DOWNLOAD MOBILE APPLICATION TO LEARN MORE: ACCOUNTANCY SAMPLE PAPER 3 CLASS 12
DOWNLOAD MOBILE APPLICATION TO LEARN MORE: ACCOUNTANCY SAMPLE PAPER 3 CLASS 12
Providing Class 12TH Accountancy Important Extra Questions and Answers 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 12TH board exams.
DOWNLOAD MOBILE APPLICATION TO LEARN MORE: ACCOUNTANCY SAMPLE PAPER 3 CLASS 12
Table of Contents
ACCOUNTANCY SAMPLE PAPER 3 CLASS 12
- In case of partnership the act of any partner is :
(A) Binding on all partners
(B) Binding on that partner only
(C) Binding on all partners except that particular partner
(D) None of the above - Liability of partner is :
(A) Limited
(B) Unlimited
(C) Determined by Court
(D) Determined by Partnership Act - Partnership Deed is also called as:
(A) Prospectus
(B) Articles of Association
(C) Principles of Partnership
(D) Articles of Partnership - A and B are partners in partnership firm without any agreement. A has given a loan of ₹50,000 to the firm. At the end of year loss was incurred in the business. Following interest may be paid to A by the firm :
(A) @5% Per Annum
(B) @ 6% Per Annum
(C) @ 6% Per Month
(D) As there is a loss in the business, interest can’t be paid - In the absence of agreement, partners are not entitled to :
(A) Salary
(B) Commission
(C) Equal share in profit
(D) Both (a) and (b)
DOWNLOAD MOBILE APPLICATION TO LEARN MORE: ACCOUNTANCY SAMPLE PAPER 3 CLASS 12 - On 1st January 2019, a partner advanced a loan of ₹1,00,000 to the firm. In the absence of agreement, interest on loan on 31st March 2019 will be :
(A) Nil
(B) ₹1,500
(C) ₹3,000
(D) ₹6,000 - Which of the following items are recorded in the Profit & Loss Appropriation Account of a partnership firm?
(A) Interest on Capital
(B) Salary to Partner
(C) Transfer to Reserve
(D) All of the above - According to Profit and Loss Account, the net profit for the year is ₹1,40,000. The total interest on partner’s capital is? 8,000 and a partner is to be allowed commission of ₹5,000. The total interest on partner’s drawings is ₹1,200. The net profit as per Profit and Loss Appropriation Account will be :
(A) ₹1,28,200
(B) ₹1,44,200
(C) ₹1,25,800
(D) ₹1,41,800 - A and B were partners in a firm sharing profit or loss equally. With effect from 1st April 2019 they agreed to share profits in the ratio of 4 : 3. Due to change in profit sharing ratio, A’s gain or sacrifice will be :
(A) Gain 1/14
(B) Sacrifice 1/14
(C) Gain 4/7
(D) Sacrifice 3/7 - A and B were partners in a firm sharing profit or loss in the ratio of 3 : 1. With effect from Jan. 1, 2019 they agreed to share profit or loss in the ratio of 2 : 1. Due to change in profit-loss sharing ratio, B’s gain or sacrifice will be :
(A) Gain 112
(B) Sacrifice 112
(C) Gain 13
(D) Sacrifice 13
DOWNLOAD MOBILE APPLICATION TO LEARN MORE: ACCOUNTANCY SAMPLE PAPER 3 CLASS 12 - When Goodwill is not purchased goodwill account can :
(A) Never be raised in the books
(B) Be raised in the books
(C) Be partially raised in the books
(D) Be raised as per the agreement of the partners - The average profit of a business over the last five years amounted to ₹60,000. The normal commercial yield on capital invested in such a business is deemed to be 10% p.a. The net capital invested in the business is ₹5,00,000. Amount of goodwill, if it is based on 3 years purchase of last 5 years super profits will be :
(A) ₹1,00.000
(B) ₹1,80,000
(C) ₹30.000
(D) ₹1,50,000 - What are the adjustments required at the time of admission of partner?
(A) Change in profit-sharing ratio
(B) Treatment of reserves
(C) Treatment of Profits or Losses
(D) All of the above - A and B share profits in the ratio of 2 : 1. C is admitted with 1/4 share in profits. C acquires 3/4 of his share from A and 1/4 of his share from B. The new ratio will be:
(A) 2 : 1 : 1
(B) 23 : 13 : 12
(C) 3 : 1 : 1
(D) 13 : 23 : 12 - A and B are partners sharing profits in the ratio of 11 : 4. C was admitted. A surrendered 1/11th of his share and B1/4 of his share in favor of C. The sacrificing ratio will be :
(A) 11 : 4
(B) 1 : 1
(C) 4:11
(D) 7 : 4
DOWNLOAD MOBILE APPLICATION TO LEARN MORE: ACCOUNTANCY SAMPLE PAPER 3 CLASS 12 - If at the time of admission, some profit and loss account balance appears in the books, it will be transferred to:
(A) Profit & Loss Adjustment Account
(B) All partners’ Capital Accounts
(C) Old partners’ Capital Accounts
(D) Revaluation Account - If the incoming partner brings the amount of goodwill in Cash and also a balance exists in goodwill account, then this goodwill account is written off among the old partners in
(A) The new profit sharing ratio
(B) The old profit sharing ratio
(C) The sacrificing ratio
(D) The gaining ratio - The difference between subscribed capital and called up capital is called :
(A) Calls-in-arrears
(B) Calls-in-advance
(C) Uncalled capital
(D) None of these - Share Application Account is :
(A) Personal Account
(B) Real Account
(C) Nominal/ Account
(D) None of these - Securities Premium is shown under which head in the Balance Sheet ?
