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    Class 12th Accountancy Set A

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    jashanjeet

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    Class 12th Accountancy Set A

    Uploaded by

    jashanjeet
    18 views6 pages

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    class 12th Accountancy Set A

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    18 views6 pages

    Class 12th Accountancy Set A

    Uploaded by

    jashanjeet

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 6

    Q1. At the time of revaluation, an account is prepared.

    1. Retirement of an existing partner


    2. Death of an existing partner
    3. Admission of a new partner
    4. All of the above

    Q2. The capitalised value attached to the differential profit capacity of a business is called .
    1. Asset
    2. Goodwill
    3. Trademark
    4. Copyright

    Q3. A partner may retire with the consent of:


    1. Two partners
    2. Ten partners
    3. Majority of the partners
    4. None of the above

    Q4. A limited liability partnership is a body corporate with legal personality.


    1. Yes
    2. No
    3. Can’t say
    4. None of the above

    Q5. Amit and Viney are partners in a firm sharing profits and losses in 3 : 1 ratio. On 1.1.2017 they admitted Ranjan as a partner. On Ranjan’s
    admission the profit and loss account of Amit and Viney showed a
    Debit balance of Rs. 40,000. Record necessary journal entry for the treatment of the same.

    Q6. Rent paid to a partner is charged to .


    1. Profit and loss adjustment A/c
    2. Revaluation A/c
    3. Profit and loss appropriation A/c
    4. Profit and loss A/c

    Q7. On payment of liabilities which Account is Credited?


    1. Realisation account
    2. Liability Account
    3. Bank account
    4. Loan Account

    Q8. A and B are in partnership sharing profits in the ratio of 3 : 2. They take C as a new partner. Goodwill of the firm is valued at Rs. 3,00,000 and C
    brings Rs. 30,000 as his share of goodwill in cash which is entirely credited to the Capital Account of A. New profit sharing ratio will be:
    1. 3 : 2 : 1
    2. 6 : 3 : 1
    3. 5 : 4 : 1
    4. 4 : 5 : 1

    Q9. What is meant by Reconstitution of Partnership Firm?


    Q10. Mohan, Mayank and Madan are partners, their Partnership Deed provides for interest on drawings at 8% per annum, Mayank withdrew
    fixed amount in the middle of every month and his interest on drawings amounted to 24,000 at the end of the year. What was the amount of his
    monthly drawings?
    (a) 50,000
    (c) 6,00,000.
    (b) 25,000.
    (d) 4,00,000
    Q11. Pick the odd one out?
    (a) Intangible Assets (c) Short Term Loans & advances
    (b) Non-trade investments (d) Long Term Loans & advances
    Q12. Comparative Statement of Balance Sheet is also known as………………………..
    (a) Vertical analysis (c) Both (a) & (b) (e) Dynamic analysis
    (b) Horizontal analysis (d) Both (b) & (e)
    Q13. On dissolution of a firm, a creditor of Rs. 75,000 accepted furniture at 760,000 in full settlement of his claim.
    Pass the necessary journal entry.
    Q14. On the death of a partner, his share in the profits of the firm till the date of his death is transferred to the
    (a) Debit of Profit & Loss Account.

    (b) Credit of Profit & Loss Account. (d) Credit of Profit & Loss Suspense Account

    (c) Debit of Profit & Loss Suspense Account.


    Q15. Harish, Girish and Paresh were partners sharing profits in the ratio of 2:1:1. Paresh retired from the firm on 1st April, 2023 and Harish and Girish
    decided to share future profits equally. As on that date, goodwill of the firm was valued at Rs.2,00,000. The amount of Goodwill that will be paid by
    Harish to Paresh will be

    (b) 1,00,000.

    (a)50,000. (c) 75,000

    (d) Nil.
    Q16. State whether Revaluation Account is debited or credited to record an unrecorded asset
    Q17. Why are reserves, accumulated profits and losses distributed among the old partners?
    Q18. State whether Revaluation Account is debited or credited to record the increase in Provision for Doubtful Debts.
    Q19. Total of Assets side of the Balance Sheet- 25,00,000. Debit Balances in Current Accounts of Naresh and Vikesh- 75,000 and 25,000 respectively;
    Bank Loan- 8,00,000, Goodwill 100,000 Trade Investments-25,000: Profit and Loss Account (Debit)-15,000.
    Based on the above information, Capital Employed for the purposes of valuation of Goodwill will be

