KR.

Mangalam World School, Gurugram

Unit Test-I(2025 - 26)
Class - XII
Subject - Accountancy
Set - 1
Time: 1Hour
General Instructions: Maximum Marks :30
Allquestions are compulsory.
This question paper contains 13 questions.
Question 1to 8 carries 1 mark each.
Questions 9 and 10 carries 3 marks each.
Question ll carries 4 marks.
Questions from 12 and 13 carries 6 marks each.
Q1. A and B entered into the partnership
business on lst November 2020 with a capital of Rs.5,00,000
cach. According to the partnership deed Interest on capital is to be allowed
amounting to Rs. 12,000
p.a. to each partner irrespective of their capitals during the year and salary to Bis
Rs.12,000 P.a. Profit
for the year ended 31.03.2021 is Rs,40,000. A's share of profit will be:
a) Rs.12,500 b) Rs.25,000
c) Rs.11,000 d) None of these (1)
Q2. Assertion (A): Whether partner's capital is fixed or fluctuating,
withdrawal of capital will reduce the
capital of the partner immediately.
Reason (R): Drawings against the anticipated profile will not reduce the
capital immediately.
a) Both A and R are true and R is the correct explanation
of A.
b) Both A and R are true but R is not the correct
explanation of A.
c)A is true but R is false.
d) A is false but R is true.
(1)
Q3. Chhavi and Neha were partners in a firm sharing profits and losses
equally. Chhavi withdrew a fixed
amount at the beginning of each quarter. Interest on drawing is charged @
6% p.a. At the end of the
year, interest on Chhavi's drawings amounted to Rs. 900. Pass
necessary Journal Entry for charging
interest on drawings.
(1)
Q4. Assertion(A): Salary excess allowed in the past is rectifed by crediting Partner's Capital
Accounts.
Reason (R): Excess salary allowed to partners is transferred to the credit of Profit
and Loss Adjustment
Account.
a) Both (A)and (R) are true and (R)is the correct explanation of (A)
b) Both (A) and (R) are true and (R) is not the correct explanation of (A)
c) (A) is true, but (R) is false
d) (A)is false, but (R) is true (1)

1
 contri
Meena cap

interest1,500.
o n

Neha is a partner in afirm. She withdrew Rs.6,000 at the end of cach quarter duringt the yea and

Q5. Reena
Márch, 2023. Interest on her draawings @10% p.a. will be: allow therei
Rs.

is

b) Rs.1,500 yearwhen
a) Rs.900 ( i üw) h e n
t h e

c) Rs.1,200 d) None ofthese ( i )

Q 2 . Ram,
Sh

A, BandCare partners sharing profits in the ratio of 4:3:2. Ais given aguarantee that his share
Q6. Rs.
2,

profits will not be less than Rs..1,25,000 p.a. Profit at the end of the year is Rs. 2,70,000. Deficiency
meeting deficiency (if any) wiln
t h e

if any, would be borne by B and C equally. B's share of profit after

be:
a) Rs.90,000 b) Rs.87,500
d) None of these (1)
c) Rs.92,500
Q7. Assertion (A): Partners are both Agents andPrincipals.
partners and binds them through his acts. As a
Keason (R): As an agent, a partner represents other
principal, he is bound by the act of other partners.
a) Both Aand Rare true and Ris the correct explanation of A.
b) Both Aand Rare true but R is not the correct explanation of A.
c) Ais true but R is false.
d) A is false but R is true. (1)
Q8. In a partnership Firm, partnerA is entitled a monthly salary of 7,500. At the end of the year, firm
earned a profit of E75,000 after charging A's salary. If the manager entitled a commission of 10%
on the net profit after charging his commission, Manager's commission will be:
a) 7500
b) 16,500
c) 8,250
d) None of these
(1)
Q9. P,Qand Rare partners sharing profits in the ratio of 2:1:1.Their capitals as on 1 April, 2022 Were
Rs.50,000, Rs.30,000and Rs.20,000respectively. At the end ofthe year ending 31 March, 2023 it was
found out that interest on capitals (@ 12% p.a., salaries to P- Rs. 500 per month
and R - Rs. 1,000 per
month were not adjusted fromn the profits.
Show adjusting entry to be made in the next year for the above adjustments.
(3)
Q0. Ajay and Shubham are partners in a fim with a capital of Rs.4,00,000 and
Rs. 3,00,000 on April 1,
2019, respectively.
Ajay introduced additional capital of Rs. 80,000 on June lst, 2019 and Shubham
introduced additional
capital of Rs. 50,000 on September 30th,2019. Ajay withdraw Rs.30,000 from his
capital on January
Ist, 2020.
Calculate interest on capital for the year ending 31lst March 2020. The rate of interest on
capital is 9%
p.a. and Pass Journal entries for Interest on capital.
(3)

2
 1. Reena and Meena contribute Rs. 30,000 and Rs. 10,000 respectively towards capital. They decide to
allowinterest on capital @6% p.a. Their respective share of profits is 2:3 andthe net profit for the

Rs.
Show distribution of profits:
1,500.

yearis
) whenthere is no agreement except for interest on capitals; and
(i) when there is an agreement that the interest on capital as a charge.
(4)
QIz Ram, Shyam and Mohan are partners in firm. Their capital accounts on 1st April, 2023, stood at
Rs. 2.00,000, Rs. 1,20,000 and Rs. 1,60,000 respectively. Each partner withdrew
Rs. 15,000 during
the financial year 2023-24.
As per the provisions of their partnership deed:
Interest on capital was to be allowed @5% per annum.
Interest on drawings was to be charged @4% per annum.
Profits and losses were to be shared in the ratio 5:4:1.
The Net Profit of Rs. 72,000 for the year ended 31st March, 2024, was divided equally amongst the
partners without providing for the terms of the deed.
You are required to pass asingle adjustment entry to rectify the error. Show working clearly. (6)
Q13. Aand Bare partners sharing profits and losses in the ratio of 3: 1. On lst April, 2018, their capitals
were: A? S0,000 and B30,000. During the year ended 31st March, 2019 they earned a net profit of
50,000. The terms of partnership are:
a) Interest on capital is to allowed @6% p.a.
b) Awill get a commission (@ 2% on turnover.
c) B will get a salary of* 500 per month.
d) Bwill get commission of 5% on profits after deduction of all expenses including such commission.
Partners' drawings forthe year were: A 8,000 and B 6,000. Turnover for the year was 3,00,000.
After considering the above facts, you are required to pass necessary jounal entries. (6)