SANSKAR VALLEY PUBLIC SCHOOL

Subject: - Accountancy Quarterly Examination 2023-24 Time: - 3 Hrs

Roll No. ………………………. Class : 12th M.M. –80
Note – All Question are Compulsory -
Q1. Choose the Correct Option and Write it: 1×6 = 6
1. Revaluation account is opened when:
A)On admission of partner B) on dissolution of firm.
C)On amalgamation of firm D) None of these
2. Interest on drawing is :
A) Loss of form B) Income of partners
C) Income of firm D) None of these.

3. Goodwill is written off in:

A) In old ratio B) In new ratio
C) Equally D) In income generated ratio
4. Interest on loan given in absence of partnership deed is :
A) 6% B) 8%
C) 9% D) 12%
5. Preparation of partnership deed is.
A) Compulsory B) Voluntary
C) Partly Compulsory D) Partly Voluntary.
6. The sacrificing ratio of partner and gaining ratio of partner is :
A) Average B) equal
C)more D)none of these.
Q2. Fill in the blanks : 1×7 = 7
1. On the death of a partner claim amount is given to_______.
2. Revaluation account is a _________ account.
3.On the dissolution of a firm first of all _______liabilities are paid.
4. Realization account is a kind of _______ account.
5. The right over the amount of goodwill rests with __________ partners.
6. __________ of a partnership is a change in relationship among the partners.
7. Sacrificing ratio = Old ratio - ___________.
Q3. Match the column. 1×6 = 6
1. Admission of a Partner - Creation of New Contract.
2. Gaining Ratio - Sacrificing Ratio.
3. Reconstitution of Partnership - Compensation
4. Sacrificing Partner - New Ratio Old Ratio
5. Old Ratio- New Ratio - Reconstitution of partnership.
6. Sacrificing ratio is equal to - Gaining ratio.
Q4. State true / false 1×6 = 6
1. Unrecorded assets are transferred to realization account.
2. Revaluation account is prepared on the assets sold.
3. On paying the goodwill premium by a new partner it is transferred to old partner's capital account in their
sacrificing ratio.
4. The surrender ratio of profit is called sacrificing ratio.
5. At the time of admission of the new partner undistributed profit are transferred to capital account of old partners
as per new profit sharing ratio.
6.Partners loan is an internal liability.
Q.5 Answer in one word/sentence. 1×7 = 7
1. Give the base for the calculation of profit on the death of a partner.
2. Write the name of account which is prepared for increase and decrease in the value of assets and liabilities.
3. Write the formula of sacrificing ratio?
4. Give two reasons of three reconstitution of partnership?
5.On the expiry of time the dissolution of partnership is called ?
6. In which form does the new partner brings in cash to have a share in the profit?
7. The difference between the old and new ratio is.
8. When does a partner retire from a firm ?
Vary short answer type questions. (2×10=20)
Q.6. What do you mean by dissolution of a partnership ?
OR Give two reasons for reconstitution of partnership form?
Q.7 What are the rights of new partner in a firm ?
OR Is goodwill is an intangible asset if yes why?
Q.8. What is sacrificing ratio?
OR What is gaining ratio?
Q.9. What does partnership mean?
OR What is partnership deed?
Q.10. Whatdoes fluctuating capital account mean?
OR What does fixed capital account mean?
Q.11. What is profit and loss appropriation account?
OR What do you mean by revaluation records explain in brief?
Q.12. What do you mean by admission of new partner?
OR How is gaining ratio calculated?
Q.13. In what circumstances the partnership form is reconstituted?
OR What do you mean by reconstitution of partnership form?
Q.14. Whatare the causes of origin of goodwill?
OR How super profit is different from average profit?
Q.15. Right the items which are entered in partners current account
OR In the absence of partnership need what rate of interest is paid to partners for the loan provided by them.
Short answer type questions. (3×4=12)
Q.16. What is partnership ?write three characteristics of partnership?
ORWhat are the rights of partner?
Q.17. Meeta and Radha are partners in a firm. Their capital stood ₹ 20,000 and ₹ 16,000 respectively. Radha is entitled to
get salary of ₹ 600 per month. Interest on capital is 6% per annum. The profit of the firm before the above
adjustment was ₹ 12,000. Prepare Profit & Loss Appropriation Account.
ORRight any three rules applicable in absence of partnership deed.
Q.18.How is average profit calculated
OROn 1st April, 2017, A and B are partners by employing capital of ₹ 5,000 and ₹ 4,000 respectively. On the same day, B
gave loan to the firm of ₹ 2,000. In the year 2017-18, profit was ₹ 3,000. In absence of any contract, how you will
divide the profit. Show by preparing Profit & Loss Appropriation Account.
Q.19. Give three reasons for reconstitution of partnership firm.
OR X, Y and Z are partners sharing profits in the ratio of 4:3:1 .Now the partners agreed to share future profits in the
ratio 5:4:3 Calculate each partners gain and sacrificing due to change in ratio.
Long answer type questions (4×4=16)
Q.20. What are the different types of goodwill? Explain.
ORA firm earned profit of ₹ 20,000, ₹ 6,000, ₹ 12,000, ₹ 8,000 during the past four years. The firm has capital investment of
₹ 50,000. A fair return on investment is 15% p.a. Calculate goodwill of the firm based on three years' purchase of
average super profit.
Q.21. Write the circumstances of admission of a new partners.
ORIn a form partner a withdraw amount in a year after his ₹ 12,000 three stop calculate interest on growing according to
the following
(i) While drawing is made on first date of each month.
(ii) While drawing made in middle of each month.
Q.22. Amar and Samar are partners. Their capitals are ₹ 18,000 and ₹ 15,000 respectively and they share profit &losses in
the ratio of 2: 1. On 1st April, 2018, they decided to admit Amrit in the firm. Amrit will pay to the firm ₹ 5,000 as
capital and ₹ 1,500 for goodwill and his share in the profit to the firm will be 1/5.
Give necessary Journal Entries to record the above transactions. Prepare Capital Accounts of partners and Balance
Sheet of the firm after the admission of the new partners, if old partners take away the amont of goodwill.
ORWrite the means off revaluation account when and why it is prepared?
Q.23. A, B and C are partners in a firm sharing profits & losses in the ratio of 5: 3:2 .A, however, personally guaranteed that
C's share of profits after charging interest on capital @ 10% p.a. would not be less than ₹ 22,500 in any year. The
capital of the partners was A ₹ 1,20,000: B ₹ 75,000 and C ₹ 60,000. The profits for the year 2017-18 amounted to ₹
1,19,250 before charging interest. Show P&L Appropriation Account.
ORWhy is profit and loss account prepared? explain the items shown in this account.
-----------------0000-------------