At the time of death of a partner, firm gets ________ from the insurance company against the Joint Life Policy taken jointly for all the partners. (a) Policy Amount. (b) Surrender Value. (c) Policy Value for the dead partner and Surrender Value for the rest. (d) Surrender Value for all the partners.
1824Profit or loss on revaluation is shared among the partners in _______ ratio. (a) Old Profit Sharing. (b) New Profit Sharing. (c) Capital. (d) Equal.
3 9136Interest on capital will be paid to the partners if provided for in the agreement but only from________ (a) Profits. (b) Reserves. (c) Accumulated Profits. (d) Goodwill.
1 2909The owner of the consignment stock is________ (a) Consignor (b) Consignee (c) Debtors (d) None
4 6013The parties to joint venture is called_________ (a) Co-venturers (b) Partners (c) Principal & Agent (d) Friends
1 3671The purpose of accommodation bill is_______ (a) To finance actual purchase or sale of goods (b) To facilitate trade transmission (c) When both parties are in need of funds (d) None of the above
1 4278The number of production or similar units expected to be obtained from the use of an asset by an enterprise is called as _________ (a) Unit life (b) Useful life (c) Production life (d) Expected life
1 5991Mr. A purchased a machinery costing Rs. 1,00,000 on 1st October, 2005. Transportation and installation charges were incurred amounting Rs. 10,000 and Rs. 4,000 respectively. Dismantling charges of the old machine in place of which new machine was purchased amounted Rs. 10,000. Market value of the machine was estimated at Rs. 1,20,000 on 31st March 2006. While finalising the annual accounts, A values the machinery at Rs. 1,20,000 in his books. Which of the following concepts was violated by A? (a) Cost concept (b) Matching concept (c) Realisation concept (d) Periodicity concept.
1587M/s ABC Brothers, which was registered in the year 2000, has been following Straight Line Method (SLM) of depreciation. In the current year it changed its method from Straight Line to Written Down Value (WDV) Method, since such change would result in the additional depreciation of Rs. 200 lakhs as a result of which the firm would qualify to be declared as a sick industrial unit. The auditor raised objection to this change in the method of depreciation. The objection of the auditor is justified because (a) Change in the method of depreciation should be done only with the consent of the auditor (b) Depreciation method can be changed only from WDV to SLM and not vice versa (c) Change in the method of deprecation should be done only if it is required by some statute and change would result in appropriate presentation of financial 6 statement (d) Method of depreciation cannot be changed under any circumstances
1379If Cost of goods sold is Rs.80,700, Opening stock Rs.5,800 and Closing stock Rs.6,000. Then the amount of purchase will be (a) Rs.80,500 (b) Rs.74,900 (c) Rs.74,700 (d) Rs.80,900.
4 15363Original cost = Rs 1,26,000. Salvage value = 6,000. Useful Life = 6 years. Annual depreciation under SLM will be (a) Rs.21,000 (b) Rs.20,000 (c) Rs.15,000 (d) Rs.14,000
3 8256A new firm commenced business on 1st January, 2006 and purchased goods costing Rs. 90,000 during the year. A sum of Rs. 6,000 was spent on freight inwards. At the end of the year the cost of goods still unsold was Rs. 12,000. Sales during the year Rs. 1,20,000. What is the gross profit earned by the firm? (a) Rs. 36,000 (b) Rs. 30,000 (c) Rs. 42,000 (d) Rs. 38,000
2 10861A and V enter into a joint venture to sell a consignment of biscuits sharing profits and losses equally. A provides biscuits from stock Rs 10000. He pays expenses amounting to Rs 1000. V incurs further expenses on carriage Rs 1000. He receives cash for sales Rs 15000. He also takes over goods to the value of Rs 2000. The profit on joint venture is 7 (a) Rs.3000 (b) Rs.5000 (c) Rs.6000 (d) Rs.3500
2115X of Kolkata sends out goods costing 300,000 to Y of Mumbai at cost + 25%. Consignor’s expenses Rs 5000. 1/10th of the goods were lost in transit. Insurance claim received Rs 3000. The net loss on account of abnormal loss is (a) Rs.27,500 (b) Rs.25,500 (c) Rs.30.500 (d) Rs.27,000
2 6278X draws a bill on Y for Rs 20,000 for 3 months on 1.1.05. The bill is discounted with banker at a charge of Rs 100. At maturity the bill return dishonoured. In the books of X, for dishonour, the bank account will be credited by Rs. (a) 19,900 (b) 20,000 (c) 20,100 (d) 19,800
1 2805Post New Accounting General Questions
What is cost accountancy? What are the objects of cost accountancy?
pass journal entry for Prepaid insurance
What is the tds effect in balance sheet if tds receipts?
A Lorry driver damaged shed shutter and we deduct 2000/- from his freight amount now what is the head for the Deducted amount?
For example for formation of a new company/offshore company you need to show paid up capital of 100K but you don't have 100K you as a director borrow loan of 100K from 3rd party and deposit in the bank as paid up capital and issued shares of 100K in director name. After one week you return back 3rd part loan. What are the entries in the books?
What is the dual aspect concept?
what is the accounting treatment in tally of free goods received with goods purchased.
What do we mean by purchase return in accounting?
In Service tax Return ST-3 What is meaning of first Row (i) Service tax payable (a) Gross amount received in money (I) Against service provided Pls explain in detail
goods worth rupees 440 distributes free among the poor?
In accounting equation what is the treatment of investment in shares??
At the time of advance tds deducted 2% contract which was wrong but when we adjusting the adavace tds deducting 10% rent how can we adjusting that amount
In tally when accounts with inventory ,when working in units of measurement under this after creating unit ,if we want to change the unit due to some mistake why does the cursor does not stop in the decimal field? And why the used units do not get deleted in the alter section?
journal entries for money received from RBI by the banks IN CASE OF INSUFFICIENCY
What is deferred account?