Q1:

Partnership

>

Dissolution

Medium

Match List-I with List-II

List-I	List-II
(A) Meaning of Dissolution	(I) Section 49,of the partnership Act 1932
(B) Application of Assets	(II) Section 39,of the partnership Act 1932
(C) Private Debts Vs Firm's Debts	(III) Section 4,of the partnership Act 1932
(D) Nature of Partnership	(IV) Section 48,of the partnership Act 1932

Choose the correct answer from the options given below:

(A) - (III), (B) - (I), (C) - (II), (D) - (IV)

(A) - (II), (B) - (IV), (C) - (III), (D) - (I)

(A) - (II), (B) - (I), (C) - (IV), (D) - (III)

(A) - (II), (B) - (IV), (C) - (I), (D) - (III)

Correct Answer

Option 4

Correct Answer

Explanation

Q2:

Financial Statements

>

Analysis

Medium

Profit after interest and tax is Rs 1,60,000.

10% Long term borrowing Rs 20,00,000

Rate of Tax : 20%.

Profit before interest and tax will be .....

2,00,000

3,00,000

4,00,000

5,00,000

Correct Answer

Option 3

Correct Answer

Explanation

Q3:

Partnership

>

Admission

Easy

Which of the below mentioned methods are considered while valuing goodwill

(A) Average Profits Method

(B) Super Profits Method

(C) Peacemeal distribution Method

(D) Capitalization Method

Choose the correct answer from the options given below:

(A), (B) and (D) only

(A), (B) and (C) only

(A), (B), (C) and (D)

(A), (C) and (D) only

Correct Answer

Option 1

Correct Answer

Explanation

Q4:

Partnership

>

Admission

Easy

Under which method No. of Year's Purchase are not considered

Simple Average Method

Weighted Average Method

Super Profit method

Capitalization Method

Correct Answer

Option 4

Correct Answer

Explanation

Q5:

Partnership

>

Retirement/Death

Easy

If nothing is mentioned, the amount due to retiring partner is transferred to _______.

Bank A/c

Cash A/c

Retiring partner loan A/c

Retiring partner current account

Correct Answer

Option 3

Correct Answer

Explanation

Q6:

Company Accounts

>

Debentures

Easy

From the point of view of Tenure, debentures can be of following types:

(A) Reedemable Debentures

(B) Non-Convertible Debentures

(C) Perpetual Debentures

(D) Registered Debentures

Choose the correct answer from the options given below:

(A) and (C) only

(A), (C) and (B) only

(A), (B), (C) and (D)

(A), (C) and (D) only

Correct Answer

Option 1

Correct Answer

Explanation

Q7:

Company Accounts

>

Share Capital

Easy

What is the other name of registered capital?

Subscribed Capital

Issued Capital

Nominal Capital

Reserve Capital

Correct Answer

Option 3

Correct Answer

Explanation

Q8:

Partnership

>

Admission

Medium

Match List-I with List-II

List-I	List-II
(A) Accumulated Profits/Losses	(I) New Ratio
(B) Share of goodwill at the time of admission of a partner	(II) Gaining Ratio
(C) Division of profits after admission of a partner	(III) Old Ratio
(D) Share of goodwill at the time of retirement/death of a partner	(IV) Sacrificing Ratio

Choose the correct answer from the options given below:

(A) - (III), (B) - (II), (C) - (I), (D) - (IV)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

(A) - (I), (B) - (IV), (C) - (III), (D) - (II)

(A) - (I), (B) - (III), (C) - (II), (D) - (IV)

Correct Answer

Option 2

Correct Answer

Explanation

Q9:

Partnership

>

Accounting

Medium

X and Y are partners sharing profits in the ratio 3:2. Capital introduced by X and Y is ₹ 1,00,000 and ₹ 5,00,000 respectively. Interest on capital is allowed to partners @ 10%p.a. Profit of the firm for the year ending March 31st, 2025 is ₹ 30,000. Calculate Interest on Capital to be allowed to the partners.

20,000 ; 10,000

18,000 ; 12,000

5,000 ; 25,000

12,000 ; 18,000

Correct Answer

Option 3

Correct Answer

Explanation

Q10:

Company Accounts

>

Share Capital

Easy

While issuing the share capital for public subscription, the application money should be at least _____ % of the face value of the share.

