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<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">1. </span><span style="font-weight: bold;">Receipts and Payments Account is a summary of:</span></p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">A. Debit and Credit balances of Ledger Account</p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">B. Cash receipts and payments</p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">C. Income and Expenses</p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">D. Balances of assets and liabilities</p>
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<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">2. </span><span style="font-weight: bold;">Legacy Donation received by NPO to be used for specific purpose is accounted as :</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">2</p>
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<p style="margin-top: 0; margin-bottom: 0;">A. Revenue Receipt </p>
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<p style="margin-top: 0; margin-bottom: 0;">B. Capital Receipt </p>
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<p style="margin-top: 0; margin-bottom: 0;">C. An Asset </p>
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<p style="margin-top: 0; margin-bottom: 0;">D. Is decided by the Management</p>
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<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">3. </span><span style="font-weight: bold;">Salaries paid during the year ended 31</span><span style="font-weight: bold; vertical-align: super;">st</span><span style="font-weight: bold;"> March, 2020 is </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 36,000. Salaries paid in advance at the end </span><span style="font-weight: bold;">of previous</span><span style="font-weight: bold;"> year were </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 54,000. The amount of Salaries to be debited to Income and Expenditure Account for the year ended 31</span><span style="font-weight: bold; vertical-align: super;">st</span><span style="font-weight: bold;"> March, 2020 will be :</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">3</p>
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<p style="margin-top: 0; margin-bottom: 0;">A. Rs. 54,000 </p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">B. Rs. 36,000 </p>
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<p style="margin-top: 0; margin-bottom: 0;">C. Rs. 90,000</p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">D. Rs. 18,000</p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">4. </span><span style="font-weight: bold;">Subscription received in advance during the current year is :</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">A. An Income</p>
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<p style="margin-top: 0; margin-bottom: 0;">B. An Asset</p>
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<p style="margin-top: 0; margin-bottom: 0;">C. A Liability</p>
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<p style="margin-top: 0; margin-bottom: 0;">D. None of these</p>
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<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">5. </span><span style="font-weight: bold;">Subscription received during the year 2019-20: </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 1</span><span style="font-weight: bold;">,50,000</span><span style="font-weight: bold;">. Outstanding Subscription as on 31</span><span style="font-weight: bold; vertical-align: super;">st</span><span style="font-weight: bold;"> March, </span><span style="font-weight: bold;">2019 :</span><span style="font-weight: bold;"> </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 1,00,000. The amount shown as subscription receipt will be :</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">1</p>
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<p style="margin-top: 0; margin-bottom: 0;">A. Rs. 50,000</p>
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<p style="margin-top: 0; margin-bottom: 0;">B. Rs. 1,50,000</p>
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<p style="margin-top: 0; margin-bottom: 0;">C. Rs. 1,00,000</p>
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<p style="margin-top: 0; margin-bottom: 0;">D. Rs. 1,25,000</p>
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<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">6. </span><span style="font-weight: bold;">If there is a ‘Match Fund’, then Match Expenses and Match Incomes are transferred to :</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">3</p>
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<p style="margin-top: 0; margin-bottom: 0;">A. Income and Expenditure A/c </p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">B. Assets side of Balance Sheet </p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">C. Match Fund in Liabilities side of Balance Sheet </p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">D. Both Income and Expenditure A/c and to Balance Sheet.</p>
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<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">7. </span><span style="font-weight: bold;">Furniture as on 31st March, 2019 </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 4</span><span style="font-weight: bold;">,40,000</span><span style="font-weight: bold;">. Furniture (having Book Value as on 1st April, 2018 of </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 40,000) sold at a loss of 20% on 31st December, 2018. Furniture is depreciated @ 10% p.a. Furniture costing </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 3</span><span style="font-weight: bold;">,00,000</span><span style="font-weight: bold;"> was also purchased on 1st October, 2018. Calculate Loss on sale of furniture.</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<p style="margin-top: 0; margin-bottom: 0;">A. Rs. 9,400 </p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">B. Rs. 6,400</p>
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<p style="margin-top: 0; margin-bottom: 0;">C. Rs. 8,000</p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">D. Rs. 7,400</p>
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<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">8. </span><span style="font-weight: bold;">Compute Rent for the year ended 31</span><span style="font-weight: bold; vertical-align: super;">st</span><span style="font-weight: bold;"> March, 2020 from the following :</span><br />
