Accountancy Class XII Quiz-1

X and Y are partners in a firm sharing profits and losses in the ratio of 5:4. They admit a new partner Z and decide that the profit sharing ratio between Y and Z shall be same as existing between X and Y. New Profit sharing ratio of the partners:

• 5:4:3
• 5:4:2
• 25:20:15
• 25:20:16

Assertion (A): Other than Partnership Act 1932, A partnership firm must follow the Indian Contract Act and Stamp Act. Reason (R):Every person joining partnership firm must be competent to contract as per the Indian Contract Act. For registration of a partnership firm, it should be properly drafted as per the provisions of Stamp Act and to be submitted to the Registrar of Firms.

• Only (A) is Correct but (R) is wrong
• Both (A) and (R) are correct but (R) is not thecorrect explanation of (A)
• Both (A) and (R) are incorrect
• Both (A) and (R) are correct and (R) is the correct explanation of (A)

Find out the correct order of Capital:

• Nominal Capital, Subscribed Capital, Issued Capital
• Issued Capital, Nominal Capital, Subscribed Capital
• Authorised Capital, Issued Capital, Subscribed Capital
• Subscribed Capital, Issued Capital, Authorised Capital

X, Y and Z are partners sharing profits in the ratio of their capitals. Their fixed capitals on 31st March 2022: X Rs.12,00,000; Y Rs.8,00,000 and Z Rs.2,00,000. Z is Guaranteed a minimum profit of Rs.1,00,000 and deficiency if any will be borne by X and Y. The firm incurred a loss of Rs.11,00,000. Deficiency borne by Y is:

• ₹ 4,80,000
• ₹ 80,000
• ₹ 40,000
• ₹1,20,000

Raj and Yuvraj are partners sharing profits and losses in the ratio of 5:3. Their Fixed Capitals balance on 31st March 2022 are: Raj ₹ 6,00,000 and Yuvraj ₹ 3,00,000. Their drawings during the year were Rs.60,000 each. Raj introduced additional capital of ₹ 2,00,000 on 1st October 2021. Divisible profit during the year 2021-22 was ₹ 80,000. Opening Capital of Raj is:

• ₹4,00,000
• ₹8,00,000
• ₹4,10,000
• ₹6,10,000

Narayan Ltd. issued 10,000, 9% Debentures of ₹100 each at a premium of 5% and redeemable after 5 years at a premium of _________ At the time of writing off loss on issue of debentures, statement of profit and loss was debited with ₹30,000. Choose the loss on issue of debentures:

• ₹50,000
• ₹30,000
• ₹1,00,000
• ₹ 80,000

Narayan Ltd. issued 20,000, 9% Debentures of Rs.100 each at a discount of ______% and to be redeemed at a premium of 10%. Existing balance of Securities Premium and Statement of Profit and Loss before issuing these debentures was: Securities Premium A/c ............................................... Rs.2,00,000 Surplus Balance in Statement of P/L ...........................Rs.1,00,000 After writing off Discount/Loss on issue of Debentures the Balance of Securities Premium A/c was Nil but Statement of P/L shows Cr. Balance of Rs.40,000. At what rate of Discount, debentures were issued?

• 3%
• 4%
• 5%
• 6%

X, Y and Z sharing profits in the ratio of 5:3:2. Y decided to retire on 31.3.2022 and on his retirement goodwill appeared in their books ₹ 60,000 and General Reserve ₹20,000. On the date of Y’s retirement goodwill of the firm was valued at₹2,40,000. X and Z decided to share profits in the ratio of 2:3. Y’s Capital on 1st April 2021 was ₹2,40,000. What amount to be paid to Y on his retirement?

• ₹3,00,000
• ₹ 2,56,000₹
• ₹ 2,80,000
• ₹ 2,96,000

Tom, Jerry and Harry are partners sharing profits in the ratio of 5:3:2. They withdrew the following amounts during the year for their personal use: Tom ₹ 30,000; Jerry ₹ 20,000 and Harry ₹ 10,000. Interest on drawings to be charged @10% p.a. Firm made a net profit of ₹ 5,000 during the year. While preparing Profit and Loss Appropriation Account, profit or loss transferred to Harry’s Capital Account Rs. ___________

• Profit ₹400
• Profit ₹1,600
• Loss ₹200
• Profit ₹1,000

Choose the correct sequence of the following transactions in context of Division of Profits: (i) Transfer to General Reserve (ii) Distribution of Profit among the partners (iii) Rent paid to partner (iv) Transfer of profit to P/L Appropriation Account Identify the correct sequence:

• (iv), (iii), (i), (ii)
• (i), (iii), (iv), (ii)
• (iii), (i), (iv), (ii)
• (iii), (iv), (i), (ii)