| 901 |
Under the fixed capital method, where is a partner's share of profit recorded? |
Accountancy/Book Keeping
Fixed and fluctuating capital |
Easy |
| 902 |
How many accounts are maintained for each partner under the fluctuating capital method? |
Accountancy/Book Keeping
Fixed and fluctuating capital |
Easy |
| 903 |
Under the fixed capital method, which item is recorded in the partner's Capital Account? |
Accountancy/Book Keeping
Fixed and fluctuating capital |
Medium |
| 904 |
Capitals are fluctuating. A partner's opening capital is ₹50,000; interest on capital ₹5,000, salary ₹6,000, … |
Accountancy/Book Keeping
Fixed and fluctuating capital |
Medium |
| 905 |
Capitals are fixed. A partner's current account opens with a credit of ₹4,000. During the year he is credited… |
Accountancy/Book Keeping
Fixed and fluctuating capital |
Hard |
| 906 |
Interest on capital is usually allowed to partners in order to |
Accountancy/Book Keeping
Division of profit among partners |
Easy |
| 907 |
A partner withdrew equal amounts at the end of every month for a year. For how many months, on average, is in… |
Accountancy/Book Keeping
Division of profit among partners |
Easy |
| 908 |
A partner's capital on 1 April was ₹2,00,000. He introduced ₹50,000 more on 1 October. The deed allows 10% in… |
Accountancy/Book Keeping
Division of profit among partners |
Medium |
| 909 |
The profit before commission is ₹1,10,000. A partner is entitled to a commission of 10% of net profit after c… |
Accountancy/Book Keeping
Division of profit among partners |
Medium |
| 910 |
A partner withdrew ₹2,000 at the beginning of every month for 12 months. Interest on drawings is charged at 6… |
Accountancy/Book Keeping
Division of profit among partners |
Hard |
| 911 |
Where does interest on drawings appear in the Profit and Loss Appropriation Account? |
Accountancy/Book Keeping
Profit and Loss Appropriation Account |
Easy |
| 912 |
Which of these items is NOT shown in the Profit and Loss Appropriation Account? |
Accountancy/Book Keeping
Profit and Loss Appropriation Account |
Easy |
| 913 |
The Profit and Loss Appropriation Account is mainly prepared to |
Accountancy/Book Keeping
Profit and Loss Appropriation Account |
Medium |
| 914 |
Net profit is ₹90,000. Interest on capital is A ₹6,000 and B ₹4,000, B's salary is ₹12,000 and interest on A'… |
Accountancy/Book Keeping
Profit and Loss Appropriation Account |
Medium |
| 915 |
The deed allows interest on capital of ₹12,000 to P and ₹8,000 to Q as an appropriation of profit. Net profit… |
Accountancy/Book Keeping
Profit and Loss Appropriation Account |
Hard |
| 916 |
C is guaranteed a minimum profit of ₹20,000 by the firm. His actual share works out to ₹24,000. What adjustme… |
Accountancy/Book Keeping
Guarantee of profit to a partner |
Easy |
| 917 |
When a minimum profit is guaranteed to a partner by the firm, who bears the deficiency? |
Accountancy/Book Keeping
Guarantee of profit to a partner |
Easy |
| 918 |
A, B and C share profits 3:2:1. C is guaranteed ₹20,000 by the firm. The profit is ₹90,000. What amount does … |
Accountancy/Book Keeping
Guarantee of profit to a partner |
Medium |
| 919 |
A, B and C share profits 3:2:1. A alone guarantees C a minimum of ₹20,000. The profit is ₹90,000. What does B… |
Accountancy/Book Keeping
Guarantee of profit to a partner |
Medium |
| 920 |
P, Q and R share profits 2:2:1. R is guaranteed ₹30,000, the deficiency being borne by P and Q in the ratio 3… |
Accountancy/Book Keeping
Guarantee of profit to a partner |
Hard |
| 921 |
When an error in past profit distribution is corrected through partners' accounts, the total capital of the f… |
Accountancy/Book Keeping
Past adjustments |
Easy |
| 922 |
Past adjustments are usually recorded by passing |
Accountancy/Book Keeping
Past adjustments |
Easy |
| 923 |
A and B (capitals ₹60,000 and ₹40,000) share profits equally. Interest on capital at 10% was omitted last yea… |
Accountancy/Book Keeping
Past adjustments |
Medium |
| 924 |
In the same case (A and B with capitals ₹60,000 and ₹40,000, equal sharing, 10% interest omitted), what is th… |
Accountancy/Book Keeping
Past adjustments |
Medium |
| 925 |
Profit of ₹60,000 was wrongly shared equally between X and Y, instead of the agreed ratio 2:1. What adjustmen… |
