Question 1
In the absence of a partnership deed, interest on partners' capital is:
Correct Answer:
Not allowed
Question 2
A and B share profits equally. A drew ₹48,000 on 1 July and B drew ₹36,000 on 1 October. Interest on drawings is charged at 10% p.a. for the year ended 31 March. Total interest on drawings is:
Correct Answer:
₹5,400
Question 3
Average profits of the last 5 years are ₹90,000. Goodwill is valued at 2 years' purchase of average profits. Goodwill is:
Correct Answer:
₹1,80,000
Question 4
Normal rate of return is 12%. Capital employed is ₹8,00,000. Average profit is ₹1,20,000. Super profit is:
Correct Answer:
₹24,000
Question 5
Super profit is ₹30,000. Normal rate of return is 15%. Goodwill by capitalisation of super profit is:
Correct Answer:
₹2,00,000
Question 1
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About this Exam

Prepare with the PSEB SS Accountancy Practice Questions - Punjab School Education Board (PSEB) Senior Secondary Accountancy (Class 12 - Accountancy elective, subject code 142) Exam practice quiz. This question bank includes 100 questions covering share, profits, ratio, capital, and goodwill. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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PSEB SS Accountancy Practice Questions - Punjab School Education Board (PSEB) Senior Secondary Accountancy (Class 12 - Accountancy elective, subject code 142) Exam

This practice set contains 100 questions from the matching question bank and focuses on share, profits, ratio, capital, and goodwill. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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