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A and B are… (Class 12 Accountancy SQP 2023-24, Q15a)

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

CBSE Class 12 Accountancy sample paper 2023-24: question 15(a)

From the official CBSE sample question paper for 2023-24, section A, question 15(a), for 1 mark. Try it first; the hints and our step-by-step solution are below.

Q15(a) · 1 mark · MCQAccounting for Partnership: Basic Concepts

A and B are partners. B draws a fixed amount at the end of every quarter. Interest on drawings is charged @15% p.a. At the end of the year interest on B's drawings amounted to ₹9,000. Drawings of B were:

  1. (A)₹24,000 per quarter.
  2. (B)₹40,000 per quarter
  3. (C)₹30,000 per quarter
  4. (D)₹80,000 per quarter

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

End-of-quarter drawings: average period = (12 − 3)/2 months.

Hint 2

Set up interest in terms of one quarter's drawing.

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. Drawings at the end of each quarter are outstanding for an average of 4.5 months. Interest = 4 × Q × 15% × 4.5/12 = 0.225 Q.

  2. 0.225 Q = ₹ 9,000, so Q = ₹ 40,000 per quarter. Option (B).

    1 mark

Answer: (B) ₹40,000 per quarter

Where the marks are

  • Average period of 4.5 months on four quarterly drawings (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.