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At the time of… (Class 12 Accountancy SQP 2024-25, Q10)

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AccountancyCBSE Class 12 · Sample paper, session 2024-25 · 1 mark · MCQ

CBSE Class 12 Accountancy sample paper 2024-25: question 10

From the official CBSE sample question paper for 2024-25, section A, question 10, for 1 mark. Try it first; the hints and our step-by-step solution are below.

Q10 · 1 mark · MCQDissolution of Partnership Firm

At the time of dissolution Machinery appears at ₹ 10,00,000 and accumulated depreciation for the machinery appears at ₹ 6,00,000 in the balance sheet of a firm. This machine is taken over by a creditor of ₹ 5,40,000 at 5% below the net value. The balance amount of the creditor was paid through bank. By what amount should the bank account be credited for this transaction?

  1. (A)₹ 60,000.
  2. (B)₹ 1,60,000.
  3. (C)₹ 5,40,000.
  4. (D)₹ 4,00,000.

Source: official sample paper from cbseacademic.nic.in (PDF). See it in the full Sample paper 2024-25.

Hints

Open one hint at a time and try again before the next.

Hint 1

Net value = cost − accumulated depreciation.

Hint 2

The machine settles part of the creditor's claim.

Step-by-step solution

Each step shows the marks it earns, as an examiner would award them. Checked by an independent re-solve from the question paper.

  1. Net value = ₹ 10,00,000 − ₹ 6,00,000 = ₹ 4,00,000; taken over at 5% less = ₹ 3,80,000.

  2. Creditor of ₹ 5,40,000 is paid the balance ₹ 1,60,000 through bank. Option (B).

    1 mark

Answer: (B) ₹ 1,60,000.

Where the marks are

  • Creditor takes machinery at ₹ 3,80,000; rest paid by bank (1 mark)

Revise the chapter

Practise this chapterBoard-style questions from Dissolution of Partnership Firm, one at a time, marked against the answer key and marking points.Back to the full paperSample paper 2024-25: every question, by section.

The question is transcribed from the official paper; figures are described in words. The solution, hints and chapter tag are ours. Spotted an error? Write tosupport@questionbuddy.in.