Dissolution of Partnership Firm - Class 12 Accountancy - Chapter 4 - Notes, NCERT Solutions & Extra Questions
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Extra Questions - Dissolution of Partnership Firm | NCERT | Accountancy | Class 12
Distinguish between 'preliminary contracts' and 'provisional contracts'.
Comparison: Preliminary Contracts vs Provisional Contracts
S.N. | Preliminary Contracts | Provisional Contracts |
---|---|---|
1 | Contracts signed by promoters with third parties before the company's incorporation. | Contracts signed after incorporation but before the commencement of business. |
2 | These contracts are not legally binding on the company and cannot be ratified after incorporation. | These contracts become enforceable only after the company receives the Certificate of Commencement of Business. |
3 | The liabilities from these contracts are the responsibility of the promoters. | The liabilities from these contracts are the responsibility of the company. |
4 | Both private and public companies have the right to undertake these contracts. | These contracts can only be undertaken by public companies. |
This table outlines the key differences between preliminary contracts and provisional contracts concerning their timing, binding nature on the company, the responsibility for liabilities, and the type of companies that can engage in them.
If a vote of 'no confidence' is passed against a minister:
A. He has to tender his resignation.
B. The whole Council of Ministers has to resign.
C. The minister as well as the Prime Minister have to tender their resignation.
D. None of the above.
The correct answer is D. None of the above.
When a vote of 'no confidence' is passed against a minister, it does not automatically lead to any of the consequences listed in the other options. Thus, individual ministers may continue in their roles unless further action is taken.
The corrected text is:
A sentence has been broken into 4 parts, (A), (B), (C) and (D). Read each sentence to find out whether there is any grammatical error in it. The error, if any, will be in one part of the sentence. The corresponding option is the correct answer. If there is no error, the answer is option (E). (Ignore the errors of punctuation, if any).
A We had made every effort
B to ensure that a
C compromise is reached and
D the deal was signed (E) No error
The correct part of the sentence containing the error is Option C: compromise is reached and.
The overall sentence uses past tense, specifically indicated by phrases in other parts of the sentence, such as "We had made" and "the deal was signed." Therefore, the verb in part C should also conform to the past tense. The phrase 'compromise is reached' should be corrected to 'compromise was reached' to maintain consistent tense usage throughout the sentence.
For example:
- "I tried my level best to ensure that the treaty was signed so that work could be resumed." illustrates the correct tense usage for similar contexts.
Original cost = Rs 137000, Salvage value = Rs 17000, Depreciation rate is 10%, WDV Method. Asset sold for Rs 100000 at the end of 3rd year. Gain/Loss is. $\qquad$
A. Rs 12520 profit
B. Rs 11520 loss
C. Rs 18000 profit
D. Rs 13200 loss
The correct option is A. Rs 12,520 profit
Using the Written Down Value (WDV) Method of depreciation, the calculations for the asset's value over three years are as follows:
Year | Beginning Value | Depreciation (10%) | End Value (WDV) |
---|---|---|---|
1 | Rs 137,000 | Rs 13,700 | Rs 123,300 |
2 | Rs 123,300 | Rs 12,330 | Rs 110,970 |
3 | Rs 110,970 | Rs 11,097 | Rs 99,873 |
At the end of the third year, the asset's book value is Rs 99,873. Since the asset was sold for Rs 100,000, the gain realized from the sale is:
$$ \text{Gain} = \text{Selling Price} - \text{Book Value} = Rs 100,000 - Rs 99,873 = Rs 127 $$
The provided solution does not match the calculations here; therefore, rechecking details and using actual company figures is recommended. Please verify if the initial numbers or depreciation rates are given differently in practice for your specific scenario.
If drawings for the year have been given without any breakup of the same, the interest on drawings shall be calculated for:
A) 5.5 months
B) 6.5 months
C) 6 months
D) None of the above
The correct answer is C) 6 months.
When drawings for the year are provided without any specific breakdown of the times these were made, the interest on those drawings is ordinarily computed for an assumed period of 6 months. This estimation assumes that the drawings were spread evenly throughout the year.