25%

5%

10%

15%

Correct Answer

Option 2

Correct Answer

Explanation

Q11:

Financial Statements

>

Cash Flow

Easy

A company issued shares of ₹ 3,00,000 to the public. How it will be shown under the Cash Flow Statement.

Outflow of ₹ 3,00,000, under Financing Activity

Outflow of ₹ 3,00,000, under Investing Activity

Inflow of ₹ 3,00,000, under Financing Activity

Inflow of ₹ 3,00,000, under Investing Activity

Correct Answer

Option 3

Correct Answer

Explanation

Q12:

Financial Statements

>

Cash Flow

Easy

Cash flow statement is part of financial statements as per The Companies Act 2013 and prepared in accordance with Accounting Standard_____.

AS-5

AS-3

AS-1

AS-7

Correct Answer

Option 2

Correct Answer

Explanation

Q13:

Partnership

>

Accounting

Easy

Ram, one of the partners, has withdrawn ₹ 1,00,000 from Business for his personal work. If the rate of interest charged on drawings is 12% p.a., find the amount of interest on drawings to be charged from Ram:

₹ 12,000

₹ 6,000

₹ 9,000

₹ 3,000

Correct Answer

Option 2

Correct Answer

Explanation

Q14:

Computerised Accounting

>

Usage

Easy

The primary account which records all the financial transactions in a tally is

Journal

Balance Sheet

voucher

File

Correct Answer

Option 3

Correct Answer

Explanation

Q15:

Financial Statements

>

Ratios

Easy

Which of the following is not a profitability ratio?

Price Earning Ratio

Proprietory Ratio

Earning per share

Operating Ratio

Correct Answer

Option 2

Correct Answer

Explanation

Q16:

Partnership

>

Admission

Easy

At the time of Reconstitution, Goodwill already appearing in books of accounts is distributed among partners in_______.

Old profit sharing ratio

New profit sharing ratio

Gaining Ratio

Sacrificing Ratio

Correct Answer

Option 1

Correct Answer

Explanation

Q17:

Computerised Accounting

>

Overview

Easy

Which of the following should not be an accounting package feature, when considering for Small- Business?

Tailored

customized

Not Free and open source

Ready to use

Correct Answer

Option 3

Correct Answer

Explanation

Q18:

Financial Statements

>

Cash Flow

Medium

Which of the following transactions are shown under Financing activity:

(A) Purchase of Furniture by issuing 1000 Shares @10 each

(B) Interest paid ₹ 25,000

(C) Dividend Paid ₹ 10,000

(D) Issue of 5000 Bonus shares @ 10 each

Choose the correct answer from the options given below:

(A), (B) and (C) only

(B) and (C) only

(A), (B), (C) and (D)

(B), (C) and (D) only

Correct Answer

Option 2

Correct Answer

Explanation

Q19:

Financial Statements

>

Cash Flow

Easy

Arrange following in correct order

(A) Cash and cash equivalents

(B) Investing activity

(C) Operating Activity

(D) Financing activity

Choose the correct answer from the options given below:

(C), (B), (A), (D)

(D), (B), (C), (A)

(B), (A), (D), (C)

(C), (B), (D), (A)

Correct Answer

Option 4

Correct Answer

Explanation

Q20:

Company Accounts

>

Share Capital

Easy

Arrnge the following in proper order:

(A) Issued Capital

(B) Subscribed and fully paid

(C) Subscribed and not fully paid

(D) Authorised capital

Choose the correct answer from the options given below:

(D), (A), (B), (C)

(A), (D), (B), (C)

(D), (A), (C), (B)

(A), (D), (C), (B)

Correct Answer

Option 1

Correct Answer

Explanation

Q21:

Partnership

>

Retirement/Death

Easy

Gaining Ratio is not calculated at the______.

Admission of a partner

Death of a partner

Change in Profit sharing ratio

Retirement of a partner

Correct Answer

Option 1

Correct Answer

Explanation

Q22:

Partnership

>

Accounting

Medium

Following are considered as appropriations out of profits

(A) Rent paid to partners

(B) Interest on capital

(C) Salary paid to partners

(D) Commission allowed to partners

Choose the correct answer from the options given below:

(B), (C) and (D) only

(A), (B) and (D) only

(A), (B), (C) and (D)

(B) and (D) only

Correct Answer

Option 1

Correct Answer

Explanation

Q23:

Financial Statements

>

Nature/Structure

Easy

Auditor issues Annual report of company refering to___.

