Best 50+ CBSE Board 12th Accountancy MCQs with Answers to Secure Good Marks

MCQs for CBSE Class 12 Accountancy with Solutions

Here students can find the list of the top 50 MCQs along with their solutions for the CBSE Class 12 Accountancy board exam 2024. Practising these MCQs will also help you in quick solving of these questions during the exam.

1. A&B are partners sharing profits and losses in the ratio of 3:2. C is admitted for ¼ and for which ₹30,000 and ₹10,000 are credited as a premium for goodwill to A and B respectively. The new profit sharing ratio of A:B:C will be:

a) 3:2:1

b) 12:8:5

c) 9:6:5

d) 33:27:20

Answer d)  33:27:20

2. Assertion: Batman, a partner in a firm with four partners has advanced a loan of ₹50,000 to the firm for last six months of the financial year without any agreement. He claims an interest on loan of ₹3,000 despite the firm being in loss for the year.

Reasoning: In the absence of any agreement/provision in the partnership deed, provisions of the Indian Partnership Act, of 1932 would apply.

a) Both A and R are correct, and R is the correct explanation of A.

b) Both A and R are correct, but R is not the correct explanation of A.

c) A is correct but R is incorrect.

d) A is incorrect but R is correct.

Answer. a) Both A and R are correct, and R is the correct explanation of A

3. If 10,000 shares of ₹10 each were forfeited for non-payment of final call money of ₹3 per share and only 7,000 of these shares were re-issued @₹ 11 per share as fully paid up, then what is the minimum amount that company must collect at the time of re-issue of the remaining 3,000 shares?

a) ₹ 21,000

b) ₹ 9,000

c) ₹ 16,000

d) ₹ 30,000

Answer b) ₹ 9,000

4. On 1st April 2022, Galaxy Ltd. had a balance of ₹8,00,000 in Securities Premium account. During the year company issued 20,000 Equity shares of ₹10 each as bonus shares and used the balance amount to 1 write off Loss on issue of Debenture on account of issue of 2,00,000, 9% Debentures of ₹100 each at a discount of 10% redeemable @ 5% Premium. The amount to be charged to Statement of P&L for the year for Loss on issue of Debentures would be:

a) ₹30,00,000.

b) ₹22,00,000.

c) ₹24,00,000.

d) ₹20,00,000.

Answer. c) ₹ 24,00,000

5. A, B and C are in partnership business. A used ₹2,00,000 belonging to the firm without the information to other partners and made a profit of ₹35,000 by using this amount. Which decision should be taken by the firm to rectify this situation?

a) A need to return only ₹2,00,000 to the firm.

b) A is required to return ₹35,000 to the firm.

c) A is required to pay back ₹35,000 only equally to B and C.

d) A need to return ₹2,35,000 to the firm.

Answer. d) A need to return ₹2,35,000 to the firm.

6. Interest on Partner’s loan is credited to:

a) Partner’s Fixed capital account.

b) Partner’s Current account.

c) Partner’s Loan Account.

d) Partner’s Drawings Account.

Answer. c) Partner’s Loan Account

7. Alexa Ltd. purchased building from Siri Ltd for ₹8,00,000. The consideration was paid by issue of 6%debentures of ₹100 each at a discount of 20%. The 6% Debentures account is credited with:

a) ₹10,40,000

b) ₹10,00,000

c) ₹9,60,000

d) ₹6,40,000

Answer. b) ₹ 10,00,000

8. Which of the following statements is incorrect about debentures?

a) Interest on debentures is an appropriation of profits.

b) Debenture holders are the creditors of a company.

c) Debentures can be issued to vendors at discount.

d) Interest is not paid on Debentures issued as Collateral Security.

Answer. a).Interest on debentures is an appropriation of profits

9. Assertion (A) :- A Company is Registered with an authorised Capital of 5,00,000 Equity Shares of ₹10 each of which 2,00,000 Equity shares were issued and subscribed. All the money had been called up except ₹2 per share which was declared as ‘Reserve Capital’. The Share Capital reflected in balance sheet as ‘Subscribed and Fully paid up’ will be Zero.

Reason ( R ) :- Reserve Capital can be called up only at the time of winding up of the company.

(a) Both Assertion (A) and Reason (R) are Correct and Reason (R) is the correct explanation of Assertion (A)

(b) Both Assertion (A) and Reason (R) are Correct, but Reason (R) is not the correct explanation of Assertion (A)

(c) Assertion (A) is incorrect, but Reason (R) is Correct.

(d) Assertion (A) is correct, but Reason (R) is incorrect

Answer. a) Both Assertion (A) and Reason (R) are Correct and Reason (R) is the correct explanation of Assertion (A)

10. G, S and T were partners sharing profits in the ratio 3:2:1. G retired and his dues towards the firm including Capital balance, Accumulated profits and losses share, Revaluation Gain amounted to ₹ 5,80,000. G was being paid ₹ 7,00,000 in full settlement. For giving that additional amount of ₹ 1,20,000, S was debited for ₹ 40,000. Determine goodwill of the firm.

a) ₹ 1,20,000

b) ₹80,000

c) ₹2,40,000

d) ₹ 3,60,000

Answer. c) ₹ 2,40,000

11. Annu, Banu and Chanu are partners, Chanu has been given a guarantee of minimum profit of ₹8,000 by the firm. Firm suffered a loss of ₹5,000 during the year. Capital account ofBanu will be ________ by₹_________.

a) Credited, ₹6,500

b) Debited, ₹6,500

c) Credited, ₹1,500

d) Debited, ₹1,500

Answer. b) Debited, ₹6,500

12. A company forfeited 3,000 shares of ₹10 each, on which only ₹5 per share (including ₹1 premium) has been paid. Out of these few shares were re-issued at a discount of ₹1 per share were and ₹6,000 were transferred to Capital Reserve. How many shares were re-issued?

a) 3,000 shares

b) 1,000 shares

c) 2,000 shares

d) 1,500 shares

Answer. c). 2,000 Shares

13. X and Y are partners in a firm with capital of ₹18,000 and ₹20,000. Z brings ₹10,000 for his share of goodwill and he is required to bring proportionate capital for 1/3rdshare in profits. The capital contribution of Z will be:

a) ₹24,000

b) ₹19,000

c) ₹12,667

d) ₹14,000

Answer. a) ₹24,000

14. A and B are partners. B draws a fixed amount at the end of every quarter. Interest on drawings is charged @15% p.a. At the end of the year interest on B’s drawings amounted to ₹9,000. Drawings of B were:

a) ₹24,000 per quarter

b) ₹40,000 per quarter

c) ₹30,000 per quarter

d) ₹80,000 per quarter

Answer. b)₹40,000

15. Shyam, Gopal & Arjun are partners carrying on garment business. Shyam withdrew ₹ 10,000 in the beginning of each quarter. Gopal, withdrew garments amounting to ₹ 15,000 to distribute it to flood victims, and Arjun withdrew ₹ 20,000 from his capital account. The partnership deed provides for interest on drawings @ 10% p.a. The interest on drawing charged from Shyam, Gopal & Arjun at the end of the year will be

a) Shyam- ₹ 4,800; Gopal- ₹ 1,000; Arjun- ₹ 2,000

b) Shyam- ₹ 4,800; Gopal- ₹ 1,000; Arjun- ₹ 2,000

c) Shyam- ₹ 2,500; Gopal- ₹ 750; Arjun- Nil

d) Shyam- ₹ 4,800; Gopal- Nil; Arjun- Nil

Answer. c)Shyam – ₹ 2,500; Gopal- ₹ 750; Arjun- Nil

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