Class XII- Accountancy

Important MCQs- Partnership

1. Tina and Pinku were sharing profits and losses in the ratio 3 : 2. They admitted Jassi for a 1/5 -

share in the firm. Jassi is guaranteed a minimum profit of ₹2,00,000 for the year. Any deficiency
in Jassi's share is to be borne by Tina and Pinku in the ratio 4 :1. Loss for the year was ₹
10,00,000. Deficiency to be borne by Tina would be:
a. 1,60,000 (200 000
- b. 3,20,000
Jassi-10 .00 000 X ,

# = ,

·
c. No profit will be given to Jassi 400 000 X
d. Rs. 40,000 -
200 000 + ( 200 000
Deficiency ,

200
=
+ 000
,
,

2. A and B are partners in the ratio of 3:2. A is entitled to salary of Rs. 2,500 per quarter and B is
°
⑦

entitled to commission of 10% of Net profit after charging partners’ salary and commission. Net
- -

profit amounted to Rs. 2,30,000. Commission amount credited to B’s capital A/c is:
a. 23,000
(230 000-10 000]
-
b. 22,000
c. 20,000
1x , ,

d. None

3. Extract of Balance sheet

Liabilities Amount Assets Amount
Debtors 2,00,000
Less: Provision for
Doubtful debts (20,000) I' 3,80,000
~
At the time of change in PSR, it was noticed that there are Bad debts of Rs. 25,000 and it was
agreed that provision to be maintained at the existing rate. What is the amount credited / debited ↑

in revaluation A/c? 1 75000 25000 Bad debt 25000 .

~ a. Debit 22,500
b. Debit 42,500
c. Debit 65,000
00 -x
°
-
(20 000) 5000 ~ + NP ,

OP (20 000
17500
-

d. Debit 62,500

4. Lakshay, Goal and Manzil were partners in the ratio of 5 : 3 : 2. On 31st March, 2023, their books
-
reflected a net profit of Rs. 2,00,000. As per the terms of the partnership deed they were entitled
for interest on capital which amounted to Rs. 80,000, Rs. 60,000 and Rs. 40,000 respectively.
- - -

Besides this a salary of Rs. 60,000 each was payable to Lakshay and Goal. Profit share to be
-x

120 000
credited to Lakshay’ capital account would be:
°
⑦
,

a. Rs. 1,00,000 L G M
b. Rs. 66,667 IOC 80 000
, 60 000 40 000
,
,

- c. Rs. 93,333
d. None Salary 600000000 o

162
°
⑥
:

Lashay -

* x2 , 00 000
,
 2/10
5. Dipanshu & Sreenu are partners sharing profits in the ratio of 3:2. Their capitals balances were
Rs. 80,000 &ERs. 60,000. They admitted Kamal as a partner who brought Rs. 35,000 as his capital
E

contribution. New profit-sharing ratio of partners is to be 5:3:2. Capital accounts of old partners
-

are to be adjusted as per the new PSR. The Sreenu’s capital A/c will be
- a. Debited by Rs. 7,500 Total
b. Debited by Rs. 5,000 cap
. -35000 15000X0 -

c. Credited by Rs. 7,500 Sreeny

d. Credited by Rs. 5,000
=

&
x 175000 52500 =

~ 7500 & ith draw

->
-
--

- -
-

6. At the time of dissolution of a firm, Partners’ capital balances were Rs. 2,00,000, creditors were
Rs. 60,000. Cash & bank balance were Rs. 10,000. Realisation expenses amounted to Rs. 5,000.
- - >
-

Assets realised 20% less than the book value and creditors were paid 5% more. Gain/loss on
-

realisation will be BIs Dr

Real A CP
- a. Loss of Rs. 58,000
.

200 000 10 000

250 000
/
60 000
I
, -
,
,
. 000
260
b. Loss of Rs. 42,000 60 000 fails 250 000
,

-
3,8000
-

5000 200 000

,
, -
,

c. Gain of Rs. 95,000 = 60 00

.
000 63000
d. None
lit -
7.
- A & B were partners with capitals of Rs. 2,00,000 & Rs. 4,00,000 respectively. C was admitted for
1/4th share in the profits. C was unable to bring her share of goodwill premium in cash. The
journal entry recorded for goodwill premium is given below:
Date Particulars L.F. Debit Credit
C’s Current A/c Dr 50,000
-
W
To A’s capital A/c
& 10,000 1 : 4
-
-

To B’s capital A/c 40,000 =

° >

(Adjustment of goodwill premium)

-
The new profit sharing will be: * ↓ fx*) =
=
=
H=
a. 17:28:15
B
# [Hx) HR H ofo
b. 8:37:15 =

