M.C.Q (1 Marks) - Accountancy STD 12 Commerce Questions - Vidyadip

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M.C.Q (1 Marks)

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MCQ 11 Mark

At the time of dissolution, Loan to Partner is

A
received from the partner.
B
transferred to Partner's Capital Account.
C
transferred to Realisation Account.
D
transferred to Partner's Current Account.

Answer

(a) received from the partner.
Explanation:
received from the partner.

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MCQ 21 Mark

Mehak and Chehak were partners with capitals of ₹ 40,000 each. They admitted Aadi as a new partner for $\frac{1}{5}$ share in the profits of the firm. Aadi brought ₹ 80,000 as his capital. On Aadi's admission, the Profit and Loss Account of the firm showed a debit balance of ₹ 10,000. Value of goodwill of the firm on Aadi's admission will be:

A
₹ 2,40,000
B
₹ 4,00,000
C
₹ 2,30,000
D
₹ 2,50,000

Answer

(d) ₹ 2,50,000
Explanation:
₹ 2,50,000
Total capital of the firm on the basis of new partner capital $=\frac{80,000}{\frac{1}{5}}=4,00,000$
Total capital of all partner = 40,000 + 40,000 + 80,000 - 10,000 = 1,50,000
Goodwill = 4,00,000 - 1,50,000 = 2,50,000

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MCQ 31 Mark

The incoming partner cannot acquire his share of profits:

A
From one or more partners (not from all partners)
B
From the old partners in their old profit sharing ratio
C
From the old partners in their new profit sharing ratio
D
From the old partners in some agreed ratio

Answer

(c) From the old partners in their new profit sharing ratio
Explanation:
A new partner can acquire his share of profits from the old partners in their old profit sharing ratio or from one partner or from the old partners equally. But he cannot acquire his share of profit from the old partners in the new profit sharing ratio because the new profit sharing ratio is fixed only after the admission of the new partner. New partner only can get his share from only old partner or partners.

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MCQ 41 Mark

What is the nature of rent paid to a partner?

A
Nominal Account
B
Representative Person's Personal Account
C
Artificial Personal Account
D
Real Account

Answer

(a) Nominal Account
Explanation:
Rent paid to a partner is an expense for the business. All expenses and losses are considered as Nominal account. Rent paid to the partner is a charge against the profit and it will be paid whether there is profit or loss in the business. Rent paid to the partner is expenses hence charged from P& L A/c.

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MCQ 51 Mark

Elpis Ltd. Is registered with authorised capital of ₹ 10,00,000 divided into 1,00,000 Equity share of ₹ 10 each. Out of which 80,000 shares are offered to the public and applications were received for 75,000 shares only. Company called ₹ 8 per share till now.

(a) Authorised share capital	(i) 8,00,000
(b) Issued share capital	(ii) 6,00,000
(c) Subscribed share capital	(iii) 10,00,000
(d) Called up capital	(iv) 7,50,000

A
(a) - (iii), (b) - (iv), (c) - (i), (d) - (ii)
B
(a) - (ii), (b) - (iii), (c) - (i), (d) - (iv)
C
(a) - (iii), (b) - (i), (c) - (iv), (d) - (ii)
D
(a) - (ii), (b) - (iii), (c) - (iv), (d) - (i)

Answer

(c) (a) - (iii), (b) - (i), (c) - (iv), (d) - (ii)
Explanation:
(a) - (iii), (b) - (i), (c) - (iv), (d) - (ii)

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MCQ 61 Mark

X Ltd. forfeited 2,000 shares of ₹ 10 each (which were issued at par) held by Naveen for non-payment of allotment money of ₹ 4 per share. The called-up value per share was ₹ 9. On forfeiture, the amount debited to Share Capital Account will be

A
₹ 18,000
B
₹ 2,000
C
₹ 8,000
D
₹ 10,000

Answer

(a) ₹ 18,000
Explanation:
The company debits a certain amount to the share capital at the time of forfeiture of shares which is always the called up value. And the called-up value is that amount which any company demands from its shareholders periodically every year.
The share capital is debited because the called up amount which the company was expecting from was shareholders has not been deposited and thus they have to reduce the capital balance by debiting share capital account.
Share capital amount can be calculated as under:
Share Capital Amount = Called up value per share $\times$ No. of shares Substitute values in the above equation
Share Capital Amount = ₹ 9 $\times$ 2000 shares = ₹ 18,000
The amount debited to share capital is ₹ 18,000.

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MCQ 71 Mark

X and Y are partners in the ratio of 3 : 2. Their capitals are ₹ 2,00,000 and ₹ 1,00,000 respectively. Interest on capitals is allowed @ 8% p.a. Firm earned a profit of ₹ 15,000 for the year ended 31^st March 2023. As per partnership agreement, interest on capital is treated a charge on profits. Interest on Capital will be:

A
X ₹ 10,000; Y ₹ 5,000
B
X ₹ 9,000; Y ₹ 6,000
C
X ₹ 16,000; Y ₹ 8,000
D
No Interest will be allowed

Answer

(c) X ₹ 16,000; Y ₹ 8,000
Explanation:
200000 $\times$ 8% = 16000
100000 $\times$ 8% = 8000

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MCQ 81 Mark

X, Y and Z started a business in partnership on 1st October 2020. The profit sharing ratio was decided among the partners 2 : 1 : 1. Z was guaranteed a profit of ₹ 28,000 p.a. Deficiency amount (if any) will be borne by X and Y in the ratio of 3 : 2. The firm earned profit for the year ending 31st March 2021 ₹ 20,000.
How much deficiency is borne by X and Y?

