Board exam

Sara and Tara were partners in a firm. Their capitals as on 1st April, 2023 were ₹ 6,00,000 and ₹ 4,00,000 respectively. On 1st October, 2023, Tara withdrew ₹ 1,00,000 for personal use. According to the partnership deed, interest on capital was allowed @ 8% p.a. The amount of interest allowed on Tara’s capital for the year ended 31st March, 2024 was :

1. A₹ 28,000
2. B₹ 30,000
3. C₹ 48,000
4. D₹ 32,000

Assertion (A) : Each partner carrying on the business of the firm is the principal as well as the agent for all the other partners of the firm. Reason (R) : There exists a relationship of mutual agency between all the partners. 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 correct, but Reason (R) is incorrect.
4. DAssertion (A) is incorrect, but Reason (R) is correct.

1. aVL Ltd. offered for public subscription 90,000 equity shares of ₹ 10 each at a premium of 10%. The entire amount was payable on application. Applications were received for 1,00,000 shares and allotment was made to all the applicants on pro-rata basis. The amount received on application was ________. OR
2. bVX Ltd. issued 30,000, 8% debentures of ₹ 100 each at a discount of 10% redeemable at a certain rate of premium. On issue of these debentures, ‘Loss on issue of debentures account’ was debited with ₹ 4,50,000. The amount of premium on redemption of debentures was ______.

Moksh and Pran were partners in a firm sharing profits and losses in the ratio of 1 : 2. Their capitals were ₹ 5,00,000 and ₹ 3,00,000 respectively. They admitted Tushar as a new partner on 1st April, 2024 for 1/4th share in future profits. Tushar brought ₹ 4,00,000 as his share of capital. The goodwill of the firm on Tushar’s admission will be :

1. A₹ 16,00,000
2. B₹ 4,00,000
3. C₹ 8,00,000
4. D₹ 12,00,000

Money received in advance from the shareholders before it is actually called up by the directors is :

1. Acredited to calls in advance account.
2. Bdebited to calls in advance account.
3. Ccredited to calls account.
4. Ddebited to calls in arrears account.

Anuj and Kartik were partners in a firm sharing profits and losses in the ratio of 5 : 4. Anuj withdrew ₹ 20,000 in the beginning of every alternate month starting from 1st April, 2023 during the year ended 31st March, 2024. Interest on Anuj’s drawings @ 6% p.a. for the year ended 31st March, 2024 will be :

1. A₹ 8,400
2. B₹ 1,200
3. C₹ 4,200
4. D₹ 3,600

When the partners’ capitals are fixed, the drawings made by a partner are recorded on the :

1. ADebit side of Partner’s Capital Account.
2. BCredit side of Partner’s Capital Account.
3. CDebit side of Partner’s Current Account.
4. DCredit side of Partner’s Current Account.

4,000 shares of ₹ 10 each were forfeited for non-payment of second and final call money of ₹ 2 per share. The minimum amount that the company must collect at the time of reissue of these shares will be :

1. A₹ 8,000
2. B₹ 32,000
3. C₹ 40,000
4. D₹ 48,000