quiz acc ppt akhil bhartiya vidya sansthan samarth shiksha samiti

Navya Anubhuti

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SARASWATI Bal Mandir Sr.

Sec. School Nehru Nagar

Akhil Bhartiya Vidya

Sansthan

Run By SAMARTH SHIKSHA SAMITI

AccountancyQuiz

2016-17

ofClass XII

Question : 1.

State any one condition

under which capital balance

may change under the system

of fixed capital account.

Answer 1.

Capital balance may change

under fixed capital.

(a) Additional Capital

(b) Withdrawal of capital

Question : 2.A and B are partners.

A advances loan of Rs. 6000

to the firm.

Calculate interest on loan in

absence of partnership deed .

6000x6/100= Rs. 360

Answer: 2.

Question : 3 .

C and D are partners in a firm.

In the absence of partnership deed,

how the profits of the

firm would be distributed between the

partners?

Answer: 3.

Equally (1:1)

Question : 4.

E and F have invested Rs. 20,000

and 30,000 respectively as partners

of a firm. Calculate the amount

allowed as interest on capital if rate

of interest is 2.5% p.a. as per

Partnership deed.

Answer: 4.

Interest on E’s

capital= 20,000x2.5/100=Rs 500

Interest on F’s

capital= 30,000x2.5/100=Rs 750

Audience Question : 5.

State all the provisions of Partnership

Act,1932 when partnership deed is silent in

respect of

● Partner’s salary/commission,

● Interest on capital,

● Interest on drawings,

● Interest on loan,

● Profit/loss

Provisions when the partnership deed is

silent .

1.No salary/commissions will be given to

partners.

2.Interest on partner’s loan will be

provided at 6%p.a.

3. No Interest on Drawings will be

charged.

4.Profit/losses would be shared equally.

5.No Interest on capital to be allowed.

Answer : 5

Question : 6.

If Rs. 2000 per quarter is withdrawn by

a partner at the end of each quarter.

Calculate the interest on drawings

when rate is 6% p.a.

Answer: 6.

2000 X 4 X 4.5 X 6 = Rs. 180

12 100

Question : 7.

If Rs. 4000 is withdrawn on

the first day of every month,

calculate interest on

drawings if rate is 2% p.a.

4000 X 12 X 2 X 6.5 = Rs. 520

100 12

Answer: 7.

Question : 8.

If Rs. 10,000 is withdrawn

on the first day for six

months ended 30.9.2016,

calculate interest on

drawings at the rate of 5%

p.a. (Fin. Year 1 Apr 2016 -31 Mar 2017)

10000 X 6 X5/100 X 3.5/12 = Rs 875

Answer: 8.

Question : 9.

If Rs. 5000 is withdrawn

every month in a year and

rate of interest on drawings

is 4% p.a. Calculate interest

on drawings.

5000 X 12 X 4 X 6 = Rs. 1200

100 12

Answer: 9.

Audience Question : 10.

If a fixed amount is withdrawn

on the

(a) First day of every month

(b) 15th day of every month

(c) Last day of every month

For what period, the interest

on total drawings will be

calculated?

Answer: 10.

(a) 6.5 months

(b) 6 months

(c) 5.5 months

Question : 11.

Ravi and Mohan were partners

in a firm sharing profits in the

ratio of 7:5. The profit of the

firm was Rs. 1,20,000 which

was wrongly distributed

equally.

Give the adjustment entry .

Answer: 11Date Particulars LF Dr Cr

Mohan’s capital A/C Dr

To Ravi’s capital A/C

(Being profit wrongly distributed now

rectified.)

10,00010,000

Question : 12.

A,B and C are partners sharing

profit in the ratio of 3:2:1.

Profit of the firm Rs. 60,000 is

already distributed among the

partners in the ratio 2:2:1.

Give the Adjustment entry to

rectify the situation.

Answer: 12

Date Particulars LF Dr Cr

B’s capital A/C Dr

C’s capital A/C Dr

To A’s capital A/C

(Being profit wrongly distributed now

rectified)

4,000

2,000

6,000

Question : 13.

X,Y and Z are partners sharing

profits in the ratio of 4:3:2.

Goodwill of the firm is valued

at Rs. 36,000. With effect from

1.4.2016 ,they agreed to share

future profit equally.

Give Journal entry .

Answer: 13Date Particulars LF Dr Cr

Z’s capital A/C Dr

To X’s capital A/C

(Being adjustment entry passed)

4,0004,000

Sacrificing Ratio

X=4/9 - ⅓ = 1/9

Y=3/9 - ⅓ = 0

Z =2/9-⅓= 1/9 (gain)

Question : 14.