-
C
Ax .
=

- c. 9:6:5
d. 6:9:5

8. A, B & C are partners sharing profits in the ratio of 3:2:1. On 1st July, 2022, C died and A & B
decided to share profits equally. The partners directed the accountant to prepare the financial
statements and the accordingly the share of C’s profit was calculated as Rs. 50,000. Which
account will be debited at the time of profit distribution?
a. Profit & loss suspense A/c
b. Profit & loss A/c
- c. Profit & loss appropriation A/c
d. C’s Capital A/c
 ~
9. A firm is dissolved, Keshav, a partner is to carry out dissolution. Rs. 25,000 is fixed as his -

remuneration. Realisation expenses were Rs. 40,000, which were paid by Keshav. Keshav’s

Fir
= °

capital A/c will be credited by

°

a. Rs. 15,000
b. Rs. 40,000
c. Rs. 25,000
N d. 65,000

10.
- A, B and C were partners in a partnership firm. B died on 30 th June, 2022. Profit share of deceased
partner from the beginning of the financial year was to be estimated based on sales up to the - -x

date of death and profit of the previous year. Net profit earned in the previous year was 20% of °
-
-

the sales. Sales of the previous year was Rs. 5,00,000.

- It is estimated that sales will show upward
trend of 10% in the current year & profit % will decrease by 5%. The profit share of B will be: --

a. Rs. 7,500
*
b. Rs. 20,625
c. Rs. 6,875
60 00, 000
X x
x
d. None

11. A and B are partners in partnership firm. A has withdrawn Rs. 50,000 as drawings. Interest on
drawings is charged @ 6%. Interest to be charged from A would be:
-
-
- >
-

a. Rs. 3,000 ↓
pax
b. Rs. 1,500
c. No interest
50 000X,

#0
d. Rs. 2,000
20 000
.

12. In a partnership firm, partner A is entitled a quarterly salary of Rs. 5,000. At the end of the year,
firm earned a profit of Rs. 90,000 after charging A’s salary. If the manager is entitled a
-
- - °
-

commission of 10% on the net profit after charging his commission. Manager’s commission will
- °
- - °
-

be: P&LAf 90 000

a. Rs. 9,000
-
-°
-
T
,

20
b. Rs. 8182 t
00
,

c. Rs. 8,636
O
00x

X d. Rs. 10,000
-

13. Garvit and Kartik are partners sharing profits and losses in the ratio of 3:2. The firm maintains
fluctuating capital accounts and the balance of the same as on 31st March 2023 is ₹2,00,000 and
₹ 2,50,000 for Garvit and Kartik respectively. Drawings during the year were ₹50,000 each. As
per the partnership Deed, Interest on capital @ 10% p.a. on Opening Capital has been allowed to
them. Calculate the opening capital of Garvit given that the divisible profits during the year 2022-
23 was ₹50,000.
C - 200 000
caf
-

a. Rs. 2,20,000 .

X
,

b. Rs. 2,00,000 + D
c. Rs. 2,42,000 rawings 50 000 .

d. None
>°
-
I
Prof.Share- (30
0006 .

. 20, 000
2

=
Intoncap O 1x.

220 000 0 112

,
=
.

op cap I 2 20 000
,

It 220
,
= 1 126
.

:
. 000
Th
 14. X, Y and Z are partners and Y retired. On the date of retirement, Y’ capital balance was Rs.
- °
⑦

-2,00,000. She took an unrecorded furniture of Rs. 24,000 and the balance amount was paid in

Fi
---

cash. How much cash was paid to Y?

a. Rs. 1,76,000
Dr 24000 .

b. Rs. 200,000
200 000
+ 3000
. To
Rev A , OO

c. Rs. 184,000 ↓
-- °

d. None
208000
224000 Y 1 x24000 - =
>
-

--

15. On the day of dissolution of the firm, Tara Clothing had partners’ capital amounting to Rs.
°
⑦

1,50,000, outside liabilities Rs. 35,000, cash balance Rs. 8,000 and Profit & Loss A/c (Dr.) Rs.
-
-- - -

7,000. If realisation expense and loss on realisation amounted to Rs. 5,000 & Rs. 25,000
°
-
- - #
&
-

respectively, the amount realised by sale of assets is:

Real
-

a. Rs. 1,64,000 BIs -

b. Rs. 1,45,000 150 000

,
8000 170. 000 35000 >

c. Rs. 1,57,000 7000 ~ ? 150 000

3500 5000 ,

Nd. Rs. 1,50,000 170

. 000
> 5000
- 25000
185000
16. A,
- B & C are partners sharing profits & Losses in the ratio of-2:1:1. B retires
- and given
- her share
of profit to A & C for Rs. 3,600 & Rs. 3,000. The New Profit-sharing ratio of A & C will be:
I

Acap Pr3600J6BI # E [Hx t

Gu a. 6:5
# +
b. 2:1
=

- c. 7:4
To
Bcap H
6600
-E
~

d. 5:2 ,

-
17. Amount credited to a retiring partner in a capital account is Rs. 2,01,000. He took investments
- - - - - - - -
-

at Rs. 58,000. He also took 20% of the debtors. The amount transferred to his loan A/c is Rs.
°
-

->
-
- >
- >
-
°
⑫

1,23,000. What is the value of the debtors?