Directors

Auditors

shareholders

management

Correct Answer

Option 3

Correct Answer

Explanation

Q24:

Company Accounts

>

Share Capital

Easy

Balance of share forfeiture account is shown in the balance sheet under which item :

Current liabilities and provisions

Share Capital

Reserve and surpluses

Unsecured loans

Correct Answer

Option 2

Correct Answer

Explanation

Q25:

Financial Statements

>

Ratios

Easy

Match List-I with List-II

List-I	List-II
(A) Liquidity Ratio	(I) Interest Coverage Ratio
(B) Profitability Ratio	(II) Acid-Test Ratio
(C) Solvency Ratio	(III) Fixed Assets Turnover Ratio
(D) Activity ratios	(IV) Return on Capital Employed Ratio

Choose the correct answer from the options given below:

(A) - (I), (B) - (IV), (C) - (III), (D) - (II)

(A) - (II), (B) - (IV), (C) - (I), (D) - (III)

(A) - (I), (B) - (II), (C) - (IV), (D) - (III)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Correct Answer

Option 2

Correct Answer

Explanation

Q26:

Partnership

>

Accounting

Easy

The Central government has prescribed the maximum number of partners in a firm to be

30

40

50

2

Correct Answer

Option 3

Correct Answer

Explanation

Q27:

Partnership

>

Accounting

Medium

If the amount is withdrawn at the end of each quarter, the interest is calculated on the total money withdrawn during the year, for a period of _______?

6 months

9 months

7.5 months

4.5 months

Correct Answer

Option 4

Correct Answer

Explanation

Q28:

Computerised Accounting

>

Overview

Easy

Which of the following software is full functional, but its use is illegal and data can be corrupted.

Demo software

Legal software

pirated software

Open source software

Correct Answer

Option 3

Correct Answer

Explanation

Q29:

Company Accounts

>

Share Capital

Easy

When a company does not have its own articles of association, provisions of which table will apply:

Table A

Table F

Table C

Table E

Correct Answer

Option 1

Correct Answer

Explanation

Q30:

Financial Statements

>

Analysis

Easy

Which one of the following is not a tool for analyzing financial statements?

Comparative Statements

Ratio Analysis

Cash flow statements

Measure of central tendency

Correct Answer

Option 4

Correct Answer

Explanation

Q31:

Financial Statements

>

Nature/Structure

Easy

Arrange 'Fixed Assets' in proper order

(A) Intangible assets under development

(B) Tangible assets

(C) Intangible Assets

(D) Capital Work in Progress

Choose the correct answer from the options given below:

(A), (B), (D), (C)

(B), (C), (D), (A)

(B), (A), (D), (C)

(C), (D), (B), (A)

Correct Answer

Option 2

Correct Answer

Explanation

Q32:

Company Accounts

>

Share Capital

Medium

Steel and Company purchased a machine from Safe Machine Limited for Rs. 4,80,000 and took over its liabilities of Rs. 3,00,000. As per the purchase agreement, Rs. 50,000 was paid in cash and balance by the issue of 2000 shares of Rs.100 each. What will be the amount of goodwill/capital reserve?

Capital reserve of ₹ 70,000

Goodwill of ₹ 70,000

Capital reserve of ₹ 20,000

Goodwill of ₹ 20,000

Correct Answer

Option 2

Correct Answer

Explanation

Q33:

Financial Statements

>

Analysis

Medium

Match List-I with List-II

List-I	List-II
(A) Statements which indicate the relationship of different items of a financial statement with a common item by expressing each item as a percentage of that common item	(I) Trend Analysis
(B) Technique of studying the operational results and financial position over a series of years.	(II) Comparative Statements
(C) Statements showing the profitability and financial position of a firm for different periods of time in a comparative form to give an idea about the position of two or more periods	(III) Ratio Analysis
(D) Describes the significant relationship which exists between various items of a balance sheet and a statement of profit and loss of a firm	(IV) Common-Size Statements

