GOPI BIRLA MEMORIAL SCHOOL

2024 – 25
UNIT TEST 1
GRADE: 12 DATE: 08-07-2024
SUBJECT: ACCOUNTANCY DURATION: 1 HOUR
MARKS: 25

General Instructions:
1. The Question Paper contains FOUR sections –
2. Attempt questions based on specific instructions for each part.
3. Drawing of lines with a scale/ruler for journal, ledger and working notes is compulsory.
4. Working Notes form an integral part of the sums and has to be shown along with the sum. Working notes
if done as rough work will be considered void and marks shall not be awarded.

QNO SECTION A – MCQ & ASSERTION REASONING– 6 MARKS MARKS

1 Narendra, Surendra and Ravindra were partners in a firm with capital of Rs 2,00,000 ; 1
Rs 6,00,000 and Rs 10,00,000 respectively. The firm earned a profit of Rs 7,50,000
during the year. Ravindra’s share of profit will be
a. Rs 5,00,000
b. Rs 2,50,000
c. Rs 3,75,000
d. Rs 7,50,000

2 Sheila, Munni and Raveena are partners in a firm sharing profits and losses in the ratio 1
of 5:4:2. Sheila guaranteed profit of Rs 75,000 to Raveena. Net profit for the year
ending 31st March, 2024 was Rs 2,97,000. Sheila’s share in the profit of the firm will be
a. Rs 75,000
b. Rs 1,00,000
c. Rs 1,35,000
d. Rs 1,14,000

3 Mahesh and Mahipal are partners sharing profits in the ratio of 5:3. Investment 1
Fluctuation Reserve of Rs 2,40,000 appearing in the Balance Sheet, if no information is
available for the change in the value of the investments, will be
a. Distributed to the partner’s in the sacrifice ratio
b. Distributed to the partner’s in the old profit sharing ratio
c. Distributed equally amongst them.
d. Distributed between the partners in their new profit-sharing ratio,

4 Due to change in the profit-sharing ratio, Bhavna’s sacrifice ratio is 7/15 while Anusha’s 1
gain is 7/15. They decide to record the effect of the following without affecting the book
figures, by passing an adjusting entry:

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 General Reserve Rs 90,000 ; Profit & Loss (Cr) Rs 1,70,000 & Advertisement Suspense
a/c (Dr) Rs 50,000
The necessary adjustment entry will be
a. Dr Anusha and Cr Bhavna by Rs 98,000
b. Dr Bhavna and Cr Anusha by Rs 98,000
c. Dr Bhavna and Cr Anusha by Rs 2,10,000
d. Dr Anusha and Cr Bhavna by Rs 2,10,000

5 Manan, Raman and Suman are partners. Before changing the profit-sharing ratio to 1
4:5:1, they were sharing profits equally. Workmen’s Compensation Reserve existed at Rs
5,00,000 against which a claim existed at Rs 50,000. Amount that will be credited to
their Capital’s in the old profit-sharing ratio will be :
a. Rs 5,00,000
b. Rs 4,50,000
c. Rs 5,00,000 credited and Rs 4,50,000 debited
d. Rs 4,50,000 credited and Rs 5,00,000 debited

6 Assertion (A): Salary provided to the partner is shown in the profit & loss account 1
Reason (R): Salary provided to the partner is a charge against profits
In context of the above two statements, which of the following is correct?
a. Assertion (A) is correct but Reason (R) is wrong.
b. Both Assertion (A) and Reason (R) are correct and Reason (R) is not the correct
explanation of Assertion (A).
c. Both Assertion (A) and Reason (R) are incorrect.
d. Both Assertion (A) and Reason (R) are correct, and Reason (R) is the correct
explanation of Assertion (A).

SECTION B – SHORT ANSWER TYPE – 9 MARKS

7 Devansh, Rajhans and Mrigansh are partners in a firm sharing profits and losses equally. 3
They decided to take Pratyush into partnership from 1 st April, 2024 for 1/8th share in the
future profits. For this purpose, goodwill is valued at 2 years purchase of the average
annual profit of the previous 3 or 4 years, whichever is higher.
The annual profits for the purpose of goodwill for the past four years were :
Year Ended Profit (Rs)
31st March, 2024 4,80,000
st
31 March, 2023 5,20,000
31st March, 2022 6,00,000
st
31 March, 2021 5,00,000
Calculate the value of goodwill

8 Preetam and Pyare are partner’s sharing profit and losses in the ratio 5:3. They capitals 3
are Rs 12,00,000 and Rs 8,00,000 respectively. Interest on Capital @ 12% p.a. was
omitted to be entered. Pass the adjusting entry for the above. Clearly show the working
note for deducing the figures.

9 Aanya, Manya and Kanya were partners sharing profits and losses in the ratio 3:5:2. 3
They decided to change the profit-sharing ratio to 2:3:5 in the future. The Workmen’s
Compensation Reserve in the Balance Sheet stood at Rs 1,20,000. Pass the journal
entries in case of the following ;
a. Claim for Compensation is Rs 1,00,000
b. Claim for Compensation is Rs 1,40,000
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 SECTION C – CASE BASED QUESTION – 4 MARKS
10. Mahesh, Ramesh and Rajesh are partners sharing profits equally and decide to share 4
profits in the ratio 5:3:2 from 1.4.2024. The extract of their Balance Sheet as at 31 st
March 2024 is as follows:

Liabilities Rs Assets Rs
Investment Fluctuation Reserve 1,20,000 Investments (At 6,00,000
Cost)
Pass journal entries in each of the following situations :
i. When Market Value is Rs 7,00,000
ii. When Market Value is Rs 5,00,000

SECTION D – CASE BASED QUESTION – 6 MARKS

11 Deepak and Jyoti are partners sharing profits and losses in the ratio 3:2. Following 6
information is the given
Particulars Deepak Jyoti
Capital Balances 3,00,000 2,00,000
Interest on Capital 10% p.a. 10% p.a.
Salary Rs 54,000 p.a. Rs 46,000 p.a.
Commission Rs 80,000 Rs 20,000
Drawings Rs 60,000 Rs 40,000
Interest on Drawings 10% p.a. 10% p.a.
Net Profit Rs 3,70,000
From the above information prepare the Partner’s Capital Accounts and Profit & Loss
Appropriation Account.

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