-
>
-
-
a. Rs. 1,00,000
-

201000
b. Rs. 90,000 28x8 20.000=
(58000
, 000
143
- -

c. Rs. 80,000 & 20 000 X100 /

Debtors > 20 000

-

Io
.

x-
d. Rs. 1,10,000 -
,

3000
-

18. A, B and C were partners in a firm. As per the partnership deed, interest
- on drawings is to be
- -
- -

charged 10% p.a., B withdrew a fixed amount at the end of every quarter. Interest on his
-X

drawings amounted to Rs. 9,000. The amount of his drawings per quarter were:
T
- .
- . . .

a. Rs. 2,40,000
=9000
-
-
b. Rs. 1,80,000
c. Rs. 60,000
Total
drawings
X
0
X
4s
Total dr 240 000 -

d. Rs. 80,000
.

19. The partnership deed should be properly drafted & prepared as per the provisions of:
- - -
°
⑦
- -

a. ‘Stamp Act’ & register with Registrar of Companies

b. ‘Indian Partnership Act’ & register with Registrar of Firms
T c. ‘Stamp Act’ & register with Registrar of Firms
d. ‘Indian Partnership Act’ & register with Registrar of Companies
20. Arun and Vijay are partners
↳
sharing profits and losses in the ratio of 5:1. There is a machinery of
=>

Book value Rs. 40,000. If the value of Machinery is undervalued by 20% then at what value will
- -

machinery be shown in the new balance sheet?

40000
x 100 = 50 00
I
>
-

a. 44,000 °
,
.
- -

b. 48,000
- -

c. 32,000
- d. 50,000

21. In case of retirement, if full or part of the amount payable to retiring partner still remains to be
-- - -

paid, and there is no agreement among the partners then retiring partner will get:
- a. Interest @ 6% p.a. on the Balance Amount.
1b. Share of profit earned proportionate to his amount outstanding to total capital of the
firm. 100 000
-

-300
-
,

.000-
c. Interest @ 9% p.a. on the Balance Amount. -
G month
-- d. Option to choose from a. & b.
200 000
1/4/22-
- -
↳
,
30/9/22
-
-
--

50 000 X
f
↳ 200
6% x -, 000
>
-
,
-

>
- 600 000 ,

22. A and B are partners in a firm having capital balances of ₹ 120,000 and ₹ 80,000 respectively.
1 - I - ⑥ °
⑦

General Reserve appeared in their books at ₹ 60,000 and advertisement suspense at ₹ 30,000.
--- - -

They admit C for 1/5th share and C is to bring proportionate amount of capital. The capital
amount of C will be:
°>
-

a. Rs. 40,000 A& B 200 000

=
.

b. Rs. 45,800 ↑ 60 . 000 4/5 -

-
- c. Rs. 57,500 00 230
-

. 000
Total
d. Rs. 55, 200
cap : X5
230 000
,
287500
,
=
** u
23. A firm earns 1,20,000 as its annual profits. The normal rate of profit being 10%. Assets of firm
O O
- - - -

are 14,40,000 and liabilities are-

--
4,40,000. Find value of goodwill by capitalisation method. -
= °

a. Rs. 4,00,000
b. Rs. 2,80,000 Cap value of firm
120 000 X #0 = 1200 000
:
, .

- LO
-

-
->
-

c. Rs. 2,00,000
Cap Employed
10 00 000
d. Rs. 3,60,000
. -
>
-

116 26
24. A, B, and C are partners in a firm sharing profits and losses in the ratio of 3:2:1. C retires from---

the firm and his share is purchased by A and B in the ratio of 1:1 New Profit sharing ratio between
A and B respectively would be :-
a. 1:1
GR
b. 2:3 * B [5x2) 3 O
:
+ : A T2 +:
=

X c. 7:5
d. 3:2 B+2: :

1
25. Creditors worth Rs. 60,000 given in the balance sheet at the time of dissolution on 31st March,
- - °
-

2013. Creditors were due on average basis of 1 month after 31st March but they were paid
immediately at a discount of @ 6%.
w
How much amount will be paid?

000X4oo :0
a. Rs. 60,000
-
~
60,
b. Rs. 56,400 -
-

c. Rs. 59,700
X =
-

d. None of the above 60 000 .

X

X
X