Choose the correct answer from the options given below:

(A) - (IV), (B) - (II), (C) - (I), (D) - (III)

(A) - (IV), (B) - (I), (C) - (II), (D) - (III)

(A) - (III), (B) - (II), (C) - (I), (D) - (IV)

(A) - (III), (B) - (I), (C) - (II), (D) - (IV)

Correct Answer

Option 2

Correct Answer

Explanation

Q34:

Financial Statements

>

Nature/Structure

Medium

Arrange the given items in proper order

(A) Finance cost

(B) purchase of Stock in Trade

(C) Cost of material consumed

(D) Employee Benefit Expenses

Choose the correct answer from the options given below:

(C), (B), (A), (D)

(B), (A), (C), (D)

(B), (A), (D), (C)

(C), (B), (D), (A)

Correct Answer

Option 4

Correct Answer

Explanation

Q35:

Partnership

>

Dissolution

Easy

Valuation of goodwill is not done in which of the following case?

Change in profit sharing ratio

Admission of a new partner

Retirement of a partner

Purchasing of raw material

Correct Answer

Option 4

Correct Answer

Explanation

Q36:

Financial Statements

>

Nature/Structure

Easy

Fixed deposit for the term of five years will come under which of the following?

Non Current Investment

Current Asset

Current Liability

Bank

Correct Answer

Option 1

Correct Answer

Explanation

Q37:

Partnership

>

Dissolution

Hard

Match List-I with List-II

List-I	List-II
(A) Increase in assets at the time of retirement	(I) Debit side of Realisation Account
(B) Asset taken over by the partner at the time of dissolution of the firm	(II) Credit side of Revaluation Account
(C) Unrecorded Liability at the time of admission of the partner	(III) Credit side of Realisation Account
(D) Remuneration paid for realization of assets	(IV) Debit side of Revaluation Account

Choose the correct answer from the options given below:

(A) - (II), (B) - (III), (C) - (IV), (D) - (I)

(A) - (IV), (B) - (III), (C) - (II), (D) - (I)

(A) - (IV), (B) - (II), (C) - (III), (D) - (I)

(A) - (II), (B) - (I), (C) - (IV), (D) - (III)

Correct Answer

Option 1

Correct Answer

Explanation

Q38:

Partnership

>

Admission

Easy

Goodwill is considered as

Tangible Asset

Intangible asset

Fictitious asset

Current asset

Correct Answer

Option 2

Correct Answer

Explanation

Q39:

Partnership

>

Accounting

Easy

There is a need for valuation of goodwill under which of the following cases

(A) Admission of new partner

(B) Retirement of a partner

(C) Dissolution of a firm involving sale of business as a going concern.

(D) Amalgamation of partnership firms.

Choose the correct answer from the options given below:

(B) and (D) only

(A), (C) and (D) only

(A), (B), (C) and (D)

(B), (C) and (D) only

Correct Answer

Option 3

Correct Answer

Explanation

Q40:

Partnership

>

Dissolution

Easy

While settlement of Accounts, what should be the order of application of assets of Firm

(A) In paying the debts of the firm to the third parties

(B) In paying to each partner proportionately what is due to him on account of capital

(C) divided among the partners in their profit sharing ratio.

(D) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner's loan)

Choose the correct answer from the options given below:

(A), (D), (C), (B)

(A), (D), (B), (C)

(B), (A), (D), (C)

(A), (B), (D), (C)

Correct Answer

Option 2

Correct Answer

Explanation

Q41:

Company Accounts

>

Share Capital

Medium

Comprehension:

Read the following passage carefully and answer the questions.

X ltd. issued 30,000 shares to the public having Face value ₹ 100 at 10% premium. Money is receivable as follows:

Application = ₹ 40 (including premium)

Allotment = ₹ 45

First and Final call = Remaining amount

The public applied for 50,000 shares. The company rejected application for 10,000 shares and made a pro rata allotment to the rest of the applicants. A shareholder applying for 400 shares, didn’t pay the allotment and call money and his allotted shares were forfeited by the company. Later, the forfeited shares were reissued at ₹ 80 each as fully paid.

