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Annu, Banu and… (Class 12 Accountancy SQP 2023-24, Q8b)

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

CBSE Class 12 Accountancy sample paper 2023-24: question 8(b)

From the official CBSE sample question paper for 2023-24, section A, question 8(b), for 1 mark. Try it first; the hints and our step-by-step solution are below.

Q8(b) · 1 mark · MCQAccounting for Partnership: Basic Concepts

Annu, Banu and Chanu are partners, Chanu has been given a guarantee of minimum profit of ₹8,000 by the firm. Firm suffered a loss of ₹5,000 during the year. Capital account of Banu will be ________ by ₹_________.

  1. (A)Credited, ₹6,500.
  2. (B)Debited, ₹6,500.
  3. (C)Credited, ₹1,500.
  4. (D)Debited, ₹1,500.

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

With no agreement, how are profits and losses shared?

Hint 2

The guaranteed partner must get ₹ 8,000 even though the firm made a loss.

Hint 3

Annu and Banu share the deficiency equally.

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. No ratio is given, so profits are shared equally. Each partner's share of the ₹ 5,000 loss = ₹ 1,666.67. Chanu is guaranteed ₹ 8,000, so the deficiency = ₹ 8,000 + ₹ 1,666.67 = ₹ 9,666.67, borne equally by Annu and Banu (₹ 4,833.33 each).

  2. Banu's capital is debited with his loss share ₹ 1,666.67 plus ₹ 4,833.33 = ₹ 6,500. Option (B).

    1 mark

Answer: (B) Debited, ₹6,500.

Where the marks are

  • Equal sharing of loss plus deficiency on the guarantee (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.