11. Mr. X a partner in a partnership firm withdraws Rs. 2,000 at the end of each month. Rate of interest is 5%. Interest on drawings at the end of the year will be
12. X and Y are partners sharing profits and losses in 3 : 1. They admitted Z in the partnership and he bring Rs. 8,000 as his share of goodwill. New profit sharing ratio between X, Y and Z is 2 : 1 : 1, goodwill will be distributed to.
13. Match the following
List-I
List-II
a. The document related to sales return is . . . . . . . . note.
1. Business
b. Bank reconciliation statement is prepared by the . . . . . . . . enterprise.
2. Credit
c. Purchases account will always have a . . . . . . . . balance.
3. Cash
d. When the word 'paid' occurs, it means reduction of . . . . . . . .
4. Debit
List-I | List-II |
a. The document related to sales return is . . . . . . . . note. | 1. Business |
b. Bank reconciliation statement is prepared by the . . . . . . . . enterprise. | 2. Credit |
c. Purchases account will always have a . . . . . . . . balance. | 3. Cash |
d. When the word 'paid' occurs, it means reduction of . . . . . . . . | 4. Debit |
14. Accounting standard 8 is concerned with:
15. All the possible losses should be anticipated in advance. This is in accordance with
16. At what price the stock is valued under conventional method:
17. Which of the following is not a formula of P/V Ratio?
18. If an equal amount is withdrawn by a partner at the beginning of each month for a period of 6 months, the interest on the total amount will be charged for
19. The question contains two sentences. One is statement (A) and the other is Reason (R). You have to examine both the sentence carefully and decide whether statement (A) and reason (R) correct and if so, reason is the correct explanation of statement. Mark these items in the answer sheet:
Statement (A): Wages paid for installation of new machine is treated as capital expenditure.
Reason (R): It is related to giving work to new asset.
Statement (A): Wages paid for installation of new machine is treated as capital expenditure.
Reason (R): It is related to giving work to new asset.
20. Goodwill of a firm of A and B is valued at Rs. 30,000. It is appearing in the books at Rs. 12,000. C is admitted for $${\frac{1}{4}^{{\text{th}}}}$$ share. The amount of goodwill, which he is supposed to bring, will be:
Read More Section(Accounting)
Each Section contains maximum 100 MCQs question on Accounting. To get more questions visit other sections.
- Accounting - Section 1
- Accounting - Section 2
- Accounting - Section 3
- Accounting - Section 4
- Accounting - Section 5
- Accounting - Section 6
- Accounting - Section 7
- Accounting - Section 8
- Accounting - Section 9
- Accounting - Section 10
- Accounting - Section 11
- Accounting - Section 12
- Accounting - Section 13
- Accounting - Section 15
- Accounting - Section 16
- Accounting - Section 17
- Accounting - Section 18
- Accounting - Section 19
- Accounting - Section 20
- Accounting - Section 21
- Accounting - Section 22
- Accounting - Section 23
- Accounting - Section 24
- Accounting - Section 25