Skip to content

A, B and C were… (Class 12 Accountancy SQP 2024-25, Q15b)

questionbuddy.in/q/cbse-12-accountancy-2024-25-sqp-q15b-partners-sharing-profits-losses-equally

AccountancyCBSE Class 12 · Sample paper, session 2024-25 · 1 mark · MCQ

CBSE Class 12 Accountancy sample paper 2024-25: question 15(b)

From the official CBSE sample question paper for 2024-25, 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 · MCQReconstitution of a Partnership Firm – Retirement/Death of a Partner

A, B and C were partners sharing profits and losses equally. B died on 31 August, 2023 and total amount transferred to B’s executors was ₹ 13,20,000. B’s executors were being paid ₹ 1,20,000 immediately and balance was to be paid in four equal semi-annual instalments together with interest @ 10% p.a. Total amount of interest to be credited to B’s executors Account for the year ended March 31, 2024 will be?

  1. (A)₹ 70,000
  2. (B)₹ 67,500
  3. (C)₹ 60,000
  4. (D)₹ 77,000

Source: official sample paper from cbseacademic.nic.in (PDF). See it in the full Sample paper 2024-25.

Hints

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

Hint 1

The ₹ 1,20,000 paid immediately earns no interest.

Hint 2

When is the first semi-annual instalment due?

Hint 3

After it, interest runs on the reduced balance.

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. Balance ₹ 12,00,000 is paid in four half-yearly instalments of ₹ 3,00,000, the first on 29th February, 2024. Interest 1st September to 29th February on ₹ 12,00,000 at 10% for 6 months = ₹ 60,000.

  2. Interest for March on ₹ 9,00,000 = ₹ 7,500. Total for the year = ₹ 67,500. Option (B).

    1 mark

Answer: (B) ₹ 67,500

Where the marks are

  • Six months on ₹ 12,00,000 and one month on ₹ 9,00,000 (1 mark)

Revise the chapter

Practise this chapterBoard-style questions from Reconstitution of a Partnership Firm – Retirement/Death of a Partner, one at a time, marked against the answer key and marking points.Back to the full paperSample paper 2024-25: 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.