CBSE Class 12 Accountancy Value Based Questions Set A read and download in pdf. Value Based Questions come in exams for Accountancy in Standard 12 and are easy to learn and helpful in scoring good marks. You can refer to more chapter wise VBQs for Class 12 Accountancy and also get latest topic wise very useful study material as per latest 2021 NCERT book for Class 12 Accountancy and all other subjects for free on Studiestoday designed as per latest Grade 12 CBSE, NCERT and KVS syllabus and examination pattern
VALUE BASED QUESTIONS
Q1. A, B and C are partners sharing profits in the ratio 3:2:1 and contribute capital Rs. 1, 00,000; Rs. 80,000 and Rs. 60,000 respectively. Profit before adjustments is Rs. 84,000. Interest on capital is to be provided @ 10% p.a. Since C has to take care of his physically challenged brother, his share of profit should not be less than Rs. 15,000. A and B have agreed to bear the deficiency.
Contextual: Prepare Profit and Loss Appropriation Account. (2)
Value Based: What values are reflected on the part of A and B that they are ready to sacrifice their share to meet the deficiency of guaranteed profit? (2)
ADMISSION OF A PARTNER
Q2. A & B are partners sharing profits in the ratio 1:1. C wants to join their firm as it enjoys a good reputation in the industry. A and B were initially reluctant to his admission but agreed to admit him for 1/5th share in profits. For this, they ask him to pay an unreasonable amount of goodwill in cash irrespective of his share in the profits.
Contextual: Compute Sacrificing ratio and New Profit sharing ratio. (2)
Value Based: What values are being overlooked by the firm at the time of C’s admission? (2)
Respect for Professional ethics
RETIREMENT OF A PARTNER
Q3. Ram, Ramesh and Rajesh are partners in a business sharing profits and losses in the ratio 3:2:1. Rajesh retires and both the existing partners agree to share profits in the ratio 2:1 .Later Rajesh requests the other partners that his physically challenged son should be inducted as a partner in his place. After discussing it amongst themselves both the partners, Ram and Ramesh agree to take his son as a partner.
Contextual: Calculate the gaining ratio on Rajesh’s retirement (2)
Value Based: Which values have been taken into consideration while taking Rajesh’s son as a partner? (2)
Socially responsible behaviourMutual Cooperation
Equal Opportunity to all
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