Accountancy class XII Quiz-5

Anthony a partner was being guaranteed that his share of profits will not be less than ₹ 60,000 p.a. Deficiency, if any was to be borne by other partners Amar and Akbar equally. For the year ended 31st March, 2024 the firm incurred loss of ₹ 1,80,000. 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

Forfeiture of shares leads to reduction of _________________Capital.

• Authorised

• Issued

• Subscribed

• Called up

Moon ltd. issued 40,000, 10% debentures of ₹100 each at certain rate of discount and were to be redeemed at 20% premium. Exiting balance of Securities premium before issuing of these debentures was ₹12,00,000 and after writing off loss on issue of debentures, the balance in Securities Premium was ₹2,00,000. At what rate of discount these debentures were issued?

• 10%

• 5%

• 25%

• 15%

Ram and Shyam were partners sharing profits and losses in the ratio of 3:2. Their balance sheet shows building at ₹ 1,60,000. They admitted Mohan as a new partner for 1/4th share. In additional information it is given that building is undervalued by 20%. The share of loss/gain of revaluation of Shyam is ____________ & current value of building shown in new balance sheet is _______.

• Gain ₹ 12,800, Value₹ 1,92,000

• Loss ₹ 12,800, Value₹ 1,28,000

• Gain ₹ 16,000, Value₹ 2,00,000

• Gain ₹ 40,000, Value₹ 2,00,000

The profit earned by a firm after retaining ₹ 15,000 to its reserve was ₹ 75,000. The firm had total tangible assets worth ₹ 10,00,000 and outside liabilities ₹ 3,00,000. The value of the goodwill as per capitalization of average profit method was valued as ₹ 50,000. Determine the rate of Normal Rate of Return.

• 10 %

• 5 %

• 12 %

• 8 %

A company forfeited 6,000 shares of ₹ 10 each, on which only application money of ₹ 3 has been paid. 4,000 of these shares were re-issued at ₹ 12 per share as fully paid up. Amount of Capital Reserve will be _______.

• ₹ 18,000

• ₹ 12,000

• ₹ 30,000

• ₹ 24,000

On 1st April 2019 a company took a loan of ₹80,00,000 on security of land and building. This loan was further secured by issue of 40,000, 12% Debentures of ₹100 each as collateral security. On 31st March 2024 the company defaulted on repayment of the principal amount of this loan consequently on 1st April 2024 the land and building were taken over and sold by the bank for ₹70,00,000. For the balance amount debentures were sold in the market on 1st May 2024. From which date would the interest on debentures become payable by the company?

• 1st April 2019.

• 31st March 2024.

• 1st April 2024.

• 1st May 2024.

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