Arts (English Medium) Class 12 - CBSE Question Bank Solutions

If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?

Sonu and Rajat started a partnership firm on April 1, 2017. They contributed ₹ 8,00,000 and ₹ 6,00,000 respectively as their capitals and decided to share profits and losses in the ratio of 3: 2.
The partnership deed provided that Sonu was to be paid a salary of ₹ 20,000 per month and Rajat a commission of 5% on turnover. It also provided that interest on capital be allowed at 8% p.a. Sonu withdrew ₹ 20,000 on 1^st December 2017 and Rajat withdrew ₹ 5,000 at the end of each month. Interest on drawings was charged at 6% p.a. The net profit as per Profit and Loss Account for the year ended 31^st March 2018 was ₹ 4,89,950. The turnover of the firm for the year ended 31^st March 2018 amounted to ₹ 20,00,000. Pass necessary journal entries for the above transactions in the books of Sonu and Rajat.

Ajay and Vinod are partners in the ratio of 3 : 2. Their fixed Capital were ₹ 3,00,000 and ₹ 4,00,000 respectively. After the close of accounts for the year it was observed that the Interest on Capital which was agreed to be provided at 5% p.a. was erroneously provided at 10% p.a. By what amount will Ajay’s account be affected if partners decide to pass an adjustment entry for the same? 

Green and Orange are partners. Green draws a fixed amount at the beginning of every month. Interest on drawings is charged @8% p.a. At the end of the year interest on Green's drawings amounts to ₹ 2,600. Monthly drawings of Green were ______.

Girdhar, a partner, withdrew ₹ 5,000 in the beginning of each quarter, and interest on drawings was calculated as ₹ 1,500 at the end of accounting year 31 March 2022. What is the rate of interest on drawings charged?

Shyam, Gopal & Arjun are partners carrying on garment business. Shyam withdrew ₹ 10,000 in the beginning of each quarter. Gopal, withdrew garments amounting to ₹ 15,000 to distribute it to flood victims, and Arjun withdrew ₹ 20,000 from his capital account. The partnership deed provides for interest on drawings @ 10% p.a. The interest on drawing charged from Shyam, Gopal & Arjun at the end of the year will be:

P, Q and R were partners with fixed capital of ₹ 40,000, ₹ 32,000 and ₹ 24,000. After distributing the profit of ₹ 48,000 for the year ended 31^st March 2022 in their agreed ratio of 3:1:1 it was observed that:

1. Interest on capital was provided at 10% p.a. instead of 8% p.a.
2. Salary of ₹ 12,000 was credited to P instead of Q.

You are required to pass a single journal entry in the beginning of the next year to rectify the above omissions.

State the role of 'Speed Boss' in functional foremanship.

Hina Sweets is a renowned name for quality sweets since 1935. Harsh the owner of Hina Sweets was worried as the sales had declined during the last three months. When he enquired from the Sales Manager, the Sales Manager reported that there were some complaints about the quality of sweets. Therefore Harsh ordered for sample checking of sweets.

Identify the step taken by Harsh that is related to one of the functions of management.

With the help of a diagram explain 'Functional Foremanship' as a technique of scientific management.

'A.S. Ltd' is a large company engaged in the assembly of air-conditioners. Recently the company had conducted the Time' and 'Motion' study and concluded that on an average a worker can assemble ten air-conditioners in a day. The target volume of the company in a day is assembling of 1,000 units of air-conditioners. The company is providing attractive allowances to reduce labour turnover and absenteeism. All the workers are happy. Even then the assembly of air-conditioners per day is 800 units only. To find out the reason the company compared the actual performance of each worker and observed through C.C.T.V. that some of the workers were busy in gossiping.

1) Identify the function of management discussed above.

2) State those steps in the process of the function identified which are discussed in the above paragraph.

State the meaning of controlling.

Give any two standards that can be used by a company to evaluate the performance of its Finance & Accounting department.

Which term is used to indicate the difference between standard performance and actual performance?

'An effort to control everything may end up in controlling nothing'. Explain.

“Measurement of a company’s progress may involve calculation of certain ratios like gross profit ratio, net profit ratio, and return on investment etc. at periodic intervals”. Identify the function of management involved in the above context. Also briefly explain the step in the process of the identified function discussed above.

Raman and Vasudev were two employees who were embezzling an import-export company in Varanasi where they were working. The finance manager of the company Sampat Singh became suspicious of the two employees when he realized that their activities were not being performed as per the plans. He installed a software program that could secretly log every single stroke of the suspects’ computer keys and send an encrypted email report to the Cyber police. The police were able to catch the two dishonest employees red handed and arrest them. Identify the function of management being discussed above.

One of the functions of management completes one cycle of the management process and improves planning in the next cycle in light of the problems that were identified in the existing plans.

Identify and state the function of management discussed above.

Whether the decisions have been translated into desired actions or not' can be confirmed by performing which of the following functions of management?

'Management is the process of getting things done.' State the meaning of the term 'process' used in this statement.