DOWNLOAD MOBILE APPLICATION TO LEARN MORE: ACCOUNTANCY SAMPLE PAPER 2 CLASS 12
Accountancy Important Extra Questions Reconstitution of Partnership Firm: Admission of a Partner
Reconstitution of Partnership Firm: Admission of a Partner Important Extra Questions Very Short Answer Type
DOWNLOAD MOBILE APPLICATION TO LEARN MORE: ACCOUNTANCY SAMPLE PAPER 2 CLASS 12
Here we are providing Class 12th Accountancy Important Extra Questions and Answers Chapter 3 Reconstitution of Partnership Firm: Admission of a Partner. Accountancy Class 12th Important Questions and Answers are the best resource for students which helps in class 12 board exams.
DOWNLOAD MOBILE APPLICATION TO LEARN MORE: ACCOUNTANCY SAMPLE PAPER 2 CLASS 12
DOWNLOAD MOBILE APPLICATION TO LEARN MORE: ACCOUNTANCY SAMPLE PAPER 2 CLASS 12
Table of Contents
ACCOUNTANCY SAMPLE PAPER 2 CLASS 12
- Following are essential elements of a partnership firm except:
(A) At least two persons
(B) There is an agreement between all partners
(C) Equal share of profits and losses
(D) Partnership agreement is for some business. - Number of partners in a partnership firm may be :
(A) Maximum Two
(B) Maximum Ten
(C) Maximum One Hundred
(D) Maximum Fifty - Forming a Partnership Deed is :
(A) Mandatory
(B) Mandatory in Writing
(C) Not Mandatory
(D) None of the Above - In the absence of a partnership deed, the allowable rate of interest on partner’s loan account will be :
(A) 6% Simple Interest
(B) 6% p.a. Simple Interest
(C) 12% Simple Interest
(D) 12% Compounded Annually - In the absence of partnership deed, the following rule will apply :
(A) No interest on capital
(B) Profit sharing in capital ratio
(C) Profit based salary to working partner
(D) 9% p.a. interest on drawings
DOWNLOAD MOBILE APPLICATION TO LEARN MORE: ACCOUNTANCY SAMPLE PAPER 2 CLASS 12 - On 1st June 2018 a partner introduced in the firm additional capital ₹50,000. In the absence of partnership deed, on 31st March 2019 he will receive interest :
(A) ₹3,000
(B) Zero
(C) ₹2,500
(D) ₹1,800 - In the absence of express agreement, interest @ 6% p.a. is provided :
(A) On opening balance of partner’s capital accounts
(B) On closing balance of partner’s capital accounts
(C) On loan given by partners to the firm
(D) On opening balance of partner’s current accounts - A and B are partners. According to Profit and Loss Account, the net profit for the year is ₹2,00,000. The total interest on partner’s drawings is ₹1,000. As salary is ₹40,000 per year and B’s salary is ₹3,000 per month. The net profit as per Profit and Loss Appropriation Account will be :
(A) ₹1,23,000
(B) ₹1,25,000
(C) ₹1,56,000
(D) ₹1,58,000 - Gaining Ratio :
(A) New Ratio – Sacrificing Ratio
(B) Old Ratio – Sacrificing Ratio
(C) New Ratio – Old Ratio
(D) Old Ratio – New Ratio - A and B share profits and losses in the ratio of 3 : 2. With effect from 1st . January, 2019, they agreed to share profits equally. Sacrificing ratio and Gaining Ratio will be :
(A) Sacrifice by A 1/10; Sacrifice by B 1/10
(B) Gain by A 1/10; Gain by B 1/10
(C) Sacrifice by A 1/10; Gain by B 1/10
(D) Gain by A 1/10; Sacrifice by B 1/10
DOWNLOAD MOBILE APPLICATION TO LEARN MORE: ACCOUNTANCY SAMPLE PAPER 2 CLASS 12 - Which of the following is NOT true in relation to goodwill?
