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Worksheet for Class 12 Accountancy Part 1 Chapter 2 Accounting for Partnership Basic Concepts
Class 12 Accountancy students should refer to the following printable worksheet in Pdf for Part 1 Chapter 2 Accounting for Partnership Basic Concepts in Grade 12. This test paper with questions and solutions for Standard 12 Accountancy will be very useful for tests and exams and help you to score better marks
Part 1 Chapter 2 Accounting for Partnership Basic Concepts Class 12 Accountancy Worksheet Pdf
Question Bank SERIES -1
PARTNERSHIP VOLUME-1
1 Define Goodwill.
2 State any two reasons for the preparation of ‘Revaluation Account’ on the admission of a partner.
3 Give the meaning of ‘minimum subscription”.
4 Shyam and Manav are partners in a firm without any partnership deed. Their capitals are Rs 4,00,000 and Rs 5,00,000.Shyaml is an active partner and looks after the business. Shyam wants that profit should be shared in proportion of capitals. State with reason whether his claim is valid or not.
5 Why is it that the Capital Account of a partner does not show a Debit Balance in spite of regular and consistent losses year-after year?
6 What is the nature of Revaluation Account?
7 Do all forms of business organization prepare a Profit and Loss Appropriation Account?
8 Where would you record ‘Interest on Drawings’ when capitals are fixed?
9 Promod, Visjhal and Samuktha decided that interest on capital will be provided to each partner @ 5% p.a. But after one year Samuktha wants that no interest on capital is to be provided to any partner. State how Samuktha can do this.
10 How does the factor ‘Quality of product’ affect the goodwill of a firm?
11 Give the average period in months for charging interest on drawings for the same amount withdrawn at the beginning of each quarter.
12 State the meaning of sacrificing ratio.
13 How does the nature of business affect the value of goodwill of a firm?
14 A partnership deed provides for the payment of interest on capital, but there was a loss instead of profits during the year 2015-16 .At what rate will the interest on capital be allowed?.
15 Give any one distinction between sacrificing ratio and gaining ratio.
16 State any one purpose for admitting a new partner in a partnership firm.
17 Give the Journal Entry to distribute ‘Workmen Compensation Fund/Reserve of Rs 70,000 at the time of retirement of Namita when there is a claim of Rs25,000 against it. The firm has three partners Naufal ,Neeraja and Namita
18 At what rate is interest payable on the amount remaining unpaid to the executor of a deceased partner in a partnership firm? firm’
19 State the ratio in which the partners share the accumulated profits when there is a change in the profit sharing ratio amongst existing partners.
20 If partners’ capital is fixed, state any two items in the debit side of Partners Capital Account.
21 Prakariti, Pandit and Pallavi were partners sharing profits in the ratio of 1/2,3/10 and 1/5.Pradeep retired from the firm. Calculate the Gaining Ratio of the remaining partners.
22 State the rights acquired by a newly admitted partner.
23 Distinguish between ‘Dissolution of partnership’ and ‘Dissolution of partnership firm’ on the basis of Court’s intervention.
24 Give the meaning of ‘Reconstitution of a partnership’.
25 In absence of partnership deed what will be interest rate on loan taken from a partner.
26 Randheer, Ramyaand Ravindra were partners in a firm sharing profits in the ratio of 5:3:2.On 1st January, 2015 they admitted Ratra as a new partner for 1/10th share in the profits. On Ratra’s admission, the Profit and Loss Account of the firm was showing a debit balance of `20,000 which was credited by the accountant of the firm to the capital accounts of Randheer, Ramya and Ravindra in their profit sharing ratio. Did the accountant give correct treatment?
Give reason in support of your answer.
27 On the death of a partner, his/her share in the profits of the firm till the date of his/her death is transferred to which account?
28 Manpreet, Geeta and Arvind were partners in a firm sharing profits in the ratio of 7:5:3.From 1st January 2015, they decided to share the profits equally. For this purpose the goodwill of the firm was valued at Rs 2,40,000. Pass necessary Journal entry for the treatment of goodwill on change in the profit sharing ratio of Manpreet, Geeta and Arvind.
29 Rohit, Bindra and Gulfam were partners in a firm sharing profits in the 1 ratio 3:2:1 .At the time of admission of a partner, the goodwill of the firm was valued at Rs 2, 00,000.The Accountant of the firm passed the entry in the books of accounts for this and thereafter showed goodwill at Rs 2,00,000 as an asset in the Balance Sheet. Was the Accountant correct in doing so? Why?
30 Chalk, Duster and Blackboard are partners. The firm had given a loan of Rs 20,000 to Duster. They decided to dissolve the firm. In the event of dissolution of the firm what will be the accounting treatment
31 Shirt and Pant were partners sharing profits in the ratio of 3:2.On 1st April 2015, they decided to admit Blazer for 1/5th share in the profits. They had a Reserve of Rs 25,000 which they wanted to show in their new Balance Sheet. Blazer agreed and the necessary adjustments were made in the books of accounts. On 1st October 2015 Shirt met with an accident and died. Pant and Blazer decided to admit Shirt’s son T-shirt in their partnership, who agreed to bring Rs 2, 00,000 as capital. Calculate Shirt’s share in the reserve on the date of his death
32 What will be the accounting treatment where Workmen Compensation Reserve stands in the books of accounts of a partnership firm at `40,000 as on 31st March 2014.But the claim settled for compensation to the workers as on that date was Rs 41,000?
33 Ramyan,Chaman and Lallan are partners in a firm. They contributed Rs 75,000 each as capital three years ago. At that time Lallan agreed to look after the business as Raman and Chaman were busy in their private works. The profit for last three years were Rs 45,000, Rs 30,000 and Rs 60,000 respectively. While going through the books of accounts, Raman noticed that profit had been distributed in 1:1:2 ratio. When he enquired from Lallan about this,Lallan answered that since he looked after the business he should get more profit. Raman disagreed and it was decided to distributed profits equally with retrospective effect for the last three years.
a) You are required to make necessary corrections in the books of accounts of Ramyan, Chaman and Lallan by passing an adjustment entry.
b) Identify the value which is being ignored by Lallan.
34 Chmeera and Balbira were partners in a firm sharing profits in the ratio of 3:2.their capitals were Rs 1, 60,000 and Rs 1, 00,000 respectively. They admitted Dalbira on 1st April 2015 as a newpartner for 1/5 share in the future profits. Dalbira brought ` 1,20,000 as his capital. Calculate the value of goodwill of the firm and record necessary journal entries for the above transactions on Dalbira’s admission
35 On 1st April 2014, Brinda and Chinya entered into partnership to construct toilets in government girls’ schools in the remote areas of Jharkhand. They contributed capitals of Rs 10, 00,000 and Rs 15, 00,000 respectively. Their profit sharing ratio was 2:3 and interest allowed on capital as provided in the Partnership Deed was 12% p.a. During the year ended 31st March 2015, the firm earned a profit of Rs 2, 00,000. Prepare Profit and Loss Appropriation Account of Brick and Cement for the year ended 31.03.2015.
Please click on below link to download CBSE Class 12 Accountancy Partnership Volume Worksheet
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