<span style="font-weight: bold;"> 01-04-2019</span> <span style="font-weight: bold;">31-03-2020</span></p>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">Outstanding Rent </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 19,000</span> <span style="font-weight: bold;">Rs.14</span><span style="font-weight: bold;">,000</span><br />
<span style="font-weight: bold;">Prepaid Rent </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 5,600</span> <span style="font-weight: bold;"> </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 10,400.</span></p>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">Rent paid during the year </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 2</span><span style="font-weight: bold;">,97,800</span><span style="font-weight: bold;">.</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">2</p>
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<p style="margin-top: 0; margin-bottom: 0;">A. Rs. 2,97,800 </p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">B. Rs. 2,88,000</p>
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<p style="margin-top: 0; margin-bottom: 0;">C. Rs. 2,50,000 </p>
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<p style="margin-top: 0; margin-bottom: 0;">D. Rs. 2,00,000</p>
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<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">9. </span><span style="font-weight: bold;">A and B are partners. B draws a fixed amount at the end of every month. Interest on drawings is charged @ 15% p.a. At the end of the year interest on B’s drawings amounts to </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 8,250. Drawings of B were :</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">2</p>
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<p style="margin-top: 0; margin-bottom: 0;">A. Rs. 12,000 p.m. </p>
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<p style="margin-top: 0; margin-bottom: 0;">B. Rs. 10,000 p.m. </p>
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<p style="margin-top: 0; margin-bottom: 0;">C. Rs. 9,000 p.m. </p>
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<p style="margin-top: 0; margin-bottom: 0;">D. Rs. 8,000 p.m.</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">10. </span><span style="font-weight: bold;">A and B are partners sharing profits in the ratio of 3:2 with capitals of </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 50,000 and </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. </span><span style="font-weight: bold;">30,000 </span><span style="font-weight: bold;"> </span><span style="font-weight: bold;">respectively</span><span style="font-weight: bold;">. Interest on capital is agreed @ 6% p.a. B is to be allowed an annual salary of </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 2,500. The profits of the year prior to calculation of interests on capital but after charging B’s salary amounted to </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 12,500. Manager is to be allowed a commission of 5% of profits remaining after deducting salary and interest on capital but before charging such Commission, Profit transferred to </span><span style="font-weight: bold;">partners</span><span style="font-weight: bold;"> Capital Accounts will be _____.</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">1</p>
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<p style="margin-top: 0; margin-bottom: 0;">A. A Rs. 4,389 B Rs. 2,926</p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">B. A Rs. 4,000 B Rs. 3,315 </p>
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<p style="margin-top: 0; margin-bottom: 0;">C. A Rs. 3,000 B Rs. 4,315</p>
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<p style="margin-top: 0; margin-bottom: 0;">D. A Rs. 2,500 B Rs. 4,815</p>
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<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">11. </span><span style="font-weight: bold;">Find the goodwill of the firm using capitalization method from the following information: Total capital employed in the firm </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 8,00,000, average Profit 4,00,000, Normal rate of return 10%,</span><span style="font-weight: bold;"> </span><span style="font-weight: bold;">Profit for the year </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 12,00,000</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">3</p>
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<p style="margin-top: 0; margin-bottom: 0;">A. Rs. 82,00,000 </p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">B. Rs. 12,00,000 </p>
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<p style="margin-top: 0; margin-bottom: 0;">C. Rs. 72,00,000 </p>
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<p style="margin-top: 0; margin-bottom: 0;">D. Rs. 42,00,000</p>
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<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">12. </span><span style="font-weight: bold;">Which one of the following items can’t be recorded in the P&L Appropriation A/c?</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">3</p>
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<p style="margin-top: 0; margin-bottom: 0;">A. Interest on capital</p>
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<p style="margin-top: 0; margin-bottom: 0;">B. Interest on drawings </p>
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<p style="margin-top: 0; margin-bottom: 0;">C. Rent paid to partners</p>
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<p style="margin-top: 0; margin-bottom: 0;">D. Partner’s salary</p>
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<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">13. </span><span style="font-weight: bold;">A, B & C are equal partners. They wanted to change the profits sharing ratio into 4:3:2. They raised the goodwill </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 90,000 but they want to immediately write it off. The effected accounts will be</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">A. C’s capital account debit and A’s capital account credit with Rs. 10,000 </p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">B. B’s capital account debit and A’s capital account credit with Rs. 10,000</p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">C. C’s capital account debit and B’s capital account credit with Rs. 10,000 </p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">D. A’s capital account debit and C’s capital account credit with Rs. 10,000</p>
