Model Paper 5 — Accountancy STD 12 Commerce — Question

What will be effect of Sale of Fixed Assets in Receipts and Payments Account ?

Which of the following is not a correct statement?

An admission or representation made by a partner concerning the affairs of the firm is the evidence against the firm _____________.

If normal profit is Rs.50000, average profit is Rs.75000 than calculate Goodwill for 2 years of purchase under super profit method_______.

What will be effect of Subscription Received for Previous Year in Receipts and Payments Account ?

Sacrificing ratio is used to distribute in case of admisstion of a partner:

Sujata Ltd. issued 5,000, 7% Debentures of ₹ 100 each at a premium of 10%. According to the terms of issue, 40% of the amount was payable on application and the balance on allotment. The issue was fully subscribed and all amounts were duly received. The amounts received on application and allotment respectively were:

How to calculate the share of the goodwill of Retiring or deceased partner?

__________ is not essential requirement of a partnership.

Pawan Ltd. invited applications of 45,000 Equity Shares of 10 each at a premium of ₹ 4. Company received applications of 15,000 in excess. Amount payable as follows: on Application ₹ 7 (including premium of ₹ 2), on Allotment ₹ 3 (including premium of ₹ 1), Balance on first and final call. One shareholder Renu who applied for 600 shares failed to pay allotment and first and final call money.
Amount of Securities Premium to be debited at the time of forfeiture of shares?