ACCOUNTANCY
1. Why does the Fixed Capital Account of partners show credit balance even when the firm suffers losses year after year ?
2. Milan, Khilan and Silam were partners sharing profits in the ratio of 2 : 2 : 1. They decided to share future profits in the ratio of 7 : 5 : 3 with effect from 1st April, 2019. After the revaluation of assets and re-assessment of liabilities, Revaluation Account showed a loss of ₹ 15,000. The amount to be debited in the capital account of Milan
because of loss on revaluation will be : 1
(A) ₹ 15,000
(B) ₹ 6,000
(C) ₹ 7,000
(D) ₹ 5,000
3. Name an item which is transferred to credit side of Realisation Account at the time of dissolution of partnership firm, but does not involve cash payment.
4. Which of the following statements does not relate to ‘Reserve Capital’ :
(A) It is part of uncalled capital of a company.
(B) It cannot be used during the lifetime of a company.
(C) It can be used for writing off capital losses.
(D) It is part of subscribed capital.
5. P and Q were partners in a firm sharing profits in the ratio of 5 : 3. R was admitted for 1/4th share in the profits, of which he took 75% from P and the remaining from Q. Calculate the sacrificing ratio of P and Q.
6. Excess of issue price of a debenture over its face value is called ________ .
7. A, B and C were partners in a firm sharing profits in the ratio of 2 : 2 : 1. C retired. The balance in this capital account after adjustments regarding reserves, accumulated profits/loss and revaluation of assets and liabilities was ₹ 4,40,000. C was paid < 5,00,000 including his share of goodwill. The amount that was credited to his capital account on account of goodwill was :
(A) ₹ 60,000
(B) ₹ 3,00,000
(C) ₹ 1,00,000
(D) ₹ 12,000
8. Rohan, Mohan and Sohan were partners sharing profits equally. At the time of dissolution of the partnership firm, Rohan’s loan to the firm will be :
(A) Credited to Rohan’s Capital Account.
(B) Debited to Realisation Account.
(C) Credited to Realisation Account.
(D) Credited to Bank Account.
9. Rahul, Sahil and Jatin were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. Rahul died on 15th October, 2017. At that time, the capitals of Sahil and Jatin after all the adjustments were ₹ 3,56,000 and ₹ 2,44,000 respectively. Sahil and Jatin decided to adjust their capital according to their new profit sharing ratio by opening current accounts. Calculate the new capitals of Sahil and Jatin.
10. Name an item that is never shown on the payment side of Receipts and Payments Account, but is shown on the debit side of the Income and Expenditure Account.
11. Diya, Riya and Tiya were partners sharing profits and losses in the ratio of 2 : 3 : 5. Tiya died on 28th November, 2019. Her share of profit was taken equally by Diya and Riya. Diya’s share of profit in the new firm will be _________ .
12. Mona and Tina were partners in a firm sharing profits in the ratio of 3 : 2. Naina was admitted with 1/6th share in the profits of the firm. At the time of admission, Workmen’s Compensation Reserve appeared in the Balance Sheet of the firm at ₹ 32,000. The claim on account of workmen’s compensation was determined at ₹ 40,000. Excess of claim over the reserve will be :
(A) Credited to Revaluation Account.
(B) Debited to Revaluation Account.
(C) Credited to old partner’s Capital Account.
(D) Debited to old partner’s Capital Account.
13. Sun and Star were partners in a firm sharing profits in the ratio of 2 : 1.
Moon was admitted as a new partner in the firm. New profit sharing ratio was 3 : 3 : 2. Moon brought the following assets towards his share of goodwill and his capital :
₹
Machinery 2,00,000
Furniture 1,20,000
Stock 80,000
Cash 50,000
If his capital is considered as < 3,80,000, the goodwill of the firm will be :
(A) ₹ 70,000
(B) ₹ 2,80,000
(C) ₹ 4,50,000
(D) ₹ 1,40,000
Please click on below link to download CBSE Class 12 Accountancy Boards 2020 Question Paper Solved Set B.