CBSE Class 12 Accountancy Value Based Questions Set C 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
PARTNERSHIP – FUNDAMENTALS
1. A,B and C are partners sharing profits in the ratio 3:2:1 and contribute capital 1,00,000; 80,000 and 60,000 respectively. Profit before adjustments is 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 15,000. A and B have agreed to bear the deficiency. 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?
1. Compassionate Sacrificing nature Contentment Commitment Caring & Sharing
1. Value involved: (i) Social Responsibility
(ii) Help the weaker section of the society
(iii) Promotion charity
Profit and Loss Appropriation Account for the year ended on March 31,2012
2. X,Y and Z are partners with 72,000, 80,000 and 1,00,000 as their capitals respectively. The profit for the year ending March 31,2012 was 7,20,000. Before distributing profits they donated 10% of profits to a ‘Non-Govt. organisation’ as charity for welfare of educationally backward section of the society. Out of the remaining profit, 4,00,000 is divisible as 5:3:2 ratio and the remaining is to be divided amongst them equally. Identify the value followed by the partnership firm of X,Y and Z. Prepare Profit and Loss Appropriation Account and Partner’s Capital Account.
3. Aakash and Bhola entered into partnership on January 1,2012 contributing 1,20,000 and 1,60,000 as capitals respectively. Their partnership firm started the business of manufacturing shoes. They decided to donate 30% of the shoes produced for school going children. They share profits in the ratio of 7:3. The profits for the year were 96,000. Prepare Profit and Loss Appropriation Account and the Partner’s Capital Accounts. Also identify the value involved in this question.
Profit & Loss Appropriation Account
4. Renu and Reshma shared profits as 7:3. Renu want to give admission to her friend Rehana as a new partner. Reshma agrees with this decision of Renu. Rehana is a physically challenged lady and admitted with a ¼ th share in profits. Renu and Reshma gave her a guarantee that her share of profit will never be less than 1,20,000 p.a., the profits for the last two years ended March 31, 2011 and March 31, 2012 were 1,60,000 and 2,40,000 respectively. Identify the human value involved in this case and Profit and Loss Appropriation Account for the two years.
5. Ramesh and Gurmeet are two friends belonging to Hindu and Sikh religion respectively. They started a business of wire manufacturing in the form of a partnership firm. They know that the factory of wire manufacturing pollutes the environment. Therefore there are two options available before them. First option is that the factory can be opened in rural area where local residents are poor and illiterate. Second option is that an advanced pollution control plant can be installed in their factory to control the pollution. They decided to choose the second option which involves an additional cost of 2,00,000. To arrange this amount, they admitted their rich friend John as a new partner for equal share in the future profits. John brought 2,50,000 as his share of capital. Ramesh and Gurmeet gave him a guarantee that his share of profit will not be less than 60,000 p.a. At the end of first year the firm earns a profit of 1,50,000. Mention the value involved in this question. Write the effects of choosing option available before Ramesh and Gurmeet. Prepare Profit and Loss Appropriation Account for the first year.
6. A,B and C are in a partnership. A is appointed for carrying on the business of the firm by the other partners. A has decided to purchase the goods from a firm in which his wife and his son are partners at a double rate than the prevailing market rate without disclosing this fact to others partners of the firm. State which values have been violated by A by not disclosing this information to B and C.
6. C has violated the following values:
7. A,B and C are partners in a firm. C used firm’s money to buy shares without disclosing it other partners. Which value C is violating and what will be the treatment of profit earned by C?
RECONSTITUTION OF PARTNERSHIP
8. 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 agreed to admit him for 1/5 th share in profits. For this, they asked him to pay his share of goodwill in cash which he was unable to bring in. A and B agreed for the same. What values are being emphasised by the firm at the time of C’s admission?