A
X ₹ 13,800 and Y ₹ 9,200
B
X ₹ 5,400 and Y ₹ 3,600
C
X ₹ 10,800 and Y ₹ 7,200
D
X ₹ 12,000 and Y ₹ 6,000

Answer

(b) X ₹ 5,400 and Y ₹ 3,600
Explanation:
Share of profit comes to Rs.9000 which is divine in the ratio 3:2 between X and Y.

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MCQ 91 Mark

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

A
Value of the firm's goodwill $\times$ outgoing partner's share of profit
B
Value of the firm's goodwill $\times$ Sacrificing partner's share
C
Value of the firm's goodwill $\times$ new partner's profit share
D
Value of the firm's goodwill $\times$ Gainer partner's share

Answer

(a) Value of the firm's goodwill $\times$ outgoing partner's share of profit
Explanation:
At the time of retirement, the share of goodwill is calculated for the retired or deceased partner as follows: Value of the firm's goodwill $\times$ His Share of profit

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MCQ 101 Mark

When debentures are issued as secondary securities it is called

A
Issue for consideration other than cash
B
Issued at premium
C
Issue as collateral securities
D
Issued at a discount

Answer

(c) Issue as collateral securities
Explanation:
Issue as collateral securities

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MCQ 111 Mark

Issued 4,000, 12% debentures of ₹ 100 each at a premium of 4%, redeemable at a premium of 10%. In such case:

A
Premium on Redemption will be credited by ₹ 24,000
B
Loss on Issue will be debited by ₹ 40,000
C
Loss on Issue will be debited by ₹ 24,000
D
Loss on Issue will be debited by ₹ 56,000

Answer

(b) Loss on Issue will be debited by ₹ 40,000
Explanation:
Loss on Issue will be debited by ₹ 40,000
Loss on issue of debenture = (4,000 $\times$ 100) $\times$ 10%
Loss on issue of debenture = ₹ 40,000

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MCQ 121 Mark

A and B are partners in a partnership firm without any agreement. A has withdrawn ₹ 50,000 out of his Capital as drawings. Interest on drawings may be charged from A by the firm:

A
@5% Per Annum
B
@6% Per Month
C
No interest can be charged
D
@6% Per Annum

Answer

(c) No interest can be charged
Explanation:
No interest can be charged

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MCQ 131 Mark

Veena and Yuvansh are partners. Veena withdrew ₹ 50,000 and Yuvansh withdrew ₹ 40,000 during the year for their personal use. There was a loss of ₹ 2,500 during the year. As per the partnership deed interest on drawings is to be charged @ 10% p.a Veena's share of Profit/Loss.

A
Veena's Share of Profit ₹ 3,500
B
Veena's Share of Profit ₹ 3,250
C
Veena's Share of Loss ₹ 3,500
D
Veena's Share of Profit ₹ 1,000

Answer

(d) Veena's Share of Profit ₹ 1,000
Explanation:
Interest on Drawings:
Veena = 50,000 $\times$ 10/100 $\times$ 6/12 = 2,500
Yuvansh = 40,000 $\times$ 10/100 $\times$ 6/12 = 2,000
Profit = Interest on drawings - loss
= 4,500 - 2,500 = 2,000
Profit would be distributed equally. So Veena's share of profit = 1,000

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MCQ 141 Mark

What is gaining ratio:

A
In which profit sharing ratio of gaining partners increase
B
In which profit sharing ratio of gaining partners decrease
C
In which profit sharing ratio of sacrificing partners increase
D
In which profit sharing ratio of sacrificing partners decrease

Answer

(a) In which profit sharing ratio of gaining partners increase
Explanation:
Gaining Ratio is calculated at the time of admission or retirement or death of a partner. It is the excess of the new ratio over the old ratio of old partners except for a retired or deceased partner. The formula for gaining ratio:
Gaining Ratio = New Ratio - Old ratio

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MCQ 151 Mark

Naman Ltd. issued 10,000, 7% Debentures of ₹ 100 each at a discount of ₹ 4. It has a balance in Securities Premium Reserve of ₹ 25,000. It will write off Discount on Issue of Debentures as

A
₹ 40,000 from Statement of Profit & Loss.
B
₹ 15,000 from Securities Premium and ₹ 25,000 from Statement of Profit & Loss (Finance Cost).
C
₹ 25,000 from Securities Premium and ₹ 15,000 from Statement of Profit & Loss (Finance Cost)
D
₹ 40,000 from Securities Premium.

Answer

(c) ₹ 25,000 from Securities Premium and ₹ 15,000 from Statement of Profit & Loss (Finance Cost)
Explanation:
₹ 25,000 from Securities Premium and ₹ 15,000 from Statement of Profit & Loss (Finance Cost).

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MCQ 161 Mark

When shares are forfeited, Share Capital Account is debited with:

A
called-up value of shares
B
nominal value of shares
C
paid-up value of shares
D
market value of shares

Answer

(a) called-up value of shares
Explanation:
The company debits the Share Capital Account with the amount called-up up to the date of forfeiture on shares. It credits the Shares Allotment Amount or Shares Call Account with amount called-up on forfeited shares but due from the shareholders.

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MCQ 171 Mark

S, B and J were partners in a firm. T was admitted as a new partner in the partnership firm for $\frac{1}{5}^{\text {th }}$ share of profits.
Sacrificing ratio of S, B and J:

A
3 : 2 : 1
B
1 : 1 : 1
C
2 : 2 : 1
D
2 : 1 : 1

Answer

(b) 1 : 1 : 1
Explanation:
When old ratio is given and incoming partner's new share is given then old ratio is the sacrificing ratio.

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M.C.Q (1 Marks) - Accountancy STD 12 Commerce Questions - Vidyadip