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Shyam, Gopal &… (Class 12 Accountancy SQP 2023-24, Q15b)

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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(b)

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

Q15(b) · 1 mark · MCQCompetency-basedAccounting for Partnership: Basic Concepts

Shyam, Gopal & Arjun are partners carrying on garment business. Shyam withdrew ₹10,000 in the beginning of each quarter. Gopal, withdrew garments amounting to ₹15,000 to distribute it to flood victims, and Arjun withdrew ₹20,000 from his capital account. The partnership deed provides for interest on drawings @ 10% p.a. The interest on drawing charged from Shyam, Gopal & Arjun at the end of the year will be

  1. (A)Shyam- ₹4,800; Gopal- ₹1,000; Arjun- ₹2,000.
  2. (B)Shyam- ₹4,800; Gopal- ₹1,000; Arjun- ₹2,000.
  3. (C)Shyam- ₹2,500; Gopal- ₹750; Arjun- Nil.
  4. (D)Shyam- ₹4,800; Gopal- Nil; Arjun- Nil.

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

Start-of-quarter drawings have an average period of 7.5 months.

Hint 2

Goods taken by a partner are drawings too.

Hint 3

Is a withdrawal of capital a 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. Shyam: ₹ 10,000 at the start of each quarter, average period 7.5 months: ₹ 40,000 × 10% × 7.5/12 = ₹ 2,500. Gopal: goods of ₹ 15,000 are drawings, date unknown, so 6 months: ₹ 750.

  2. Arjun withdrew capital, not drawings, so no interest. Shyam ₹ 2,500; Gopal ₹ 750; Arjun Nil. Option (C).

    1 mark

Answer: (C) Shyam- ₹2,500; Gopal- ₹750; Arjun- Nil.

Where the marks are

  • Average periods 7.5 and 6 months; capital withdrawal bears no interest on 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.