ACCOUNTANCY SAMPLE PAPER CLASS 12

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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
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Here we are 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.

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Table of Contents

ACCOUNTANCY SAMPLE PAPER CLASS 12

Which among the following are features of a partnership firm:
(A) Two or more persons are carrying common business under an agreement.
(B) They are sharing profits and losses in the fixed ratio.
(C) Business is carried by all or any of them acting tor all as an agent.
(D) All of the above.
What should be the minimum number of persons to form a Partnership firm:
(A) 2
(B) 7
(C) 10
(D) 20
Every partner is bound to attend diligently to his in the conduct of
the business states………….of partner.
(A) Rights
(B) Meetings
(C) Capital
(D) Duties
In the absence of Partnership Deed, the interest allowed on partner’s capital will be:
(A) @ 5% p.a.
(B) @ 6% p.a.
(C) @ 12% p.a.
(D) No interest is allowed
A and B are partners in a partnership firm without any agreement. A devotes more time for the firm as compare to B. How much will be the amount of commission that A will get in the firm’s profit?
(A) 6% of profit
(B) 4% of profit
(C) 5% of profit
(D) None of the above
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A, B, and C are partners in a firm. At the time of division of profit for the year, there was dispute between the partners. Profit before interest on partner’s capital was ₹6,00,000 and C demanded minimum profit of ₹5,00,000 as his financial position was not good. However, there was no written agreement on this point.
(A) Other partners will pay C the minimum profit and will share the loss equally.
(B) Other partners will pay C the minimum profit and will share the loss in capital ratio.
(C) A and B will take ₹50,000 each and C will take ₹5,00,000.
(D) ₹2,00,000 to each of the partners.
In the absence of Partnership Deed, following provision will apply:
(A) Interest will not be charged on partner’s drawings
(B) Interest will be charged @. 5% p.a. on partner’s drawings
(C) Interest will be charged @ 6% p.a. on partner’s drawings
(D) Interest will be charged @ 12% p.a. on partner’s drawings
According to Profit and Loss Account, the net profit for the year is ₹4,20,000. Salary of a partner is ₹5,000 per month and the commission of another partner is ₹10,000. The interest on drawings of partners is ₹4,000. The net profit as per Profit and Loss Appropriation Account will be :
(A) ₹3,54,000
(B) ₹3,46,000
(C) ₹4,09,000
(D) ₹4,01,000
Sacrificing Ratio equals:
(A) New Ratio – Old Ratio
(B) Old Ratio – New Ratio
(C) Old Ratio – Gaining Ratio
(D) Gaining Ratio – Old Ratio
X and Y were partners in a firm sharing profits and losses in the ratio of 2 : 1. With effect from 1st January 2019 they agreed to share profits and losses equally. Individual partner’s gain or sacrifice due to change in the ratio will be:
(A) Gain by X 1/6; Sacrifice by Y 1/6
(B) Sacrifice by X 1/6, Gain by Y 1/6
(C) Gain by X ½; Sacrifice by Y ½
(D) Sacrifice by X ½; Gain by Y ½
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The excess amount which the firm can get on by selling its assets over and above the saleable value of its assets is called :
(A) Surplus
(B) Super profits
(C) Reserve
(D) Goodwill
The capital employed by a partnership firm is ₹5,00,000. Its average profit is ₹60,000. The normal rate of return in similar type of business is 10%. What is the amount of super profits?
(A) ₹50,000
(B) ₹10,000
(C) ₹6,000
(D) ₹56,000
A, B and C are partners sharing profits in the ratio of 4 : 3 : 2. Afterwards, they decided to share profits equally. Goodwill of the firm is valued at Rs. 10,800. The adjusting entry for goodwill is:
(A) A’s Capital A/c Cr. by ₹4,800; B’s Capital A/c Cr. by ₹3,600; C’s Capital A/c Cr. by ₹2,400.
(B) A’s Capital A/c Cr. by ₹3,600; B’s Capital A/c Cr. by ₹3,600; C’s Capital A/c Cr. by ₹3,600.
(C) A’s Capital A/c Dr. by ₹1,200; C’s Capital A/c Cr. by ₹1,200;
(D) A’s Capital A/c Cr. by ₹1,200; C’s Capital A/c Dr. by ₹1,200
A new partner may be admitted into a partnership:
(A) With the consent of any one partner
(B) With the consent of majority of partners
(C) With the consent of all old partners
(D) With the consent of 2/3rd of old partners
S and R are partners sharing profit in the ratio of 3 : 2. They admit T as a partner by giving him 1/3 share in future profits. The new ratio will be:
(A) 12 : 8 : 5
(B) 8: 12 : 5
(C) 5 : 5 : 12
(D) None of the Above
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Ram and Sham are partners sharing profits in the ratio of 3 : 2. Z is admitted as a partner. Calculate sacrificing ratio if new profit sharing ratio is 9:7:4.
(A) 3 : 1
(B) 3 : 2
(C) 1:3
(D) 9 : 7