(A) It is an intangible asset
(B) It is fictitious asset
(C) It has a realizable value
(D) None of the above - The profits earned by a business over the last 5 years are as follows : ₹12,000; ₹13,000; ₹14,000; ₹18,000 and ₹2,000 (loss). Based on 2 years purchase of the last 5 years profits, value of Goodwill will be :
(A) ₹23,600
(B) ₹22,000
(C) ₹1,10,000
(D) ₹1,18,000 - A, B and C were partners sharing profits and losses in the ratio of 7 : 3 : 2. From 1st January, 2019 they decided to share profits and losses in the ratio of 8:4:3. Goodwill is ₹1,20,000. In Adjustment entry for goodwill:
(A) Cr. A by ₹6,000; Dr. B by ?2,000; Dr. C by ₹4,000
(B) Dr. A by ₹6,000; Cr. B by ?2,000; Cr. C by ₹4000
(C) Cr. A by ₹6,000; Dr. B by ?4,000; Dr. C by ₹2,000
(D) Dr. A by ₹6,000; Cr. B by ?4,000; Cr. C by ₹2,000 - On the admission of a new partner :
(A) Old firm is dissolved
(B) Old partnership is dissolved
(C) Both old partnership and firm are dissolved
(D) Neither partnership nor firm is dissolved - X and Y are partners sharing profit in the ratio of 3 : 2. Z was admitted with 1/4 share in profits which he acquires equally from X and Y. The new ratio will be:
(A) 9 : 6 : 5
(B) 19 : 11 : 10
(C) 3 : 3 : 2
(D) 3 : 2 : 4
DOWNLOAD MOBILE APPLICATION TO LEARN MORE: ACCOUNTANCY SAMPLE PAPER 2 CLASS 12 - A and B are partners sharing profits in the ratio of 5 : 3. A surrenders 1/4th of his share and B surrenders 1/5 of his share in favor of C, a new partner. What is the sacrificing ratio?
(A) 4 : 5
(B) 5 : 4
(C) 12 : 25
(D) 25 : 12 - When a new partner does not bring his share of goodwill in cash, the amount is debited to :
(A) Cash A/c
(B) Premium A/c
(C) Current A/c of the new partner
(D) Capital A/cs of the old partners - When a new partner brings goodwill in Cash, it is credited to :
(A) His Capital A/c
(B) Sacrificing Partner’s Capital A/cs
(C) Old Partner’s Capital A/cs
(D) All Partner’s Capital A/cs - When full amount is due on any call but it is not received, then the short fall is debited to :
(A) Calls-in-advance
(B) Calls-in-arrear
(C) Share Capital
(D) Suspense Account - When a company issues shares at a premium, amount of premium may be received by the company :
(A) Along with application money
(B) Along with application money
(C) Along with calls
(D) Along with any of the above - Reserve capital means :
(A) A part of subscribed uncalled capital
(B) Reserve Profit
(C) A part of Capital Reserve
(D) A part of Capital Redemption Reserve - If a share of ₹ 10 on which ₹ 8 has been called and ₹ 6 is paid is forfeited, the Share Capital Account should be debited with :
(A) ₹ 8
(B) ₹ 10
(C) ₹ 6
(D) ₹ 2 - Z & Co. forfeited 100 shares of 10 Rs. each for non-payment of final call of 2 Rs. per share. All the forfeited shares were re-issued at 9 Rs. per share. What amount will be transferred to Capital Reserve A/c ?
(A) 700 Rs.
(B) 800 Rs.
(C) 900 Rs.