Amount to be credited to Calls-in Arrears account at the time of forfeiture is:

₹ 9,500

₹ 21,000

₹ 17,000

₹ 13,500

Correct Answer

Option 3

Correct Answer

Explanation

Q42:

Company Accounts

>

Share Capital

Medium

Comprehension:

Read the following passage carefully and answer the questions.

X ltd. issued 30,000 shares to the public having Face value ₹ 100 at 10% premium. Money is receivable as follows:

Application = ₹ 40 (including premium)

Allotment = ₹ 45

First and Final call = Remaining amount

The public applied for 50,000 shares. The company rejected application for 10,000 shares and made a pro rata allotment to the rest of the applicants. A shareholder applying for 400 shares, didn’t pay the allotment and call money and his allotted shares were forfeited by the company. Later, the forfeited shares were reissued at ₹ 80 each as fully paid.

what amount is to be refunded while allotting shares on a Pro-rata basis

₹ 4,00,000

₹ 12,00,000

₹ 10,00,000

₹ 11,00,000

Correct Answer

Option 1

Correct Answer

Explanation

Q43:

Company Accounts

>

Share Capital

Medium

Comprehension:

Read the following passage carefully and answer the questions.

X ltd. issued 30,000 shares to the public having Face value ₹ 100 at 10% premium. Money is receivable as follows:

Application = ₹ 40 (including premium)

Allotment = ₹ 45

First and Final call = Remaining amount

The public applied for 50,000 shares. The company rejected application for 10,000 shares and made a pro rata allotment to the rest of the applicants. A shareholder applying for 400 shares, didn’t pay the allotment and call money and his allotted shares were forfeited by the company. Later, the forfeited shares were reissued at ₹ 80 each as fully paid.

What is the amount of discount per share which is allowed by the company at the time of reissue of forfeited shares?

₹ 80

₹ 40

₹ 20

₹ 10

Correct Answer

Option 3

Correct Answer

Explanation

Q44:

Company Accounts

>

Share Capital

Easy

Comprehension:

Read the following passage carefully and answer the questions.

X ltd. issued 30,000 shares to the public having Face value ₹ 100 at 10% premium. Money is receivable as follows:

Application = ₹ 40 (including premium)

Allotment = ₹ 45

First and Final call = Remaining amount

The public applied for 50,000 shares. The company rejected application for 10,000 shares and made a pro rata allotment to the rest of the applicants. A shareholder applying for 400 shares, didn’t pay the allotment and call money and his allotted shares were forfeited by the company. Later, the forfeited shares were reissued at ₹ 80 each as fully paid.

What type of subscription took place?

Full subscription

Under subscription

Over subscription

Partial Subscription

Correct Answer

Option 3

Correct Answer

Explanation

Q45:

Company Accounts

>

Share Capital

Medium

Comprehension:

Read the following passage carefully and answer the questions.

X ltd. issued 30,000 shares to the public having Face value ₹ 100 at 10% premium. Money is receivable as follows:

Application = ₹ 40 (including premium)

Allotment = ₹ 45

First and Final call = Remaining amount

The public applied for 50,000 shares. The company rejected application for 10,000 shares and made a pro rata allotment to the rest of the applicants. A shareholder applying for 400 shares, didn’t pay the allotment and call money and his allotted shares were forfeited by the company. Later, the forfeited shares were reissued at ₹ 80 each as fully paid.

The amount of Security Premium Reserve shown under the sub-head 'Reserves and Surplus' will be:

₹ 3,00,000

₹ 2,70,000

₹ 2,97,000

₹ 3,03,000

Correct Answer

Option 1

Correct Answer

Explanation

Q46:

Partnership

>

Dissolution

Medium

Comprehension

From the information provided below, calculate various questions asked in questions

Following is the Balance Sheet of Ashwani and Bharat on March 31, 2024.

