12th cbse accountancy 24th sep 24

Aman, Aadhar and Avinash were partners and sharing profits in the ratio of 3:2:1. Avinash retired from the firm on 1st July, 2022. On the date of Avinash's retirement, the Balance Sheet showed a debit balance of ₹ 1,20,000 in the Profit and Loss Account. For calculating the amount payable to Avinash, this balance will be transferred.

• to the debit side of the Capital Accounts of Aman and Aadhar in old profit-sharing ratio.

• to the debit side of the Capital Accounts of Aman, Aadhar and Avinash in old profit- sharing ratio.

• to the credit side of the Capital Accounts of Aman and Aadhar in new profit-sharing ratio.

• to the credit side of the Capital Accounts of Aman and Aadhar in their gaining ratio.

P, Q and R were partners in a firm sharing profits and losses in the ratio of 4:3: 1. P died on 1st September, 2022. On the date of P's death, the profits of the firm were calculated as 80,000. P's share of profit will be adjusted by

• Debiting Profit and Loss Account with 40,000

• Debiting Profit and Loss Appropriation Account by 40,000.

• Debiting Profit and Loss Suspense Account with 80,000,

• Debiting Profit and Loss Suspense Account with 40,000.

Aman and Chaman are partners in a firm. On 1st July, 2021, Aman advanced a loan of 6,00,000 to the firm. There is no Partnership Deed. On 31st March, 2022, Aman was entitled to get the following amount as interest on loan

• ₹ 36,000

• ₹ 18,000

• ₹ 9,000

• ₹ 27,000

Assertion (A): Goodwill is an intangible asset.

Reason (R): Goodwill is the value of the reputation of a firm in respect of profits expected in future, over and above the normal profits.

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.

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

X and Z are partners sharing profits and losses in the ratio of 2:3:1. They decided to share future profits in the ratio of 3:2:1 with effect from 1st April, 2022. At the time of change of profit-sharing ratio, unrecorded furniture will be recorded in the books of Accounts by

• Debiting it to Partners' Capital Account.

• Debiting it to Revaluation Account.

• Crediting it to Revaluation Account.

• Crediting it to Partners' Capital Accounts.