(D) 1,000 Rs. - The liability of members in a company is :
(A) Limited
(B) Unlimited
(C) Stable
(D) Fluctuating - Total amount of liabilities side includes :
(A) Authorized Capital
(B) Issued Capital
(C) Subscribed Capital
(D) Paid-up Capital - Premium on issue of shares is a :
(A) Capital Gain
(B) Capital Loss
(C) General Profit
(D) General Loss - If equity share of ₹ 10 Rs. each is issued at ₹ 12 each, it is called:
(A) Issued at Par
(B) Issued at Premium
(C) Issued at Discount
(D) None of these - Dividends are usually paid on :
(A) Authorized Capital
(B) Issued Capital
(C) Called-up Capital
(D) Paid-up Capital - A Ltd. purchased a machinery for 1,80,000 Rs. for which it is paying by issue of shares of 100 Rs. each at 20% premium. How many shares will be issued as consideration. ?
(A) 2,500
(B) 2,000
(C) 1,500
(D) 3,000 - When shares are issued to promoters for services offered by them, the account that will be debited with the nominal value of shares is __.
(A) Goodwill Account
(B) Cash/ Bank Account
(C) Preliminary Expenses Account
(D) None of the above
DOWNLOAD MOBILE APPLICATION TO LEARN MORE: ACCOUNTANCY SAMPLE PAPER 2 CLASS 12 - Which of the following is not required to be prepared under the Companies Act:
(A) Statement of Profit & Loss
(B) Balance Sheet
(C) Auditor’s Report
(D) Fund Flow Statement - The assets of a business can be classified as :
(A) Fixed and Non-fixed Assets
(B) Tangible and Intangible Assets
(C) Non-Current and Current Asset
(D) None of these - Statement of Profit & Loss is also called………:
(A) Operating Profit
(B) Balance Sheet
(C) Income Statement
(D) Trading Account - Contingent Liabilities are exhibited under the heading:
(A) Fixed Liabilities
(B) Current Liabilities
(C) As a footnote
(D) None of these - Proprietary ratio is calculated by the following formula:
(A) Total Assets/ Long-term Loans
(B) Tangible Assets/ Long- term Loans
(C) Current Assets/ Total Liabilities
(D) Total Assets/ Total Liabilities
DOWNLOAD MOBILE APPLICATION TO LEARN MORE: ACCOUNTANCY SAMPLE PAPER 2 CLASS 12 - Profitability Ratios are generally expressed in :
(A) Simple Ratio
(B) Percentage
(C) Times
(D) None of these - Which of the following non-operating expense?
(A) Rent
(B) Selling Expenses
(C) Wages
(D) Loss on Sale of Machinery - When opening stock is ₹ 50,000 closing stock ₹ 60,000 and cost of goods sold is ₹ 2,20,000, then stock turn over ratio is:
(A) 2 times
(B) 3 times
(C) 4 times
(D) 5 times - Profitability Ratio is generally shown in :
(A) Simple Ratio
(B) Percentage
(C) Times
(D) None of these - If sales is 7 4,20,000 sales returns is 7 20,000 and cost of goods sold 7 3,20,000 gross profit ratio will be :
(A) 20%
(B) 25%
(C) 15%
(D) 10%
DOWNLOAD MOBILE APPLICATION TO LEARN MORE: ACCOUNTANCY SAMPLE PAPER 2 CLASS 12
ANSWER KEY
| C | 11. B | 21. A | 31.C |
| D | 12. B | 22. A | 32.C |
| C | 13. A | 23. A | 33.C |
| B | 14. B | 24. A | 34.C |
| A | 15. B | 25. D | 35. C |
| B | 16. D | 26. A | 36.B |
| C | 17. C | 27.B | 37. D |
| B | 18. B | 28.D | 38.A |
| C | 19. B | 29.C | 39.B |
| C | 20. D | 30.A | 40.A |
DOWNLOAD MOBILE APPLICATION TO LEARN MORE: ACCOUNTANCY SAMPLE PAPER 2 CLASS 12
ALSO VISIT :ACCOUNTANCY SAMPLE PAPER CLASS 12
DOWNLOAD MOBILE APPLICATION TO LEARN MORE: ACCOUNTANCY SAMPLE PAPER 2 CLASS 12