Accountancy Class XII Quiz-7

Accountancy Class XII Quiz-7

12th Grade

20 Qs

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Accountancy Class XII Quiz-7

Accountancy Class XII Quiz-7

Assessment

Quiz

Other

12th Grade

Practice Problem

Medium

Created by

Raj Narayan Yadav

Used 10+ times

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A& B are partners sharing profits and losses in the ratio of 3:2. C is admitted for ¼ and for which ₹30,000 and ₹10,000 are credited as a premium for goodwill to A and B respectively. The new profitsharing ratio of A:B:C will be:

3:2:1

12:8:5

9:6:5

33:27:20

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Assertion: Batman, a partner in a firm with four partners has advanced a loan of ₹50,000 to the firm for last six months of the financial year without any agreement. He claims an interest on loan of ₹3,000 despite the firm being in loss for the year.

Reasoning: In the absence of any agreement / provision in the partnership deed, provisions of Indian Partnership Act, 1932 would apply.

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.

A is incorrect but R is correct.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If 10,000 shares of ₹10 each were forfeited for non-payment of final call money of ₹3 per share and only 7,000 of these shares were re-issued @₹ 11 per share as fully paid up, then what is the minimum amount that company must collect at the time of re-issue of the remaining 3,000 shares?

₹ 21,000

₹ 9,000

₹ 16,000

₹ 30,000

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

On 1st April 2022, Galaxy ltd. had a balance of ₹8,00,000 in Securities Premium account. During the year company issued 20,000 Equity shares of ₹10 each as bonus shares and used the balance amount to 1 write off Loss on issue of Debenture on account of issue of 2,00,000, 9% Debentures of ₹100 each at a discount of 10% redeemable @ 5% Premium. The amount to be charged to Statement of P&L for the year for Loss on issue of Debentures would be:

₹30,00,000.

₹22,00,000.

₹24,00,000.

₹20,00,000.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A, B and C are in partnership business. A used ₹2,00,000 belonging to the firm without the information to other partners and made a profit of ₹35,000 by using this amount. Which decision should be taken by the firm to rectify this situation?

A need to return only ₹2,00,000 to the firm.

A is required to return ₹35,000 to the firm.

A is required to pay back ₹35,000 only equally to B and C.

A need to return ₹2,35,000 to the firm.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Interest on Partner’s loan is credited to:

Partner’s Fixed capital account.

Partner’s Current account.

Partner’s Loan Account.

Partner’s Drawings Account.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Alexa Ltd. purchased building from Siri Ltd for ₹8,00,000. The consideration was paid by issue of 6%debentures of ₹100 each at a discount of 20%. The 6% Debentures account is credited with:

₹10,40,000

₹10,00,000

₹9,60,000

₹6,40,000

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