Accountancy Class XII Quiz-2

• 10%
• 15%
• 20%
• 25%

Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R). Assertion (A) : Generally Balance of Partners Capital Account remains unchanged when capitals are fixed, but it may show a decrease in the Balance irrespective of fixed capital. Reason (R) : Fixed Capital Account balance will reduce, when a partner withdraws for personal use from his capital. In the context of the above statements, which one of the following is correct?

• Assertion is correct, but Reason is wrong
• Both Assertion and Reason are correct and Reason is the correct explanation of Assertion
• Both Assertion and Reason are correct but Reason is not the correct explanation of Assertion
• Assertion is wrong but Reason is correct

Narayan Ltd. has received a lump sum amount of Rs.3,30,000 on Application and allotted 20,000 Equity Shares of Rs.10 each at a premium of 10%. How much amount is to be refunded to the applicants?

• Nil
• 1,30,000
• 1,00,000
• 1,10,000

While purchasing a running business and settlement is made by issuing debentures, the excess of purchase consideration over Net Assets is debited to _____________ Account

• Capital Reserve
• Asset Account
• Liabilities Account
• Goodwill Account

Raj, Narayan and Kanav are partners sharing profits in the ratio of 3:2:1. They decided to change their profit sharing ratio from 1st April 2021 as 5:3:2. On that date, they have Workmen Compensation Reserve Rs.60,000 and General Reserve Rs.45,000. They have decided not to distribute the General Reserve. Choose the correct statement from the following:

• Narayan’s Capital Account is to be credited with 20,000 only
• Raj’s Capital Account is to be credited by 30,000 and Debit by 1,500
• Narayan’s Capital Account is to be credited with 20,000 and 1,500
• Kanav’s Capital Account is to be credited with 10,000 and 1,500

Which of the following is true regarding the Interest on Drawings of a partner, when the firm maintains Fluctuating Capital Accounts?

• Profit and Loss Appropriation A/c Cr and Partners Current A/c Dr.
• Profit and Loss Appropriation A/c Cr and Partners Capital A/c Cr.
• Profit and Loss Appropriation A/c Cr and Partners Current A/c Cr
• Profit and Loss Appropriation A/c Cr and Partners Capital A/c Dr.

A, B, C and D are partners sharing profits as: A 40%; B 30%; C 10% and D 20%. As per the new partnership agreement C is to get a minimum amount of Rs.57,500 p.a. Deficiency on this account will be borne by A and B personally in the ratio of 3:2. The net loss for the year ending 31st March 2021 was Rs.25,000. The amount of Deficiency to be borne by B:

• 36,000
• 23,000
• 24,000
• 25,000

On 1st April 2022, Vinod Ltd. issued 6,000, 11% Debentures of Rs.100 each at par redeemable at a premium of 7%. The debentures were to be redeemed at the end of the third year. Loss on issue of Debentures to be written off at the end of the year Rs. _____

• 42,000
• 66,000
• 18,000
• 50,000

Narayan Ltd. invited Applications for 20,000 Equity Shares of Rs.10 each at a premium of 20%. Applications were received 2.5 Times. Out of which 40% Applications were rejected, Full allotment was made to 8,000 Applicants and pro-rata allotment was made to the remaining applicants. One Shareholder Yuvraj holding 300 Shares on pro-rata basis. Yuvraj has applied for ______________ Shares

• 300
• 500
• 550
• 450

A, B and C were sharing profits and losses in the ratio of 5:3:2. C retired and his capital balances after adjustments regarding reserves, accumulated profits/losses and his share of gain on Revaluation was Rs.2,50,000. C was paid Rs.3,22,000 including his share of goodwill. The amount credited to C’s Capital Account, at the time of his retirement, for goodwill will be ________

• 24,000
• 7,200
• 36,000
• 72,000