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-1 section-12
In which order should the following items be shown in the Balance Sheet of a company:
1. Fixed Assets
2. Share held as permanent investments
3. Current Assets
4. Profit and Loss (Dr.)
Select your answer:
X and Y are partners sharing the profit in the ratio of 3 : 2. They take Z as the new partner who is supposed to bring Rs. 25,000 against capital and Rs. 10,000 against goodwill, New profit sharing ratio is 1 : 1 : 1. Z is able to bring only his share of capital. How this will be treated in the books of the firm?
A and B sharing profits in the ratio of 3 : 2 took out a joint-life policy of Rs. 20,000 on 1st January 2000 for 20 years, paying annual premium of Rs. 1000. The surrender values of the policy were: 2000 - nil, 2001 - Rs. 550, 2002 - Rs. 970.
On 8th march 2002 B was dead. What will be the amount to be paid to the policy holders-
