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-7 section-6
Arrange the following in correct sequence in the event of dissolution of a partnership firm.
1. Residue, if any, divided among the partners.
2. Paying to each partner for his capital.
3. Paying the debts of third party.
4. Paying to each partner for advances made by him.
Select the correct answer:
At the time of dissolution of a partnership firm, the settlement of accounts is done in a specific order as per the Partnership Act.
First, the debts of third parties are paid off, since external liabilities have priority over partners.
Second, payments are made to each partner for any advances they had given to the firm (treated as loans).
Third, payments are made to the partners for their capital contributions.
Finally, if there is any residue left, it is divided among the partners in their profit-sharing ratio.
Thus, the correct sequence is 3 → 4 → 2 → 1.
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Subscription recieved in 2009 is
For the year 2008 ⇔ Rs. 1,300
For the year 2009 ⇔ Rs. 10,000
For the year 2010 ⇔ Rs. 1,200
Subscription outstanding on 31st December, 2009 ⇔ Rs. 700.
The amount of subscription to be posted to Income and Expenditure account of 2009 will be
An asset was purchased for Rs. 5,00,000 with the down payment of Rs. 1,00,000 and bills adopted for Rs. 4,00,000. What would be the effect on the total asset and total liabilities in the Balance Sheet?
You are given the following items-
1. Bill received
2. Investment
3. Debtors
4. Interest earned but not received
Which of the following arrangement in order of liquidity is correct?
According to which of the following concepts, fixed assets are depreciated over their useful life, rather than over a shorter period, on the expectation of early liquidation?
X, Y and Z are partner in a partnership firm who share profits and loses in 4 : 2 : 1. It is decided that Z's share of profit will not be less than Rs. 7,500. If profit for the year is Rs. 31,500 then how will be profit distributed between each partner?
