Accountancy 12th CBSE 2nd Sep Quiz

A partnership firm has four partners. How many additional partners can be admitted into the business as per the provisions of the Companies Act, 2013?

• 50

• 46

• 100

• 96

Assertion (A): Under the fluctuating capital method, the balance in the Capital Account fluctuates from time to time.

Reason (R): Under the fluctuating capital method, all the adjustments such as share of profit and loss, interest on capital, drawings, interest on drawings, etc. are recorded directly in the Capital Accounts of the partners.

• (A) is correct but (R) is wrong

• Both (A) and (R) are correct but (R) is not the correct explanation of (A)

• Both (A) and (R) are incorrect

• Both (A) are correct and (R) is correct explanation of (A)

A partnership firm has capital employed of ₹ 6,00,000. Its average profits are ₹80,000. The normal rate of return in similar type of business is 10%. The amount of super profit is

• ₹ 60,000

• ₹ 20,000

• ₹ 8,000

• ₹ 52,000

Q.1. Akshita and Anurag are partners in a firm sharing profits in the ratio of 2: 1. Akshat is admitted in the firm with 1/3 share in profits. Akshat acquires 2/3 of his share from Akshita and 1/3 of his share from Anurag. The new profit-sharing ratio of Akshita, Anurag and Akshat will be

• 3:2:4

• 4:3:2

• 2:1:1

• 4:2:3

On reconstitution of a firm, the value of machinery was depreciated by ₹ 1,00,000 and investment increased to ₹70,000 from 20,000, Gain or loss on revaluation will be

• Gain ₹ 50,000

• Loss ₹ 50,000

• Gain ₹ 1,50,000

• Loss ₹ 1,50,000