Class 12 Accountancy 2024 Board Exam

Abhay, Boris and Chetan were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Boris was guaranteed a profit of ₹ 95,000. Any deficiency on account of this was to be borne by Abhay and Chetan equally. The firm earned a profit of ₹ 2,00,000 for the year ended 31st March, 2023.
The amount given by Abhay to Boris as guaranteed amount will be :
(A) ₹ 17,500
(B) ₹ 35,000
(C) ₹ 25,000
(D) ₹ 10,000

Atul, Beena and Sita were partners in a firm sharing profits and losses in the ratio of 8 : 7 : 5. Damini was admitted as a new partner for 1/5th share in the profits which she acquired entirely from Atul. The new profit sharing ratio after Damini's admission will be :
(A) 7 : 7 : 5 : 1
(B) 4 : 7 : 5 : 4
(C) 8 : 7 : 5 : 4
(D) 7 : 5 : 8 : 4

Anju, Divya and Bobby were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Bobby retired. The new profit sharing ratio between Anju and Divya after Bobby's retirement was 5 : 3. The gaining ratio of remaining partners will be :
(A) 3 : 2
(B) 5 : 3
(C) 3 : 1
(D) 2 : 3

Aavya, Mitansh and Praveen were partners in a firm. On 31st March, 2023, the firm was dissolved. Creditors took over furniture of book value of ₹ 50,000 at ₹ 45,000 in part settlement of their amount of ₹ 60,000. The balance amount was paid to them through cheque. The amount paid through cheque will be :
(A) ₹ 10,000
(B) ₹ 50,000
(C) ₹ 45,000
(D) ₹ 15,000

Alfa Ltd. invited applications for 50,000 equity shares of ₹ 10 each at a premium of 30%. The whole amount was payable on application. Applications were received for 2,50,000 shares. The company decided to allot the shares on a pro-rata basis to all the applicants. The amount refunded by the company was :
(A) ₹ 32,50,000
(B) ₹ 15,60,000
(C) ₹ 39,00,000
(D) ₹ 26,00,000

Assertion (A) : Irredeemable debentures are also known as perpetual debentures.
Reason (R) : The company does not give any undertaking for the repayment of money borrowed by issuing such debentures. They are repayable on the winding up of the company or on the expiry of a long period.
Choose the correct option from the following :
(A) Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).
(B) Both Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct explanation of Assertion (A).
(C) Assertion (A) is incorrect, but Reason (R) is correct.
(D) Assertion (A) is correct, but Reason (R) is incorrect.

Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013 :

Analysis of Financial Statements is useful and significant to different users. Which of the following users is particularly interested in the firm's ability to meet their claims over a very short period of time ?
(A) Labour Unions
(B) Trade Payables
(C) Top Management
(D) Finance Manager

___________ ratios are calculated to determine the ability of the business to service its debt in the long run.
(A) Liquidity
(B) Turnover
(C) Solvency
(D) Profitability

Identify which of the following transactions will result in 'Cash Inflow From Operating Activities' :
(A) Payment to creditors
(B) Interest received by a non-finance company
(C) Dividend received by a non-finance company
(D) Amount received from debtors