MP Board Model Question paper 2023 12th Accountancy with solution.

MP Board Model Question paper 12th Accountancy

Objective (MCQs) type Questions with solution.

1. Choose the correct option -

(I) The portion of the capital which is actually received from the Shareholders, is called -

(a) Paid-up Capital

(b) Issued Capital

(d) Authorised Capital

Ans: (a) Paid-up Capital

(II) At the time of forfeiture of shares, Share Capital is debited by-

(a) Called-up amount on shares

(b) Paid-up amount on shares.

(d) Face value of shares

Ans: (a) Called-up amount on shares

(III) The format of Balance Sheet of a Company is given in which schedule of the Company's Act 2013-

(a) Schedule III part 1

(b) Schedule III part 2

(d) Schedule III part 4

Ans: (a) Schedule III part 1

(IV) Average collection' is related to-

(a) Invested Capital

(b) Shareholder's fund

(d) Net Credit Sale

Ans: (d) Net Credit Sale

(V) Cost of goods sold is ₹20000. Average stock is ₹8000. Stock turnover Ratio will be -

(a) 2 Times

(b) 2.5 Times

(d) 3.5 Times

Ans: (b) 2.5 Times

(VI) Cash flow statement is related to-

(a) AS-3

(b) AS 6

(d) AS-12

Ans: (a) AS-3

2. Fill in the blanks-

(I) The liability of Partners is ...........

Ans: Unlimited.

(II). ............account is opened, when the amount payable to retired partner is given in instalments.

Ans: Partner Loan

(III) At the time of admission of a new partner, if Goodwill already appearing in the books. It will be distributed in ...............ratio.

Ans: Old Profit and loss sharing ratio.

(IV) The nature of Realisation account is .........

Ans: Nominal.

(V) Insolvency of all Partners is............... dissolution of Firm.

Ans: Dissolution of Partnership Firm.

(VI) The rate of dividend is fixed on...............shares.

Ans: Preference

(VII) ....... Debentures can be converted into shares.

Ans: Convertible

3. Match the columns-

"A". "B"

(I) Loss on Revaluation. (A) Accounting of goodwill

(II) Average profit

more than Normal profit. (B) Capital A/C credit

(III) Calculation of

Normal Profit. (c) Reconstitution

(IV) Interest on Drawing. (D) Super Profit

(V) Admission of a

Partner. (E) Capital employed

(VI) AS-26. (F) Product method.

(G) Gaining ratio

(H) Capital account debit

Ans: (I) B, (II) D, (III) E, (IV) F, (V) C, (VI) A

4. Write answer in True/False

(I) The objective of Partnership business must be Legal.

Ans: True.

(II) At the time of admission of a new partner, It is compulsory to bring capital by him.

Ans: True

(III) The nature of Debenture is short term.

Ans: False

(IV) Debenture holders are the real owners of Company.

Ans: False

(V) 'Sale of furniture' is an Investing Activity.

Ans: True

(VI) Non-current assets are Company's long term investment.

Ans: True

5. Write the answer in one sentence-

(I) What is the written agreement between the Partners called?

Ans: Partnership Deed.

(II) Which balance does the capital account always show in the fixed capital method?

Ans: Credit Balance.

(III) In which ratio profit loss is distributed between the partners in the absence of

partnership deed?

Ans: Equally

(IV) Who gives approval to the name of the Company?

Ans: Company Registrar.

(V) Under which heading reserve &surplus' is shown in the Company's Balance sheet.

Ans: Shareholders fund/ Equity and Liabilities

(VI) What type of necessity is preparation of Financial Statement?

Ans: Legal Necessity.

(VII) Which statement shows the Operating result and Financial position of the Company?

Ans: Financial statements.

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Friday, February 10, 2023