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The amount to be… (Class 12 Accountancy SQP 2023-24, Q10)

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AccountancyCBSE Class 12 · Sample paper, session 2023-24 · 1 mark · MCQ

CBSE Class 12 Accountancy sample paper 2023-24: question 10

From the official CBSE sample question paper for 2023-24, section A, question 10, for 1 mark. Try it first; the hints and our step-by-step solution are below.

Q10 · 1 mark · MCQCompetency-basedAccounting for Partnership: Basic Concepts

The amount to be reflected in blank (2) will be: (Refer to the Profit & Loss Appropriation Account of Richa and Anmol in Q.9)

  1. (A)₹62,000.
  2. (B)₹74,500.
  3. (C)₹71,400.
  4. (D)₹70,775.

Source: official sample paper from cbseacademic.nic.in (PDF). See it in the full Sample paper 2023-24.

Hints

Open one hint at a time and try again before the next.

Hint 1

Is a partner's salary a charge or an appropriation?

Hint 2

Commission to a manager is a charge against profit.

Step-by-step solution

Each step shows the marks it earns, as an examiner would award them. Checked by an independent re-solve from the question paper.

  1. The profit was given after charging Anmol's salary, which is really an appropriation, so it is added back: ₹ 62,000 + ₹ 12,500 = ₹ 74,500.

  2. Less manager's commission 5% of ₹ 62,000 = ₹ 3,100. Amount credited from the P&L account = ₹ 71,400. Option (C).

    1 mark

Answer: (C) ₹71,400.

Where the marks are

  • Salary added back, manager's commission deducted (1 mark)

Revise the chapter

Practise this chapterBoard-style questions from Accounting for Partnership: Basic Concepts, one at a time, marked against the answer key and marking points.Back to the full paperSample paper 2023-24: every question, by section.

The question is transcribed from the official paper; figures are described in words. The solution, hints and chapter tag are ours. Spotted an error? Write tosupport@questionbuddy.in.