Accountancy Class XII Quiz-9

Gain / loss on revaluation at the time of change in profit sharing ratio of existing partners is shared by ___(i)______ whereas in case of admission of a partner it is shared by____(ii)_____.

• (i) Remaining Partners, (ii) All Partners.

• (i) All Partners, (ii) Old partners.

• (i) New Partner, (ii) All partner.

• (i) Sacrificing Partner, (ii) Incoming partner.

Calculate the amount of second & final call when Abhijit Ltd, issues Equity shares of ₹10 each at a premium of 40% payable on Application ₹3, On Allotment ₹5, On First Call ₹2.

• Second & final call ₹3.

• Second & final call ₹4.

• Second & final call ₹1.

• Second & final call ₹14.

Anish Ltd, issued a prospectus inviting applications for 2,000 shares. Applications were received for 3,000 shares and pro- rata allotment was made to the applicants of 2,400 shares. If Dhruv has been allotted 40 shares, how many shares he must have applied for?

• 40

• 44

• 48

• 52

Ambrish Ltd offered 2,00,000 Equity Shares of ₹10 each, of these 1,98,000 shares were subscribed. The amount was payable as ₹3 on application, ₹4 an allotment and balance on first call. If a shareholder holding 3,000 shares has defaulted on first call, what is the amount of money received on first call?

• ₹9,000.

• ₹5,85,000.

• ₹5,91,000.

• ₹6,09,000.

E, F and G are partners sharing profits in the ratio of 3:3:2. According to the partnership agreement, G is to get a minimum amount of ₹80,000 as his share of profits every year and any deficiency on this account is to be personally borne by E. The net profit for the year ended 31st March 2021 amounted to ₹3,12 ,000. Calculate the amount of deficiency to be borne by E?

• ₹1,000

• ₹4,000

• ₹8,000

• ₹2,000

At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve ₹40,000. Claim for workmen compensation ₹45,000.

• ₹45,000 Debited to the Partner’s capital Accounts.

• ₹40,000 Debited to Revaluation Account.

• ₹5,000 Debited to Revaluation Account.

• ₹5,000 Credited to Revaluation Account

In the absence of partnership deed, a partner is entitled to an interest on the amount of additional capital advanced by him to the firm at a rate of:

• entitled for 6% p.a. on their additional capital, only when there are profits.

• entitled for 10% p.a. on their additional capital

• entitled for 12% p.a. on their additional capital

• not entitled for any interest on their additional capitals.

Revaluation of assets at the time of reconstitution is necessary because their present value may be different from their:

• Market Value.

• Net Value.

• Cost of Asset

• Book Value.

If average capital employed in a firm is ₹8,00,000, average of actual profits is ₹1,80,000 and normal rate of return is10%, then value of goodwill as per capitalization of average profits is:

• ₹10,00,000

• ₹18,00,000

• ₹80,00,000

• ₹78,20,000

In which of the following situation Companies Act 2013 allows for issue of shares at discount?

• Issued to vendors.

• Issued to public.

• Issued as sweat equity.

• None of the above.