Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R). Assertion (A) : Generally Balance of Partners Capital Account remains unchanged when capitals are fixed, but it may show a decrease in the Balance irrespective of fixed capital. Reason (R) : Fixed Capital Account balance will reduce, when a partner withdraws for personal use from his capital. In the context of the above statements, which one of the following is correct?

Narayan Ltd. has received a lump sum amount of Rs.3,30,000 on Application and allotted 20,000 Equity Shares of Rs.10 each at a premium of 10%. How much amount is to be refunded to the applicants?

While purchasing a running business and settlement is made by issuing debentures, the excess of purchase consideration over Net Assets is debited to _____________ Account

Raj, Narayan and Kanav are partners sharing profits in the ratio of 3:2:1. They decided to change their profit sharing ratio from 1st April 2021 as 5:3:2. On that date, they have Workmen Compensation Reserve Rs.60,000 and General Reserve Rs.45,000. They have decided not to distribute the General Reserve. Choose the correct statement from the following:

Which of the following is true regarding the Interest on Drawings of a partner, when the firm maintains Fluctuating Capital Accounts?

A, B, C and D are partners sharing profits as: A 40%; B 30%; C 10% and D 20%. As per the new partnership agreement C is to get a minimum amount of Rs.57,500 p.a. Deficiency on this account will be borne by A and B personally in the ratio of 3:2. The net loss for the year ending 31st March 2021 was Rs.25,000. The amount of Deficiency to be borne by B:

On 1st April 2022, Vinod Ltd. issued 6,000, 11% Debentures of Rs.100 each at par redeemable at a premium of 7%. The debentures were to be redeemed at the end of the third year. Loss on issue of Debentures to be written off at the end of the year Rs. _____

Narayan Ltd. invited Applications for 20,000 Equity Shares of Rs.10 each at a premium of 20%. Applications were received 2.5 Times. Out of which 40% Applications were rejected, Full allotment was made to 8,000 Applicants and pro-rata allotment was made to the remaining applicants. One Shareholder Yuvraj holding 300 Shares on pro-rata basis. Yuvraj has applied for ______________ Shares

A, B and C were sharing profits and losses in the ratio of 5:3:2. C retired and his capital balances after adjustments regarding reserves, accumulated profits/losses and his share of gain on Revaluation was Rs.2,50,000. C was paid Rs.3,22,000 including his share of goodwill. The amount credited to C’s Capital Account, at the time of his retirement, for goodwill will be ________

Average Profit of a firm during the last few years are 1,20,000 and the normal rate of return in the similar business is 10%. If the goodwill of the firm is Rs. 1,12,500 at 3 years purchase of Super Profit, the capital employed of the firm was _______________

Narayan Ltd. offered 50,000 Equity Shares of Rs.10 each, of these 48,000 shares were subscribed. The amount was payable as Rs.3 on Application, Rs.4 on Allotment along with premium of Rs.2 and Balance on First & Final Call. Yashika one Shareholder did not pay allotment on 2,000 shares and her shares were forfeited immediately after the allotment. Navya another Shareholder holding 1,500 Shares did not pay the First & Final Call. How much amount is received on First & Final Call by Narayan Ltd.?

What will be the correct sequence of events? (i) Issued Capital (ii) Nominal Capital (iii) Subscribed but not Fully paid up (iv) Subscribed and Fully Paid up Choose the correct option:

Albert, Peter and William are partners sharing profits in the ratio of 2:2:1. It is provided that William’s Share of profit would not be less than Rs.35,000. Deficiency if any will be borne by Albert 35% and remaining by peter. Profit for the year ended 31st March 2021 was Rs.15,000. Deficiency borne by Peter:

The Balance Sheet shows the financial position of an enterprise:

Which of the following is not an Activity Ratio?

Following information is provided by Vinod Ltd. 8% Debentures .................................. 40,00,000 Capital Employed ................................80,00,000 Net Profit after interest and Tax ........10,00,000 Debt to Equity Ratio of the firm will be:

While preparing Cash Flow Statement, interest Received on debentures will be considered as:

X Ltd. purchased Furniture for Rs.20,00,000 paying 60% by issue of Equity Shares of Rs.10 each and the balance by cheque. This transaction will result in _______