Class 12 Accountancy 2020 Board Exam

In case the partners’ capitals are fixed, in which account will withdrawal of capital be recorded ?

Why does the Fixed Capital Account of partners show credit balance even when the firm suffers losses year after year ?

Give the meaning of ‘Liability of Partnership’ as a feature of partnership.

At the time of admission of a new partner in the firm, the new partner compensates the old partners for their loss of share in the super-profits of the firm for which he brings in an additional amount which is known as

Srishti, Nitya and Anand were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Srishti retired from the firm selling her share of profits to Nitya and Anand in the ratio of 2 : 1. The new profit sharing ratio between Nitya and Anand will be :
(A) 3 : 2
(B) 17 : 11
(C) 2 : 1
(D) 19 : 11

Meera, Myra and Neera were partners sharing profits in the ratio of 2 : 2 : 1. They decided to share future profits in the ratio of 7 : 5 : 3 with effect from 1st April, 2019. Their Balance Sheet as on that date showed a balance of ₹ 45,000 in Advertisement Suspense Account. The amount to be debited respectively to the capital accounts of Meera, Myra and Neera for writing off the amount in Advertisement Suspense Account will be :
(A) ₹ 18,000, ₹ 18,000 and ₹ 9,000
(B) ₹ 15,000, ₹ 15,000 and ₹ 15,000
(C) ₹ 21,000, ₹ 15,000 and ₹ 9,000
(D) ₹ 22,500, ₹ 22,500 and Nil

Milan, Khilan and Silam were partners sharing profits in the ratio of 2 : 2 : 1. They decided to share future profits in the ratio of 7 : 5 : 3 with effect from 1st April, 2019. After the revaluation of assets and re-assessment of liabilities, Revaluation Account showed a loss of ₹ 15,000. The amount to be debited in the capital account of Milan because of loss on revaluation will be :
(A) ₹ 15,000
(B) ₹ 6,000
(C) ₹ 7,000
(D) ₹ 5,000

Red, Blue and White were partners in a firm sharing profits in the ratio of 1 : 2 : 2. They decided to share future profits in the ratio of 7 : 5 : 3 with effect from 1st April, 2019. Their Balance Sheet as on that date showed a balance of ₹ 22,500 in Deferred Revenue Expenditure Account. The amount to be debited respectively to the capital accounts of Red, Blue and White for writing off Deferred Revenue Expenditure will be :
(A) ₹ 7,500, ₹ 7,500, and ₹ 7,500
(B) ₹ 4,500, ₹ 9,000, and ₹ 9,000
(C) ₹ 10,500, ₹ 7,500, and ₹ 4,500
(D) ₹ 11,250, Nil, and ₹ 11,250

Swati and Aman were partners in a firm. Their fixed capitals were ₹ 9,00,000 and ₹ 3,00,000, respectively. They shared profits in the ratio of their capitals. Divya was admitted as a new partner for 1/4th share in the profits of the firm. Divya brought ₹ 60,000 as her share of goodwill premium and ₹ 6,00,000 as her capital. The amount of goodwill premium credited to Swati’s account will be :
(A) ₹ 60,000
(B) ₹ 30,000
(C) ₹ 45,000
(D) ₹ 15,000

Divya Ltd. forfeited 7,000 equity shares of ₹ 100 each issued at a premium of 10%, for non-payment of first and final call of ₹ 40 per share. The maximum amount of discount at which these shares can be reissued will be :
(A) ₹ 2,80,000
(B) ₹ 4,20,000
(C) ₹ 4,90,000
(D) ₹ 3,50,000