CBSE Class 12 Accountancy 2025 Sample Paper Solved Set 5

PART A

(Accounting for Partnership Firms and Companies) Marks

1 Ram and Shyam are partners sharing profits equally. Ram withdrew Rs. 1,000 p.m. regularly on the first day of every month for personal expenses. Interest on drawings charged @5%.
Calculate Interest on drawings of Ram.
a) Rs. 600
b) Rs. 250
c) Rs. 500
d) Rs. 1,200

Answer : a

2 Assertion a): Each partner is a principal as well as an agent for all the other partners
Reason (R): As per the definition of Partnership Act, partnership business may be carried on by all the partners or any them acting for all.
a) Both A and R are correct, but R is not the correct explanation of A.
b) Both A and R are correct, and R is the correct explanation of A.
c) A is correct, but R is incorrect.
d) A is incorrect, but R is correct.

Answer : b

3 Which of the following transactions is always recorded in the partner’s Capital a/c irrespective of whether the partners’ capitals are fixed or fluctuating?
a) Additional capital introduced
b) Withdrawal of Capital by a partner
c) Interest on partner’s loan
d) Both a) & b)

Answer : d

4 Assertion a): Sharma and Verma are partners sharing profits and losses in the ratio of 3:2 having fixed capitals of 600000 and 400000 respectively. According to Partnership Deed, Sharma and Verma are entitled to get annual salary of 30000 and 20000 respectively. Verma advised that their salary should be credited in their capital accounts.
Reason (R): In case of fixed capital accounts, remuneration of the partners is credited to their Current Accounts.
a) Assertion is correct but Reason is wrong.
b) Assertion is wrong but Reason is correct.
c) Both assertion and reason are wrong.
d) Both assertion and reason are correct.

Answer : b

5 Assertion a): On the admission of the new partner, increase in the value of assets is debited to revaluation account.
Reason (R): Revaluation account is used to transfer the revalued amount of assets & liabilities.
a) Both Assertion a) and Reason(R) are true and Reason(R) is the correct explanation of Assertion a).
b) Both Assertiona) and Reason(R) are true and Reason(R) is not the correct explanation of Assertiona).
c) Assertion a) is true but Reason(R) is false.
d) Assertion a) is false but Reason (R) is true.

Answer : d

6 The average capital employed in a business is Rs. 3,00,000 and average net profit earned is Rs. 42,000. The normal rate of return on capital employed is 10%. The goodwill of the firm based on 3 years of purchase of super profit will be:
a) Rs. 36,000
b) Rs. 30,000
c) Rs. 4,200
d) Rs. 12,000

Answer : a

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