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Assertion: Partner’s… (Class 12 Accountancy SQP 2024-25, Q2)

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

CBSE Class 12 Accountancy sample paper 2024-25: question 2

From the official CBSE sample question paper for 2024-25, section A, question 2, for 1 mark. Try it first; the hints and our step-by-step solution are below.

Q2 · 1 mark · Assertion-reasonCompetency-basedAccounting for Partnership: Basic Concepts

Assertion: Partner’s current accounts are opened when their capital are fluctuating.
Reasoning: In case of Fixed capitals all the transactions other than Capital are done through Current account of the partner.

  1. (A)Both A and R are true and R is the correct explanation of A.
  2. (B)Both A and R are true but R is not the correct explanation of A.
  3. (C)A is true but R is false
  4. (D)A is false but R is true

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

Under which capital method is a separate current account kept?

Hint 2

Where do salary, interest and drawings go under fixed capitals?

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. Current accounts are opened when capitals are fixed, not fluctuating, so the Assertion is false.

  2. Under fixed capitals, everything other than capital introduced or withdrawn (interest, salary, drawings, profit) goes through the current account, so the Reason is true. Option (D).

    1 mark

Answer: (D) A is false but R is true

Where the marks are

  • Current accounts belong to the fixed capital method (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 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.