(A) Reserve and Surplus
(B) Miscellaneous Expenditure
(C) Current Liabilities
(D) Share Capital
DOWNLOAD MOBILE APPLICATION TO LEARN MORE: ACCOUNTANCY SAMPLE PAPER 3 CLASS 12 - When shares are forfeited, the Share Capital Account is debited with:
(A) Nominal value of Shares
(B) Market value of Shares
(C) Called-up value of Shares
(D) Paid-up value of Shares - Forfeiture of shares results in the reduction of:
(A) Paid-up Capital
(B) Authorized Capital
(C) Fixed Assets
(D) Reserve Capital - Equity shareholders are :
(A) Creditors of the company
(B) Owners of the company
(C) Customers of the company
(D) None of these - A company issues its shares at premium under which Section of Indian Companies Act, 2013 ?
(A) 78
(B) 79
(C) 52
(D) 53 - Premium on issue of shares is shown on which side of the Balance sheet.
(A) Assets
(B) Liabilities
(C) Both
(D) None of these
DOWNLOAD MOBILE APPLICATION TO LEARN MORE: ACCOUNTANCY SAMPLE PAPER 3 CLASS 12 - The maximum capital beyond which a company is not allowed to raise funds, by issue of shares is called …………..
(A) Issued capital
(B) Reserve capital
(C) Authorized capital
(D) Subscribed capital - If vendors are issued fully paid shares of ₹ 1,00,000 in consideration of net assets of ₹ 1,20,000 the balance of ₹ 20,000 will be credited to :
(A) Goodwill Account
(B) Capital Reserve Account
(C) Vendor’s Account
(D) Profit & Loss Account - Right Shares are issued to :
(A) Promoters for the Services
(B) Holders of Convertible Debentures
(C) Existing Shareholders
(D) All of the above - Tee limited forfeited 500 shares of Rs.20 each issued at 5 % discount for non-payment of allotment and final call money of Rs.9 and Rs.5 respectively. Amount credited to share forfeiture A/c will be _.
(A) 2500
(B) 4500
(C) 3500
(D) 8500 - Equity ₹ 90,000 Liabilities ₹ 60,000 Profit of the year ₹ 20,000. Then total assets will be :
(A) ₹ 1.70,000
(B) ₹ 1,50,000
(C) ₹1,10,000
(D) ₹ 80,000
DOWNLOAD MOBILE APPLICATION TO LEARN MORE: ACCOUNTANCY SAMPLE PAPER 3 CLASS 12 - The term financial statements includes :
(A) Statement of Profit & Loss
(B) Balance Sheet
(C) Statement of Profit & Loss and Balance Sheet
(D) None of these - Preliminary expenses are shown in the Balance Sheet under the head:
(A) Non-current assets
(B) Current assets
(C) Non-current liabilities
(D) Deducted from securities premium reserve - Provision for Provident Funds is shown in the Balance Sheet of a company under the head :
(A) Reserves and Surplus
(B) Non-current Liabilities
(C) Provision
(D) Contingent Liabilities - Which one of the following ratios is most important in determining the long-term solvency of a company?
(A) Profitability Ratio
(B) Debt-Equity Ratio
(C) Stock Turnover Ratio
(D) Current Ratio - Which of the following is not a type of ratio?
(A) Activity ratios
(B) Soluble Ratio
(C) Solvency Ratios
(D) Profitability ratios - The ratios are primarily measures of earning capacity of the business.
(A) Liquidity
(B) Activity
(C) Debt
(D) Profitability - The following groups of ratios primarily measure risk
(A) Liquidity, activity and profitability
(B) Liquidity, activity and common stock
(C) Liquidity, activity and debt
(D) Activity, debt and profitability - What does Creditors Turnover Ratio take into account:
(A) Total credit purchases
(B) Total credit sales
(C) Total cash sales
(D) Total cash purchases - Stock turnover ratio comes under :
(A) Liquidity Ratio
(B) Profitability Ratio
(C) Activity Ratio
(D) None of these - The satisfactory ratio between internal and external equity is. :
(A) 1 : 2
(B) 2 : 1
(C) 3 : 1
(D) 4 : 1
DOWNLOAD MOBILE APPLICATION TO LEARN MORE: ACCOUNTANCY SAMPLE PAPER 3 CLASS 12
ANSWER KEY
| A | 11. A | 21. A | 31.A |
| B | 12. C | 22.C | 32.C |
| D | 13. C | 23. A | 33.D |
| B | 14. D | 24. B | 34.B |
| C | 15. B | 25. C | 35.B |
| B | 16. B | 26.B | 36.D |
| D | 17.C | 27.C | 37.D |
| A | 18.B | 28.B | 38.A |
| A | 19.C | 29. C | 39.C |
| A | 20.A | 30.A | 40. B |
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ALSO VISIT:ACCOUNTANCY SAMPLE PAPER 2 CLASS 12