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WorksheetsClass XII - Accountancy Quiz
Total questions: 100
Worksheet time: 1hrs 15mins
Gain of Revaluation at the time of retirement is transferred to:
All Partners
Outgoing partner
Remaining Partner
Retiring Partner
Gaining ratio is calculated by
Old ratio – new share
Old share + acquired share
New share – old share
New share + old share
Gaining ratio is calculated at the time of
Admission of a partner
Retirement of a Partner
Dissolution of a partnership firm
(d) Both (a) and (c)
If Goodwill is appearing in the balance sheet , it will be Credited to
Gaining partner
Retiring partners
All partners
Remaining Partners’
If the retiring partner is not paid full amount due to him immediately on retirement, his balance is transferred to his
Loan A/c
Capital A/c
Bank A/c
Suspense A/c
A, B, C are partners sharing profit and losses in the ratio of 4:3:1: B retires and gives his share of profit to A Rs. 3,600 and C Rs. 4,500. What is the Gaining sharing ratio of A and C?
4:5
2:1
68:48
(d) 4: 1
In which ratio Retiring partner is compensated by the continuing partner for his share of goodwill,in which ratio?
Gaining ratio
Sacrificing ratio
Old ratio
(d) New ratio
Revaluation account is prepared at the time of :
Admission of partner
Retirement of a partner
Death of a partner
Reconstitution of the firm
Revaluation account is prepare to calculate gain or loss at the time of
Admission of partner
Retirement of a partner
Death of a partner
All of a above
A, B and C are partners in a firm sharing profit and losses in 3:4:2 B retire from the firm. The profit on revaluation on that date was Rs. 72,000, New ratio between A and C is 5:3 Profit on revaluation will be distributed as:
(a) A Rs. 32,000 B Rs. 24,000 C Rs. 16,000
(b) A Rs. 24,000 B Rs. 32,000 C Rs. 16,000
(c) A Rs. 45,000 C Rs. 27,000
(d) A Rs. 47,250 C Rs. 24,750
At the time of retirement of partner the amount of goodwill of retiring partner will be paid by the continuing partners in (a) ratio.
As per section 37 of the Indian partnership act 1932, in the absence of partnership deed, the retiring partner is entitled to interest @ (a) till the time amount due to him is not paid.
(a) account is prepared when amount payable to outgoing partner is paid in installments with interest.
In case of retirement of a partner, any one of continuing partner sacrifice his share then his capital will be (a) .
At the of retirement of a partner Provision for bad and doubtful debts appears in in balance sheet and all Debtors become good at the time of retirement , then provision for bad & doubtful debts will be (a) in revaluation account.
P, Q and R are partners sharing profits in the ratio of 8:5:3. P retires. Q takes 3/16th share from P and R takes 5/16th share from P. What will be the new profit sharing ratio?
1:1
10:6
9:7
5:3
X, Y and Z are partners sharing profits and losses in the ratio of 4:3:2. Y retires and surrenders 1/9th of his share in favour of X and the remaining in favour of Z. The new profit sharing ratio will be:
1:8
13:14
8:1
14:13
At the time of retirement of a partner, share of retiring partner’s goodwill will be credited to ---------------- Capital Account(s).
remaining partners
retiring partner
sacrificing and gaining partner
both a and b
When the balance sheet is prepared after retirement (subsequent to preparation of Revaluation Account), ------------- values are shown in it
historical
realisable
marked
revalued
As per section ------------ of the Indian Partnership Act, a retiring partner becomes entitled to profits after retirement if his dues remain unpaid
section 73
section 26
section 4
section 37
At the time of retirement, amount remaining in Investment Fluctuation Reserve after meeting the fall in value of Investment is:
a) Credited in Sacrificing Ratio
a) Credited in new ratio
a) Credited in old ratio
a) Credited in gaining ratio
The executer is entitles to all the right of a (a) .
Share of goodwill of the decease partner is (a) to his capital account.
In case of death of a partner the profit may be estimated on the basis of ______ and_______.
(a)
The balance in the capital account of the deceased partner is transferred to his (a) account.
Interest on drawings due from deceased partner till the date of the death is (a) to his capital account.
A, B, C were partners sharing Profit and Losses in the ratio of 3.2.1 Books are closed on 31stMarch every year. C dies on 30th, Nov 2018. Under the partnership deed, the executors of deceased partner are entitled to his share of profit up to the date of death, Profit as on ended 31st Mar 2018 was Rs. 2,40,000 C’s share of profit will be
26667
40000
30000
53333
An account prepared to ascertain the gain or loss at the time of death of a partner is called
(a) A realisation Account
(b) Executors Account
(c) Revaluation Account
(d) Decreased Partner
In the event of death of a partner of employees provided fund appears in the balance will be shown in
Capital A/c (Cr.)