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<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">14. </span><span style="font-weight: bold;">On admission of a partner unrecorded investments worth </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 5000 and unrecorded liability towards suppliers for R. 1500 will be recorded in</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">1</p>
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<p style="margin-top: 0; margin-bottom: 0;">A. Revaluation A/c </p>
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<p style="margin-top: 0; margin-bottom: 0;">B. Capital Accounts</p>
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<p style="margin-top: 0; margin-bottom: 0;">C. Realisation A/c</p>
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<p style="margin-top: 0; margin-bottom: 0;">D. None of the three</p>
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<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">15. </span><span style="font-weight: bold;">X and Y are partners haring profits in the ratio 5:3. They admitted Z for 1/5</span><span style="font-weight: bold; vertical-align: super;">th</span><span style="font-weight: bold;"> share of profits, for which he paid </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 1</span><span style="font-weight: bold;">,20,000</span><span style="font-weight: bold;"> against capital and Rs.60,000 against goodwill. Find the capital balances for each partners taking Z’s capital as base capital.</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">3</p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">A. Rs. 3,00,000; Rs. 1,20,000 and Rs. 1,20,000 </p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">B. Rs. 3,00,000; Rs. 1,20,000 and Rs. 1,80,000</p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">C. Rs. 3,00,000; Rs. 1,80,000 and Rs. 1,20,000</p>
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<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">D. Rs. 3,00,000; Rs. 1,80,000 and Rs. 1,80,000</p>
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<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">16. </span><span style="font-weight: bold;">In case of admission of a partner, the entry for unrecorded investments will be:</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">A. Debit Partners Capital A/cs and Credit Investments A/c </p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">B. Debit Revaluation A/c and Credit Investment A/c</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">C. Debit Investment A/c and Credit Revaluation A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. None of these.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">17. </span><span style="font-weight: bold;">A and B are partners sharing profits in the ratio of 2:3. Their Balance Sheet shows Machinery at </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 2</span><span style="font-weight: bold;">,00,000</span><span style="font-weight: bold;">; Stock at Rs.80,000 and Debtors at Rs.1,60,000. C is admitted and new profit sharing ratio is agreed at 6:9:5. Machinery is revalued at </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 1</span><span style="font-weight: bold;">,40,000</span><span style="font-weight: bold;"> and a provision is made for doubtful debts @5%. A’s share in loss on revaluation amount to Rs.20</span><span style="font-weight: bold;">,000</span><span style="font-weight: bold;">. Revalued value of stock will be:</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. Rs. 62,000 </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. Rs. 1,00,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Rs. 60,000 </p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">D. Rs. 98,000</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<p> </p>
<p> </p>
<p> </p>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">18. </span><span style="font-weight: bold;">A’ and B are partners of a firm sharing profits in the ratio of 3:3. C was admitted for 1/5 the share of </span><span style="font-weight: bold;">profit .</span><span style="font-weight: bold;"> Machinery would be appreciated by 10% (Book value </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 80,000) and building would be depreciated by 20% (</span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 2</span><span style="font-weight: bold;">,00,000</span><span style="font-weight: bold;">). Unrecorded debtors of </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 1,250 would be bought to books and Creditors of R. 2,750 died and needn’t to pay any things. What will be the profit/loss on revaluation?</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. Loss Rs. 28,000 </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. Loss Rs. 40,000 </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Profit Rs. 28,000 </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. Profit Rs. 40,000</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">19. </span><span style="font-weight: bold;">Ramesh & Suresh are partners sharing profits in the ratio of 2:1 (Ramesh Capital is </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 1</span><span style="font-weight: bold;">,02,000</span><span style="font-weight: bold;"> and Suresh Capital is </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 73,000). They admitted Mahesh & agreed to give him 1/5 in share. He brings </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 14,000 as his share of goodwill. He agreed to contribute capital in profit sharing ratio, How much capital will be brought by incoming partner?