sharing profits in the ratio of 4 : 3 : 2 : 1. They admit E as a new partner for 1/10 th
share. It is agreed that C and D will retain their original shares. What will be New Profit sharing ratio?
(A) 4 : 3 : 2 : 1 : 1 (B) 24 : 18 : 14 : 7 : 7 (C) 7 : 5 : 4 : 2 : 2 (D) 36 : 27 : 18 : 9 : 10
4. On dissolution of a firm, debtors were Rs.1,00,000. Of these Rs.10,000 became bad and the rest realized 60%.
Which account will be debited and by how much amount?
(A) Realisation Account by Rs.50,000 (B) Realisation Account by Rs.36,000
(B) Bank Account by Rs.54,000 (D) Realisation Account by Rs.54,000
5. A and B were partners. C joins them and it is decided that A’s share will be half of B’s share and C’s share will
be one third of A’s share, find new profit sharing ratio.
(A) 1 : 2 : 1 (B) 2 : 4 : 1 (C) 3 : 6 : 2 (D) 3 : 6 : 1

6. A, B and C sharing profits and losses in the ratio of 3 : 2 : 1, decide to share future profits and losses in the
ratio of 4 : 3 : 2. Give Journal entry to distribute ‘Investment Fluctuation Reserve’ of Rs.50,000 at the time of
change in profit sharing ratio, when Investments (market value Rs.1,30,000) appears at Rs.1,50,000.
7. Anita and Binita are partners in a firm. Anita had taken a loan of Rs.15,000 from the firm. How will Anita’s
loan be closed in the event of dissolution of the firm?
(A) By crediting it to Anita’s Capital Account
(B) By debiting it to Anita’s Capital Account
(C) By crediting it to Realisation Account
(D) By debiting it to Cash Account
8. A, B and C are partners sharing profits in the ratio of 2 : 3 : 4. A retires and on that date, Profit and Loss
Account showed a debit balance of Rs.1,80,000. B and C decided to share future profits and losses in the ratio
of 2 : 1. Show necessary Journal entry for the treatment of Profit and Loss Account balance on A’s retirement.
9. A, B , C and D were partners sharing profits in the ratio of 4 : 3 : 2 : 1. A retires and his share is acquired by C
and D in the ratio of 3 : 1. What will be New ratio?
(A) 3 : 5 : 2 (B) 3 : 2 : 1 (C) 3 : 3 : 4 (D) 5 : 3 : 2
10. On dissolution, unrecorded liabilities taken over by a partner are shown on the:
(A) Dr. side of Parnter’ Capital A/c (B) Dr. side of Realisation A/c
(C) Cr. side of Realisation A/c (D) Cr. Side of Cash/Bank A/c
11. A and B are partners with capitals of Rs.3,00,000 and Rs.2,00,000 respectively. Normal rate of return is 15%
and goodwill calculated at 2 years purchase of super profits is valued at Rs.1,00,000. What were the average
profits of the firm?
(A) Rs.1,25,000 (B) Rs.25,000 (C) Rs.1,75,000 (D) Rs.60,000
12. X, Y and Z were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. The capital balance were
Rs.2,00,000 for X, Rs.1,40,000 for Y, Rs.1,10,000 for Z. Y decided to retire from the firm and balance in reserve
on the date was Rs.50,000. If goodwill of the firm was valued at Rs.60,000 and loss on revaluation was
Rs.15,000 then, what amount will be payable to Y?
(A) Rs.38,000 (B) Rs.1,78,000 (C) Rs.50,000 (D) Rs.1,90,000
13. On dissolution of a firm, Sundry Creditors amounted to Rs.1,00,000 out of which Rs.5,000 were untraceable
and creditor of Rs.20,000 was given an unrecorded computer of Rs.10,000 in full settlement of his claim and
the remaining were paid at 80%. On payment of creditors Realisation account will be:
(A) Debited by Rs.68,000 (B) Credited by Rs.68,000
(C) Debited by Rs.60,000 (D) Credited by Rs.60,000
14. Which of the following transactions is debited to Revaluation Account?
(A) Increase in the Value of Furniture
(B) Increase in Provision for Doubtful Debts
(C) Creditors discharged at a discount
(D) Loss on revaluation of all assets and reassessment of all liabilities
15. R and S were partners in a firm sharing profits in 3 : 2 ratio. Their respective fixed capitals were Rs.10,00,000
and Rs.15,00,000. The partnership deed provided the following:
(i) Interest on capital @ 10% p.a.
(ii) Interest on drawing @ 12% p.a.
During the year ended 31-3-2021, R’s drawings were Rs.1,000 per month drawn at the end of every month
and S’s drawings were Rs.2,000 per month drawn in the beginning of the every month. After the preparation
of final accounts for the year ended 31-3-2021 it was discovered that interest on R’s drawings was not taken
into consideration.
Calculate interest on R’s drawings and give necessary adjusting entry for the same.
16. Arun, Barun and Chug are partners sharing profits in 3 : 2 : 2. They admitted Mallika into partnership for
1/5th share which she acquired from Arun, Barun and Chug in 2 : 2 : 1 ratio respectively. You are required to
calculate the new profit sharing ratio.
17. A and B contribute Rs.20,00,000 and Rs.12,00,000 respectively by way of capital on which they agree to allow
interest at 6% p.a. Their respective share of profit is 3 : 2 and the profit for the year is Rs.1,60,000 before
allowing interest on capitals. Prepare the necessary account to allocate interest on capitals:
When partnership deed is silent in treating interest as a charge or appropriation, and
When interest is to be allowed irrespective of profit.
18. A, B C were partners sharing profits in 4 : 3 : 2 ratio respectively.
Their Balance Sheet as at 31st March, 2022 was as follows:
Liabilities Amt (Rs.) Assets Amt (Rs.)
Capitals : Cash 10,000
A 5,00,000 Bank 40,000
B 3,00,000 Stock 2,00,000
C 1,50,000 9,50,000 Debtors 4,00,000
Creditors 1,45,000 Land 5,00,000
Workmen’s Compensation Reserve 40,000
Provision for doubtful debts 15,000
11,50,000 11,50,000

