ACCOUNTANCY HOLIDAY ASSIGNMENT

CLASS XII (2025-26)

1. E, F and G are partners sharing profits in the ratio of 3:3:2. According to the
partnership agreement, G is to get a minimum amount of ₹80,000 as his share
of profits every year and any deficiency on this account is to be personally
borne by E. The net profit for the year ended 31st March 2021 amounted to
₹3,12 ,000. Calculate the amount of deficiency to be borne by E?
(A) ₹1,000 (B) ₹4,000 (C) ₹8,000 (D) ₹2,000
2. If average capital employed in a firm is ₹8,00,000, average of actual profits is
₹1,80,000 and normal rate of return is10%, then value of goodwill as per
capitalization of average profits is:
(A) ₹10,00,000 (B) ₹18,00,000 (C) ₹80,00,000 (D) ₹78,20,000 14.
3. A, B and C are partners, their partnership deed provides for interest on
drawings at 8% per annum. B withdrew a fixed amount in the middle of every
month and his interest on drawings amounted to ₹4,800 at the end of the
year. What was the amount of his monthly drawings?
(A) ₹10,000 . (B) ₹5,000 . (C) ₹1,20,000 . (D) ₹48,000
4. Abhay and Baldwin are partners sharing profit in the ratio 3:1. On 31st
March 2021, firm’s net profit is ₹1,25,000. The partnership deed provided
interest on capital to Abhay and Baldwin ₹15,000 & ₹10,000 respectively and
Interest on drawings for the year amounted to ₹6000 from Abhay and ₹4000
from Baldwin. Abhay is also entitled to commission @10% on net divisible
profits. Calculate profit to be transferred to Partners Capital A/c’s.
(A) ₹1,00,000 (B) ₹1,10,000 (C) ₹1,07,000 (D) ₹90,000
5. Ajay and Vinod are partners in the ratio of 3:2. Their fixed Capital were
₹3,00,000 and ₹4,00,000 respectively. After the close of accounts for the year
it was observed that the Interest on Capital which was agreed to be provided
at 5% pa was erroneously provided at 10%p.a. By what amount will Ajay’s
account be affected if partners decide to pass an adjustment entry for the
same
(A) Ajay’s Current A/c will be Debited by ₹15,000
(B) )Ajay’s Current A/c will be Credited by ₹6,000.
(C) Ajay’s Current A/c will be Credited by ₹35,000
(D) Ajay’s Current A/c will be Debited by ₹20,000.
6.A, B and C are in partnership business. A used ₹2,00,000 belonging to the
firm without the information to other partners and made a profit of ₹35,000 by
using this amount. Which decision should be taken by the firm to rectify this
situation
a) A need to return only ₹2,00,000 to the firm.
b) A is required to return ₹35,000 to the firm.
c) A is required to pay back ₹35,000 only equally to B and C.
d) A need to return ₹2,35,000 to the firm.
7. Capital employed = ₹2,00,000, average profit = ₹36,000, normal rate = 12%.
Super profit = ?
a) ₹12,000 b) ₹24,000 c) ₹10,000 d) ₹8,000
8. Super profit = ₹20,000, Years Purchase = 4. Goodwill = ?
a) ₹80,000 b) ₹20,000 c) ₹40,000 . d) ₹60,000
9. Average profit ₹50,000. Normal profit = ₹30,000. Goodwill = ₹1,20,000.
Years purchase ?
a) 4 . b) 2 c) 6 d) 3
10.P, Q and R are partners in a firm in 3 : 2 : 1. R is guaranteed that he will get
minimum of ₹20,000 as his share of profit every year. Firm’s profit was
₹90,000. Partners will get:
(A) P ₹40,000; Q ₹30,000; R ₹20,000;
(B) P ₹42,500; Q ₹27,500; R ₹20,000;
(C) P ₹45,000; Q ₹30,000; R ₹15,000;
(D) P ₹42,000; Q ₹28,000; R ₹20,000;

11. P, Q, and R are partners in 3 : 2 : 1. R is guaranteed that his share of profit

12. A and B are partners. B draws a fixed amount at the end of every month.
Interest on drawings is charged @15% p.a. At the end of the year interest on
B’s drawings amounts to ₹8,250. Drawings of B were :
(A) ₹12,000 p.m.
(B) ₹10,000 p.m.
(C) ₹9,000 p.m.
(D) ₹8,000 p.m.
13. Varun and Vivek were partners in a firm sharing profits in the ratio of 3:2.
The balance in their capital and current accounts as on 1st April, 2022 were as
under:
Particulars Varun(₹) Vivek(₹)
Capital accounts 3,00,000 (Cr.) 2,00,000 (Cr.)
Current accounts 1,00,000 (Cr.) 28,000 (Dr)
The partnership deed provided that Varun was to be paid a salary of ₹ 5,000
p.m. whereas Vivek was to get a commission of ₹ 30,000 for the year. Interest
on capital was to be allowed @ 8% p.a. whereas interest on drawings was to
be charged @ 6% p.a. The drawings of Varun were ₹ 3,000 at the beginning of
each quarter while Vivek withdrew ₹ 30,000 on 1st September, 2022. The net
profit of the firm for the year, 2022-23, before making the above adjustments
was ₹ 1,20,000. Prepare Profit and Loss Appropriation Account and
partners’current account and partners’ s capital account
14. X and Y invested ₹20,000 & ₹10,000. Interest on capital is allowed @ 6%
per annum. Profits are shared in ratio of 2 : 3. Profits for year ending 31.3.2023
is ₹ 1,500. Show allocation of profits when partnership deed.
(a) Allows interest on capital & deed is silent on treating interest as charge.
(b) Interest is charge against profit.

15. A and B were partners sharing profit equally. It was now agreed that profit
sharing ratio will be changed to 2:1 from 1st April 2022.
Following balances have been extracted from their books on this date
CAPITALS:
A=₹5,00,000
B=₹3,00,000
GENERAL RESERVE= ₹90,000
PROFIT AND LOSS AC(DR)= ₹30,000
It is agreed between the partners that:
a. Goodwill should be values at ₹1,20,000
b. Profit and loss a/c debit balance is to be carried forward
c. Furniture(book value ₹ 50,000) be reduced to ₹30,000
d. Computer(book value ₹1,00,000) be reduced by ₹60,000
BASED ON THE ABOVE INFORMATION CHOOSE THE CORRECT OPTION
Q1. In respect of profit and loss(dr.) balance:
a. Dr. A & B by 15,000 each
b. Dr. A by 20,000 and B by 10,000
c. Dr. A by 5,000 and Cr. B by 5,000
d. Cr. A by 5,000 and Dr. B by 5,000
Q2. Loss on revaluation will be:
a. 90,000 b.60,000 c.80,000 d.70,000
Q3. In respect of goodwilll :
a. Cr. A & B by 60,000 each
b. Credit A by 40,000 and B by 20,000
c. Debit A by 20,000 and credit B by 20,000
d. Credit A by 20,000 and debit B by 20,000
Q4. Balance of A’s capital A/c will be:
a. 4,45,000 b.4,90,000 c.4,80,000 d. 5,30,000

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