Question : Sharma, Verma and Goyal are partners in a firm. On 1st April 2012 the balances in their
Capital Accounts were as follows:
Sharma Rs. 4,00,000; Verma Rs. 4,20,000 and Goyal Rs. 3,70,000. The firm closes its accounts every year on 31st March. Verma died on 30th September 2012. In the event of the death of any partner following are the provisions in the Partnership Deed:
(i) Interest on Capital will be calculated at the rate of $10 \%$ p.a.
(ii) The deceased partner; 's legal representative will be paid Rs. 35,000 for his share of goodwill.
(iii) The firm had a Reserve Fund of Rs. 2,10,000. The deceased partner will be paid his share in the Reserve Fund.
(iv) His share of profit till the date of death will be calculated based on sales. It is also specified that the sales during the year 2011-12 were Rs. $15,00,000$. The sales from 1st April 2012 to 30th September 2012 were Rs. 3,00,000. The profit of the firm for the year ending 31st March 2012 was Rs. 3,00,000.
Question:
Deceased 's partners share of profit will be ____________or profit and loss suspense account will be______________.
Option 1: debited by Rs 20,000
Option 2: credited by Rs 20,000
Option 3: debited by Rs 60,000
Option 4: Credited by Rs 60,000
Correct Answer: debited by Rs 20,000
Solution : Answer = debited by Rs 20,000
| Verma's capital a/c | |||
| By Verma's executor a/c (b/f) | 5,66,000 | By Bal b/d | 4,20,000 |
| By IOC | 21,000 | ||
| ($4,20,000 \times \frac{10}{100} \times \frac{6}{12}$) | |||
| By Reserve fund | 70,000 | ||
| ($2,10,000 \times \frac{1}{3}$) | |||
| By Sharma & Goyal capitals a/c | 35,000 | ||
| By P & L suspense a/c | 20,000 | ||
| 5,66,000 | 5,66,000 | ||
$\frac{3,00,000}{15,00,000}$×3,00,000= 60,000$\times \frac{1}{3}$= 20,000.
Hence, the correct option is 1.
Answer laterQuestion : What is the purpose of a chart of accounts?
Option 1: it acts as a framework for a business's financial record-keeping procedure
Option 2: it acts as a framework for a business's non-financial record-keeping procedure
Option 3: it acts as a framework for a non-business's record-keeping procedure
Option 4: None of these
Correct Answer: it acts as a framework for a business's financial record-keeping procedure
Solution : The COA acts as the framework for a business's financial record-keeping procedure. It offers a logical framework that makes it easier to add new accounts and remove old ones. Hence, the correct option is 1.
Question : On dissolution of a firm, a partner took over Rs.34,000 investments for Rs.28,000. Which one of the following accounts will be debited/credited with how much amount?
Option 1: Partner's Capital Account Debit with 28,000
Option 2: Partner's Capital Account Credit with 34,000
Option 3: Realisation Account Credit with 34,000
Option 4: Realisation Account debited with 34,000
Correct Answer: Partner's Capital Account Debit with 28,000
Solution : Answer = Partner's Capital Account Debit with 28,000
When an investment valued at Rs 34,000 is taken over by any partner by Rs 28,000. Partner capital account will be debited by Rs 28,000 and credited to the realisation account by Rs 28,000.
Partner's capital a/c......Dr 28,000
To Realisation a/c 28,000.
Hence, the correct option is 1.
Question : Fill in the blanks-
Large deposits of iron ore, coal and natural gas are found in the country. India alone accounts for nearly ___% of the total iron ore reserves of the world.
Option 1: 10%
Option 2: 15%
Option 3: 20%
Option 4: 25%
Correct Answer: 20%
Solution : Large deposits of iron ore, coal and natural gas are found in the country. India alone accounts for nearly 20% of the total iron ore reserves of the world.
Hence Option C is correct.
maine bhi ca foundation ke pehle paper accounts mai omar wle roll number ko circle nhi kiya koi dikkat hogi kya??
Hello,
If you didn't circle the numbers under your roll number in the OMR sheet, it could cause an issue during the evaluation process. The circled numbers help the evaluators accurately identify and match your roll number with your answers. There is usually a computerized process with OMR sheets which might result into issue with your paper but the authorities might look into this matter.
Hope this helps,
Thank you
Hello Sir, I am from Rajasthan did I.T. Engineering after I cleared Accounts State Service and became Assistant Account Officer now I would like to do diploma in Civil engineering M I ELIGABLE in 12th i was having PCM AND WHATS THE PROCEDURE
Hello,
To pursue a diploma in Civil Engineering, eligibility criteria can vary depending on the institute to institute Generally, for a diploma in Civil Engineering, you need to have completed your 10th standard (high school) with subjects like Mathematics and Science and also to pass class 12th with Physics, chemistry and mathematics. However, it is always best to check with the specific institute you are interested in for their eligibility requirements.
Hope this helps you,
Thank you
what is authorised share capital class 12 accounts?
Hello Aspirant
The maximum amount of share capital that a business is permitted by its constitutional documents to issue (allocate) to shareholders is known as the authorised capital of a company (also known as the approved share capital, registered capital, or nominal capital, notably in the United States). A portion of the permitted capital may not be issued, which happens rather regularly. Shareholder approval is required to modify the authorised capital. The company’s issued capital is the portion of authorised capital that has been distributed to shareholders.
