Accountancy Class XII Quiz-7

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

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.

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

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.

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.

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.

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

Which of the following statements is incorrect about debentures?

• Interest on debentures is an appropriation of profits.

• Debenture holders are the creditors of a company.

• Debentures can be issued to vendors at discount.

• Interest is not paid on Debentures issued as Collateral Security.

Assertion (A) :- A Company is Registered with an authorised Capital of 5,00,000 Equity Shares of ₹10 each of which 2,00,000 Equity shares were issued and subscribed. All the money had been called up except ₹2 per share which was declared as ‘Reserve Capital’. The Share Capital reflected in balance sheet as ‘Subscribed and Fully paid up’ will be Zero.

Reason ( R ) :- Reserve Capital can be called up only at the time of winding up of the company.

• Both Assertion (A) and Reason (R) are Correct and Reason (R) is the correct explanation of Assertion (A)

• Both Assertion (A) and Reason (R) are Correct, but Reason (R) is not the correct explanation of Assertion (A)

• Assertion (A) is incorrect, but Reason (R) is Correct.

• Assertion (A) is correct, but Reason (R) is incorrect

G, S and T were partners sharing profits in the ratio 3:2:1. G retired and his dues towards the firm including Capital balance, Accumulated profits and losses share, Revaluation Gain amounted to ₹ 5,80,000. G was being paid ₹ 7,00,000 in full settlement. For giving that additional amount of ₹ 1,20,000, S was debited for ₹ 40,000. Determine goodwill of the firm.

• ₹ 1,20,000

• ₹80,000

• ₹2,40,000

• ₹ 3,60,000