Balance Sheet Ashwani and Bharat as on March 31, 2024

Liabilities	Amount ( $₹$ )	Assets	Amount ( $₹$ )
Creditors	$76,000$	Cash at bank	$17,000$
Mrs.Ashwani's loan	$10,000$	Stock	$10,000$
Mrs.Bharat loan	$20,000$	Investments	$20,000$
Investment fluctuation reserve	$2,000$	Debtors $\quad 40,000$ Less: Provision for doubtful debts $\quad 4,000$	$36,000$
General Reserve	$20,000$	Buildings	$70,000$
Capitals: Ashwani $20,000$ Bharat $20,000$	$40,000$	Goodwill	$15,000$
Total	$1,68,000$	Total	$1,68,000$

The firm was dissolved on that date. The following was agreed transactions took place:

Ashwani promised to pay Mrs. Ashwani’s loan and took away stock for Rs. 8,000.
Bharat took away half of the investment at 10% less. Debtors realised for Rs. 38,000. Creditor’s were paid at less of Rs. 380. Buildings realised for Rs. 1,30,000. Goodwill Rs. 12,000 and the remaining Investment were sold at Rs. 9,000. An old typewriter not recorded in the books was taken over by Bharat for Rs. 600. Realisation expenses amounted to Rs. 2,000.

Realization profit of 55,980 to be distributed amongst partners is:

Ashwani's Capital 29,790 ; Bharat's Capital 29,790

Ashwani's Capital 27,990 ; Bharat's Capital 27,990

Ashwani's Capital 27,790 ; Bharat's Capital 27,790

Ashwani's Capital 29,770 ; Bharat's Capital 29,770

Correct Answer

Option 2

Correct Answer

Explanation

Q47:

Partnership

>

Dissolution

Medium

Comprehension

From the information provided below, calculate various questions asked in questions

Following is the Balance Sheet of Ashwani and Bharat on March 31, 2024.

Balance Sheet Ashwani and Bharat as on March 31, 2024

Liabilities	Amount ( $₹$ )	Assets	Amount ( $₹$ )
Creditors	$76,000$	Cash at bank	$17,000$
Mrs.Ashwani's loan	$10,000$	Stock	$10,000$
Mrs.Bharat loan	$20,000$	Investments	$20,000$
Investment fluctuation reserve	$2,000$	Debtors $\quad 40,000$ Less: Provision for doubtful debts $\quad 4,000$	$36,000$
General Reserve	$20,000$	Buildings	$70,000$
Capitals: Ashwani $20,000$ Bharat $20,000$	$40,000$	Goodwill	$15,000$
Total	$1,68,000$	Total	$1,68,000$

The firm was dissolved on that date. The following was agreed transactions took place:

Ashwani promised to pay Mrs. Ashwani’s loan and took away stock for Rs. 8,000.
Bharat took away half of the investment at 10% less. Debtors realised for Rs. 38,000. Creditor’s were paid at less of Rs. 380. Buildings realised for Rs. 1,30,000. Goodwill Rs. 12,000 and the remaining Investment were sold at Rs. 9,000. An old typewriter not recorded in the books was taken over by Bharat for Rs. 600. Realisation expenses amounted to Rs. 2,000.

Amount of Assets realized debited to Bank Account will be:

₹ 1,89,000

₹ 1,55,000

₹ 1,89,600

₹ 1,55,600

Correct Answer

Option 1

Correct Answer

Explanation

Q48:

Partnership

>

Dissolution

Hard

Comprehension

From the information provided below, calculate various questions asked in questions

Following is the Balance Sheet of Ashwani and Bharat on March 31, 2024.

Balance Sheet Ashwani and Bharat as on March 31, 2024

Liabilities	Amount ( $₹$ )	Assets	Amount ( $₹$ )
Creditors	$76,000$	Cash at bank	$17,000$
Mrs.Ashwani's loan	$10,000$	Stock	$10,000$
Mrs.Bharat loan	$20,000$	Investments	$20,000$
Investment fluctuation reserve	$2,000$	Debtors $\quad 40,000$ Less: Provision for doubtful debts $\quad 4,000$	$36,000$
General Reserve	$20,000$	Buildings	$70,000$
Capitals: Ashwani $20,000$ Bharat $20,000$	$40,000$	Goodwill	$15,000$
Total	$1,68,000$	Total	$1,68,000$

The firm was dissolved on that date. The following was agreed transactions took place:

Ashwani promised to pay Mrs. Ashwani’s loan and took away stock for Rs. 8,000.
Bharat took away half of the investment at 10% less. Debtors realised for Rs. 38,000. Creditor’s were paid at less of Rs. 380. Buildings realised for Rs. 1,30,000. Goodwill Rs. 12,000 and the remaining Investment were sold at Rs. 9,000. An old typewriter not recorded in the books was taken over by Bharat for Rs. 600. Realisation expenses amounted to Rs. 2,000.

