Accountancy Class XII Quiz-3

Yuvraj and Vinod are partners, sharing profits in the ratio of 5:3. Mayank is admitted as a new partner for 2/10th share of profit half of which is gifted by Yuvraj and the remaining share is taken by Mayank from Yuvraj and Vinod equally. Goodwill of the firm was calculated Rs.60,000. How much premium for goodwill is to be credited to Yuvraj’s Capital Account?

• Rs. 9,000
• Rs. 3,000
• Rs. 6,000
• Rs. 7,500

Choose the correct sequence of the following transactions in context of admission of a partner in the partnership firm: (i) Calculation of Self-Generated Goodwill (ii) Adjustment of Accumulated Profits and Reserves (iii) Preparation of Profit and loss Adjustment Account (iv) Adjustment of Capital The correct sequence will be:

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

Read the following statements carefully: (i) Application money should not be less than 25% of the issue price (ii) Minimum Subscription should be at least 90% of the shares at the time of IPO (iii) Securities Premium can be used to write off the underwriters’ commission Which of the above is mentioned in Companies Act, 2013?

• Only (i) and (ii)
• Only (ii) and (iii)
• Only (i) and (iii)
• Only (iii)

X, Y and Z were partners sharing profits and losses: X 40% ; Y 40% and Z 20%. They decided to share future profits in the ratio of 7:5:3 with effect from 1st April 2022. After the Revaluation of assets and reassessment of liabilities, Revaluation Account showed a loss of Rs.60,000. The amount to be debited in the capital account of X due to loss:

• 28,000
• 20,000
• 24,000
• 60,000

Assertion (A): Commission paid to partner should be shown in the Profit and Loss Appropriation Account.

Reason (R): Commission paid to partner is a charge against the profit In the context of the above statements, which of the following option is correct:

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

Vinod Ltd. issued 12,000, 9% Debentures of Rs.100 each at a premium of 5% redeemable at 10% premium after 5 years. Securities Premium Account is to be credited with __________

• 12,00,000
• 60,000
• 1,80,000
• 1,20,000

Vinod Ltd. purchased a running business of AXN Ltd. and paid Rs.30,000 by a bank draft and balance by issuing equity shares of Rs.10 each at a premium of 60%. Company has acquired Total Assets of Rs.2,80,000; Creditors Rs.20,000 and a balancing figure was credited as Capital Reserve Rs.10,000. Number of Shares to be issued _____________________

• 13,750
• 22,000
• 25,000
• 15,625

X, Y and Z were partners sharing profits in the ratio of 2:2:1. At the time of retirement of Y, Workmen Compensation Reserve Rs.70,000 was given in the Balance Sheet. There was a claim of Rs.25,000 against it. Y’s Capital Account is to be Debited by:

• Nil
• 18,000
• 28,000
• 9,000

On 1st April 2022, Vinod Ltd. issued 10,000, 9% Debentures of Rs.100 each at a discount of 10% redeemable after 5 years at a premium of 10%. Company pays Interest on debentures half yearly basis (30th September and 31st March every year). How much interest company will pay on 30th September 2022?

• Rs. 1,00,000
• Rs. 90,000
• Rs. 45,000
• Rs. 40,500

Keshav and Vinod are equal partners. As per the partnership deed: (i) Keshav is to get commission of 10% of net profit before charging any commission. (ii) Vinod is to get a commission of 10% on net profit after charging all commissions. Keshav’s commission was Rs.16,500. What was the commission of Vinod?

• Rs. 16,500
• Rs. 14,850
• Rs. 14,500
• Rs. 13,500