Search Header Logo

Accountancy Class XII Quiz-7

Authored by Raj Narayan Yadav

Other

12th Grade

Used 11+ times

Accountancy Class XII Quiz-7
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

20 questions

Show all answers

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

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?