Account (Dr.)
Liability side [Balance Sheet]
Asset side[Balance Sheet]
A and B were partners. They shared profits as A- ½; B- 1/3 and carried to reserve 1/6. B died. The balance of reserve on the date of death was Rs. 30,000. B’s share of reserve will be:
Rs. 10,000
Rs. 8,000
Rs. 12,000
Rs. 9,000
Accounts Receivable can also be known as
Creditors
Debtors
Bank Account
People that you owe money to
paying the rent would be an example of
cash inflow
cash outflow
selling an asset would be an example of
cash inflow
cash outflow
shows the movement of cash during a specific time frame that has already occured
cash flow statement
cash flow projection
Which is not a category of cash flow?
Operating
Investing
Financing
Current Assets
The following would appear in which section of the cash flow statement?
cash payments for equipment
Operating
Investing
Financing
A cash flow statement shows an overview of money flowing in and out of a company
True
False
A) Cash Flow Statement is helpful in the formation of policies.
B) Cash Flow Statement is useful for external analysis
C) Cash Flow Statement is helpful in estimating future cash flow
The most commonly used tools for financial analysis are:
Comparative Statements
Common-Size Statement
Accounting Ratio
All of the above
Comparative Statements are analytical tool for:
Horizontal analysis
Vertical analysis
Static analysis
External analysis
Common -Size Statements are analytical tool for:
Vertical analysis
Horizontal analysis
Both (a) and (b)
Neither (a) nor (b)
Common-Size statements are prepared:
In form of ratios
In the form of percentages
In the form of (a) and (b) both
None of the above (a) and (b)
Which one of the following items is not a tool used for financial analysis?
Comparative Statements
Ratio Analysis
Common Size Statement
Statement of Dividend Distribution
Which one of the following items is not a method/tool of analysis of financial statements?
Trend Analysis
Statement of Affairs
Cash Flow Statement
Comparative Statements
Which of the following is the objective of Comparative statements?
To make the data simpler and understandable
To indicate the trend
To help in forecasting
All of the above
Which of the following is device of comparative statements?
Comparison expressed in terms of absolute data
Comparison expressed in terms of percentages
Comparison expressed in terms of ratios
All of the above
Comparative Balance Sheet:
Provide a summarized view of the operations of the firm
Presents the financial position of the firm
Presents the change in various items of Balance Sheet
None of the above
Comparative Statement of Profit and Loss provides information about:
Rate of increase or decrease in revenue from operations
Rate of increase or decrease in cost of revenue from operations
Rate of increase or decrease in net profit
All of the above
Fixed Assets of a company increased from Rs. 3,00,000 to Rs. 4,00,000. What the percentage of changes?
25%
33.3%
20%
40%
A company's current liabilities decreased from Rs.4,00,000 to Rs.3,00,000. What is the percentage of change?
25%
33.3%
20%
40%
Payment of Income Tax is considering as
Direct expenses
Indirect expenses
Operating expenses
None of the above
Which objective is not fulfilled by comparative statement of Profit and Loss:
To compare the items of Statement of Profits and Loss of two years
To know the absolute changes in items of Statement of profit and loss
To show the change in financial position
To know the percentages changes in items of Statement of Profit and Loss
In comparative statements change in different items is presented in the form of ............
Money values
Percentages
Both Money Values and Percentages
None of the above
What is gross profit + material consumed?
Purchases
Revenue from operations
Opening inventory
Closing inventory
Main objective of Common Size statement is:
To present the changes in various items
To provide for a common base for comparison
To establish relationship between various items
All of the above
Main objective of Common Size Balance Sheet is:
To establish relationship between revenue from operations and other items of statement of profit and loss
To present changes in assets and liabilities
To present changes in various items of income and expenses
All of the above
Common Size statements are prepared:
in the form of ratio
in the form of percentages
in both of the above
none of the above
Which of the following is untrue:
Common size Balance sheet
Common size Statement of Profit and Loss
Common size Cash flow statement
None of the above
Main objective of Common Size Statement of profit and loss is:
To present changes in assets and liabilities
To judge the financial soundness
To establish relationship between revenue from operations and other items of statement of profit and loss
All of the above
In the Balance sheet of a Common size statement:
Figure of share capital is assumed to be 100
Figure of current liabilities is assumed to be 100
Figure of fixed assets is assumed to be 100
Figure of total assets is assumed to be 100
In a common size Balance sheet, total liabilities are assumed to be equal to:
1
10
100
1000
Total assets of a firm are Rs.20,00,000 and its fixed assets are Rs.8,00,000. What will be the percentage of fixed assets on total assets?