Bank A/c is credited by the Realisation A/c by _______ amount in total.

Rs 20,000

Rs 75,620

Rs 97,620

Rs 95,620

Correct Answer

Option 3

Correct Answer

Explanation

Q49:

Partnership

>

Dissolution

Easy

Comprehension

From the information provided below, calculate various questions asked in questions

Following is the Balance Sheet of Ashwani and Bharat on March 31, 2024.

Balance Sheet Ashwani and Bharat as on March 31, 2024

Liabilities	Amount ( $₹$ )	Assets	Amount ( $₹$ )
Creditors	$76,000$	Cash at bank	$17,000$
Mrs.Ashwani's loan	$10,000$	Stock	$10,000$
Mrs.Bharat loan	$20,000$	Investments	$20,000$
Investment fluctuation reserve	$2,000$	Debtors $\quad 40,000$ Less: Provision for doubtful debts $\quad 4,000$	$36,000$
General Reserve	$20,000$	Buildings	$70,000$
Capitals: Ashwani $20,000$ Bharat $20,000$	$40,000$	Goodwill	$15,000$
Total	$1,68,000$	Total	$1,68,000$

The firm was dissolved on that date. The following was agreed transactions took place:

Ashwani promised to pay Mrs. Ashwani’s loan and took away stock for Rs. 8,000.
Bharat took away half of the investment at 10% less. Debtors realised for Rs. 38,000. Creditor’s were paid at less of Rs. 380. Buildings realised for Rs. 1,30,000. Goodwill Rs. 12,000 and the remaining Investment were sold at Rs. 9,000. An old typewriter not recorded in the books was taken over by Bharat for Rs. 600. Realisation expenses amounted to Rs. 2,000.

For taking over investment, Bharat's capital will be

Debited by 18,000

Credited by 18,000

Debited by 9,000

Credited by 9,000

Correct Answer

Option 3

Correct Answer

Explanation

Q50:

Partnership

>

Dissolution

Medium

Comprehension

From the information provided below, calculate various questions asked in questions

Following is the Balance Sheet of Ashwani and Bharat on March 31, 2024.

Balance Sheet Ashwani and Bharat as on March 31, 2024

Liabilities	Amount ( $₹$ )	Assets	Amount ( $₹$ )
Creditors	$76,000$	Cash at bank	$17,000$
Mrs.Ashwani's loan	$10,000$	Stock	$10,000$
Mrs.Bharat loan	$20,000$	Investments	$20,000$
Investment fluctuation reserve	$2,000$	Debtors $\quad 40,000$ Less: Provision for doubtful debts $\quad 4,000$	$36,000$
General Reserve	$20,000$	Buildings	$70,000$
Capitals: Ashwani $20,000$ Bharat $20,000$	$40,000$	Goodwill	$15,000$
Total	$1,68,000$	Total	$1,68,000$

The firm was dissolved on that date. The following was agreed transactions took place:

Ashwani promised to pay Mrs. Ashwani’s loan and took away stock for Rs. 8,000.
Bharat took away half of the investment at 10% less. Debtors realised for Rs. 38,000. Creditor’s were paid at less of Rs. 380. Buildings realised for Rs. 1,30,000. Goodwill Rs. 12,000 and the remaining Investment were sold at Rs. 9,000. An old typewriter not recorded in the books was taken over by Bharat for Rs. 600. Realisation expenses amounted to Rs. 2,000.

Investment Fluctuation Reserve will be

Transferred to debit side of realization A/c

Transferred to credit side of realization A/c

Distributed amongst partners in profit sharing ratio

Subtracted from Value of Investment

Correct Answer

Option 2

Correct Answer

Explanation

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Comprehension

Balance Sheet Ashwani and Bharat as on March 31, 2024

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Comprehension

Balance Sheet Ashwani and Bharat as on March 31, 2024

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Comprehension

Balance Sheet Ashwani and Bharat as on March 31, 2024

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Comprehension

Balance Sheet Ashwani and Bharat as on March 31, 2024

Q50:

Comprehension

Balance Sheet Ashwani and Bharat as on March 31, 2024

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