XII-Accountancy

Worksheet
Chapter-1 Fundamentals of Partnership
&
Chapter-2 Goodwill

Q. No. Questions Marks

1 1

2 1

3 1
4 1

5 Assertion (A):- Commission provided to partner is shown in Profit and Loss A/c. 1
Reason (R):- Commission provided to partner is charged against profits and is to be
provided at fixed rate.
a) (A) is correct but (R) is wrong
b) Both (A) and (R) are correct, but (R) is not the correct explanation of (A)
c) Both (A) and (R) are incorrect.
d) Both (A) and (R) are correct, and (R) is the correct explanation of (A)

6 Sohan and Mohan are partners sharing profits and losses in the ratio of 2:3 with the 1
capitals of ₹ 5,00,000 and ₹ 6,00,000 respectively. On 1st January 2022, Sohan and
Mohan granted loans of ₹ 20,000 and ₹ 10,000 respectively to the firm. Determine the
amount of loss to be borne by each partner for the year ended 31st March 2022 if the
loss before interest for the year amounted to ₹ 2,500.
a) Share of Loss Sohan –₹ 1,250 Mohan – ₹ 1,250
b) Share of Loss Sohan –₹ 1,000 Mohan – ₹ 1,500
c) Share of Loss Sohan –₹ 820 Mohan – ₹ 1,230
d) Share of Loss Sohan –₹ 1,180 Mohan – ₹ 1,770

7 1

8 Girdhar, a partner withdrew ₹ 5,000 in the beginning of each quarter and interest on 1
drawings was calculated as ₹ 1,500 at the end of accounting year 31March 2022. What is
the rate of interest on drawings charged?
a) 6% p.a. b) 8% p.a. c) 10% p.a. d) 12% p.a.

9 A, B and C are partners. A‘s capital is ₹ 3,00,000 and B‘s capital is ₹1,00,000. C has not 1
invested any amount as capital but he alone manages the whole business. C wants
30,000 p.a. as salary, though the deed is silent. Firm earned a profit of ₹1,50,000. How
much will each partner receives as an appropriation of profits?
a) A ₹ 60,000; B ₹ 60,000; C ₹ 30,000 b) A ₹ 90,000; B ₹ 30,000; C ₹ 30,000
c) A ₹ 40,000; B ₹ 40,000 and C ₹ 70,000 d) A ₹ 50,000; B ₹ 50,000 and C ₹ 50,000

10 Green and Orange are partners. Green draws a fixed amount at the beginning of every 1
month. Interest on drawings is charged @8% p.a. At the end of the year interest on
Green's drawings amounted to ₹ 2,600. Monthly drawings of Green were:
 a) ₹ 8,000 b) ₹ 60,000 c) ₹ 7,000 d) ₹ 5,000

11 Nikhil and Sharat were partners in a firm sharing profits and losses in the ratio of 4 : 3. 1
Nikhil withdrew ₹ 6,000 on the first day of every quarter for the year ended 31st March,
2023. Interest on drawings is to be charged @ 5% p.a. Interest on Nikhil’s drawings will
be calculated for :
(A) 6 months (B) 4.5 months (C) 7.5 months (D) 3 months

12 Vihaan and Mann are partners sharing profits and losses in the ratio of 3:2. The firm 1
maintains fluctuating capital accounts and the balance of the same as on 31st March
2022 is ₹ 4,00,000 and ₹ 4,65,000 for Vihaan and Mann respectively. Drawings during
the year were ₹ 65,000 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
Vihaan given that the divisible profits during the year 2021-22 was ₹ 2,25,000.
a) ₹ 3,30,000 b) ₹ 4,40,000 c) ₹ 4,00,000 d) ₹ 3,00,000

13 Assertion (A) : Each partner is a principal as well as an agent for all the other partners. 1
Reason (R) : As per the definition of Partnership Act, partnership business may be
carried on by all the partners or any of them acting for all.
Choose the correct option from the following :
(A) Both Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct
explanation of Assertion (A).
(B) Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct
explanation of Assertion (A).
(C) Assertion (A) is correct, but Reason (R) is incorrect.
(D) Assertion (A) is incorrect, but Reason (R) is correct.

14 There are two statements Assertion (A) and Reason (R) : 1

Assertion (A) : The maximum number of partners in a partnership firm are 50.
Reason (R) : The maximum number of partners are prescribed by the Partnership Act,
1932.
Choose the correct option from the following :
(A) Both Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct
explanation of Assertion (A).
(B) Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct
explanation of Assertion (A).
(C) Assertion (A) is correct, but Reason (R) is incorrect.
(D) Assertion (A) is incorrect, but Reason (R) is correct.

15 3

16 Asha and Babita were partners in a firm. Their capitals were ₹ 1,00,000 and ₹ 10,00,000 3
respectively. The normal rate of return was 1%.
The profitsof the last four years were :
₹
2019 –20 2,50,000
2020 –21 (50,000)
2021 –22 8,00,000
2022 –23 5,00,000
The closing stock for the year 2022 – 23 was undervalued by ₹ 1,00,000. Goodwill is to
be valued at two years purchase of the last four years’ average super profits.
Calculate the value of goodwill.
17 3

18 Abhi, Bablu and Chandan are partners sharing profits and losses equally. They agree to 3
admit Dhiman for equal share of profit. For this purpose, the value of goodwill is to be
calculated on the basis of four years' purchase of average profit of last five years. These
profits for the year ended 31st March, were:
Year 2019 2020 2021 2022 2023
Profit/(Lo
1,50,000 3,50,000 5,00,000 7,10,000 (5,90,000)
ss) ( )
On 1st April, 2022, a Furniture costing 1,00,000 was purchased and debited to Travelling
Expenses Account, on which depreciation is to be charged @ 25%. Interest of 10,000 on
Non-trade Investments is credit to income for the year ended 31st March, 2022 and 2023.
Calculate the value of goodwill after adjusting the above.

19 X, Y & Z are partners in a firm sharing profits in 2:2:1 ratio. The capitals of the partners were 3
X- Rs.5,00,000, Y- Rs.5,00,000 and Z- Rs.2,50,000. The partnership Deed provides that
interest on capital is to be allowed @ 10% p.a. Z is to be allowed a salary of Rs. 2,000 per
month. The profit of the firm for the year ended 31st March, 2018 after debiting Z’s salary
was Rs. 4,00,000. Prepare P & L Appropriation A/c and capital A/c.

20 Define Goodwill. Explain any three factors affecting goodwill of a partnership firm. 4