60%
40%
29%
71%
If total assets of a firm are Rs.8,20,000 and its fixed assets are Rs.5,90,400. What will be percentage of current assets on total assets?
42%
58%
28%
72%
Debenture premium can be used to :
(a) Write off the discount on issue of shares or debentures
(b) Write off the premium on redemption of shares or debentures
(c) Write off capital loss
(d) All of the above
A company issued ₹ 1,00,000 12% debentures of ₹ 100 each. The amount of interest on debentures will be:
(a) ₹ 12,000
(b) ₹ 1,20,000
(c) ₹ 12,00,000
(d) None of these
When debentures are issued as collateral security, which entry has to be passed ?
(a) Debenture Suspense A/c Dr. To Debentures
(b) No entry has to be made
(c) (a) or (b)
(d) None of these
F Ltd. purchased machinery for a book value of ₹ 4,00,000. The consideration was paid by issue of 10% Debentures of ₹ 100 each at a discount of 20%. The Debenture Account will be credited by :
(a) ₹ 4,00,000
(b) ₹ 5,00,000
(c) ₹ 3,20,000
(d) ₹ 4,80,000
Discount on issue of Debentures should be written off:
(a) Out of Securities Premium Account
(b) Out of Capital Profits
(c) Out of Statements of Profit and Loss
(d) In the above order over the period of debentures
Discount on issue of Debentures is in the nature of:
(a) Revenue Loss
(b) Capital Loss
(c) Deferred Revenue Expenditure
(d) None of there
If debentures of ₹ 4,50,000 are issued for the consideration of net assets of ₹ 5,00,000 balance ₹ 50,000 will be credited to:
(a) Profit & Loss A/c
(b) Goodwill A/c
(c) General Reserve A/c
(d) Capital Reserve A/c
Deep Ltd. issue 10,00,000, 7 % debentures of 100 Rs. each at a discount of 4%, redeemable after 5 years at a premium of 6%. Loss issue of debentures is :
(a) ₹ 10,00,000
(b) ₹ 6,00,000
(c) ₹ 16,00,000
(d) ₹ 4,00,000
Debentures are a part of
Shareholders' fund
Borrowed funds
Borrowings from Bank
None of these
Debentures are shown in the balance sheet of a company under the head of
Non current liabilities
Current liabilities
Share Capital
None of these
Debenture holders are
Owners of the company
Lenders of the company
Vendors of the company
Customers of the company
Debenture interest is paid
At a predetermined rate
At variable rate
At a rate based on net profit of the company
At a rate as determined by the company from time to time
At the time issue of debentures, debentures account is
Credited by the amount received
Credited by the issue price of the debentures
Credited by the nominal (face) value of the debentures
None of the above
When debentures are issued at a discount, the discount is written off
After debentures have been redeemed
In the year when debentures are issued
During the life of the debentures
None of these
Interest on debentures is paid on
Amount received on issue
Nominal (face) value
On premium
None of these
Debentures issued as collateral security
Are recorded in the books
Are not recorded in the books
May or may not be recorded in the books
None of these
X ltd. purchased building of Y ltd. for Rs. 4,00,000. The consideration was paid by issue of 10% debentures of Rs. 100 each at a discount of Rs. 20. 10% debentures account is credited with
Rs. 5,20,000
Rs. 5,00,000
Rs. 4,80,000
Rs. 3,20,000
Discount or loss on issue of debentures is written off from
Securities premium reserve
Securities premium reserve (if it exists) and thereafter from statement of profit and loss
Statement of profit and loss
General reserve
Receipt and Payment Account generally shows:
A Debit balance
Surplus or Deficit
A Credit Balance
Capital fund
Donation received for a special purpose
Should Be credited to Income and Expenditure Account
Should be credited to separate account and shown in the Balance Sheet
Should be shown on the assets side
Should not be recorded at all.
The amount of ‘Entrance Fees’ received by a Non-profit organisation (if it is received regularly) is shown in which of the following?
Liability side of Balance Sheet
Assets side of Balance Sheet
Debit side of Income and Expenditure Account
Credit side of Income and Expenditure Account
Subscription received by a school for organising annual function is treated as
Capital Receipt (i.e., Liability)
Revenue Receipt (i.e., Income)
Asset
None of there
What is is the main motive of non-profit organisation
Profit
Service
Both
None of the above
There is no difference between Receipts and Payment Account and Income and Expenditure Account.
True
False
Khanna sports club received ₹ 200 as subscription for the accounting year 2018 -19 and ₹ 100 are yet to be received. It also received ₹ 50 as advance subscription for subsequent year. What amount of subscription would be shown in credit side of Income and Expenditure A/C for the year ending 31 march 2019?
200
250
300
350
Capital of NPO is generally known as:
Equity
Accumulated fund
Capital fund
Financial reserve
