CBSE Class 12 Accountancy Fundamentals Worksheet Set A

Read and download free pdf of CBSE Class 12 Accountancy Fundamentals Worksheet Set A. Download printable Accountancy Class 12 Worksheets in pdf format, CBSE Class 12 Accountancy Part 1 Chapter 2 Accounting for Partnership Basic Concepts Worksheet has been prepared as per the latest syllabus and exam pattern issued by CBSE, NCERT and KVS. Also download free pdf Accountancy Class 12 Assignments and practice them daily to get better marks in tests and exams for Class 12. Free chapter wise worksheets with answers have been designed by Class 12 teachers as per latest examination pattern

Part 1 Chapter 2 Accounting for Partnership Basic Concepts Accountancy Worksheet for Class 12

Class 12 Accountancy students should refer to the following printable worksheet in Pdf in Class 12. This test paper with questions and solutions for Class 12 Accountancy will be very useful for tests and exams and help you to score better marks

Class 12 Accountancy Part 1 Chapter 2 Accounting for Partnership Basic Concepts Worksheet Pdf

Accounting for Partnership
Firms - Fundamentals
 
 
1 In the absence of an agreement profit and loss are divided by partners in the ratio of:
(a) Capital
(b) Equally
(c) Time devoted by each partners.
(d) None of these.
 
2 In the absence of an agreement, Interest on loan advanced by the partner to the firm is allowed at the rate of:
(a) 6%
(b) 5%
(c) 12%
(d) 9%
 
3 Current accounts of the partners should be opened when the capitals are:
(a) Fluctuating
(b) Fixed
(c) Either fixed or fluctuating
(d) None of these
 
4 Partnership is formed by the partners by:
(a) Written agreement
(b) Oral agreement
(c) Written or oral
(d) None of these
 
5 The written agreement of partnership is called:
(a) Partnership deed
(b) Articles of association
(c) Memorandum of association
(d) Certificate of incorporation
 
6 Under fixed capital methods, profit will be credited to:
(a) Capital Account
(b) Drawings
(c) Current A/c
(d) Profit & Loss
 
7 Capital of the partners are maintained by:
(a) Fixed capital method.
(b) Fluctuating capital methods.
(c) By any two above methods.
(d) None of them.
 
8 The members of partnership firm are individually called as:
(a) Director
(b) Investor
(c) Partner
(d) Manager
 
9 Drawings of the partners are:
(a) Debited to profit & loss A/c
(b) Credited to profit & loss A/c
(c) Credited to capital A/c
(d) Debited to capital A/c
 
10 Salary paid to partner should be:
(a) Debited to his current A/c
(b) Credited to his current A/c
(c) Credited to profit & loss appropriation A/c
(d) None of above
 
11 The Maximum number of persons in case of a partnership firm as specified by the Companies Act 2013 is
(a) 20
(b) 30
(c ) 100
(d) 50
 
12 Under which of the following circumstances , the balance of the Fixed Capital Accounts will change:
(a) Additional capital introduced
(b) Interest on capital is provided
( c) Interest on drawings is charges
(d) None of the above
 
13 State whether the following statements are true or false:
a) In the absence of an agreement, profits and losses are distributed among the partners equally.
b) A partner who has invested more capital in the firm is entitled to get interest on the excess amount of capital.
c) If all the partners agree, a minor may be admitted for the benefit of partnership.
d) Current Accounts are maintained in case of fixed capital account system
e) Interest on partner’s drawings is to be given @ 105 p.a.if the partnership deed is silent about the rate of interest.
 
14 Salary or commission to a partner is an _________ of profit.
 
15 __________ Account is an extension of Profit and Loss Account.
 
16 Under _______ system, the balance of capital changes with every transaction of the partner with the firm.
 
Interest on Drawings
 
1 Mr. A withdrew Rs 1,20,000 p.a @10% p.a. Calculate interest on drawing of Mr. A at the end of the financial year.
 
2 Mr. B withdrew Rs 1,20,000 p.a. @10%. Calculate the interest on drawings of Mr. B at the end of the financial year.
 
3 In a partnership, partners are charged interest on drawings @15% p.a. During the year ended 31st December, 2019 a partner drew as follows. Calculate interest on drawing

CBSE Class 12 Accountancy Fundamentals Worksheet Set A 1

4 Calculate interest on drawings of Rajesh @10% p.a. for the year ended 31st December, 2014 in each of the below mentioned cases.
(i)If he withdrew 2,000 per month in the beginning of every month.
(ii) If he withdrew 2,000 per month in the end of every month.
(iii) If he withdrew 2,000 per month in the middle of every month.
 
