Accountancy Class XII Quiz-4

Rishi Ltd. offered 1,00,000 shares of Rs.10 each payable as Rs.3 on application, Rs.4 on allotment, and balance on first & final call. The public applied for 1,50,000 shares and all the shares are issued to the public on pro-rata basis. Excess application money is to be adjusted on allotment. Gaurav a shareholder to whom 1000 Shares were allotted failed to pay the allotment and first & final call. Rishi Ltd. Decided to forfeit the shares. The net allotment money received___

• 2,48,500
• 4,00,000
• 2,50,000
• 2,47,500

Read the following statements carefully, one is Assertion (A) and other is Reason (R): Assertion (A) Two or more persons (Maximum 50) can form a partnership business and they all should be competent to contract. Reason (R) Minor, Persons of unsound mind and persons disqualified by law cannot form a partnership business because they are not competent to contract. Choose the correct option:

• Both Assertion and Reason are correct and Reason is the correct explanation of the Assertion.
• Both Assertion and Reason are correct but Reason is not the correct explanation of the Assertion.
• Only Assertion is Correct
• Both Assertion and Reason are wrong

Which of the following statement is correct regarding Debentures?

• Debentures cannot be issued at discount
• Debenture holders gets interest at the stated rate whether firm makes profit or loss
• Debentures cannot be converted into shares
• Debenture holders decide interest rate through their voting rights

Vinod, Satish and Monika are sharing profits/losses in the ratio of 2:3:4. They decided to share future profits/losses in the ratio of 4:3:2. General Reserve given in the balance Sheet Rs. 50,000 and Advertisement Suspense Account Rs. 1,04,000. They decided to record the effect without affecting the book values. Identify the correct Entry

• Monika’s Capital A/c Dr. 12,000 and Vinod’s Capital A/c Cr. 12,000
• Vinod’s Capital A/c Dr. 12,000 and Monika’s Capital A/c Cr. 12,000
• Vinod’s Capital A/c Dr. 27,000 and Monika’s Capital A/c Cr. 27,000
• Monika’s Capital A/c Dr. 27,000 and Vinod’s Capital A/c Cr. 27,000

Vinod, Satish and Simran are partners in a firm sharing profits and losses in the ratio of 3:2:1. As per the partnership deed: Simran is entitled to 10% commission on Full Net Profit after charging such commission. Commission was credited to Simran Rs.20,000. Interest on Capital provided: Vinod 30,000; Satish 30,000; Simran 20,000 Profit to be credited to Simran’s Capital Account ____

• 60,000
• 40,000
• 20,000
• Nil

A and B are entered into the partnership without any partnership deed on 01.07.2020. On 01.10.2020 Mrs. A advanced Rs.1,00,000 by way of loan to the firm without any agreement as to interest. Partner A wants that Interest on loan should be provided @ 10% p.a. but B could not agree on this. Profit for the year ended 31.03.2021 was Rs. 50,000. Profit distributed among the partners:

• A = 20,000; B = 20,000
• A = 22,000; B = 22,000
• A = 22,750; B = 22,750
• A = 25,000; B = 25,000

Vinod Ltd. issued 12,000, 9% Debentures at a discount of 8% and received a lump sum amount on application & allotment Rs.5,52,000. These debentures are redeemable at 10% premium after 5 years. Total amount (Discount/loss on issue of debentures) to be written off at the end of the year ______

• Rs. 1,08,000
• Rs. 48,000
• Rs. 60,000
• Rs. 2,16,000

8.Vinod Ltd issued 8,000, 10% Debentures at a premium and received a lump sum amount on application & allotment Rs. 9,20,000. If face value of debenture is 100 each, these debentures were issued at a premium of ________%

• 20%
• 15%
• 10%
• 12%

A company forfeited 3000 shares of Rs. 10 each on which application money of Rs. 3 per share has been paid. Out of these 2000 Shares were reissued as fully Paid up and Rs. 4000 has been transferred to Capital reserve. Rate at which these shares were reissued _______

• Rs. 7 per share
• Rs. 8 Per Share
• Rs. 9 Per share
• Rs. 10 per share

On retirement of a partner X, Stock given in the Balance Sheet Rs. 1,08,000 and Machinery Rs. 3,00,000. Revaluation loss Rs. 48,000 was distributed among the partners after considering that stock was overvalued by 20%. What value of Machinery is to be shown in the new Balance Sheet?

• Rs.2,70,000
• Rs. 3,00,000
• Rs. 2,40,000
• Rs. 3,60,000