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Accountancy: CUET Mock Test - 2


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40 Questions MCQ Test CUET Mock Test Series | Accountancy: CUET Mock Test - 2

Accountancy: CUET Mock Test - 2 for Class 12 2023 is part of CUET Mock Test Series preparation. The Accountancy: CUET Mock Test - 2 questions and answers have been prepared according to the Class 12 exam syllabus.The Accountancy: CUET Mock Test - 2 MCQs are made for Class 12 2023 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Accountancy: CUET Mock Test - 2 below.
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Accountancy: CUET Mock Test - 2 - Question 1

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

Accountancy: CUET Mock Test - 2 - Question 2

At the time of admission of partners, it is presumed that the new partner acquires his sharing in profits from the old partners in ______ ratio.

Accountancy: CUET Mock Test - 2 - Question 3

The ‘share of premium for goodwill’ brought in by the new partner is divided in which ratio?

Accountancy: CUET Mock Test - 2 - Question 4

______ goodwill is the excess of desired total capital of firm over the actual combined capital of all partners.

Accountancy: CUET Mock Test - 2 - Question 5

X and Y are sharing profits and losses in the ratio of 3 : 2. Z is admitted with 1/5th share in profits of the firm which he gets entirely from X. Find out the new profit sharing ratio.

Detailed Solution for Accountancy: CUET Mock Test - 2 - Question 5

Z’s share = 1/5;
X’s share = 3/5 - 1/5 = 2/5;
Y’s share = 2/5;
New profit sharing ratio of X : Y : Z = 2 : 2 :1.

Accountancy: CUET Mock Test - 2 - Question 6

Which of the following is not a right of newly admitted partner?

Accountancy: CUET Mock Test - 2 - Question 7

Taxation fund should never be distributed among the old partners at the time of admission of partners.

Detailed Solution for Accountancy: CUET Mock Test - 2 - Question 7

Taxation fund is neither profits nor free reserves, so it is not distributed.

Accountancy: CUET Mock Test - 2 - Question 8

On the admission of a new partner, old partnership continues.

Detailed Solution for Accountancy: CUET Mock Test - 2 - Question 8

Old partnership comes to an end and new partnership comes into existence and the firm continues.

Accountancy: CUET Mock Test - 2 - Question 9

According to AS -10, value of goodwill should be adjusted through the capital accounts of the partners.

Detailed Solution for Accountancy: CUET Mock Test - 2 - Question 9

The given statement is true only if the new partner is not able to bring his share of goodwill in money or money’s worth.

Accountancy: CUET Mock Test - 2 - Question 10

When the existing goodwill in books is written-off at the time of admission of new partner, the new partners’ capital account is not debited.

Detailed Solution for Accountancy: CUET Mock Test - 2 - Question 10

Existing goodwill is written-off in old ratio by debiting old partners’ capital accounts.

Accountancy: CUET Mock Test - 2 - Question 11

Contingency reserve, profit and loss account (credit) balance and deferred revenue expenditure account are credited to capital accounts of old partner in old ratio at the time of admission of new partners.

Detailed Solution for Accountancy: CUET Mock Test - 2 - Question 11

Deferred revenue expenditure account is debited.

Accountancy: CUET Mock Test - 2 - Question 12

Goodwill of the firm of X and Y is valued at ₹ 45,000. It is appearing in the books at ₹18,000. Z is admitted in the firm. What amount is she supposed to bring an account of goodwill?

Detailed Solution for Accountancy: CUET Mock Test - 2 - Question 12

Goodwill share is calculated at the valued amount of goodwill, not the amount appearing in books Ratio is supposed to be equal among X , Y , Z i.e. 1 : 1 : 1
∴ Z’s Share of Goodwill = 1/3 x 45,000
= ₹ 15,000

Accountancy: CUET Mock Test - 2 - Question 13

Direction: There are two statements marked as Assertion (A) and Reason (R). Read the statements and choose the appropriate option from the options given below
Assertion (A): In certain cases, the premium for goodwill paid by the incoming partner is not recorded in the books of accounts.
Reason (R): Sometimes, the incoming partner pays his share of goodwill privately to the sacrificing partners, outside the business.

Accountancy: CUET Mock Test - 2 - Question 14

Which of the following capitals is shown in the company’s balance sheet?

Detailed Solution for Accountancy: CUET Mock Test - 2 - Question 14

In the company’s balance sheet, only subscribed and fully paid up share capital amount is shown. Authorised capital and issued capital are shown in notes to accounts and reserve capital is not shown in the company’s balance sheet and note to accounts.