X and Y are partners sharing

profits and losses in the ratio of

2:1.

They admit Z into partnership with

¼ th share in profit which he

acquires equally from X and Y.

Z brings in Rs.1,65,000 as capital

and Rs. 30,000 as goodwill in

cash.

Pass the necessary Journal entry

Answer: 14

Date Particulars LF Dr Cr

Bank A/C Dr

To Z’s capital A/C

To premium for goodwill A/C

(Being premium & capital brought in by new partner

on admission)

Premium for goodwill A/C Dr

To X’s capital A/C

To Y’s capital A/C

(Being amount of premium distributed among

sacrificing partners in S.R ratio

1:1)

1,95,000

30,000

1,65,000

30,000

15000

15000

Audience Question : 15.

P and Q are partnerssharing profits in

the ratio of 7:5.

They admit R into partnership for ¼ th

Share. P and Q decide to sacrifice

equallyfor the new partner.

What will be the sacrificing ratio?

Answer: 15

SACRIFICING RATIO 1:1

Question : 16.

Give the Journal entry to distribute

“Workmen Compensation Reserve”

of Rs 70000 at the time of retirement

of Neeti when there is a claim of Rs

25000 against it. The firm hasthree

partners Naveen, Neeti and Rajat.

Date Particulars L

F

Dr Cr

Workmen Compensation Reserve A/c Dr

To Liability for workmen Compensation claim

To Naveen’s Capital A/C

To Neeti’s Capital A/c

To Rajat’s Capital A/C

(Transfer of balance in Workmen Compensation

Reserve in equal ratio)

70000

25000

15000

15000

15000

Answer: 16

Question: 17

Guru Ltd. Invited applications 5,00,000

equity shares of Rs. 10 each at a premium of

Rs. 5 per share.

Because of favourable market conditions,

the issue was over subscribed and

applications for 15,00,000 shares were

received.

Suggest the alternatives available to Board

of Directors for allotment of shares?

Answer: 17

Alternative available to the Board of

Directors are:

1)Excess applications may be rejected

and remaining applications were alloted

full.

2) Shares may be allotted to all the

applications on pro-rata basis.

3) Some of the applications may be

rejected and others may be allotted on

pro –rata basis

Question : 18.

State with reason whether the change

in profit sharing ratio amounts to

dissolution of Partnership .

Answer: 18

Yes, Change in profit sharing ratio

amounts to dissolution of partnership

because existing agreement amongst

the partners comes to an end and a

new agreement comes into existence.

Question : 19.

What Journal entry will be passed

when the firm pays realisation

expenses of Rs. 20,000 on behalf of X,

a partner who has to bear the

expenses?

Date Particulars LF Dr Cr

X’s Capital A/c Dr

To Bank A/c

(Being realisation expenses

paid by firm on behalf of X)

20,000

20000

Answer: 19

Question : 20.

Can Securities Premium Reserve be

used as Working Capital?

Give reason .

Answer: 20

No ,Securities Premium Reserve

cannot be used as working Capital.

It can be used only for those purposes

which are specially mentioned as per

Section 52 of Companies Act 2013.

Question : 21.

The value of furniture given in the old

Balance Sheet was Rs. 66,000 which

was overvalued by 10%.

What is the effect of the transaction in

Revaluation Account.

Answer: 21

Furniture is to be shown on debit side

of Revaluation Account with Rs 6000.

66000 X 10/110 = Rs 6000

Question : 22.

When a creditor who owed us

Rs. 1,50,000 takes over an

asset of Rs. 1,20,000 in full

settlement .

What Journal entry shall be

passed?

Answer: 22

No Entry will be passed

Question : 23.

A,B and C are partners sharing in the

ratio of 3:2:1. C died and his share of

profit in the firm till the date of death

was Rs.15,000.

What Journal Entry shall be passed?

Answer: 23

Date Particulars L

F

Dr Cr

Profit and Loss suspense A/c Dr

To C’s capital A/c

(Being C’s share of profit

transferred to P&L Suspense)

15,000 15,000

Question : 24.

At what rate , interest is

payable on the amount

remaining unpaid to the

executor of deceased

partner.

Answer: 24

6% p.a. since it’s a partner’s loan

Question : 25.

Do you think that Calls

in Advance is a part of

Share Capital?

Answer: 25

No, Calls in Advance is

not a part of Company’s

Share Capital and no

dividend is payable on

such amount.

Question : 26.

X , Y and Z are partners

sharing profits in the ratio of

3:2:1.

