Accounting MCQ Questions and Solutions with Explanations | Commerce
Accounting MCQ Questions and answers with easy and logical explanations. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Accounting MCQ is important for exams like B.COM, M.COM, BBA, BBM, CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other commerce department exam. Page-3 section-14
A, B and C are partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. They agreed to take D into partnership and gave him $$\frac{1}{8}$$ share. What will be their new profit sharing ratio?
In a business net assets on 1st January are Rs. 6,000 and on 31st January are Rs. 7,500. If the withdrawals by the owner during January are Rs. 1,000 the net income for January is:
Capital employed in a business is Rs. 1,50,000. Profits are Rs. 50,000 and the normal rate of profit is 20%. The amount of goodwill by capitalisation method will be:
Which of the following is true?
i. Balance sheet is alway sprepared from the point of view of the business, but not from the point of view of the owners.
ii. The financial relationship of the business to its owners is shown in the balance sheet.
iii. Balance sheet is always related to a period of time.
The Balance Sheet of a company includes, among other item, 10% Redeemable Preference Share of Rs. 1,60,000 fully paid, share premium Rs. 1,000 and a revenue reserve of Rs. 1,31,000. The company decided to redeem the above shares at a premium of 5% by issue of new shares. If the new issue of shares is to be at a premium of 20%, the minimum amount of new issue will be
