12 cbse accountancy 16th oct

What amount will be debited to Amar’s Capital Account in total at the end of the year?

• ₹ 60,000

• ₹ 1,20,000

• ₹ 90,000

• ₹ 80,000

Assertion: Partner’s current accounts are opened when their capital are fluctuating. Reasoning: In case of Fixed capitals all the transactions other than Capital are done through Current account of the partner.

• Both A and R are true and R is the correct explanation of A.

• Both A and R are true but R is not the correct explanation of A.

• A is true but R is false

• A is false but R is true

-----------will result in increase in Liquid Ratio without affecting the Current Ratio.

• Sale of Stock at cost price

• Sale of stock at loss

• Sale of stock at profit

• Sale of investments at cost

Rama, a partner took over Machinery of ₹ 50,000 in full settlement of her Loan of ₹ 60,000. Machinery was already transferred to Realisation Account. How it will effect the Realisation Account?

• Realisation Account will be credited by ₹ 60,000

• Realisation Account will be credited by ₹ 10,000

• Realisation Account will be credited by ₹ 50,000

• No effect on Realisation Account

Dada, Yuvi and Viru were partners sharing profits and losses in the ratio 3:2:1. Their books showed Workmen Compensation Reserve of ₹ 1,00,000. Workmen Claim amounted to ₹ 60,000. How it will affect the books of Accounts at the time of dissolution of firm?

• Only ₹ 40,000 will be distributed amongst partner’s capital account

• ₹ 1,00,000 will be credited to Realisation Account and ₹ 60,000 will be paid off.

• ₹ 60,000 will be credited to Realisation Account and will be even paid off. Balance ₹ 40,000 will be distributed amongst partners.

• Only ₹ 60,000 will be credited to Realisation Account and will be even paid off