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Answer in One Sentence

The document is an examination paper for a Class 12 Accountancy subject, featuring a series of questions related to partnership, accounting principles, and financial statements. It includes questions on fluctuating capital, partnership deeds, interest on loans, and various accounting terms and concepts. The paper assesses students' understanding of key accounting principles and practices.

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Jitendra Udawant
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9 views

Answer in One Sentence

The document is an examination paper for a Class 12 Accountancy subject, featuring a series of questions related to partnership, accounting principles, and financial statements. It includes questions on fluctuating capital, partnership deeds, interest on loans, and various accounting terms and concepts. The paper assesses students' understanding of key accounting principles and practices.

Uploaded by

Jitendra Udawant
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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COMMERCE STUDY CENTER

STD 12 Accountancy Roll No.

Student Name Class


Question 1 2 3 4 Marks Obtained Total Marks Signature of Examiner

Marks Obtained 90

Que 1 (A) Answer in One Sentence [90]


1. What is Fluctuating Capital?
2. Why is Partnership Deed necessary?
3. If the Partnership Deed is silent, in which ratio, the partners will share the profit or loss?
4. What is the Fixed Capital Method?
5. How many partners are required to form a partnership firm?
6. What is Partnership Deed?
7. What are the objectives of the Partnership Firm?
8. What rate of interest is allowed on a partner’s loan in the absence of an agreement?
9. What is the minimum number of partners in a partnership firm according to the Indian
Partnership Act 1932?
10. What is the liability of a partner?
11. In the absence of Partnership Deed, what is the rate of interest on a loan advanced by the
partner to the firm is allowed?
12. What do you mean by pre-received income?
13. What is the effect of the adjustment of provision for discount on debtors in the final accounts
of partnership?
14. When are the Partners Current Account is opened?
15. As per which principle of accounting, closing stock is valued at cost price or at market price
whichever is less?
16. What is the provision of the Indian Partnership Act with regard to Interest on Capital?
17. Why is the Balance Sheet prepared?
18. Why wages paid for the installation of machinery are not shown in Trading Account?
19. What do you mean by indirect incomes?
20. Why partners capital is treated as a long-term liability of business?
21. What do you mean by ‘Not for Profit’ Concern?
22. Which organizations prepare Income and Expenditure Account?
23. What is Receipts and Payments Account?

[1]
24. Why Income and Expenditure Account is prepared?
25. What is Capital Fund?
26. What is a Subscription?
27. What is ’Legacy’?
28. What is Surplus?
29. What do you mean by Non-recurring Expenses?
30. To which account ‘Surplus’ or ‘Deficit’ is transferred?
31. What is Revaluation Account?
32. What is meant by Reconstitution of Partnership?
33. Why is the new partner admitted?
34. What is the sacrifice ratio?
35. What do you mean by raising the goodwill at the time of admission of a new partner?
36. What is the super profit method of calculation of goodwill?
37. When is the ratio of sacrifice calculated for the distribution of goodwill?
38. What is the treatment of accumulated profits at the time of admission of a partner?
39. State the ratio in which the old partner’s Capital A/c will be credited for goodwill when the
new partner does not bring his share of goodwill in cash.
40. What does the excess of debit over credits in the Profit and Loss Adjustment Account
indicate?
41. What is meant by Retirement of a Partner?
42. What is Benefit Ratio?
43. What is New Ratio?
44. How is the amount due to the retiring partner settled?
45. How is Gain Ratio calculated?
46. Why is retiring partner’s capital account credited with goodwill?
47. What is Gain Ratio?
48. In which ratio general reserve is distributed on the death of a partner?
49. To whom do you distribute general reserve on the death of a partner?
50. How the death of a partner is a compulsory retirement?
51. To which account profit is to be transferred up to the date of his death?
52. What is the dissolution of the partnership firm?
53. When is Realisation Account opened?
54. Which accounts are not transferred to Realisation Account?
55. Who is called an insolvent person?

[2]
56. What is capital deficiency?
57. In what proportion is the balance on Realisation Account transferred to Partners
Capital/Current Accounts?
58. Who should bear the capital deficiency of insolvent partners?
59. Which account is debited on repayment of partner’s loan?
60. Which account is debited on payment of dissolution expenses?
61. What do you mean by Bill of Exchange?
62. What are Days of Grace?
63. What do you mean by Discounting a Bill of Exchange?
64. What is Noting of the Bill?
65. What are Noting Charges?
66. What is the relationship between drawer and drawee?
67. Who is the Payee of the Bill?
68. What do you mean by Rebate?
69. What is the Legal Due Date?
70. What are Bills Payable on Demand?
71. What are Preference Shares?
72. What is Registered Capital?
73. What is Reserve Capital?
74. What is Over Subscription of Shares?
75. Which account is debited when share first call money is received?
76. When are shares allotted on a pro-rata basis?
77. What is Forfeiture of Shares?
78. What is Calls-in-Arrears?
79. What do you mean by Shares Issued at Premium?
80. What is Paid-up Capital?
81. Mention two objectives of the comparative statement.
82. State three examples of cash inflows.
83. State three examples of cash-out flows.
84. Give the formula of Gross Profit Ratio.
85. Give the formula of Gross profit.
86. Give any three examples of current assets.
87. Give the formula of the current ratio.
88.

[3]
Give the formula of quick assets.
89. State the formula of Cost of goods sold.
90. State the formula of Average stock.
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