5 Calculate interest on drawings of Shiv @10% p.a. for the year ended 31st December, 2014 in each of the below mentioned cases.
(i)If he withdrew Rs 2,000 per quarter in the beginning of every quarter.
(ii) If he withdrew Rs 2,000 per quarter in the end of every quarter.
(iii) If he withdrew Rs 2,000 per quarter in the middle of every quarter.
 
6 Mr. X and Mr. Y started business on 1st April, 2013 with capitals of Rs 5,00,000 and Rs 3,00,000 respectively. Calculate interest on drawings of Mr. X @10% p.a. for the year ended 31st December 2015 in each of the following alternative cases :
(i)If he withdrew Rs 2,000 per month in the beginning of every month.
(ii) If he withdrew Rs 2,000 per month in the end of every month.
(iii) If he withdrew Rs 2,000 per month in the middle of every month.
(iv)If he withdrew Rs 6,000 in the beginning of every quarter.
(v) If he withdrew Rs 6,000 in the end of every quarter.
(vi) If he withdrew Rs 6,000 in per quarter.
 
Interest on Capital
 
7 L and M started business on 1st April, 2018 with capitals of Rs 3,00,000 and Rs 1,80,000 respectively. There is no withdrawal or addition of capital during the year. Calculate the interest on capital @ 12% p.a. for the year (a) 31st March, 2019 and (b) on 31st December, 2018.
 
8 X and Y started business on 1st April, 2018 with capitals of Rs 3,00,000 and 1,80,000 respectively. On 1st May 2018 he introduced an additional capital of Rs 60,000 and Y withdrew Rs 30,000 from his capital. On 1st October 2018, X withdrew Rs 1,20,000 from his capital and Y introduced Rs 1,50,000. Interest on capital is allowed @6% p.a. Calculate the interest on capital for the year ending 31st March, 2019.
 
9 On 31st March 2019 after the close of a/c, the capital accounts of Mr. X and Mr. Y stood in the books of the firm at Rs 2,40,000 and Rs 3,00,000 respectively. On 1st May, 2018, Mr. X introduced an additional capital of Rs 60,000 and Mr. Y withdrew Rs 30,000 from his capital. On 1st October, 2018, Mr. X withdrew Rs 1,20,000 from his capital and Y introduced ₹ 1,50,000. Interest on capital is allowed @6% p.a. Calculate the interest on capital for the year ending 31st March, 2019.
 
10 Leena and Kavita are partners sharing the profits and losses in the ratio of 2:3 with capitals of 20,000 and Rs 10,000 respectively. Show the distribution of profit/loss for the year 2019 by preparing the relevant account in each of the following in the below cases.
 
(i)If the partnership deed is silent as to the interest on capital and the trading profits for the year are Rs 1,600.
(ii)If the partnership deed provides for interest on capital @6% and the trading losses for the year are Rs 1,600.
(iii)If the partnership deed provides for interest on capital @6% and the trading profits for the year are Rs 2,200.
(iv)If the partnership deed provides for interest on capital @6% and the trading profits for the year are Rs 1,650.
(v) If the partnership deed provides for interest on capital @6% even if it involves the firm in loss and the trading profits for the year .Rs  1,600.


Please click on below link to download CBSE Class 12 Accountancy Fundamentals Worksheet Set A

