Accountancy Class XII Quiz-6

A partner’s capital account was credited with ₹80,000 during the year. Which of the following can be the possibility for such a credit in his capital account?

• Opening Balance

• Drawings during the year

• Loss during the year

• Capital introduced

Assertion (A) :- Fluctuating Capital Account can show debit balance.

Reason (R) :- Losses and Drawings can be more than Capital Balance.

• Both A and R are correct and R is the correct explanation of A

• Both A and R are correct but R is not the correct explanation of A

• A is correct but R is incorrect

• Both A and R are incorrect.

On 1st July, 2024, A, B and C entered into partnership sharing Profits & Losses in the ratio 5:3:2. C was guaranteed that his share of profits will not be less than ₹ 60,000 p.a. Deficiency if any will be borne by A and B equally. For the year ended March 31, 2025, firm incurred loss of ₹ 1,25,000. Deficiency will be borne by A and B will be:

• A ₹ 30,000 and B ₹ 30,000

• A ₹ 43,750 and B ₹ 26,250

• A ₹ 42,500 and B ₹ 42,500

• A ₹ 35,000 and B ₹ 35,000

Prafful Limited forfeited 15,000 shares of ₹ 20 each on which ₹ 8 (including ₹ 2 premium) was paid. Out of these 13,000 shares were re-issued @ ₹ 19 per share as fully paid up. Determine the amount of Share Forfeited balance.

• ₹ 90,000

• ₹ 91,000

• ₹ 12,000

• ₹ 16,000

Dawn Ltd. purchased Equipment and paid ₹ 2,20,000 by cheque and issued 16,000 equity shares of ₹ 10 each at 25% premium. The purchase consideration will be:

• ₹ 3,40,000

• ₹ 4,20,000

• ₹ 3,80,000

• ₹ 2,00,000

Bala and Lala were partners in a firm with Capitals of ₹ 24,00,000 and 16,00,000. They admitted Mala as a new partner for 1/3 share for which Mala brings ₹ 20,00,000 as capital. There was Investment and Investment Fluctuation Reserve appearing in the books of ₹ 2,50,000 and ₹ 50,000 respectively. Bala took over 40% of the Investments at ₹ 80,000 and remaining Investments were valued at ₹ 1,10,000. By what amount Revaluation account will be affected for the above information?

• Debited ₹ 60,000

• Credited with ₹ 60,000

• Debited ₹ 10,000

• Credited ₹ 10,000

Jai and Veeru were in a partnership sharing Profit &Loss in the ratio 5:3. Their Capitals were ₹ 10,00,000 and ₹ 8,00,000 respectively. The firm was also having reserves of ₹ 7,00,000. Normal rate of return was 10%. Firm made average profits of ₹ 2,30,000 for the year ended March 31, 2025 (after adjustment of loss of machinery of book value of ₹2,00,000 by fire against which insurance claim of ₹1,50,000 was admitted). Value of goodwill as per Capitalisation of super profits will be:

• ₹ 10,00,000

• ₹ 3,00,000

• ₹ 18,00,000

• Nil.

On 1st August, 2024 Tom, Jerry and Tyke entered into partnership with capitals of ₹5,00,000 each. Interest on Drawings was to be charged @ 6% p.a. For the year ended March 31, 2025, Tyke withdrew ₹ 80,000. What amount of Interest on drawings will be charged from Tyke?

• ₹ 4,800

• ₹ 1,600

• ₹ 3,200

• ₹ 2,400

X, Y and Z were partners sharing Profit & Losses in the ratio 5:3:2. Y retired, and he gifted half of his share to X and remaining half was taken over equally by X and Z. Determine the new Profit-sharing Ratio.

• 29 : 11

• 13 : 7

• 1 : 1

• 5 : 2

X, a partner was assigned to look after the dissolution process and was allowed remuneration of ₹ 15,000. Actual realisation expenses amounted to ₹ 20,000, being paid by another partner Y. By what amount Realisation account will be debited for the above-mentioned information?

• ₹ 20,000

• ₹ 35,000

• ₹ 5,000

• ₹ 15,000