</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. Rs. 47,250 </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. Rs. 45,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Rs. 47,000 </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. Rs. 48,000</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">20. </span><span style="font-weight: bold;">A, B and C are the partners sharing profits in the ratio 4:3:2. C died on 30.6.2015 and profits for the accounting year 2014-15 were </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 72000. How much share in profits for the period 1</span><span style="font-weight: bold; vertical-align: super;">st</span><span style="font-weight: bold;"> April 2015 to 30</span><span style="font-weight: bold; vertical-align: super;">th</span><span style="font-weight: bold;"> June, 2015 will credited to C’s account</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. Rs. 4,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. Rs. 16,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Rs. 18,000 </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. Rs. 12,000</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">21. </span><span style="font-weight: bold;">A, B and C are partners in a business sharing profits and losses in the ratio of 3:2:1 on 30th June, </span><span style="font-weight: bold;">2006 ,</span><span style="font-weight: bold;"> C retired from business. When his capital A/c after all necessary adjustments showed a balance of </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 10,950. It was agreed that he should be paid </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 4950 in cash on retirement and the balance in three equal yearly </span><span style="font-weight: bold;">installments</span><span style="font-weight: bold;"> with interest at 6% per annum. Amount of last </span><span style="font-weight: bold;">installment</span><span style="font-weight: bold;"> with interest will be:</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. Rs. 2120</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">B. Rs. 2100</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Rs. 2200</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. Rs. 2500</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">22. </span><span style="font-weight: bold;">X, Y and Z were partners sharing profits in proportion to 5:3:2 Goodwill does not appear in the books, but it is agreed to be worth </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 1</span><span style="font-weight: bold;">,00,000</span><span style="font-weight: bold;">. X retires from the firm and Y and Z decide to share future profits equally. X’s share of goodwill will be debited to Y’s and Z’s capital A/</span><span style="font-weight: bold;">cs</span><span style="font-weight: bold;"> in the ratio.</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. 1:1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. 2:3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. 3:2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. None of these.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">23. </span><span style="font-weight: bold;">Revaluation account is prepared at the time of</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. Admission of a partner </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. Retirement of a partner</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Both (a) and (b) </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. None of the three</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">24. </span><span style="font-weight: bold;">The balance of joint life policy account as shown in the balance sheet represents:</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. Surrender value of a policy </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. Annual premium of JLP </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Total premium paid by the firm </p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;"><span style="font-size: 10.5pt;">D. </span><span style="font-size: 10.5pt;">Amount receivable on the maturity of the policy</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">25. </span><span style="font-weight: bold;">Loan A/c credit balance on Dec. 31, 2006 15,000</span></p>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;"> </span><span style="font-weight: bold;">Loan paid on June 30,2006 4,000</span><br />
<span style="font-weight: bold;"> </span><span style="font-weight: bold;">Loan paid on Sept. 30, 2006 5,000</span><br />
<span style="font-weight: bold;"> </span><span style="font-weight: bold;">Interest on loan is to be charged 9 % p.a.</span><br />
<span style="font-weight: bold;"> </span><span style="font-weight: bold;">Interest amount will be</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. Rs. 1,867.50 </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. Rs. 1,8000 </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Rs. 2,000 </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. None of these.</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<p> </p>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">26. </span><span style="font-weight: bold;">On firm’s dissolution, when a partner voluntarily gives his personal asset to firm’s creditor as payment, the account credited will be:</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. Realisation A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. Partner’s Capital A/c </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Cash A/c </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. None of these.</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">27. </span><span style="font-weight: bold;">In the Balance Sheet Total Debtors appear at Rs.50</span><span style="font-weight: bold;">,000</span><span style="font-weight: bold;"> and Provision for Doubtful Debts appear at Rs.1,500. How much amount will be realized from Debtors, if bad debts amount to Rs.10,000 and remaining debtors are realized at a discount of 5%</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. Rs.38,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. Rs. 36,500 </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Rs. 36,575 </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. Rs. 39,500</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">28. </span><span style="font-weight: bold;">On dissolution of a firm, partners’ capital accounts balance was Rs.63</span><span style="font-weight: bold;">,000</span><span style="font-weight: bold;">; creditors balance was Rs.12,000 and profit & loss account debit balance was </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 6,000. Profit on realization of asset was Rs.7</span><span style="font-weight: bold;">,800</span><span style="font-weight: bold;">. Total amount realized from assets was:</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. Rs.81,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. Rs. 76,800 </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Rs. 70,800</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. None of these.