(SAMPLE PAPER) CBSE ACCOUNTANCY GULF OLYMPIAD CLASS XII PART A (Objective) 1. On firm s dissolution, on realization of goodwill (which was shown in the Balance sheet) will be credited to: A) Cash A/c B) Realization A/c C) Profit &loss A/c 2. Investment Valued at ` 2, 00,000 were not shown in the books. One of the creditors took over these Investments in full satisfaction of his debt of ` 2, 20,000. How much will be deducted from creditors? A) ` 20, 000 B) ` 2, 20,000 C) ` 4, 20,000. D) ` 2, 00,000. 3. In the Balance sheet Total Debtors appear ` 50,000 and provision for doubtful debts appear at ` 1,500. How much amount will be realized from debtors, if bad debts amounted to ` 10,000 and remaining debtors realized at a discount of 5%. A) ` 38,000 B) ` 36,500 c) ` 36,575 d) ` 39,500. 4. A, B and C share profits and losses of the firm equally. B retire from the business and his share is purchased by A & C in the ratio of 2:3. New profit sharing ratio between A and C respectively would be : A) 1:1 B) 2:3 C) 7:8 D) 3:5. 1
5. A, B and C are partners in a firm sharing profit / loss in the ratio of 2:2:1. On September 30, 2015, C died. Accounts are closed 31 st March every year. The Sales of the year 2014 was ` 6, 00,000 and the profits were ` 60,000. The Sales for the period from 1 st April 2015 to September 2015 were ` 2,00,000. The share of the deceased partner of the current year s profit on the basis of sales is: A) ` 20,000 B) ` 8,000 C) ` 3,000. D) ` 4,000. 6. Ram, Krishna and Ganesh were sharing profits and losses in the ratio of 5:3:2. Ram retires and Krishna and Ganesha s share future profits equally. Goodwill of the firm is valued at ` 1, 00,000. Calculate the amount of goodwill to be debited to Krishna s and Ganesha s Capital A/c. A) ` 60,000 & ` 40,000. B) ` 20,000 & ` 30,000. C) ` 40,000 & ` 60,000. D) ` 30,000 & ` 20,000. 7. The Goodwill of the firm is not affected by A) Location of the firm. B) Reputation of the firm. C) Better customer service. 8. Pro rata basis allotted 5000 shares out of 7500 shares were applied, 600 shares were applied by a person, how much amount adjusted to allotment account if application money is ` 2 per share. A) ` 400. B) ` 200. C) ` 1200. D) ` 500. 2
9. X and Y are partners.their sharing profit ratio is 5:3. They admitted Z as a new partner for 1/5 th share and contributed equally by the old partners, and then the new profit sharing ratio is: A) 21:11:8 B) 20:8:9 C) 22:5:6 D) 5:3:2. 10. The company forfeited 2000 shares of ` 10 each held by Mr. John for nonpayment of allotment money of ` 4 per share.the called up value per share was ` 9 on forfeiture. The amount debited to Share capital will be `. A) ` 10,000. B) ` 8,000. C) ` 2,000. D) ` 18,000. 11. Hari, Roy and Prasad are sharing in 3:5:4.Roy retired his share is taken by Prasad, the new profit sharing ratio is: A) 1:3 B) 2:1 C) 3:2 D) Equal. 12. Current Account of a partner: A) will always have a credit balance. B) will always have a debit balance. C) may have a debit balance or a credit balance. D) can never have a debit balance. 13. Interest payable on partner s loan is charged to; A) Profit and loss appropriation account. B) Profit and loss account. C) Realization Account. D) Profit and loss adjustment Account. 3
14. A, B and C are partners sharing profits in the ratio 5:3:2. They decided to share the future profits in the ratio of 2:3:5 with affect from 1 st April, 2016. What will be the accounting treatment of workmen compensation Reserve appearing in the Balance sheet on that date when no information is available for the same? A) Distributed to partners in their capital ratio. B) Distributed to the partners in their new profit sharing ratio. C) Distributed to the partners in their old profit sharing ratio. D) Carried forward to new Balance sheet. 15. Revaluation Account (or alternatively Profit and loss adjustment account) is a: A) Real Account B) Nominal Account. C) Personal Account. 16. According to section 37 of the Indian Partnership Act, the interest payable to the deceased partner on the amount left by him will be A) 6% p.a B) 10% p.a C) The Bank rate. 17. The part of authorized Capital which can be called up only on the company being winding up is called: A) Issued capital B) Unsubscribed capital C) Reserve capital 18. If on shares of nominal value of ` 10, ` 8 have been called up and also received by the company, it will be shown as 4
A) Subscribed and fully paid up. B) Subscribe d and not fully paid up. C) Issued shares 19. When shares are forfeited, share capital account is debited with A) Nominal value of shares B) Paid up value of shares C) Called up value of shares D) Market value of shares 20. Balance in the Forfeited share account is shown in the Balance sheet under the head of: A) Other current liabilities. B) Share capital C) Reserve and surplus D) Long term borrowings. 21. Discount or loss on issue of Debentures to be written off within 12 months from the date of Balance sheet or within the period of operating cycle is shown as; A) Other current liabilities B) Other long term liabilities. C) Other noncurrent assets. D) Other current Assets 22. Premium Payable on redemption of debentures is in the nature of: A) Personal Account. B) Real Account. C) Nominal Account. D) None of these. 5
23. Accumulated Dividend in Arrears on preference shares is shown in the company Balance Sheet will be shown under A) Current liability. B) Contingent liability. C) Commitments. D) Short term provision 24. When bad position of the business is tried to depicted as good, it is known as A) Personal Bias B) Price level Changes C) Window dressing D) All of the above. 25. According to Prescribed order of assets in a company s Balance sheet assets should be shown first of all A) Non-Current Assets B) Current Investment. C) Current Assets D) Loans and advances. 26. Claim against the Company not acknowledged as debts is shown under the head: A) Current Liabilities. B) Noncurrent Liabilities. C) Commitments D) Contingent Liabilities. 27. The. Ratio is primarily measure of return. A) Liquidity B) Activity C) Debt D) Profitability. 6
28. Ratio provide a.. measure of a company s performance and condition. A) Definitive B) Gross C) Relative D) Qualitative. 29. A ltd., engaged in the business of retailing of two wheelers, invested ` 50,00,000 in the shares of a manufacturing company. Dividend received on this investment will be: A) Cash flow from operating Activities. B) Cash flow from Investing Activities. C) Cash flow from financing Activities. D) Cash and Cash Equivalent. 30. Which of the following item is not considered as cash Equivalent? A) Short term Deposit in Bank. B) Commercial Papers. C) Treasury Bills. D) Investment. 7
MARKING SCHEME 1. B, 2.A, 3.A, 4.C, 5 D, 6.B, 7 D, 8. A. 9.A, 10.D, 11.A 12.C, 13.D, 14.C, 15.B, 16.D,17.C, 18.B,19.C,20. B, 21.D, 22.A,23.C, 24. C,25.A, 26.D, 27.D, 28. B, 29. B, 30.D. 8