Z retires and surrenders 2/3rd

of his share in favour of Y

and remaining to X.

Calculate new profit sharing

ratio.

Answer : 26

Z provides his share to X = 1/3 Of 1/6

= 1/18

X share in future will be = 3/6+ 1/18

= 9+1/18= 10/18

Z provides his share to Y= 2/3 of 1/6

=2/18

Y share in future will be = 2/6+ 2/18

= 6+2/18= 8/18

New ratio of X and Y = 10:8= 5:4

Question : 27.

A Co. forfeited 240 shares of Rs. 10

each issued to Rajat at a premium of

20%. He paid only application money

but not allotment and calls.

His shares were forfeited .Application

money was Rs. 4. These shares were

reissued at Rs.11.

Pass a Journal entry relating to

forfeiture of 240 shares.

Answer : 27

Date Particulars LF Dr Cr

Equity share capital A/C Dr

Security premium A/C Dr

To Equity share forfeiture A/C

To Calls in Arrear A/C

(Being 240 shares forfeited due to non

payment of allotment & call money)

2400

480

960

1920

Question : 28.

Sundram Ltd. purchased furniture for

Rs. 300,000 from Ravindram Ltd. & it

was paid by issue of equity shares of

Rs. 10 each at a premium of Rs 2 per

share.

Find out Number of shares to be issued

to Ravindram.

Number of equity shares to be issued = 300000/12 =

25000 shares

Answer : 28

Question : 29.

Sona Ltd. issued 15000 shares of Rs.

10 each . Payment on these shares is

to be made as : application 4 ,

allotment 3 and final call Rs. 3.

● Rakesh to whom 1000 shares were

allotted paid the full amount.

● Mohan to whom 100 shares were

allotted failed to pay allotment

money.

Calculate how much amount the Sona

ltd. will receive at the time of

allotment?

Answer : 29.

Amount due on allotment = 15000x3 = 45000

Calls in advance = 1000x3 = 3000

Total = 48000

Calls in arrear = 100x3 = (300)

Amount to be received on allotment = Rs 47700

Question : 30.

Rohit Ltd. purchased assets from

Rohan & Co. for Rs. 350000.

A sum of Rs. 75000 was paid by

means of bank draft and for the

balance due Rohit Ltd. issued equity

shares of Rs. 10 each at a premium of

10%.

Calculate the number of shares to be

issued.

Question:30

Number of equity shares to be issued =

2,75,000/11

= 25000 shares

Question : 31.

What will be Journal entry for

goodwill at the time of death

of a partner ?

Answer : 31.

Date Particulars LF Dr Cr

Remaining partner’s Capital A/C Dr

To Deceased partner’s capital A/C

(Being deceased partner’s amount of

goodwill adjusted among remaining

partners in gaining ratio)

……….……………

Question : 32.

P,Q and R are partners sharing profit in

the ratio of 7:2:1. P retires and the new

profit sharing ratio between Q and R is

2:1. State the gaining ratio.

Answer : 32.

P Q R

OLD RATIO

NEW

RATIO

7 2

2 1

1

X 3

6 3

Gaining ratio4 2 2:1

Question : 33.

B Ltd. forfeited 500 shares of Rs. 10

each fully called up for non- payment of

final call of Rs. 2 per share and re-

issued to Sunil as fully paid for Rs. 10

Per share.

What amount will be transferred to

capital reserve.

Answer : 33.

Called up capital 500 X 10 = 5000

Calls in arrear ( Final Call) = (1000) ( 500 X 2 )

Amount of Share forfeiture = 4000

Shares re- issued at Rs 10

No, forfeiture amount will be used in re-issue

Capital reserve = Rs 4000

Question : 34.

India Ltd. purchased building for Rs.

10,00,000 from Gupta Ltd.

10% of the payable amount was paid

by a cheque drawn in favour of Gupta

Ltd.

The balance was paid by issue of

shares of Rs. 100 each.

Journalise

Date Particulars LF Dr Cr

Building account Dr

To Gupta Ltd.

To Bank A/C

(Being assets purchased )

Gupta Ltd. Dr

To Equity Share Capital A/C

(Being 9000 shares issued to

vendor )

10,00,000

9.00,000

9,00,000

1,00,000

9,00,000

Answer : 34.

Audience Question :35

What Journal entry would be passed

on dissolution of the firm when an

unrecorded asset realised Rs 25000.

JOURNAL

Audience Answer 35:

Date Particulars LF Dr Cr

Bank Dr

To Realisation

(Being the realisation of an

unrecorded asset)

25,000 25,000