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ISC (Arts) Class 12 - CISCE Question Bank Solutions

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Ravi, Vijay and Sujay were partners sharing profits in the ratio of `1/2 : 1/3 : 1/6`.

Vijay decided to retire, his share being taken up by the remaining partners in the ratio 1 : 4.

On Vijay’s retirement, a loss of ₹ 12,000 was determined upon revaluation of assets and liabilities.

You are required to:

  1. Calculate the new profit-sharing ratio of the remaining partners.
  2. Pass the journal entry to write off the loss on revaluation of assets and liabilities.
[0.013000000000000001] Reconstitution of Partnership
Chapter: [0.013000000000000001] Reconstitution of Partnership
Concept: Retirement and Death of a Partner - Calculation of New Profit Sharing Ratio

On 1 st April, 2017, Prasad and Company Limited issued 1,000, 10% Debentures of ₹ 1,000 each at ₹ 980. Under the terms of issue, `1/5` of the debentures is annually redeemable by drawings, the first redemption occurring on 31st March, 2019.

On 31st March, 2018, the company had a balance of ₹ 4,000 in its Capital Reserve A/c. The company wrote off the discount on issue of debentures over the life-time of the debentures.

You are required to prepare the Discount on issue of Debentures Account for the first three years.

[0.022000000000000002] Issue of Debentures
Chapter: [0.022000000000000002] Issue of Debentures
Concept: Disclosure of Discount on Issue of Debentures in the Company’s Balance Sheet When Debentures Are Redeemed in Instalments

Naresh, Dhruv and Azeem are partners sharing profits in the ratio of 5:3:7.

Naresh retires from the firm. Dhruv and Azeem decided to share profits in the ratio of 2:3.

The adjusted capital accounts of Dhruv and Azeem at the time of Naresh’s retirement showed the balances of ₹ 33,000 and ₹ 70,500 respectively.

The total amount to be paid to Naresh is ₹ 90,500 which is paid in cash immediately by the firm, the cash being contributed by Dhruv and Azeem in such a way that their capitals become proportionate to their new profit-sharing ratio and the firm maintains a minimum cash balance of ₹ 5,000 from its existing balance of ₹ 20,000.

You are required to pass journal entries to record:

  • Payment made to the retiring partner
  • Cash brought in by the remaining partners to pay off the retiring partner
[0.013000000000000001] Reconstitution of Partnership
Chapter: [0.013000000000000001] Reconstitution of Partnership
Concept: Retirement and Death of a Partner - Adjustment of Capitals

Anita and Binita are partners in a firm. Anita had taken a loan of ₹ 15,000 from the firm. How will Anita’s loan be closed in the event of dissolution of the firm?

[0.013000000000000001] Reconstitution of Partnership
Chapter: [0.013000000000000001] Reconstitution of Partnership
Concept: Dissolution of Partnership Firm

At the time of dissolution of a partnership firm, its Balance Sheet showed the stock of ₹ 30,000 comprising easily marketable items, obsolete items and a few miscellaneous other items. These items were realized as:

  • Easily Marketable Items: 65% of the total inventory in full.
  • Obsolete items: 20% of the total inventory had to be discarded.
  • The miscellaneous other items in the stock are at 40% of their book value.

You are required to pass the journal entry for the realisation of stock.

[0.013000000000000001] Reconstitution of Partnership
Chapter: [0.013000000000000001] Reconstitution of Partnership
Concept: Dissolution of a Partnership Firm - Preparation of Realization Account, and Other Related Accounts

Sita and Gita were partners sharing profits and losses in the ratio of 4 : 5. They dissolved their partnership on 31st March, 2021, when their Balance Sheet showed the following balances:

Particulars (₹)
Sita’s Capital 30,000
Gita’s Capital 35,000
Gita’s Current A/c (Dr) 2,000
Contingency Reserve 18,000
P/L A/c (Dr) 4,500

On the date of dissolution:

  1. The firm, upon realisation of assets and settlement of liabilities, made a profit of ₹ 9,000.
  2. Gita paid the realisation expenses of ₹ 2,000.
  3. Gita discharged the outstanding salary of the manager of the firm of ₹ 1,000 which was unrecorded in the books.

You are required to prepare the Partners’ Capital Accounts.

[0.013000000000000001] Reconstitution of Partnership
Chapter: [0.013000000000000001] Reconstitution of Partnership
Concept: Dissolution of a Partnership Firm - Preparation of Realization Account, and Other Related Accounts

Name the scientists who Invented the CT scan

[0.031] Human Health and Diseases
Chapter: [0.031] Human Health and Diseases
Concept: Introduction of Human Health and Diseases

State four causes of population growth.

[0.051] Organisms and Populations
Chapter: [0.051] Organisms and Populations
Concept: Introduction of Organisms and Populations

State consequences of population growth.

[0.051] Organisms and Populations
Chapter: [0.051] Organisms and Populations
Concept: Introduction of Organisms and Populations

Give reasons for the following:

At higher temperatures, green plants start evolving CO2 instead of O2.

[0.052000000000000005] Ecosystem
Chapter: [0.052000000000000005] Ecosystem
Concept: Introduction and Types of Ecosystem

Give one significant contribution of the given scientists:

M. S. Swaminathan

[0.032] Strategies for Enhancement in Food Production
Chapter: [0.032] Strategies for Enhancement in Food Production
Concept: Introduction of Strategies for Enhancement in Food Production

Explain industrial melanism.

[0.054000000000000006] Environmental Issues
Chapter: [0.054000000000000006] Environmental Issues
Concept: Environmental Issues

What does PCR stand for? Describe the different steps of PCR

[0.040999999999999995] Biotechnology - Principles and Processes
Chapter: [0.040999999999999995] Biotechnology - Principles and Processes
Concept: Process and Principles of Biotechnology

Give an account of the Blue-White Method of selection of recombinants

[0.040999999999999995] Biotechnology - Principles and Processes
Chapter: [0.040999999999999995] Biotechnology - Principles and Processes
Concept: Process and Principles of Biotechnology

Write a short note on Electrophoresis.

[0.040999999999999995] Biotechnology - Principles and Processes
Chapter: [0.040999999999999995] Biotechnology - Principles and Processes
Concept: Process and Principles of Biotechnology

What is symbiosis?

[0.011000000000000001] Reproduction in Organisms
Chapter: [0.011000000000000001] Reproduction in Organisms
Concept: Reproduction in Organisms

Define the Niche

[0.051] Organisms and Populations
Chapter: [0.051] Organisms and Populations
Concept: Introduction of Organisms and Populations

Explain the term perianth.

[0.011000000000000001] Reproduction in Organisms
Chapter: [0.011000000000000001] Reproduction in Organisms
Concept: Reproduction in Organisms

Give two significant difference between:

Transpiration and Guttation

[0.052000000000000005] Ecosystem
Chapter: [0.052000000000000005] Ecosystem
Concept: Introduction and Types of Ecosystem

Give two significant differences between:

Chlorophyll ‘a’ and Chlorophyll b ‘

[0.052000000000000005] Ecosystem
Chapter: [0.052000000000000005] Ecosystem
Concept: Introduction and Types of Ecosystem
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