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Read the following… (Class 12 Accountancy SQP 2023-24, Q9)

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

CBSE Class 12 Accountancy sample paper 2023-24: question 9

From the official CBSE sample question paper for 2023-24, section A, question 9, for 1 mark. Try it first; the hints and our step-by-step solution are below.

Q9 · 1 mark · MCQCompetency-basedAccounting for Partnership: Basic Concepts

Read the following hypothetical situation, answer question no. 9 and 10.

Richa and Anmol are partners sharing profits in the ratio of 3:2 with capitals of ₹2,50,000 and ₹1,50,000 respectively. Interest on capital is agreed @ 6% p.a. Anmol is to be allowed an annual salary of 12,500. During the year ended 31st March 2023, the profits of the year prior to calculation of interest on capital but after charging Anmol's salary amounted to ₹62,000. A provision of 5% of this profit is to be made in respect of manager's commission.

Following is their Profit & Loss Appropriation Account

Particulars(₹)Particulars(₹)
To Interest on Capital: Richa---------By Profit & loss account (After manager's commission)___(2)___
Anmol---------
To Anmol's Salary a/c12,500
To Profit transferred to: Richa's Capital A/c___(1)___
Anmol's Capital A/c-----------

The amount to be reflected in blank (1) will be:

  1. (A)₹37,200
  2. (B)₹44,700
  3. (C)₹22,800
  4. (D)₹20,940

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

Anmol's salary appears in the appropriation account, so add it back to the profit.

Hint 2

Manager's commission is a charge, taken out before the appropriation account.

Hint 3

Take out interest on capital and salary, then share the rest 3 : 2.

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. Manager's commission = 5% × ₹ 62,000 = ₹ 3,100. Profit available = ₹ 62,000 + ₹ 12,500 (salary is shown in the appropriation account) − ₹ 3,100 = ₹ 71,400. Interest on capital: Richa ₹ 15,000, Anmol ₹ 9,000.

  2. Divisible profit = ₹ 71,400 − ₹ 24,000 − ₹ 12,500 = ₹ 34,900. Richa's 3/5 = ₹ 20,940. Option (D).

    1 mark

Answer: (D) ₹20,940

Where the marks are

  • Divisible profit ₹ 34,900 shared 3 : 2 (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.