    (a) 16,85.000. (c) 17,85,000


    (b) 15,85,000 (d) 14,85,000
    Q20. What is meant by Self Generated Goodwill?
    (3 Marks)
    Q1. A. B and C are partners in a firm sharing profits in the ratio of 2:2:1. Their capitals (fixed) are 1,00,000 ; 80,000 and 70,000 respectively. For the year
    ended 31st March, 2023, interest on capital was credited to them @ 9% p.a. instead of 12%. Give the adjustment Journal entry.
    Q2. On 1st April, 2023, a firm had assets of 3, 00,000 including cash of 5,000. Partners' Capital Accounts were 2,00,000 and the Reserve being the rest.
    If the normal rate of return is 10% and the goodwill of the firm is valued at 2,00,000 at four years' purchase of super profit, find the average profit of
    the firm
    Q3. Hemant and Nishant were partners in a firm sharing profits in the ratio of 3: 2. Their capitals were 1,60,000 and 1,00,000 respectively. They
    admitted Somesh on 1st April, 2013 as a new partner for 1/5th share in the future profits. Somesh brought 1,20,000 as his capital. Calculate the value
    of goodwill of the firm and record necessary Journal entries for the above transactions on Somesh's admission.
    Q4. Raja, Nawab and Badshah are equal partners in a firm whose books are closed on 31st March every year. Give Journal entry to distribute General
    Reserve of 40,000 at the time of retirement of Nawab if the partners (including retiring partner) agree to transfer 25% of the balance of General
    Reserve to Investments Fluctuation Reserve.
    Q5. Veer, Dharam and Karam were partners sharing profits and losses in the ratio of 3:2:1 Dharam died on 30th September, 2022. Accounts of the firm
    are closed on 31st March every year. Sales for the year ended 31st March, 2022 was 6,00,000 and sales for the six months ended 30th September,
    2022 was 3,00,000. Loss for the year ended 31st March, 2022 was 60,000. Calculate deceased partner's share of profit/loss from the beginning of the
    accounting year up to 30th September, 2022
    Q6. Pass Journal Entries:
    (a) Expenses of realisation Rs. 600 but paid by Mohan, a partner.
    (b) Mohan, one of the partners of the firm, was asked to look into the dissolution of the firm for which he was allowed a commission of Rs. 2,000
    (c) There was a Car in the firm, Which was written off from the books. It was taken over by Mr. A for 23,400.
    (4 Marks)
    Q1.
    Q2.
    Anwar, Biswas and Divya are partners in a firm. Their Capital Accounts stood at 8,00,000, 6,00,000 and 4,00,000 respectively on 1st April, 2013. They shared profits
    and losses in the ratio of 3:2: 1 respectively. Partners are entitled to interest on capital @ 6% per annum and salary to Biswas and Divya 4,000 per month and 6,000
    per quarter respectively as per the provisions of Partnership Deed. Biswas's share of profit including interest on capital but excluding salary is guaranteed at a
    minimum of 82,000 p.a. Any deficiency arising on that account shall be met by Divya. Profit for the year ended 31st March, 2014 amounted to 3,12,000.

    Prepare Profit & Loss Appropriation Account for the year ended 31st March, 2014.

    Q3. Difference Between Dissolution of firm and Dissolution of Partnership.

    OR

    (6 Marks)
    Q1.

    Q2.

    Q3. What is meant by Dissolution of Partnership firm? Explain in detail the various modes of dissolution?

    OR
    Part(a) Make a Proforma of Company’s Balance Sheet as per Schedules IIIrd of Companies Act, 2013

    Part(b) Make a Proforma of Statement of Profit and Loss account.

    Q4. A and B are partners sharing profits and losses in the ratio of 3:1. On 1st April, 2022, their capitals were: 5,00,000 and 3,00,000. During the year ended 31st
    March, 2023, the firm earned a net profit of 5,00,000. The terms of partnership are:
    (a) Interest on capital is to be allowed @ 6% p.a.
    (b) A will get a commission @ 2% on net sales.
    (c) B will get a salary of 5,000 per month.
    (d) B will get commission of 5% on profits after deduction of all expenses including such commission.
    Partners' drawings for the year were: A: 80,000 and B: 60,000. Net Sales for the year was 30,00,000 After considering the above facts, you are required to prepare
    Profit & Loss Appropriation Account and Partners' Capital Accounts.

    Q5.
    Q9. A group of 40 people wants to form a partnership firm. They want your advice
    regarding the maximum number of persons that can be there in a partnership
    firm and the name of the Act under whose
    provisions it is given.

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