9. After completing MBA, Arun and Radha want to start a new business but they don’t have sufficient capital. They contacted their common friend Sita, a rich lady with poor eyesight. They decided to form a partnership firm with a capital of 25,00,000 with a ratio of 80% by Sita, 10% each by Arun and Radha respectively. The partnership deed provided as follows :
• Interest on capital @ 12% p.a
• Salary to active partners Arun and Radha @ 9,000 p.m.
The firm earned a net profit of 9,66,000 during the year. Sita decided to donate half of her profits to a school for differently abled children. State which values are being reflected in the above case and also prepare Profit and Loss appropriation a/c for the year.
Following values are being reflected:
• Mutual trust and co-operation
• Fulfillment of social responsibility
10. A and B are partners in a firm having a workmen compensation reserve of 10,00,000. A worker, Rohan died in an accident while working for the firm. The firm paid 5,00,000 as compensation to his family and offered a job to his wife and also arranged for the education of his son. State which values are being reflected in the above case and also show the treatment of workmen compensation reserve if A and B now decide to change their profit sharing ratio from 3:1 to equal ratio.
11. A and B are partners in a firm. A manages the business as a representative of firm. For execution of sales order to a valuable customer, A spent Rs. 5,000 for quick delivery. B is not agreeing to reimburse the above expenses from the firm’s accounts. Explain the treatment of above expense and describe which value is violated by the partners.
12. What are the values involved in the formation of a partnership firm?
13. What are the values disclosed by a Partnership Deed?
14. In the absence of partnership deed, interest on Advances / Loan by a partner is to be paid @ 6% p.a. What value is depicted in the provision of Indian Partnership Act, 1932?
15. XYZ Cycles Ltd., a manufacturer of cycles and tri-cycles has decided to donate 100 tri-cycles worthRs. 3,00,000 to differently abled children in the CWSN (Children with special needs) assessment camp organized by Directorate of Education, Delhi on 3rd December on the occasion of “World Disabled Day” State the values that are being reflected in the above case.
16. A,B and C were partners in a firm. A died in a road accident. A’s family has no other source of income. B and C has decided to admit A’s son D, a minor, in the partnership firm.. Firm guaranteed that his share in profits will not be less than Rs.1,00,000 in a year. State the values that are being reflected in the above case.
17. ABC Ltd., a manufacturer of very popular liquid soap, has decided to supply its popular product ‘Safe Hand Wash’ worth Rs.50,000 to 25 schools in the different areas of the city on the occasion of ‘Global Handwash Day’ on the 15th October at free of cost. State the values that are being reflected in the above case.
18. Sita and Geeta are working as marketing executives in a MNC dealing in cosmetic products. After working for 5 years in MNC, both of them realized that they should start their own business, but both of them individually don’t have sufficient funds for starting the business. Therefore, they have decided to form a partnership firm with equal amount of capital. Both have agreed that they will actively participate in the operation of the business and to share the profits or losses of the business equally. They have decided to appoint Sangeeta, their common friend , as a manager. State the values that are being reflected in the above case.
19. A, B and C are partners in a firm which deals in woollen garments. D who runs a NGO and also a friend of C contacted him for supplying 1,000 woollen jackets for distributing among the students of EWS (Economically Weaker Section ) of the society studying in a school for ‘out of school children’ run under SSA program. D requested C to provide the jackets at the lowest possible rate. C discussed the matter with the other partners of the firm and the firm decided to provide required number of jackets at ‘No Profit No Loss’ to the NGO of D. State the values that are being reflected in the above case.
20. Ram is a graduate in Business Administration. He tried very hard for a job but he didn’t get any opportunity to work due to recession in the economy. Then he realized that he should start his own business at the ground floor of his house lying vacant. Since he didn’t have sufficient funds to invest in the business, he cannot start the business alone. Ram contacted one of his friends Anuj and convinced him to start a business with him in partnership. Anuj decided to invest in the business and to form a partnership with Ram and wants to get the firm registered. State the values that are being reflected in the above case.
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