HBSE Class 12 Accountancy Question Paper 2019 Answer Key
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SET-A
Q1. Not for profit organization prepare :
(A) Trading Account
(B) Trading & Profit and Loss Account
(C) income and Expenditure Account
(D) All of the above
Ans. (C) income and Expenditure Account
Q2. In the absence of Partnership deed, the interest is allowed on partner’s loan account will be :
(A) @ 5% p. a.
(B) @ 6% p. a.
(C) @ 7.5% p. a.
(D) @ 12% p. a.
Ans. (B) @ 6% p. a.
Q3. Liability of Partner is :
(A) Limited
(B) Unlimited
(C) Determined by Court
(D) Determine by Partnership Act
Ans. (B) Unlimited
Q4. Interest on Partner’s drawings will be credited to :
(A) Profit and Loss Account
(B) Profit and Loss Appropriation Account
(C) Partner’s Capital Account
(D) None of the above
Ans. (B) Profit and Loss Appropriation Account
Q5. A, B and C were partners in a firm sharing profit in 4 : 3 : 2. They decided to share future profits in 4 : 3 : 1. Sacrificing ratio and Gaining ratio will be :
(A) A Sacrifice 4/72, B Sacrifice 3/72, C Gain 7/72
(B) A Gain 3/72, B Gain 4/72, C Sacrifice 7/72
(C) A Sacrifice 3/72, B Sacrifice 4/72, C Gain 7/72
(D) A Gain 4/72, B Gain 3/72, C Sacrifice 7/72
Ans. (D) A Gain 4/72, B Gain 3/72, C Sacrifice 7/72
C = 2/9 – 1/8 = 7/72 (s)
Q6. Gaining ratio :
(A) New Ratio − Sacrificing Ratio
(B) Old Ratio − Sacrificing Ratio
(C) New Ratio − Old Ratio
(D) Old Ratio − New Ratio
Ans. (C) New Ratio − Old Ratio
Q7. Any change in the relationship of existing partners which result in the end of existing agreement and enforces making of a new agreement is called :
(A) Revaluation of Partnership
(B) Reconstruction of Partnership
(C) Realization of Partnership
(D) None of the above
Ans. (B) Reconstruction of Partnership
Q8. When a new partner brings goodwill in cash, it is credited to :
(A) His Capital A/c
(B) Sacrificing Partner’s Capital A/c’s
(C) Old Partner’s Capital A/c
(D) All Partner’s Capital A/c’s
Ans. (B) Sacrificing Partner’s Capital A/c’s
Q9. On the admission of a new partner :
(A) old firm is dissolved
(B) old partnership is dissolved
(C) both old partnership and firm are dissolved
(D) neither partnership nor firm is dissolved
Ans. (B) old partnership is dissolved
Q10. X and Y sharing profit in 3 : 2 ratio. Z was admitted with 1/4 share in profits which he acquires equally from X and Y. The new ratio will be :
(A) 9 : 6 : 5
(B) 19 : 11 : 10
(C) 3 : 3 : 2
(D) 3 : 2 : 4
Ans. (B) 19 : 11 : 10
= 19 : 11 : 10
Q11. If, at the time of admission, the revaluation A/c shows a profit, it should be credited to :
(A) Old Partners Capital A/c in old ratio
(B) All Partners Capital A/c in new ratio
(C) Old Partners Capital A/c in new ratio
(D) Old Partners Capital A/c in sacrificing ratio
Ans. (A) Old Partners Capital A/c in old ratio
Q12. On the death of a partner, the amount due to him will be credited to :
(A) All partner’s Capital Account
(B) Remaining Partner’s Capital Account
(C) His Executor’s Account
(D) Government’s Revenue Account
Ans. (C) His Executor’s Account
Q13. A, B and C are partners sharing profit in the ratio of 1/4 : 3/10 : 9/20 . The new ratio on C’s retirement will be :
(A) 6 : 5
(B) 5 : 6
(C) 4 : 3
(D) 4 : 10
Ans. (B) 5 : 6
A : B : C = 1/4 : 3/10 : 9/20 = 5 : 6 : 9 (LCM=20)
A : B = 5 : 6
Q14. At the time of retirement of a partner, profit on revaluation will be credited to :
(A) Capital Account of retiring partner
(B) Capital Account of all partner’s in the old profit sharing ratio
(C) Capital Account of the remaining partner’s in their old profit sharing ratio
(D) Capital Account of the remaining partne’rs in their new profit sharing ratio
Ans. (B) Capital Account of all partner’s in the old profit sharing ratio
Q15. A and B are partners sharing profits in the ratio of 4 : 3. They admitted C as a new partner for 1/5th share which is acquire entirely from A. The new profit sharing ratio will be :
(A) 20 : 8 : 7
(B) 13 : 15 : 15
(C) 13 : 15 : 7
(D) 15 : 13 : 5
Ans. (C) 13 : 15 : 7
Old Ratio A : B = 4 : 3
C’s share = 1/5
A’s sacrifice = 1/5
A’s new share = 4/7 – 1/5 = 13/35
B’s new share = 3/7
New Ratio = 13/35 : 3/7 : 1/5 (LCM=35)
= 13 : 15 : 7
Q16. A and B are partners sharing in 5 : 3. A surrenders 1/4th of his share and B surrenders 1/5th of his share in favour of C, a new partner. What is the sacrificing ratio ?
(A) 4 : 5
(B) 5 : 4
(C) 12 : 25
(D) 25 : 12
Ans. (D) 25 : 12
Old Ratio A : B = 5 : 3
A’s sacrifice = 5/8 × 1/4 = 5/32
B’s sacrifice = 3/8 × 1/5 = 3/40
Sacrificing Ratio = 5/32 : 3/40 (LCM=160)
= 25 : 12
Q17. An artificial person created by Law is called :
(A) Sole Tradership
(B) Partnership Firm
(C) Company
(D) All of the above
Ans. (C) Company
Q18. Maximum number of members in a Private Company is :
(A) 7
(B) 200
(C) 20
(D) No Limit
Ans. (B) 200
Q19. A company may issue :
(A) Equity shares
(B) Preference shares
(C) Equity & Preference both shares
(D) None of above
Ans. (C) Equity & Preference both shares
Q20. Which of the following is not shown under the heading ‘Share Capital’ in a Balance Sheet ?
(A) Subscribed Capital
(B) issued Capital
(C) Reserve Capital
(D) Authorized Capital
Ans. (C) Reserve Capital
Q21. According to Companies Act, minimum subscription has been fixed at ……..….. of the issued amount.
(A) 25%
(B) 50%
(C) 90%
(D) 100%
Ans. (C) 90%