Accountancy: CUET Mock Test - 2 - Question 15

Which document is prepared by the company as an invitation to the public to subscribe for company’s shares?

Accountancy: CUET Mock Test - 2 - Question 16

A company, for the purpose of raising funds, may issue _______

Accountancy: CUET Mock Test - 2 - Question 17

A company issued 25,000 shares and received applications for 50,000 shares. Company wants to allot shares to everyone who has applied. What will be the ratio for allotment?

Detailed Solution for Accountancy: CUET Mock Test - 2 - Question 17

Shares allotted: Shares applied = 25,000 : 50,000 = 1:2

Accountancy: CUET Mock Test - 2 - Question 18

Capital of a company is divided in units which is called

Accountancy: CUET Mock Test - 2 - Question 19

Subscribed capital is

Accountancy: CUET Mock Test - 2 - Question 20

First call amount received in advance from the shareholders before it is actually called up by the directors is

Accountancy: CUET Mock Test - 2 - Question 21

Shareholders receive _______ from the company as a benefit against their investment.

Accountancy: CUET Mock Test - 2 - Question 22

A company issued 10,000 shares of  ₹10 each. Amount is payable as ₹ 2 on application, ₹ 5 on allotment and ₹ 3 on first and final call. A shareholder who had 1,000 shares failed to pay allotment and first call amount on due date. What will be the amount received by company against issue of shares?

Detailed Solution for Accountancy: CUET Mock Test - 2 - Question 22

Amount due on total shares (10,000 x 10) = ₹ 1,00,000
Shareholder didn’t pay (1,000 x 8) = ₹ 8,000
So total amount received on shares is
₹ 92,000 (1,00,000 - 8,000)

Accountancy: CUET Mock Test - 2 - Question 23

Preference shareholders have ______

Accountancy: CUET Mock Test - 2 - Question 24

The shares on which there is no any pre fixed rate of dividend decided, but is fluctuating every year according to the availability profits, are called

Accountancy: CUET Mock Test - 2 - Question 25

Penalty for delay in refunding application money is charged at

Detailed Solution for Accountancy: CUET Mock Test - 2 - Question 25

Preference shareholders are the creditors of the company and equity shareholders are the owners of the company.

Accountancy: CUET Mock Test - 2 - Question 26

A Ltd. company took over assets worth ₹ 10,00,000 and liabilities of ₹ 3,00,000 for purchase consideration worth ₹ 12,00,000, how much amount will be debited to goodwill account?

Detailed Solution for Accountancy: CUET Mock Test - 2 - Question 26

Goodwill = 12,00,000 - (10,00,000 - 3,00,000) = ₹ 5,00,000

Accountancy: CUET Mock Test - 2 - Question 27

A preference share which does not carry the right of sharing in surplus profits is called

Accountancy: CUET Mock Test - 2 - Question 28

As per SEBI guidelines, application m oney should not be less than ______of the issue price of each shares

Accountancy: CUET Mock Test - 2 - Question 29

If shares of  ₹ 4,00,000 are issued for purchase of assets of ₹ 5,00,000, ₹ 1,00,000 will be treated as ______

Accountancy: CUET Mock Test - 2 - Question 30

600 shares of ₹ 10 each were forfeited for non-payment of ₹ 2 per share on first call and ? 5 per share on final call. Share forfeiture account will be credited with

Detailed Solution for Accountancy: CUET Mock Test - 2 - Question 30

Share forfeiture account = 600 x 3 = ₹ 1,800

Accountancy: CUET Mock Test - 2 - Question 31

When the shares are issued for consideration other than cash, which account will be credited?

Accountancy: CUET Mock Test - 2 - Question 32

Equity shares cannot be issued for the purpose of

Accountancy: CUET Mock Test - 2 - Question 33

Liability of a shareholder is limited to ________ of the shares allotted to him.

Accountancy: CUET Mock Test - 2 - Question 34

Nominal share capital is

Accountancy: CUET Mock Test - 2 - Question 35

 portion of share capital that is reserved by the company and will be utilised only on the happening of winding up of the company is called ________

Accountancy: CUET Mock Test - 2 - Question 36

That part of the subscribed capital which has not yet been called is known as ________

Accountancy: CUET Mock Test - 2 - Question 37

A private ltd. company with only one person as its members is called ________

Accountancy: CUET Mock Test - 2 - Question 38

________ means any offer of securities to a select group of persons by a company other than by way of public offer.

Accountancy: CUET Mock Test - 2 - Question 39

Reserve capital is not a part of ________

Accountancy: CUET Mock Test - 2 - Question 40

To whom dividend is given at a fixed rate in a company?

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