Class 12 Accountancy 2023 Board Exam

Hina and Neena are partners in a firm. Neena withdrew ₹ 10,000 per month at the beginning of each month during the year ended 31st March, 2022. Interest on drawings was to be charged @ 6% per annum.
Interest on Neena’s drawings for the year ended 31st March, 2022 will be :
(a) ₹ 3,900
(b) ₹ 325
(c) ₹ 3,600
(d) ₹ 3,300

Vibha and Asha are partners in a firm. Asha withdrew ₹ 1,000 at the end of each quarter during the year ended 31st March, 2022. Interest on drawings will be calculated for an average period of :
(a) 6 months
(b) 4 1/2 months
(c) 7 1/2 months
(d) 6 1/2 months

Aman and Chaman are partners in a firm. On 1st July, 2021 Aman advanced a loan of ₹ 6,00,000 to the firm. There is no partnership deed. On 31st March, 2022, Aman was entitled to get the following amount as interest on loan :
(a) ₹ 36,000
(b) ₹ 18,000
(c) ₹ 9,000
(d) ₹ 27,000

Kavita, Savita and Madhu were partners in a firm with capitals of ₹ 6,00,000, ₹ 4,00,000 and ₹ 2,00,000 respectively. After providing interest on capital @ 10% p.a., the profits are divisible as follows :
Kavita 1/3, Savita 1/2 and Madhu 1/6. Kavita personally guaranteed that Savita’s share of profit after charging interest on capital would not be less than ₹ 1,00,000 in any year.
The profit for the year ending 31st March, 2022 amounted to ₹ 3,00,000 before providing interest on capital.
Savita’s share of profit is short of the guaranteed amount by :
(a) ₹ 40,000
(b) ₹ 70,000
(c) ₹ 20,000
(d) ₹ 10,000

Kavita, Savita and Madhu were partners in a firm with capitals of ₹ 6,00,000, ₹ 4,00,000 and ₹ 2,00,000 respectively. After providing interest on capital @ 10% p.a., the profits are divisible as follows :
Kavita 1/3, Savita 1/2 and Madhu 1/6. Kavita personally guaranteed that Savita’s share of profit after charging interest on capital would not be less than ₹ 1,00,000 in any year.
The profit for the year ending 31st March, 2022 amounted to ₹ 3,00,000 before providing interest on capital.
The total profits of the firm after adjustment of guaranteed amount will be distributed between the partners as :
(a) Kavita ₹ 60,000, Savita ₹ 40,000 and Madhu ₹ 20,000
(b) Kavita ₹ 50,000, Savita ₹ 1,00,000 and Madhu ₹ 30,000
(c) Kavita ₹ 60,000, Savita ₹ 90,000 and Madhu ₹ 30,000
(d) Kavita ₹ 60,000, Savita ₹ 1,00,000 and Madhu ₹ 20,000

Assertion (A) : Goodwill is a intangible asset.
Reason (R) : Goodwill is the value of the reputation of a firm in respect of profits expected in future, over and above the normal profits.
Select the correct answer from the following :
(a) Assertion (A) is correct, but Reason (R) is wrong.
(b) Assertion (A) is wrong, but Reason (R) is correct.
(c) Both Assertion (A) and Reason (R) are correct.
(d) Both Assertion (A) and Reason (R) are wrong.

'A' and 'B' were partners in a firm sharing profits and losses in the ratio of 7 : 1. 'A' withdrew a fixed amount of ₹ 12,000 at the beginning of each quarter. Interest on drawings is charged @ 6% p.a. The journal entry for charging interest on drawings at the end of the year will be :
(a) Interest on drawings A/c Dr. ₹ 1,800
To A’s Capital A/c ₹ 1,800
(b) Interest on drawings A/c Dr. ₹ 1,800
To A’s Current A/c ₹ 1,800
(c) A’s Capital A/c Dr. ₹ 1,800
To Interest on drawings A/c ₹ 1,800
(d) Profit and Loss Appropriation A/c Dr. ₹ 1,800
To Interest on drawings A/c ₹ 1,800

Rakshit and Malik are partners in a firm sharing profits and losses in the ratio of 4 : 1. On 1st April, 2021, their capitals were ₹ 1,20,000 and ₹ 80,000 respectively. On 1st December, 2021, they decided that the total capital of the firm should be ₹ 3,00,000 to be contributed by them in the ratio of 2 : 1.
According to the partnership deed, interest on capital is allowed to the partners @ 6% p.a.
Calculate interest on capital to be allowed for the year ending 31st March, 2022.

Ram and Mohan were partners with fixed capitals of ₹ 3,00,000 and ₹ 2,00,000 respectively. As per their partnership deed, interest on capital was allowed @ 10% p.a. Net profit for the year ended 31st March, 2022 was ₹ 30,000. The amount of interest on capital was credited to each partner’s current account for the year ended 31st March, 2022 was :
(a) Ram ₹ 30,000 and Mohan ₹ 20,000
(b) Ram ₹ 20,000 and Mohan ₹ 10,000
(c) Ram ₹ 18,000 and Mohan ₹ 12,000
(d) Ram ₹ 30,000 and Mohan Nil

Anu, Bindu and Siya were partners in a firm sharing profits and losses in the ratio of 2:2:1. Siya was guaranteed that her share of profit will not be less than ₹ 50,000. The firm’s profit for the year ended 31st March, 2022 was ₹ 2,00,000. The amount of deficiency to be borne by Anu was :
(a) ₹ 10,000
(b) ₹ 2,500
(c) ₹ 75,000
(d) ₹ 5,000