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">29. </span><span style="font-weight: bold;">The amount of capital that is mentioned in capital clause is </span><span style="font-weight: bold;">know</span><span style="font-weight: bold;"> as:</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. Authorised Capital</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. Registered Capital</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Nominal Capital </p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">D. All of these</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">30. </span><span style="font-weight: bold;">Reserve capital means:</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. The part of subscribed uncalled capital</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. Accumulated profits</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. The part of capital reserve</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">D. The part of capital Redemption Reserve</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">31. </span><span style="font-weight: bold;">A company forfeited 2,000 shares of </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 10 each (which, were issued at par) held by A for </span><span style="font-weight: bold;">non payment</span><span style="font-weight: bold;"> of allotment money of </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 4 per share. The called up value per share was </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 9 on forfeiture, the amount debited to share capital is:</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. Rs. 10,000 </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. Rs. 8,000 </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Rs. 2,000 </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. Rs. 18,000</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">32. </span><span style="font-weight: bold;">E Ltd has allotted 10,000 shares to the applicants of 14,000 shares on pro-rata basis. The amount payable on application is </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 2. F applied for 420 shares. The number of shares allotted and the amount carried forward for adjustment against allotment due from F:</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. 60 shares ; Rs. 120 </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. 340 shares; Rs. 160 </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. 320 shares; Rs. 200</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">D. 300 shares; Rs. 240</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">33. </span><span style="font-weight: bold;">Maximum limit of premium on shares is:</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. 5%</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. 10%</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. No Limit</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. 100%</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">34. </span><span style="font-weight: bold;">Which of the following statements is false?</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">A. At maturity, debenture holders get back their money.</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">B. Debentures can be forfeited for non-payment of call money.</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">C. In company’s balance sheet, debentures are shown under the head Long term Borrowings.</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">D. Interest on debentures is a charge against profits.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">35. </span><span style="font-weight: bold;">Interest on debentures issued as a collateral security is paid on:</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">2</span></p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">A. Nominal value of debentures </p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">B. No interest is paid</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">C. Face value of debentures</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">D. Paid up value of debentures</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">36. </span><span style="font-weight: bold;">When debentures are issued as collateral Security, which entry has to be passed:</span></p>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;"><br />
<span style="font-weight: bold;">(a) </span></p>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">(b) No entry has to be made</span></p>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">(c) Either (a) or (b)</span></p>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">(d) None</span></p>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">A. Debenture Suspense A/c Dr.</p>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;"> To Debentures A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. No entry has to be made </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Either (a) or (b) </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. None</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">37. </span><span style="font-weight: bold;">W Ltd. issued 20,000 8% debentures of </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 10 each at </span><span style="font-weight: bold;">per</span><span style="font-weight: bold;">, which are redeemable after 5 year at a premium of 20%. The amount of loss on redemption of debentures to be written off every year will be:</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. Rs. 40,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. Rs. 10,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Rs. 20,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. Rs. 8,000</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">38. </span><span style="font-weight: bold;">Loss on issue of debentures is generally written off in:</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. 5 year</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. 10 year</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. 