PART A
(Accounting for Not-for-Profit Organizations, Partnership Firms and Companies)
1. The account which shows classified summary of transactions of a ‘Cash Book’ in a Not-for-Profit Organisation is called :
(A) Income and Expenditure A/c
(B) Receipts and Payments A/c
(C) Profit and Loss A/c
(D) Subscriptions A/c
2. Give the average period, in months, for charging interest on drawings of a fixed amount, withdrawn at the end of each quarter.
3. X, Y and Z are partners in a firm sharing profits and losses in the ratio of 6 : 4 : 1. X guaranteed a profit of < 15,000 to Z. The net profit for the year ending 31st March, 2019 was < 99,000. X’s share in the profit of the firm will be :
(A) < 30,000
(B) < 15,000
(C) < 48,000
(D) < 45,000
4. Average profit of a firm during the last few years is < 1,50,000. In similar business, the normal rate of return is 10% of the capital employed. Calculate the value of goodwill by capitalisation of super profit method if super profits of the firm are < 50,000.
5. Goodwill is the value of ______________________ .
6. A, B and C were partners in a firm sharing profits and losses in the ratio of 1/2: 1/3: 1/6 D was admitted in the firm for 1/6th share. C would retain his original share. Calculate the new profit sharing ratio.
7. State any one right acquired by a newly admitted partner.
8. In the absence of any agreement, the rate of interest payable on the amount remaining unpaid to the executor of deceased partner is
(A) 8% p.a.
(B) 6% p.a.
(C) 9% p.a.
(D) 12% p.a.
9. A, B and C were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 25th February, 2019, B died. B’s share of profit till the date of his death was calculated at < 5,000.
Pass the necessary journal entry for the same in the books of the firm.
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