Balwant and Mohit decided to set up a partnership to sell low-sodium, plant-based vegan snacks. Since both of them had a family, they decided to withdraw a salary of * 12,000 per quarter. Balwant also withdrew * 1,00,000 on 31st December 2020 to get her wife treated for Covid-19. The partnership deed provided for 10 % p.a. interest on drawings. Mohit introduced * 50,000 as additional capital on 31st January 2021 to increase the inventory. The net distributable profit was * 2,00,000 which was divided between Balwant and Mohit after providing 25 % to general reserve.
1.Total amount of salary credited to the partner's account is
a. 12,000
b. * 2,88,000
c. *48,000
d. *96,000
2.Interest on Balwant's drawings will be
a. 10,000
b. 2,500
C. 5,000
d. 7,500
3.Interest on Mohit's capital will be
a. 10,000
b. None of these
c. 75.000
d. * 20,000
Answers
Answer:
Read the following instructions very carefully and strictly follow them :
(i) This question paper comprises five sections – A, B, C, D and E. There are 34 questions in the question
paper. All questions are compulsory.
(ii) Section A – Question No. 1 to 17 are very short answer type questions, carrying 1 mark each.
(iii) Section B – Question, No. 18 to 24 are short answer type-I questions, carrying 2 marks each.
(iv) Section C – Question, No. 25 to 29 are short answer type-II questions, carrying 3 marks each.
(v) Section D – Question, No. 30 to 32 are long answer type-I questions, carrying 4 marks each.
(vi) Section E – Question, No. 33 and 34 are long answer type-II questions, carrying 6 marks each.
(vii) Answer should be brief and to the point.
(viii) There is no overall choice. However, an internal choice has been provided in two questions of
1 mark, two questions of 2 marks, two question of 3 marks, one question of 4 marks and one question
of 6 marks. You have to attempt only one of the choices in such questions.
(ix) In addition to this, separate instructions are given with each section and question, wherever
necessary.
SECTION-A
Fill in the blanks :
1. Samar is a budding rural entrepreneur who is working on improving the health index of the women in rural areas.
Samar needs to understand various health issues confronted by women in order to create a socially committed
organization. For this, he wants to gather information about the target market or customers in an organized
manner. This organized effort of Samar is known as_____________. 1
2. ‘Welsa Moto Corp’s’ electric vehicles with zero tail pipe emission are emerging as a good alternative to two major
problems : (i) climatic change due to auto exhaust and (ii) increasing pollution leading to ill health.
This Act of ‘Welsa Moto Corp’s’ has taken care of ________ and _________ elements of macro environment. 1
3. Amit, an Entrepreneur, is always in touch with the changes taking place in the environment. He identifies
opportunities and finds strategies to capitalise on these opportunities at the earliest. Sensing the requirement
of providing reasonably priced food at their own place within no time with multiple options, he started the first
online food network in India. Because of _________ advantage, he was able to capture more than 85% of the
market share in no time. 1
4. __________ feature of partnership states that any partner can act on behalf of the firm.
OR
__________ process of entrepreneurship involves the translation of a useful idea into an application which has
commercial value. 1
5. ___________ and __________ are the components of a Brand shown in the figure.
Explanation: