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 :

1. A₹ 17,500
2. B₹ 35,000
3. C₹ 25,000
4. D₹ 10,000

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 :

1. A₹ 10,000
2. B₹ 50,000
3. C₹ 45,000
4. D₹ 15,000

Piyush, Rajesh and Avinash were partners in a firm sharing profits and losses equally. Shiva was admitted as a new partner for an equal share. Shiva brought his share of capital and premium for goodwill in cash. The premium for goodwill amount will be divided among :

1. AOld partners in old ratio
2. BNew partners in new ratio
3. CNew partners in sacrificing ratio
4. DOld partners in sacrificing ratio

Assertion (A) : Each partner is a principal as well as an agent for all the other partners. Reason (R) : As per the definition of Partnership Act, partnership business may be carried on by all the partners or any of them acting for all. Choose the correct option from the following :

1. ABoth Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct explanation of Assertion (A).
2. BBoth Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).
3. CAssertion (A) is correct, but Reason (R) is incorrect.
4. DAssertion (A) is incorrect, but Reason (R) is correct.

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 :

1. A₹ 32,50,000
2. B₹ 15,60,000
3. C₹ 39,00,000
4. D₹ 26,00,000

Reserve capital is that part of _________ capital which cannot be called except at the time of winding up of the company.

1. AIssued
2. BCalled up
3. CUncalled
4. DNominal

Xeno Ltd. issued 25,000 equity shares of ₹ 10 each. The amount was payable as follows : On Application ₹ 4 per share On Allotment ₹ 5 per share On First and Final call Balance All the shares offered were applied for and allotted. All the money due on allotment was received except on 1,500 shares. These shares were forfeited immediately after allotment. First and final call was not yet made. At the time of forfeiture, Share Capital Account will be debited by :

1. A₹ 15,000
2. B₹ 24,000
3. C₹ 13,500
4. D₹ 18,000

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 :

1. ABoth Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).
2. BBoth Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct explanation of Assertion (A).
3. CAssertion (A) is incorrect, but Reason (R) is correct.
4. DAssertion (A) is correct, but Reason (R) is incorrect.