When a new partner brings his share of goodwill in cash, the amount is debited to:
(A) Goodwill A/c
(B) Capital A/c of the new partner
(C) Cash A/c
(D) Capital A/cs of the old partners
In the absence of an express agreement as to who will contribute to new partners’ share of profit, it is implied that the old partners will contribute :
(A) Equally
(B) In the ratio of their capitals
(C) In their old profit sharing ratio
(D) In the gaining ratio
Reserve share capital means :
(A) Part of authorized capital to be called at the beginning
(B) Portion of uncalled capital to be called only at liquidation
(C) Over subscribed capital
(D) Under subscribed capital
What will be the journal entry when a company issues fully paid shares to promoters for their services:
(A) Bank A/c Dr.
To Share Capital A/c
(B) Good will A/c Dr.
To Share Capital A/c
(C) Promoters Personal A/c Dr.
To Share Capital A/c
(D) Promotion Expenses A/c Dr.
To Share Capital A/c
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Equity shareholders are also known as:
(A) Customers
(B) Creditors
(C) Debtors
(D) Owners
An issue of shares which is not a public issue but offered to a selected group of persons is called :
(A) Public offer
(B) Private placement of shares
(C) Initial public offer
(D) None of these
If a share of ₹ 10 on which ₹ 8 has been paid up is forfeited, it can be reissued at the minimum price of…….
(A) 10 Rs. per share
(B) 8 Rs. per share
(C) 5 Rs. per share
(D) 2 Rs. per share
A company is featured as…………
(A) Separate Legal Entity
(B) Perpetual Existence
(C) Limited Liability
(D) All the above
Right shares are the shares, which:
(A) Are issued to the Direction of the company
(B) Are issued to existing shareholders of the company
(C) Are issued to promoters in consideration of their services
(D) Are issued to the vendors for purchasing assets
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According to Table E of the Companies Act, 2013, what is the maximum limit of interest on calls in arrears to be charged:
(A) 5% p.a.
(B) 6% p.a.
(C) 8%p.a.
(D) 10%p.a.
Premium on issue of shares can be utilized for:
(A) Issue of Bonus shares
(B) Distribution of Profit
(C) Transferring to General Reserve
(D) All these
Which one of the following is also known as the registered capital of the company?
(A) Paid-up capital
(B) Uncalled capital
(C) Authorized capital
(D) Issued capital
10,000 equity shares of 10 Rs. each were issued to public at a premium of ₹ 2 per share payable on allotment. Applications were received for ₹ 12,000 shares. Amount of securities premium account will be :
(A) ₹ 20,000
(B) ₹ 24,000
(C) ₹ 4,000
(D) ₹ 1,600
Taco Ltd. forfeited 300 shares of Rs.10 each, fully called-up, for non-payment of final call money of Rs.4 per share. These were subsequently re-issued by the company for Rs.12 per share by the company for Rs.12 per share as fully paid up. Amount of share forfeiture A/c to be transferred to capital reserve is:
(A) 2400
(B) 3000
(C) 2000
(D) 1800
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Which of the following is the element of financial statements?
(A) Balance Sheet
(B) Profit & Loss A/c
(C) Both (a) and (b)
(D) None of these
The profit and loss disclosed by the accounts of a company is:
(A) Transferred to share capital account
(B) Shown under the head of ‘Current liabilities’ and provisions
(C) Shown under the head ‘Reserves and Surplus
(D) None of these
The information disclosed by Financial statements includes :
(A) Monetary information
(B) Qualitative information
(C) Non-monetary information
(D) All the above
Goodwill falls under which category of assets:
(A) Current Assets
(B) Tangible Assets
(C) Intangible Assets
(D) None of the above
Proprietary Ratio indicates the relationship between proprietor’s funds and….
(A) Reserve
(B) Share Capital
(C) Total Assets
(D) Debentures
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What will be Total Assets to Debt ratio when Total Assets are ₹ 7,70,000, Total Liabilities are ₹ 2,60,000 and Current Liabilities are ₹ 40,000:
(A) 3.5 : 1
(B) 2.56 : 1
(C) 2.8 : 1
(D) 3 : 1
Which of the following is a component of operating income?
(A) Sale of Merchandise
(B) Interest Income
(C) Dividend Income
(D) Profit on the sale of old car
The formula of debtors Turnover Ratio:
(A) Debtors/ Cost of sales
(B) Debtors/ Sales
(C) Net Credit Sales/ Average Trade Receivable
(D) Average Stock/ Sales
The ideal current ratio is:
(A) 2 : 1
(B) 1 : 2
(C) 3 : 2
(D) 3 : 4
Operating Ratio is which type of ratio:
(A) Profitability Ratio
(B) Activity Ratio
(C) Solvency Ratio
(D) None of these
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Answer key :-

D	11. D	21. D	31. C
A	12. B	22. D	32. C
D	13. D	23. D	33. A
D	14. C	24. D	34. C
D	15. D	25. B	35. C
D	16. A	26. D	36. A
A	17. C	27. A	37. A
A	18. C	28. C	38. C
B	19. B	29. A	39. A
B	20. B	30. D	40. A