AFAC School And Junior college

STD XII Time 1.5 hrs

SUB B.K Marks 25
Date:14-08-2020
Q1 Choose the correct Answer and rewrite the sentences 5
1.     To start a partnership business, what should be the minimum number of partners___________
a)    2 b) 10 c) 4 d) 20
2.    What type of agreement is used to form a partnership business____________
a)    Written agreement b) Oral Agreement c) Written or oral Agreement d) None of them.
3.    In partnership firm partners liabilities are _________
a)    Limited b) Unlimited c) Limited to capital d) both A and B
4.     What is partnership written agreement known as?
a)    Partnership contract b) Agreement
C) Partnership deed c) Partnership Act
5 Which is not a feature of a partnership business?
a) Ease of formation b) Limited Liability
c) Limited life c) Mutual Agency

Q2 State True or False and rewrite the sentences 5

1.    All direct expenses are debited to trading a/c
2.    Profit and Loss is a nominal a/c.
3.    Closing stock is always valued at market price.
4.    Outstanding wages is a nominal a/c.
5.    Final accounts are prepared at the end of the accounting year.

Q3 Write a word or a term which can substitute the following 5

1.    Stock in hand at the end of the accounting year.
2.    The statement showing financial position of the business on a particular date.
3.    The amount which is note recoverable from debtors
4.    The debit balance of trading a/c
5.    Expenses which are paid before due date.

Q4 Seeta and Geeta are Partners sharing profit and losses in the ratio 1:1 in the ratio 1:1 10
from the following Trial Balalnce and additional information prepare Trading and
Profit and Loss a/c for the year ended 31st March 2019 and Balance sheet as on that date
Trial Balance as on 31st March 2019
Debit Balance AMT Credit Balance Amt
Stock( 1/4/2018) 65,000 General Reserve 145,000
Bills Receivable 28,000 Capital-
Wages and salaries 9,000 Seeta 160,000
Sundry debtors 132,500 Geeta 120,000
Bad debts 1,000 Creditors 98,000
Purchases 148,000 R.D.D 1,800
Motor car 68,000 Sales 285,500
Machinery 114,800 Outstanding wages 700
Audit fees 1,200 Purchases returns 4,000
Sales returns 2,000 Discount 1,800
Discount 2,300
Building 75,000
Cash at bank 12,000
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10% Investmentpaid for 20,000
9 months) 4,500
Royalties 3,000
686,300 686,300

Adjustments
1) Closing Stock Rs 40,000
2) Depreciate Building and Machinery @ 5% and 3% respectively
3) Bills receivable included dishonoured bill of 3,000
4) Goods worth Rs. 1,000 taken by Seeta for personal use not entered in the books of accounts
5) Write off Rs. 1800 as Baddebts and maintains R.D.D at 5% on Sundry Debtors
6) Goods of Rs. 6,000 were sold but no entrywas made in the books of accounts