12th cbse accountancy 23rd sep 24

If a fixed amount is withdrawn by a partner at the beginning of each month, interest on drawing on the total amount will be calculated for months.

• 7 months.

• 5.5 months

• 6 months.

• 6.5 months

Keshav and Karan were partners in a firm sharing profits equally. The capitalised value of average profits of the firm was 18,00,000. Assets of the firm were ₹20,00,000 (excluding goodwill) and Liabilities were ₹5,00,000. The value of goodwill of the firm by capitalisation of average profits method will be

• ₹2,00,000.

• ₹3,00,000.

• ₹4,00,000.

• ₹3,50,000.

Niva, Naman and Nityam were partners sharing profits in the ratio of 4: 3:2. Niva and Naman each give 1/9 from their share to Nityam on reconstitution of the firm. The new profit-sharing ratio among Niva, Naman and Nityam will be

• 3:4:2.

• 2:3:4.

• 4:2:3.

• 3:2:4

Assertion (A): Increase in the value of liabilities on reconstitution of a firm is debited to Revaluation Account.

Reason (R): Increase in the value of liabilities is a loss.

Select the correct answer from the following.

• Assertion (A) is correct, but Reason (R) is wrong.

• Assertion (A) is wrong, but Reason (R) is correct.

• Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).

• Both Assertion (A) and Reason (R) are wrong.

Vikram and Sumit were partners in a firm sharing profits and losses in the ratio of 2: 1. The capitals of Vikram and Sumit after all adjustments were 50,000 and 40,000 respectively. They admitted Jayant as a partner for 1/3 share in the profits of the firm. Jayant brought proportionate capital in the firm. The amount of capital brought in by Jayant was

• ₹45,000.

• ₹30,000.

• ₹60,500.

• ₹90,000.