Accountancy M.C.Q (1 Marks)

A, B and C were partners sharing profits and losses equally. B died on 31 August, 2023 and total amount transferred to B's executors was ₹ 13,20,000. B's executors were being paid ₹ 1,20,000 immediately and balance was to be paid in four equal semi - annual instalments together with interest @ 10% p.a. Total amount of interest to be credited to B's executors Account for the year ended March 31, 2024 will be?

Rohit, Virat and Shikhar were partners sharing profits and losses in the ratio 3:1:1. Their Capital balance as on March 31, 2024 was ₹ 3,00,000; ₹ 2,70,000 and ₹ 2,50,000 respectively. On the same date, they admitted Hardik as a new partner for 20% share. Hardik was to bring ₹ 80,000 for his share of goodwill and 1/5 of the combined capital of all the partners of new firm. What will be the total amount brought in by Hardik on his admission as a new partner?

Joey, Sam and Tex were partners sharing profits and losses in the ratio 5:3:2. W.e.f 01 April, 2024 they decided to share future profits and losses in the ratio 2:1:1. For which of the following balances Tex will be credited at the time of reconstitution of firm, if the firm decided to continue with available accumulated profits and losses balances.

2,000 shares allotted to Ms. Regal, on which ₹ 80 each called up and ₹ 50 paid were forfeited and reissued for ₹ 70 each as ₹ 90 paid up. Amount transferred to capital reserve A/c is

Shares issued as sweat equity can be
(i) Issued at par.
(ii) Issued at discount.
(iii) Issued at a premium.
Which of the following is correct?

Rahul, Samarth and Ayaan were partners sharing profits and losses in the ratio of 5:4:3. Ayaan's fixed Capital balance as on March 31, 2024 was ₹ 2,70,000. Which of the following items would have affected this Capital balance?

At the time of dissolution Machinery appears at ₹ 10,00,000 and accumulated depreciation for the machinery appears at ₹ 6,00,000 in the balance sheet of a firm. This machine is taken over by a creditor of ₹ 5,40,000 at 5% below the net value. The balance amount of the creditor was paid through bank. By what amount should the bank account be credited for this transaction?

Ikka, Dukka and Teeka were partners sharing profits and losses in the ratio of 2 : 2 : 1. Their fixed Capital balances were ₹ 5,00,000; ₹ 4,00,000 and ₹ 3,00,000 respectively. For the year ended March 31, 2024 profits of ₹ 84,000 were distributed without providing for Interest on Capital @ 10% p.a as per the partnership deed.
While passing an adjustment entry, which of the following is correct?

Dada, Yuvi and Viru were partners sharing profits and losses in the ratio 3:2:1. Their books showed Workmen Compensation Reserve of ₹ 1,00,000. Workmen Claim amounted to ₹ 60,000. How it will affect the books of Accounts at the time of dissolution of firm?

Rama, a partner took over Machinery of ₹ 50,000 in full settlement of her Loan of ₹ 60,000. Machinery was already transferred to Realisation Account.
How it will effect the Realisation Account?

On 1st April 2019 a company took a loan of ₹ 80,00,000 on security of land and building. This loan was further secured by issue of 40,000, 12% Debentures of ₹ 100 each as collateral security. On 31st March 2024 the company defaulted on repayment of the principal amount of this loan consequently on 1^st April 2024 the land and building were taken over and sold by the bank for ₹ 70,00,000. For the balance amount debentures were sold in the market on 1st May 2024. From which date would the interest on debentures become payable by the company?

A company forfeited 6,000 shares of ₹ 10 each, on which only application money of ₹ 3 has been paid. 4,000 of these shares were re-issued at ₹ 12 per share as fully paid up. Amount of Capital Reserve will be _________.

Mohit had applied for 900 shares, and was allotted in the ratio 3 : 2. He had paid application money of ₹ 3 per share and couldn't pay allotment money of ₹ 5 per share. First and Final call of ₹ 2 per share was not yet made by the company. His shares were forfeited. The following entry will be passed

Share Capital A/c Dr.	X
To Share Forfeited A/c		Y
To Share Allotment A/c		Z

Here X, Y and Z are:

The profit earned by a firm after retaining ₹ 15,000 to its reserve was ₹ 75,000. The firm had total tangible assets worth ₹ 10,00,000 and outside liabilities ₹ 3,00,000. The value of the goodwill as per capitalization of average profit method was valued as ₹ 50,000. Determine the rate of Normal Rate of Return.

Ram and Shyam were partners sharing profits and losses in the ratio of 3:2. Their balance sheet shows building at ₹ 1,60,000. They admitted Mohan as a new partner for 1/4th share. In additional information it is given that building is undervalued by 20%. The share of loss/gain of revaluation of Shyam is _________ & current value of building shown in new balance sheet is _________.

At the time of admission of new partner Vasu, Old partners Paresh and Prabhav had debtors of ₹ 6,20,000 and a provision for doubtful debts (PDD) of ₹ 20,000 in their books. As per terms of admission, assets were revalued, and it was found that debtors worth ₹ 15,000 had turned bad and hence should be written off. Which journal entry reflects the correct accounting treatment of the above situation?

A.	Bad Debts A/c Dr.	15,000
	To Debtors A/c		15,000
	Prov for D. debts A/c Dr.	15,000
	To Bad Debts A/c		15,000
B.	Bad Debts A/c Dr.	15,000
	To Debtors A/c		15,000
	Revaluation A/c Dr.	15,000
	To Prov for doubt debtsA/c		15,000
C.	Revaluation A/c Dr.	15,000
	To Debtors A/c		15,000
D.	Bad Debts A/c Dr.	15,000
	To Revaluation A/c		15,000

Moon Itd. issued 40,000, 10% debentures of ₹100 each at certain rate of discount and were to be redeemed at20% premium. Exiting balance of Securities premium before issuing of these debentures was ₹12,00,000 and after writing off loss on issue of debentures, the balance in Securities Premium was ₹2,00,000. At what rate of discount these debentures were issued?

Forfeiture of shares leads to reduction of _________ Capital.

Assertion: Partner's current accounts are opened when their capital are fluctuating.
Reasoning: In case of Fixed capitals all the transactions other than Capital are done through Current account of the partner.

Anthony a partner was being guaranteed that his share of profits will not be less than ₹ 60,000 p.a. Deficiency, if any was to be borne by other partners Amar and Akbar equally. For the year ended 31st March, 2024 the firm incurred loss of ₹ 1,80,000. What amount will be debited to Amar's Capital Account in total at the end of the year?