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WorksheetsAccountancy XII
Total questions: 20
Worksheet time: 10mins
On dissolution of a firm, an unrecorded furniture of the value of ₹5,000 was taken up by a partner for ₹4,300. Which Account will be credited and by how much amount? :
Cash Account by ₹4,300
Realisation Account by ₹700
Partner’s Capital Account by ₹5,000
Realisation Account by ₹4,300
In the Balance Sheet Total Debtors appear at ₹50,000 and Provision for Doubtful Debts appear at ₹1,500. How much amount will be realised from Debtors, if bad debts amount to ₹10,000 and remaining debtors are realised at a discount of 5%
₹38,000
₹36,500
₹36,575
₹39,500
How much amount will be paid to Creditors for ₹25,000 if ₹5,000 of the creditors are not to be paid and the remaining creditors agreed to accept 5% less amount?
₹18,750
₹19,000
₹19,750
₹20,000
If total assets of a firm are ₹12,00,000 and total liabilities are ₹2,40,000, what will be the capitals of P, Q and R if they share profits in the ratio of their capitals and profit sharing ratio is 1 : 2 : 3.
P ₹4,80,000; Q ₹3,20,000; R ₹1,60,000
P ₹1,60,000; Q ₹3,20,000; R ₹4,80,000
P ₹2,00,000; Q ₹4,00,000; R ₹6,00,000
P ₹6,00,000; Q ₹4,00,000; R ₹2,00,000
At the time of dissolution of a firm, Creditors are ₹70,000; Partners’ capital is ₹1,20,000; Cash Balance is ₹10,000. Other assets realised ₹1,50,000. Profit/Loss in the realisation account will be :
₹60,000 (Loss)
₹80,000 (Profit)
₹40,000 (Loss)
₹30,000 (Loss)
On dissolution of a firm, firm’s Balance Sheet total is ₹77,000. On the assets side of the Balance Sheet items were shown preliminary expenses ₹2,000; Profit & Loss Account (Debit) Balance ₹4,000 and Cash Balance ₹1,800. Loss on realisation was ₹6,300. Total assets (including cash balance) realised will be :
₹69,200
₹71,000
₹64,700
₹62,900
Sundry Creditors amounted to ?8,000. These were paid at a discount of 5%. Realisation account will be debited by
₹8,000
₹7,600
₹8,400
₹400
In case of dissolution, assets are transferred to Realisation Account:
At Book Value
At Market Value
Cost or Market Value, whichever is lower
None of the Above
At the time of dissolution of partnership firm, the amount of ‘Bills Payable’ shown in the liability side of Balance Sheet is transferred to :
Capital Accounts of Partners
Realisation Account
Cash Account
Loan Account of Partners
There was an Unrecorded asset of ?2,000 which was taken over by a partner at ? 1,500. Partner’s Capital Account will be debited by
₹2,000
₹1,500
₹500
₹3,500
In the cash flow statement if the company invests more in fixed assets and short term financial investments, it would result to:
decreased cash
increased cash
increased equity
increased liabilities
Claims received from Insurance Companies are treated as ______.
Operating Cash Inflow
Investing Cash Inflow
Financing Cash Inflow
None of the above
Which of the following come under investing activities in the cash flow?
Sale of fixed assets
The interest that is received
Dividend received
All of the above
Which of the following statements is/are correct?
Dividend paid is always shown as operating activity.
Depreciation and amortization, being non-cash expenses, are deducted from net profit before tax and extraordinary items.
Both (a) and (b)
None of these
Assertion (A): Depreciation is added back to net profit while calculating cash flows from operating activities
Reason (R): Depreciation is a noncash expense. It had reduced the net profit while there is no cash flow
Both assertion and reason are true. Reason is a correct explanation of assertion.
Both assertion and reason are true but reason is not the correct explanation of assertion
Both assertion and reason are false
Assertion is true but Reason is false
The activity which is recorded as investing activity in cash flow is:
Sale of investment by non-financial enterprise
Issuing a debenture
Paying back a loan
The raw material purchased with cash
Which of the following are the objectives of the cash flow statement?
The cash basis of the accounting
The credit basis of the accounting
The accrual basis of the accounting
None of the above
Issue of Bonus shares will result in inflow /outflow / no flow in Cash flow statement
Inflow
Outflow
No flow
None of the above
Cash flow statement is prepared under -
AS-6(REVISED)
AS-9(REVISED)
AS-3(REVISED)
None of the above
While calculating operating profit, which will be added to net profit?
Interest Received
Profit on Sale of Asset
Increase in General Reserve
Refund of Tax
