| 21 |
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 |
| 22 |
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 |
| 23 |
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 |
| 24 |
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 |
| 25 |
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 |
| 26 |
When an error in past profit distribution is corrected through partners' accounts, the total capital of the f… |
Accountancy/Book Keeping
Past adjustments |
Easy |
| 27 |
Past adjustments are usually recorded by passing |
Accountancy/Book Keeping
Past adjustments |
Easy |
| 28 |
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 |
| 29 |
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 |
| 30 |
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 |
| 31 |
Sacrificing ratio is calculated as |
Accountancy/Book Keeping
Change in profit-sharing ratio |
Easy |
| 32 |
On a change in profit-sharing ratio, accumulated reserves are distributed among partners in the |
Accountancy/Book Keeping
Change in profit-sharing ratio |
Easy |
| 33 |
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 |
| 34 |
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 |
| 35 |
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 |
| 36 |
An increase in the value of an asset on revaluation is |
Accountancy/Book Keeping
Revaluation of assets and reassessment of liabilities |
Easy |
| 37 |
The profit or loss on revaluation is shared among |
Accountancy/Book Keeping
Revaluation of assets and reassessment of liabilities |
Easy |
| 38 |
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 |
| 39 |
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 |
| 40 |
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 |