CBSE Class 12 Accountancy Assertion and Reasoning Questions for Board Exams 2024, Download Free PDF

CBSE Class 12 Accountancy Assertion Reasoning Questions PDF: CBSE Class 12 Accountancy Board Exam 2024 will be conducted on March 23, 2024, from 10:30 AM to 1:30 PM. The last few days before the exam must be wisely utilised by students to strengthen their preparation for the final test. Here, we have brought to you one such important resource to ensure that your preparation is smooth and effective. Check the list of CBSE Class 12th Accountancy Assertion Reasoning Questions for the upcoming board exam. We have used the authentic resources provided by CBSE such as sample papers, practise questions, question bank, previous year papers, and so on for the preparation of this list. The best Assertion-Reasoning questions for Class 12 Accountancy have been provided here after sorting and choosing the most important ones. 

Assertion Reasoning questions fall under the Multiple Choice Questions (MCQs) category and thus are of 1 mark each. Tremendous amount of practise and coverage of the syllabus can ensure correct answers to these questions in one go. Check the list below to boost your preparation for the board exam. 

CBSE Class 12 Accountancy Assertion Reasoning Questions for Board Exam 2024

Check the CBSE Class 12 Accountancy important Assertion Reasoning questions for board exams 2024.

1. Assertion: Batman, a partner in a firm with four partners has advanced a loan of ₹50,000 to the firm for last six months of the financial year without any agreement. He claims an interest on loan of ₹3,000 despite the firm being in loss for the year.

Reasoning: In the absence of any agreement / provision in the partnership deed, provisions of Indian Partnership Act, 1932 would apply.

a) Both A and R are correct, and R is the correct explanation of A.

b) Both A and R are correct, but R is not the correct explanation of A.

c) A is correct but R is incorrect.

d) A is incorrect but R is correct

Answer. a)  Both A and R are correct, and R is the correct explanation of A.

2. Assertion (A) :- A Company is Registered with an authorised Capital of 5,00,000 Equity Shares of ₹10 each of which 2,00,000 Equity shares were issued and subscribed. All the money had been called up except ₹2 per share which was declared as ‘Reserve Capital’. The Share Capital reflected in balance sheet as ‘Subscribed and Fully paid up’ will be Zero.

Reason ( R ) :- Reserve Capital can be called up only at the time of winding up of the company.

(a) Both Assertion (A) and Reason (R) are Correct and Reason (R) is the correct explanation of Assertion (A)

(b) Both Assertion (A) and Reason (R) are Correct, but Reason (R) is not the correct explanation of Assertion (A)

(c) Assertion (A) is incorrect, but Reason (R) is Correct.

(d) Assertion (A) is correct, but Reason (R) is incorrect

Answer. a) Both Assertion (A) and Reason (R) are Correct and Reason (R) is the correct explanation of Assertion (A)

3. Assertion (A):- Commission provided to partner is shown in Profit and Loss A/c.

Reason (R):- Commission provided to partner is charge against profits and is to be provided at fixed rate.

a) (A) is correct but (R) is wrong

b) Both (A) and (R) are correct, but (R) is not the correct explanation of (A)

c) Both (A) and (R) are incorrect.

d) Both (A) and (R) are correct, and (R) is the correct explanation of (A)

Answer. c) Both (A) and (R) are incorrect

4. Read the following statements: Assertion (A) and Reason (R). Choose the correct alternative from those given below.

Assertion: Michael, Mike and Stephen were partners sharing profits and losses in the ratio 3:2:1. Stephen being a partner wants that he should be exempted from sharing the losses in the firm.

Reasoning: According to Partnership Act 1932,”It may be agreed between the partners that one or more of them shall not be liable for losses.”

Alternatives:

(a) Both A and R are correct, and R is the correct explanation of A.

(b) Both A and R are correct, but R is not the correct explanation of A.

(c) A is correct but R is incorrect.

(d) A is incorrect but R is correct.

Answer. (a) Both A and R are correct, and R is the correct explanation of A.

5. Read the following statements: Assertion (A) and Reason (R). Choose the correct alternative from those given below.

Assertion (A) :- Under Section 62(1)(b) of the Companies Act, 2013, a Company may offer shares to its employees under a scheme of ‘Employees Stock Option’ which means the option (right) given to the whole-time directors, officers or permanent employees of a company to purchase or subscribe the securities offered by the company at a future date, at a pre-determined price, which is lower than the market price.

Reason (R) :- The company need not to pass a special resolution to this effect.

Alternatives:

(a) Both Assertion (A) and Reason (R) are Correct and Reason (R) is the correct explanation of Assertion (A)

(b) Both Assertion (A) and Reason (R) are Correct, but Reason (R) is not the correct explanation of Assertion (A)

(c) Assertion (A) is incorrect, but Reason (R) is Correct.

(d) Assertion (A) is correct, but Reason (R) is incorrect

Answer. (d) Assertion (A) is correct, but Reason (R) is incorrect

6. Manav and Daksh were partners sharing profits and losses in the ratio of 5:3. Their firm was dissolved on March 31, 2023. On the date of dissolution, Daksh’s Loan to the firm amounted to ₹ 80,000 and was settled at ₹ 75,000.

Assertion (A) :- Daksh’s Loan will be debited by ₹ 75,000 only.

Reason (R) :- Daksh’s Loan to be closed only by the amount paid to him.

(a) Both A and R are correct and R is the correct explanation of A

(b) Both A and R are correct but R is not the correct explanation of A.

(c) A is incorrect but R is correct.

(d) Both A and R are incorrect

Answer. d)Both A and R are incorrect

7. Assertion (A):- Commission provided to partner is shown in Profit and Loss A/c.

Reason (R):- Commission provided to partner is charge against profits and is to be provided at fixed rate.

a) (A) is correct but (R) is wrong

b) Both (A) and (R) are correct, but (R) is not the correct explanation of (A)

c) Both (A) and (R) are incorrect.

d) Both (A) and (R) are correct, and (R) is the correct explanation of (A)

Answer. a) (A) is correct but (R) is wrong

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