Accounting MCQ Questions and Solutions with Explanations | Commerce

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51.
Owners equity balance at the end is Rs. 21,000. During the year additional capital introduced by owner is Rs. 6,000 and drawings made is Rs. 4,000. If net profit for the year is Rs. 8,000. Then what is the balance of owner is equity in the beginning?

A. Rs. 23,000

B. Rs. 21,000

C. Rs. 19,000

D. Rs. 11,000

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52.
Amount set aside out of divisible profit and invested outside is known as:

A. Reserve

B. Fund

C. Capital Reserve

D. Secret Reserve

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53.
The private property of a partner should be used to

A. pay his private debts first

B. if there is any surplus it can be used to pay firm's liabilities

C. Both A and B

D. None of the above

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54.
Closing balance of depreciation fund is transferred to which of the following account

A. General reserve

B. Capital reserve

C. Asset account

D. Capital redemption reserve account

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55.
The rate of interest @ . . . . . . . . p.a is to be allowed to a partner for Advances/Loans given, assuming the partnership deed stays silent on the matter.

A. 4%

B. 5%

C. 6%

D. 8%

E. 10%

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56.
Accounting Standard-6, relating to depreciation, is recommended for use by

A. companies listed on a recognized stock exchange

B. companies engaged in manufacturing business

C. companies engaged in manufacturing and trading business

D. all types of business undertakings

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57.
Formula for net cash inflow of a project is:

A. Sales - Operating Expenses - Interest - Tax

B. Sales - Operating Expenses

C. Net Profit after tax + Depreciation

D. Gross Profit + Depreciation

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58.
On attaining majority if a minor partner in the firm elects to continue as a partner, he shall be liable to the debts of the firm, from.

A. Date of attaining majority

B. From the date he enters into partnership to get profit

C. When he decides to be a partner

D. Date of his admission into the firm

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59.
X, Y and Z are partners and share profit and loss in the ratio of $$\frac{1}{2},\,\frac{1}{3}$$ and $$\frac{1}{6}$$. Z dies. The gaining ratio of X and Y will be

A. 3 : 2

B. 2 : 3

C. $$\frac{1}{2}$$ and $$\frac{1}{3}$$

D. 1 : 1

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60.
On 31^st March, 2019, total debtors are Rs. 25,000 and bad debts are Rs. 1,000 so if rate of discount on debtors is 2% and rate of provision for bad debts is 5% then the amount of discount on debtors will be

A. Rs. 456

B. Rs. 475

C. Rs. 480

D. Rs. 500

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Accounting MCQ Questions and Solutions with Explanations | Commerce

51. Owners equity balance at the end is Rs. 21,000. During the year additional capital introduced by owner is Rs. 6,000 and drawings made is Rs. 4,000. If net profit for the year is Rs. 8,000. Then what is the balance of owner is equity in the beginning?

Answer & Solution

52. Amount set aside out of divisible profit and invested outside is known as:

Answer & Solution

53. The private property of a partner should be used to

Answer & Solution

54. Closing balance of depreciation fund is transferred to which of the following account

Answer & Solution

55. The rate of interest @ . . . . . . . . p.a is to be allowed to a partner for Advances/Loans given, assuming the partnership deed stays silent on the matter.

Answer & Solution

56. Accounting Standard-6, relating to depreciation, is recommended for use by

Answer & Solution

57. Formula for net cash inflow of a project is:

Answer & Solution

58. On attaining majority if a minor partner in the firm elects to continue as a partner, he shall be liable to the debts of the firm, from.

Answer & Solution

59. X, Y and Z are partners and share profit and loss in the ratio of $$\frac{1}{2},\,\frac{1}{3}$$ and $$\frac{1}{6}$$. Z dies. The gaining ratio of X and Y will be

Answer & Solution

60. On 31st March, 2019, total debtors are Rs. 25,000 and bad debts are Rs. 1,000 so if rate of discount on debtors is 2% and rate of provision for bad debts is 5% then the amount of discount on debtors will be

Answer & Solution

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51.
Owners equity balance at the end is Rs. 21,000. During the year additional capital introduced by owner is Rs. 6,000 and drawings made is Rs. 4,000. If net profit for the year is Rs. 8,000. Then what is the balance of owner is equity in the beginning?

52.
Amount set aside out of divisible profit and invested outside is known as:

53.
The private property of a partner should be used to

54.
Closing balance of depreciation fund is transferred to which of the following account

55.
The rate of interest @ . . . . . . . . p.a is to be allowed to a partner for Advances/Loans given, assuming the partnership deed stays silent on the matter.

56.
Accounting Standard-6, relating to depreciation, is recommended for use by

57.
Formula for net cash inflow of a project is:

58.
On attaining majority if a minor partner in the firm elects to continue as a partner, he shall be liable to the debts of the firm, from.

59.
X, Y and Z are partners and share profit and loss in the ratio of $$\frac{1}{2},\,\frac{1}{3}$$ and $$\frac{1}{6}$$. Z dies. The gaining ratio of X and Y will be

60.
On 31^st March, 2019, total debtors are Rs. 25,000 and bad debts are Rs. 1,000 so if rate of discount on debtors is 2% and rate of provision for bad debts is 5% then the amount of discount on debtors will be