CBSE Class 12 Accountancy Value Based Questions
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ACCOUNTANCY
VALUE BASED QUESTIONS
FUNDAMENTALS
Q1. A, B and C are partners sharing profits in the ratio 3:2:1 and contribute capital Rs. 1, 00,000;
Rs. 80,000 and Rs. 60,000 respectively. Profit before adjustments is Rs. 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 Rs. 15,000. A and B have agreed to bear the deficiency.
Contextual
Prepare Profit and Loss Appropriation Account. (2)
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? (2)
Value Points
Compassionate
Sacrificing nature
Contentment
Commitment
ADMISSION OF A PARTNER
Q2. 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 were initially reluctant to his admission but agreed to
admit him for 1/5th share in profits. For this, they ask him to pay an unreasonable amount of
goodwill in cash irrespective of his share in the profits.
Contextual
Compute Sacrificing ratio and New Profit sharing ratio. (2)
Value Based
What values are being overlooked by the firm at the time of C’s admission? (2)
Value Points
Respect for Professional ethics
Integrity
Fairness
Considerate
RETIREMENT OF A PARTNER
Q3. Ram, Ramesh and Rajesh are partners in a business sharing profits and losses in the ratio
3:2:1. Rajesh retires and both the existing partners agree to share profits in the ratio 2:1 .Later
Rajesh requests the other partners that his physically challenged son should be inducted as a
partner in his place. After discussing it amongst themselves both the partners, Ram and Ramesh
agree to take his son as a partner.
Contextual
Calculate the gaining ratio on Rajesh’s retirement (2)
Value Based
Which values have been taken into consideration while taking Rajesh’s son as a partner? (2)
Value Points
Compassion
Socially responsible behaviour
Mutual Cooperation
Equal Opportunity to all
Q4. A, B and C are partners carrying on an illegal business without forming a partnership deed. C
wants to retire but A and B are not willing to give his share. Their profit sharing ratio is 3:2:1.
Value Based
Identify the values which should have been incorporated while formulating partnership. (2)
Value Points
Respect for law
Righteous behaviour
Responsibility towards society
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