Part 1 Chapter 01 Accounting for Not-for-Profit Organisation
CBSE Class 12 Accountancy Accounting For Not For Profit Organisation Worksheet
CBSE Class 12 Accountancy Not For Profit Organisation Worksheet Set A
CBSE Class 12 Accountancy Not For Profit Organisation Worksheet Set B
Part 1 Chapter 02 Accounting for Partnership Basic Concepts
CBSE Class 12 Accountancy Accounting For Partnership Firms Worksheet Set A
CBSE Class 12 Accountancy Accounting For Partnership Firms Worksheet Set B
CBSE Class 12 Accountancy Fundamentals Partnership Worksheet Set A
CBSE Class 12 Accountancy Fundamentals Partnership Worksheet Set B
CBSE Class 12 Accountancy Fundamentals Partnership Worksheet Set C
CBSE Class 12 Accountancy Fundamentals Partnership Worksheet Set D
CBSE Class 12 Accountancy Fundamentals Worksheet Set A
CBSE Class 12 Accountancy Fundamentals Worksheet Set B
CBSE Class 12 Accountancy Partnership Volume Worksheet
Part 1 Chapter 03 Reconstitution of a Partnership Firm Admission of a Partner
CBSE Class 12 Accountancy Admission of A Partner Worksheet Set A
CBSE Class 12 Accountancy Admission of A Partner Worksheet Set B
CBSE Class 12 Accountancy Admission of A Partner Worksheet Set C
CBSE Class 12 Accountancy Change in Profit Sharing Worksheet Set A
CBSE Class 12 Accountancy Change in Profit Sharing Worksheet Set B
CBSE Class 12 Accountancy Change in Profit Sharing Worksheet Set C
CBSE Class 12 Accountancy Goodwill Nature And Valuation Worksheet Set A
CBSE Class 12 Accountancy Goodwill Nature And Valuation Worksheet Set B
CBSE Class 12 Accountancy Goodwill Nature And Valuation Worksheet Set C
Part 1 Chapter 04 Reconstitution of a Partnership Firm Retirement/Death of a Partner
CBSE Class 12 Accountancy Death of A Partner Worksheet Set A
CBSE Class 12 Accountancy Death of A Partner Worksheet Set B
CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set A
CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set B
CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set C
CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set D
CBSE Class 12 Accountancy Retirement or Death of a Partner Worksheet Set A
CBSE Class 12 Accountancy Retirement or Death of a Partner Worksheet Set B
Part 1 Chapter 05 Dissolution of Partnership Firm
CBSE Class 12 Accountancy Dissoultion of Partnership Firm Worksheet Set A
CBSE Class 12 Accountancy Dissoultion of Partnership Firm Worksheet Set B
CBSE Class 12 Accountancy Dissoultion of Partnership Firm Worksheet Set C
Part 2 Chapter 01 Accounting for Share Capital
CBSE Class 12 Accountancy Accounting For Companies Worksheet
CBSE Class 12 Accountancy Accounting For Share Capital Worksheet
Part 2 Chapter 02 Issue and Redemption of Debentures
CBSE Class 12 Accountancy Issue And Redemption of Debentures Worksheet Set A
CBSE Class 12 Accountancy Issue And Redemption of Debentures Worksheet Set B
CBSE Class 12 Accountancy Issue And Redemption of Debentures Worksheet Set C
Part 2 Chapter 03 Financial Statements of a Company
CBSE Class 12 Accountancy Financial Statements of A Company Worksheet
Part 2 Chapter 04 Analysis of Financial Statements
CBSE Class 12 Accountancy Analysis of Financial Statements Worksheet
CBSE Class 12 Accountancy Tools of Analysis Worksheet Set A
CBSE Class 12 Accountancy Tools of Analysis Worksheet Set B
Part 2 Chapter 05 Accounting Ratios
CBSE Class 12 Accountancy Ratio Analysis Worksheet Set A
CBSE Class 12 Accountancy Ratio Analysis Worksheet Set B
CBSE Class 12 Accountancy Ratio Analysis Worksheet Set C
Part 2 Chapter 06 Cash Flow Statement
CBSE Class 12 Accountancy Cash Flow Statement Worksheet Set A
CBSE Class 12 Accountancy Cash Flow Statement Worksheet Set B
CBSE Class 12 Accountancy Cash Flow Statement Worksheet Set C
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Part 1 Chapter 2 Accounting for Partnership Basic Concepts CBSE Class 12 Accountancy Worksheet

The above practice worksheet for Part 1 Chapter 2 Accounting for Partnership Basic Concepts has been designed as per the current syllabus for Class 12 Accountancy released by CBSE. Students studying in Class 12 can easily download in Pdf format and practice the questions and answers given in the above practice worksheet for Class 12 Accountancy on a daily basis. All the latest practice worksheets with solutions have been developed for Accountancy by referring to the most important and regularly asked topics that the students should learn and practice to get better scores in their examinations. Studiestoday is the best portal for Printable Worksheets for Class 12 Accountancy students to get all the latest study material free of cost. Teachers of studiestoday have referred to the NCERT book for Class 12 Accountancy to develop the Accountancy Class 12 worksheet. After solving the questions given in the practice sheet which have been developed as per the latest course books also refer to the NCERT solutions for Class 12 Accountancy designed by our teachers. After solving these you should also refer to Class 12 Accountancy MCQ Test for the same chapter. We have also provided a lot of other Worksheets for Class 12 Accountancy which you can use to further make yourself better in Accountancy.

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