BrainCheck

Class 12 - Accountancy - Paper 041

Grade 12 / Accountancy

20 questions • 20 marks

Time: 25 minutes

Choose one answer per question.

Name: _________________________ Section: __________ Date: __________

1. Goodwill compensates old partners mainly for ___ .

○ A. a bank loan repayment only

○ B. their private property

○ C. past drawings only

○ D. sacrifice of future profit share

Admission of a Partner

2. A company issues 800 shares of face value Rs 10 at par. Find the share capital raised.

○ A. 7999

○ B. 8000

○ C. 8002

○ D. 8001

Accounting for Share Capital

3. Gross profit is Rs 6000 on revenue of Rs 100000. Find the gross profit ratio as a percentage.

○ A. 7

○ B. 8

○ C. 5

○ D. 6

Accounting Ratios

4. A company issues 1300 shares of face value Rs 10 at par. Find the share capital raised.

○ A. 13000

○ B. 13001

○ C. 12999

○ D. 13002

Accounting for Share Capital

BrainCheck

Class 12 - Accountancy - Paper 041

Grade 12 / Accountancy

20 questions • 20 marks

Time: 25 minutes

Choose one answer per question.

Name: _________________________ Section: __________ Date: __________

5. A company issues 200 shares of face value Rs 10 at par. Find the share capital raised.

○ A. 2002

○ B. 1999

○ C. 2000

○ D. 2001

Accounting for Share Capital

6. A profit of Rs 10000 is shared in the ratio 3:2. Find the first partner's share in rupees.

○ A. 6002

○ B. 6001

○ C. 6000

○ D. 5999

Accounting for Partnership Firms

7. Sacrificing ratio equals ___ .

○ A. capital divided by drawings

○ B. new share minus old share

○ C. old share plus new share

○ D. old share minus new share

Change in Profit-Sharing Ratio

8. Cash received from issuing shares is a ___ cash flow.

○ A. non-cash depreciation

○ B. operating

○ C. investing

○ D. financing

Cash Flow Statement

BrainCheck

Class 12 - Accountancy - Paper 041

Grade 12 / Accountancy

20 questions • 20 marks

Time: 25 minutes

Choose one answer per question.

Name: _________________________ Section: __________ Date: __________

9. Find capital from the balance-sheet data shown, in rupees.

○ A. 50000

○ B. 50002

○ C. 49999

○ D. 50001

Financial Statement Analysis

10. A profit of Rs 20000 is shared in the ratio 3:2. Find the first partner's share in rupees.

○ A. 12000

○ B. 11999

○ C. 12001

○ D. 12002

Accounting for Partnership Firms

11. Gaining ratio equals ___ .

○ A. old share plus new share

○ B. assets minus liabilities

○ C. old share minus new share

○ D. new share minus old share

Retirement of a Partner

12. A company issues 400 shares of face value Rs 10 at par. Find the share capital raised.

○ A. 4001

○ B. 4000

○ C. 3999

○ D. 4002

Accounting for Share Capital

BrainCheck

Class 12 - Accountancy - Paper 041

Grade 12 / Accountancy

20 questions • 20 marks

Time: 25 minutes

Choose one answer per question.

Name: _________________________ Section: __________ Date: __________

13. A profit of Rs 60000 is shared in the ratio 3:2. Find the first partner's share in rupees.

○ A. 36001

○ B. 36002

○ C. 35999

○ D. 36000

Accounting for Partnership Firms

14. A profit of Rs 25000 is shared in the ratio 3:2. Find the first partner's share in rupees.

○ A. 14999

○ B. 15002

○ C. 15000

○ D. 15001

Accounting for Partnership Firms

15. Current assets are Rs 80000 and current liabilities Rs 20000. What is the current ratio expressed as a number?

○ A. 4

○ B. 3

○ C. 5

○ D. 6

Accounting Ratios

16. Current assets are Rs 160000 and current liabilities Rs 20000. What is the current ratio expressed as a number?

○ A. 8

○ B. 9

○ C. 7

○ D. 10

Accounting Ratios

BrainCheck

Class 12 - Accountancy - Paper 041

Grade 12 / Accountancy

20 questions • 20 marks

Time: 25 minutes

Choose one answer per question.

Name: _________________________ Section: __________ Date: __________

17. Gross profit is Rs 11000 on revenue of Rs 100000. Find the gross profit ratio as a percentage.

○ A. 11

○ B. 12

○ C. 13

○ D. 10

Accounting Ratios

18. Current ratio is ___ .

○ A. fixed assets / current assets

○ B. profit / capital

○ C. inventory / revenue

○ D. current assets / current liabilities

Financial Statement Analysis

19. Current assets are Rs 40000 and current liabilities Rs 20000. What is the current ratio expressed as a number?

○ A. 1

○ B. 4

○ C. 2

○ D. 3

Accounting Ratios

20. Which equation fits the displayed data?

○ A. Liabilities = Assets + Capital

○ B. Assets = Liabilities + Capital

○ C. Capital = Assets + Liabilities

○ D. Assets = Liabilities - Capital

Financial Statement Analysis