15 year</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. Over the period of redemption</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">39. </span><span style="font-weight: bold;">Goodwill brought by the incoming partner is distributed among the old partners in their</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. Old profit-sharing ratio</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. New Profit-sharing ratio</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Sacrificing ratio</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. Gaining ratio</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">40</span><span style="font-weight: bold;">. Profit or Loss on revaluation of assets and reassessment of liabilities is transferred to Partner’s Capital Accounts in their :</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. Capital Ratio</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">B. Equal Ratio</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Old Profit-sharing Ratio</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. Gaining Ratio</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">41. </span><span style="font-weight: bold;">When the new partner brings cash for goodwill, the amount is credited to :</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. Revaluation Account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. Cash Account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Premium for Goodwill Account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. Realisation Account</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">42. </span><span style="font-weight: bold;">A and B are partners sharing profits in the ratio of 2:3, they admit C as a partner for 1/4th share, the sacrificing ratio of A and B will be :</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. 2 : 3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. 1 : 1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. 3 : 2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. 2 : 1</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">43. </span><span style="font-weight: bold;">A and B are partners in a firm having a capital of </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 54,000 and </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 36,000 respectively. They </span><span style="font-weight: bold;">admitted C</span><span style="font-weight: bold;"> for 1/3rd share in the profits. C brought proportionate </span><span style="font-weight: bold;">amount of</span><span style="font-weight: bold;"> capital. The capital brought in by C would be :</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. Rs. 90,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. Rs. 45,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Rs. 5,400</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. Rs. 3,600</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">44. </span><span style="font-weight: bold;">IDFC Bank Ltd. issued 1</span><span style="font-weight: bold;">,00,000</span><span style="font-weight: bold;">, 9% Debentures of </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 100 each for subscription. Issue was subscribed. The amount of receipt will be shown as :</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. Operating Activity</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. Investing Activity</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Financing Activity</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. General Activity.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">45.</span><span style="font-weight: bold;">If opening inventory is </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 1,20,000, Cost of Revenue from Operations is </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 10,00,000 and Inventory Turnover Ratio is 5 Times, then Closing Inventory will be :</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. Rs. 3,20,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. Rs. 2,80,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Rs. 1,60,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. Rs. 4,00,000</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">46</span><span style="font-weight: bold;">.</span><span style="font-weight: bold;">If</span><span style="font-weight: bold;"> Current Ratio of a firm is 2.5 : 1 and its Current Liabilities are </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 2,00,000. Its Working Capital will be</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. Rs. 3,00,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. Rs. 3,75,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Rs. 4,00,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. Rs. 7,00,000</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">47</span><span style="font-weight: bold;">.</span><span style="font-weight: bold;">Non</span><span style="font-weight: bold;">-current Assets of a firm are </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 26,00,000, Current Assets are Rs.9,00,000 and Shareholders’ Funds are </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 21,50,000. Total debts of the firm will be :</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. Rs. 43,50,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. Rs. 13,50,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Rs. 21,50,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. Rs. 38,50,000</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">48</span><span style="font-weight: bold;">.</span><span style="font-weight: bold;">Calculate</span><span style="font-weight: bold;"> Operating Profit Ratio if Revenue from Operations is </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 5,00,000, Operating Profit is </span><span style="font-weight: bold;">Rs</span><span style="font-weight: bold;">. 75,000.</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. 25%</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. 12%</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. 13.33%</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. 15%</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">49.</span><span style="font-weight: bold;">From financial statement analysis, the creditors are interested to know :</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. Liquidity</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. Profit</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Efficiencies</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. Share Capital</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">50.</span><span style="font-weight: bold;">Comparison of values of one period with those of another period for the same firm is :</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A. Intra-firm comparison.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B. Inter-firm comparison</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C. Pattern Comparison</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">D. Trend Comparison.</p>
</td>
</tr>
</table>
<p> </p>
</body>
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