Class 12 Accountancy 2025 Board Exam

Sara and Tara were partners in a firm. Their capitals as on 1st April, 2023 were ₹ 6,00,000 and ₹ 4,00,000 respectively. On 1st October, 2023, Tara withdrew ₹ 1,00,000 for personal use. According to the partnership deed, interest on capital was allowed @ 8% p.a.
The amount of interest allowed on Tara's capital for the year ended 31st March, 2024 was :
(A) ₹ 28,000
(B) ₹ 30,000
(C) ₹ 48,000
(D) ₹ 32,000

Arun, Bashir and Joseph were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. They admitted Daksh as a new partner who acquired his share entirely from Arun. If Arun sacrificed 1/5th from his share to Daksh, Daksh's share in the profits of the firm will be :
(A) 1/10
(B) 1/5
(C) 3/10
(D) 2/5

Aman, Boman and Chetan were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Dinesh was admitted as a new partner who acquired his share entirely from Aman. Aman surrendered 1/5th of his share in the profits to Dinesh. Dinesh was admitted for which of the following share in the profits of the firm ?
(A) 1/10
(B) 2/10
(C) 3/10
(D) 4/10

Akhil, Bajrang and Chinmay were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Dilawar was admitted as a new partner in the firm. Dilawar acquired his 1/10th share from Akhil and 2/10th from Bajrang. Dilwar was admitted for which of the following share in the profits of the firm ?
(A) 1/10
(B) 2/10
(C) 3/10
(D) 4/10

Assertion (A) : Each partner carrying on the business of the firm is the principal as well as the agent for all the other partners of the firm.
Reason (R) : There exists a relationship of mutual agency between all the partners.
Choose the correct option from the following :
(A) Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).
(B) Both Assertion (A) and Reason (R) are correct, but Reason (R) is not 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.

Eliza, Fenn and Garry were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 1. Fenn was guaranteed ₹ 25,000 as his share in the profits. Any deficiency arising on that account was to be met by Eliza. The firm earned a profit of ₹ 80,000 for the year ended 31st March, 2024. The amount of profit credited to Fenn's capital account will be :
(A) ₹ 30,000
(B) ₹ 40,000
(C) ₹ 25,000
(D) ₹ 10,000

Emily, Farida and Gauri were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 1. Farida was guaranteed ₹ 35,000 as her share in the profits in the firm. Any deficiency arising on that account was to be met by Emily. The firm earned a profit of ₹ 80,000 for the year ended 31st March 2024. The profit credited to Farida's capital account was :
(A) ₹ 30,000
(B) ₹ 35,000
(C) ₹ 25,000
(D) ₹ 5,000

Ekta, Faguni and Garima were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 1. Faguni was guaranteed ₹ 25,000 as her share of profit in the firm. Any deficiency arising on that account was to be met by Ekta. The firm earned a profit of ₹ 90,000 for the year ended 31st March, 2024.
The profit credited to Faguni's capital account was :
(A) ₹ 30,000
(B) ₹ 40,000
(C) ₹ 25,000
(D) ₹ 10,000

Wayne, Shaan and Bryan were partners in a firm. Shaan had advanced a loan of ₹ 1,00,000 to the firm. On 31st March, 2024 the firm was dissolved. After transferring various assets (other than cash & bank) and outside liabilities to Realisation Account, Shaan took over furniture of book value of ₹ 90,000 in part settlement of his loan amount. For the payment of balance amount of Shaan's loan Bank Account will be credited with :
(A) ₹ 1,00,000
(B) ₹ 90,000
(C) ₹ 1,90,000
(D) ₹ 10,000

Ajay Ltd. forfeited 100 shares of ₹ 10 each for non-payment of first call of ₹ 1 per share and second and final call of ₹ 3 per share. The minimum price per share at which these shares can be reissued will be :
(A) ₹ 6
(B) ₹ 4
(C) ₹ 10
(D) ₹ 16