Accountancy/Book Keeping
Past adjustments |
Hard |
| 926 |
Sacrificing ratio is calculated as |
Accountancy/Book Keeping
Change in profit-sharing ratio |
Easy |
| 927 |
On a change in profit-sharing ratio, accumulated reserves are distributed among partners in the |
Accountancy/Book Keeping
Change in profit-sharing ratio |
Easy |
| 928 |
A and B share profits 3:2. They decide to share equally in future. What is A's sacrifice? |
Accountancy/Book Keeping
Change in profit-sharing ratio |
Medium |
| 929 |
A and B change their ratio from 3:2 to 1:1. The firm's goodwill is ₹50,000. What is the adjustment entry? |
Accountancy/Book Keeping
Change in profit-sharing ratio |
Medium |
| 930 |
X, Y and Z share profits 5:3:2. They agree to share 2:3:5 in future. Which statement is correct? |
Accountancy/Book Keeping
Change in profit-sharing ratio |
Hard |
| 931 |
An increase in the value of an asset on revaluation is |
Accountancy/Book Keeping
Revaluation of assets and reassessment of liabilities |
Easy |
| 932 |
The profit or loss on revaluation is shared among |
Accountancy/Book Keeping
Revaluation of assets and reassessment of liabilities |
Easy |
| 933 |
On reconstitution, a provision for doubtful debts of ₹2,000 is created. How is it recorded? |
Accountancy/Book Keeping
Revaluation of assets and reassessment of liabilities |
Medium |
| 934 |
On revaluation, building rises by ₹20,000, stock falls by ₹5,000, a ₹2,000 provision for doubtful debts is cr… |
Accountancy/Book Keeping
Revaluation of assets and reassessment of liabilities |
Medium |
| 935 |
A firm has a debit balance of ₹12,000 in its Profit and Loss Account at the time of admitting a new partner. … |
Accountancy/Book Keeping
Revaluation of assets and reassessment of liabilities |
Hard |
| 936 |
Goodwill is classified as |
Accountancy/Book Keeping
Goodwill: nature and valuation |
Easy |
| 937 |
Profits of the last three years were ₹40,000, ₹50,000 and ₹60,000. What is goodwill at two years' purchase of… |
Accountancy/Book Keeping
Goodwill: nature and valuation |
Easy |
| 938 |
Which factor would normally increase the goodwill of a business? |
Accountancy/Book Keeping
Goodwill: nature and valuation |
Medium |
| 939 |
Average profit is ₹60,000, capital employed ₹4,00,000 and normal rate of return 10%. What is goodwill at thre… |
Accountancy/Book Keeping
Goodwill: nature and valuation |
Medium |
| 940 |
Super profit is ₹20,000 and the normal rate of return is 10%. What is goodwill by the capitalisation of super… |
Accountancy/Book Keeping
Goodwill: nature and valuation |
Hard |
| 941 |
The premium for goodwill brought in by a new partner is shared by the old partners in their |
Accountancy/Book Keeping
Admission of a partner |
Easy |
| 942 |
Goodwill already appearing in the books at the time of admission is written off among |
Accountancy/Book Keeping
Admission of a partner |
Easy |
| 943 |
A and B share profits 3:2. C is admitted for a 1/5 share, which he takes from A and B in their old ratio. Wha… |
Accountancy/Book Keeping
Admission of a partner |
Medium |
| 944 |
A and B share 3:2. C joins for a 1/5 share, taken in the old ratio, and brings his share of goodwill in cash.… |
Accountancy/Book Keeping
Admission of a partner |
Medium |
| 945 |
C brings ₹60,000 as capital for a 1/4 share. The combined capitals of A and B after all adjustments are ₹1,50… |
Accountancy/Book Keeping
Admission of a partner |
Hard |
| 946 |
On retirement, the retiring partner's share of goodwill is debited to the continuing partners in their |
Accountancy/Book Keeping
Retirement of a partner |
Easy |
| 947 |
The amount due to a retiring partner that is not paid immediately is transferred to |
Accountancy/Book Keeping
Retirement of a partner |
Easy |
| 948 |
A, B and C share 3:2:1. C retires and A and B continue without any stated new ratio. In what ratio do A and B… |
Accountancy/Book Keeping
Retirement of a partner |
Medium |
| 949 |
A, B and C share 3:2:1. C retires; the firm's goodwill is ₹60,000. A and B continue in their old ratio. By ho… |
Accountancy/Book Keeping
Retirement of a partner |
Medium |
| 950 |
A, B and C share 3:2:1. C retires and A and B decide to share future profits equally. What is the gaining rat… |
Accountancy/Book Keeping
Retirement of a partner |
Hard |