Adv Financial Acc

Sales commission is allocated in the departments on the basis of

• Time

• Sales

• Area

• None of these

If the Branch receives money from the Debtors, Debtors Account will be

• Debited

• Credited

• No effect

• None of these

Departments are located in

• Same Location

• Different City

• Different Country

• None of these

Dependent Branch can make

• Only Cash Sales

• Only Credit Sales

• Both

• None

When an asset is acquired under hire purchase system, asset account is debited with

• Cash Price

• Hire Purchase Price

• Instalment Price

• None of the above

If the Hirer makes default in payment and as a result the asset is taken away by the hire vendor, it is called

• Forfeiture

• Reposession

• Cancellation

• None of the above

If the new partner brings his share of goodwill in cash, it will be shared by old partners in

• Old ratio

• New ratio

• Gaining ratio

• Sacrificing ratio

If at the time of admission, some profit and loss account balance appears in the books, it will be transferred to

• All Partners Capital Account

• Old Partners Capital Account

• Revaluation Account

• None of these

On case of dissolution, Cash balance is balance is shown in

• Realisation Account

• Partners Capital Account

• Cash Account

• None of these

Capital employed by a firm is Rs. 5,00,000. Its average profit is Rs. 60,000. The normal rate of return in similar type of business is 10%. The amount of super profits is

• 50,000

• 10,000

• 6000

• 56,000