Board exam

There are two statements Assertion (A) and Reason (R) : Assertion (A) : Partnership Agreement becomes the basis of relationship among the partners. Reason (R) : Partnership is the result of an agreement between two or more persons to do business and share its profits and losses. 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. aIf 600 shares of ₹ 10 each, issued at a premium of ₹ 1 per share are forfeited on which ₹ 8 per share (including premium) have been called and ₹ 6 per share (including premium) have been paid, then ‘Share Forfeiture Account’ will be __________ by __________. OR
2. bT.D. Ltd. issued ₹ 10,00,000, 9% debentures at a discount of 10% redeemable at a certain rate of premium. On issue of these 9% debentures, the premium on redemption of debentures account was credited by ₹ 1,00,000. The amount of ‘loss on issue of debentures’ was :

1. aTarun and Tej were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1st April 2024, Tej had given a loan of ₹ 50,000 to the firm. The net profit of the firm before charging interest on loan was ₹ 3,75,000. The firm closes its books on 31st March every year. The amount of profit transferred from Profit and Loss Account to Profit and Loss Appropriation Account will be : OR
2. bAshok and Vasu were partners in a firm sharing profits and losses in the ratio of 4 : 3. Their capitals on 31st March, 2025 were ₹ 3,00,000 and ₹ 3,75,000 respectively. During the year ended 31st March, 2025 Vasu withdrew ₹ 40,000 for his personal use and introduced ₹ 1,50,000 as additional capital in the business. Profit of the firm for the year ended 31st March, 2025 was ₹ 1,40,000. Vasu’s capital in the beginning of the year was :

Soni and Kush were partners in a firm sharing profits and losses in the ratio of 4 : 5. Hitesh was admitted as a new partner for 1/5th share in the profits of the firm. After all adjustments regarding general reserve, goodwill, and gain on revaluation of assets and reassessment of liabilities, the balances in capital accounts of Soni and Kush were ₹ 7,00,000 and ₹ 13,00,000 respectively. Hitesh brought in proportionate capital for his 1/5th share in the profits of the firm. The amount of proportionate capital brought in by Hitesh was :

1. A₹ 25,00,000
2. B₹ 20,00,000
3. C₹ 5,00,000
4. D₹ 10,00,000

1. aWhich of the following is not correct about collateral security ? OR
2. b‘A company is formed according to the provisions of Company Law’ indicates which of the following characteristics of a company ?

1. aChandan, Ravi and Mahesh were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 1. From 1st April, 2025 they decided to share the future profits in the ratio of 3 : 2 : 1. On that date there existed a general reserve of ₹ 7,00,000 in the books of the firm which they decided to distribute among themselves. In which ratio will the general reserve be distributed among the partners ? OR
2. bSuman and Tanya were partners in a firm sharing profits and losses in the ratio of 2 : 1. With effect from 1st April, 2025, they decided to share the profits equally. On that date furniture was appearing in the books of the firm at ₹ 4,50,000. At the time of change in the profit sharing ratio, it was found to be undervalued by 10%. In the new balance sheet, furniture will be shown at :

Tula, Ram and Madhvi were partners in a firm. The partnership deed provided for interest on partners drawings @ 12% p.a. The firm closes its books on 31st March every year. Starting from 31st December, 2025 Madhvi withdrew ₹ 40,000 at the end of every month for her personal use. Interest on Madhvi’s drawings will be :

1. A₹ 19,200
2. B₹ 4,800
3. C₹ 2,400
4. D₹ 1,600