B retired on this date and it was agreed that A and C will share future profits in the ratio of 5 : 4. The
following was agreed upon:
(i) Goodwill is to be valued at 2.5 years’ purchase of average profits of last three years. The average
profits were Rs.1,80,000.
(ii) Land was undervalued by Rs.1,20,000 and stock overvalued by Rs.43,000.
(iii) Provision for doubtful debts is to be made at 5% of debtors.
(iv) Claim of workmen compensation was estimation was estimated at Rs.10,000.
Prepare B’s capital account.
19. Chanda, Tara and Nisha were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. They
decided to dissolve the firm on 31st March, 2021. Pass necessary Journal entries for the following transactions
after all assets (other than cash and bank) and third party liabilities have been transferred to Realisation
Account.
(i) A typewriter completely written off from the books was sold for Rs.9,000.
(ii) Chanda took over stock worth Rs.96,000 at Rs.84,000.
(iii) Nisha was to get remuneration of Rs.42,000 for completing the dissolution process.
(iv) Creditors of Rs.23,500 took over all investments at Rs.10,000. Remaining amount was paid to them in
Cash.
20. Lokesh, Mansoor and Nihal were partners in a firm sharing profits as 50%, 30% and 20% respectively. On 31st
March, 2020, Their Balance Sheet was as follows:
Liabilities Rs. Assets Rs.
Creditors 34,000 Cash 68,000
Provident Fund 10,000 Stock 38,000
Investment Fluctuation Fund 20,000 Debtors 94,000
Capital A/cs : Lokesh 1,40,000 Less : Provision 6,000 88,000
Mansoor 80,000 Investment 80,000
Nihal 50,000 2,70,000 Goodwill 40,000
Profit and Loss 20,000
3,34,000 3,34,000
On the above date, Mansoor retired and Lokesh and Nihal agreed to continue to the following terms:
(a) Firm’s Goodwill was valued at Rs.1,02,000 and it was decided to adjust Mansoor’s share of goodwill into
the Capital accounts of the continuing partners.
(b) There was a claim for Workmen’s compensation to the extent of Rs.12,000 and investments were brought
down to Rs.30,000.
(c) Provision for Bad Debts was to be reduced By Rs.2,000.
(d) Mansoor was to be paid Rs.20,600 in cash and the balance will be transferred to his Loan Account which
was paid in two equal instalments together with interest @ 10% per annum.
Prepare Revaluation Account and Partners’ Capital Accounts.
21. A and B decided to dissolve their firm on 31st July 2016. From the information given below complete the
Realisation A/c, Capital A/cs and the Bank A/c:
Dr. RELISATION ACCOUNT Cr.
Particulars Amt (Rs.) Particulars Amt (Rs.)
To Sundry Assets : By Creditors A/c 33,000
Stock A/c 14,000 By Bank A/c (Assets realized)
Debtors A/c - Stock 10,000
Fixed Assets A/c 70,000 1,20,000 Debtors 28,000 38,000
To Bank (Creditors paid) - By B’s Capital A/c (Fixed Assets) 30,000
To A’s Capital A/c By Capital A/cs:
(Realisation Exp.) 2,000 (Loss on relaisation)
A 2/3 ---
B 1/3 --- ----
1,52,000 -------
Dr. CAPITAL ACCOUNT Cr.
Particulars A B Particulars A B
To Advertisement suspense A/c 6,000 -- By Balance b/d --- 40,000
To Realisation A/c -- By Reserve --- 4,000
To realization A/c (loss) -- --- By Realisation A/c (Exp.) --- ---
To Bank 20,000 By Bank

Dr. BANK ACCOUNT Cr.

Particulars Rs. Particulars Rs.
To Balance b/d -- By Realisation A/c (Creditors) ---
To Realisation A/c -- By A’s Capital A/c
To B’s Capital A/c (Deficit brought in) --
50,000 ---

22. Chander and Mohini are partners sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2021
is given below:
Liability Rs. Assets Rs.
Chander’s Capital 11,40,000 Land & Building 5,60,000
Mohini’s Capital 7,00,000 Plant & Machinery 6,00,000
Workmen’s compensation Reserve 60,000 Stock 1,60,000
Creditors 1,00,000 Sundry Debtors 6,00,000
Less : Provision 20,000 5,80,000
Bank 1,00,000
20,00,000 20,00,000
They decide to admit Shikha as a new partner from 1 April, 2021. Their new profit sharing ratio was 3 : 2 : 5.
st

Shikha brought in Rs.6,00,0000 as her capital and her share of goodwill premium in cash.
(a) Shikha’s share of goodwill premium was valued at Rs.30,000.
(b) Plan and Machinery was found under valued by 20%.
(c) Creditors were unrecorded to the extent of Rs.20,000.
(d) Claim on account of workmen compensation was Rs.40,000.
(e) Bad debts amounted to Rs.30,000.