PERIODIC TEST-I

Subject- Accountancy Date : ----/07/2023

Class – XII Max.Marks : 20 M

Section -A 5*1=5
1.Josh and Jeevan were partners in a firm. During the year ended 31.03.2022
Jeevan withdrew 5,000 per month starting from 30.06.2021. The partnership deed
provided that interest on drawings will be charged @ 12% per annum. The average
number of months for which interest on Jeevan's total drawings will be charged is
(a) 6 months (b) 6 ½ months
(c) 4 ½ months (d) 5 months
2.A, B and C were partners in a firm sharing profits and losses in the ratio of 5 :
3:2. With effect from 01.04.2023, they agreed to share profits and losses equally.
Due to change in the profit sharing ratio, B's gain or sacrifice will be:
(a) Gain 1/30 (b) Gain 5 /30 (c) Sacrifice 1/30 (d)
Sacrifice 4 /30
3. What is the formula to calculate the gaining ratio?

(a) Old Ratio – sacrificing ratio (b) New Ratio – sacrificing ratio

(c) Old Ratio – new ratio (d) New Ratio – old ratio

4. A and B are partners in a business sharing profits and losses in the ratio of 7 : 3
respectively. They admit C as a new partner. A sacrificed 1/7th share of his profit
and B sacrificed 1/3rd of his share in favour of C. The new profit sharing ratio of
A, B and C will be :
(A) 3 : 1 : 1
(B) 2 : 1 : 1
(C) 2 : 2 : 1
(D) None of the above
5. A and B are partners sharing profits in the ratio of 3 : 2. They admit C into the
partnership with 14th share in future profits. The new profit sharing ratio is 5 : 4 :
3. The firm’s goodwill on C’s admission was valued at ₹1,44,000. But C could not
bring any amount for goodwill in Cash. Credit will be given to :
(A) A ₹80,000; B ₹64,000
(B) A ₹20,000; B ₹16,000
(C) A ₹1,05,600; B ₹38,400
(D) A ₹26,400; B ₹9,600

6. X and 7 are partners sharing profits and losses in the ratio of 3 : 2. They admit Z
into partnership with 15th share in profits which he acquires equally from A and Y.
Z brings in ₹40,000 as goodwill in cash. Goodwill amount will be credited to :
(A) X ₹20,000; Y ₹20,000
(B) X ₹25,000; Y ₹15,000
(C) X ₹24,000; T ₹16,000
(D) X ₹4,000; Y ₹4,000

7. . When a new partner brings goodwill in Cash, it is credited to :

(A) His Capital A/c
(B) Sacrificing Partner’s Capital A/cs
(C) Old Partner’s Capital A/cs
(D) All Partner’s Capital A/cs

Section -B
2*3=6

8. P and Q were partners in a firnm sharing profits and losses in the ratio of 2:1. On
01.04.2022, they admitted R as a new partner for l/10th share of profits with a
guaranteed minimum of 50,000. P and Q continued to on account of share profits
as before but agreed to share any deficiency guarantee to R in the ratio of 3 :2. The
net profit of the firm for the year ended 31.03.2023 was 3,00,000. Pass necessary
journal entries in the books of P and Q for the above transactions.

3M

9 . On 01.04.2022, Ravi, Kavi and Avi started a partnership firm with fixed capitals
of 6,00,000, 6,00,000 and 3,00,000 respectively. The partnership deed provided for
the following:
 i) Interest on capital @ 10% per annum.
ii) Ii)Interest on drawings @ 12% per annum.
iii) An annual salary of 1,20,000 to Avi
iv) . Profits and losses were to be shared in the ratio of their capitals.
The net profit of the firm for the year ended 31.03.2023 was 3,08,000.
Interest on partners' drawings was Ravi 4,800, Kavi 4,200 and Avi 3,000.
Prepare Profit and Loss Appropriation Account of Ravi, Kavi and Avi
for the year ended 31.03.2023.

3M

10. Amit, Sumit and Samiksha are in partnership, sharing profits in the ratio
of 3:2:1. Samiksha’s share in profit has been guaranteed by Amit and Sumit to
be a minimum sum of ₹ 8,000. Profits for the year ended March 31, 2017, was
₹ 36,000. Divide profit among the partners.

3M

Section-C

1*4=4

11. Mohan, Vijay and Anil are partners, the balance on their capital
accounts being ₹ 30,000, ₹ 25,000 and ₹ 20,000, respectively. In arriving at
these figures, the profits for the year ended March 31, 2017, amounting to
Rupees 24,000, had been credited to partners in the proportion in which they
shared profits. During the year, the drawings for Mohan, Vijay and Anil were
₹ 5,000, ₹ 4,000 and ₹ 3,000, respectively. Subsequently, the following
omissions were noticed:

(a) Interest on Capital, at the rate of 10% p.a., was not charged.

(b) Interest on Drawings: Mohan ₹ 250, Vijay ₹ 200, and Anil ₹ 150 were not
recorded in the books.

Record necessary corrections through journal entries.

Interest on Capital shall be calculated on opening capital. 4M
A:550

12. Rajan and Rajani are partners in a firm. Their capitals were Rajan ₹.3,
00,000; Rajani ₹. 2, 00,000. During the year 2015, the firm earned a profit of
₹. 1, 50,000. Calculate the value of goodwill of the firm, assuming that the
normal rate of return is 20%. 4M

Section-D

1*5=5

13. Given below is the Balance Sheet of A and B, who are carrying on
partnership business on 31.12.2016. A and B share profits and losses in the
ratio of 2:1.

Balance Sheet of A and B as on December 31, 2016

Liabilities Amount Assets Amount

(₹) (₹)

Bills Payable 10,000 Cash in Hand 10,000

Creditors 58,000 Cash at Bank 40,000

Outstanding 2,000 Sundry Debtors 60,000

Expenses Stock 40,000

Capitals: Plant 1,00,000

A 1,80,000 Buildings 1,50,000

B 1,50,000 3,30,000

4,00,000 4,00,000
C is admitted as a partner on the date of the balance sheet on the following
terms:

(i)C will bring in ₹ 1, 00,000 as his capital and ₹ 60,000 as his share of goodwill
for 1/4 share in the profits.
(ii) Plant is to be appreciated to ₹ 1, 20,000 and the value of buildings is to be
appreciated by 10%.
(iii) Stock is found overvalued by ₹ 4,000.
(iv) A provision for bad and doubtful debts is to be created at 5% of debtors.
(v) Creditors were unrecorded to the extent of ₹ 1,000.
Pass the necessary journal entries, prepare the revaluation account and partners’
capital accounts, and show the Balance Sheet after the admission of C. 5M

13. . Verma and Sharma are partners in a firm, sharing profits and losses in the
ratio of 5:3. They admitted Ghosh as a new partner for 1/5 share of profits. Ghosh
is to bring in ₹. 20,000 as capital and ₹. 4,000 as his share of goodwill premium.
Give the necessary journal entries.

a) When the amount of goodwill is retained in the business.

b) When the amount of goodwill is fully withdrawn.
c) When 50% of the amount of goodwill is withdrawn.
d) When goodwill is paid privately. 5M