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WorksheetsACCOUNTS
Total questions: 18
Worksheet time: 11mins
which of the following should not be recorded in the income and expenditure account?
Sales of old news papers
Loss on sale of asset
Honorarium paid to the secretary
Sale proceeds of furniture
There are 500 members in a club each paying ₹.100 as annual subscription. Subscription due but not received for the current year is ₹.200 Subscription received in advance is ₹.300 find out the amount of subscription to be shown in the income and expenditure account_____________
₹.50,200
₹.50,000
₹.49,900
₹.49,800
Legacies should be treated as _______
A Liability
A Revenue Receipts
An Income
None of the above
In the absence of a partnership deed the partners are entitles to interest on capital at the rate of
6%
9%
12%
nil
A & B are partners, their firm charges interest on drawing @10%. Be draws 1000 at the beginning of every month. what will be Average period for which IOD will be calculated
11/2
12
13/2
6
what is the journal entry for creating Reserve ?
Profit & Loss a/c - dr
to P & L app a/c
P & L app a/c - dr
to P & L a/c
Reserve a/c - dr
to P & L appropriation a/c
P & L app a/c
to Reserve a/c
Interest payable on the capitals of the partners is charged to
Profit and Loss Account
Profit and Loss Adjustment Account
Realisation Account
Profit and Loss Appropriation Account
A and B agree to admit C into partnership, the premium for goodwill is paid directly to A and B. How do you treat the premium for goodwill ?
No entry is required.
It is to be entered in Cash Book.
It is to be retained for business use.
It is to be recorded in the partnership’s books.
Rohit and Mohit are partners with a ratio of 5:3. They admit biru with 1/7 share of profit. The new profit sharing ratio is 4:2:1. Calculate the sacrifice ratio
5:3
4:3
1:1
3:5
A ,B,C are partners sharing profit in ratio of 3:2:1.D admitted in the firm as a new partner with 1/6th share.calculate new profit share ratio
15:10:5:4
15:10:5:6
3:2:1:1
None of these
At the time of admission, the assets are revalued and liabilities are reassessed. The increase or decrease in the values is debited or credited in (a) Account.
debentures which do not carry any specific rate of interest are know as:
bearer debentures
zero coupon rate debentures
first debentures
registered debentures
As a purchase consideration of a machinery of Rs 720000, debentures of Rs 100 each were issued at a premium of Rs 25 by company. The number of debentures issued by company is:
7200
7000
6570
5760
Goodwill at the time of Dissolution of Firm is Closed by transferring it to Partners' Capital Accounts.
True
False
Workmen Compensation Reserve appears at Rs.1,00,000 in the Balance Sheet and Claim against Workmen Compensation is of Rs.1,10,000. With how much amount will Realisation Account be debited at the time of making payment of this claim?
Rs.1,00,000
Rs.1,10,000
Rs.10,000
Claim is never paid at the time of dissolution.
The firm had a Debit balance of Profit and Loss Account of Rs.15,000 at the time of Dissolution of Firm. Partner's Capital Accounts will be ................... by Rs.15,000.
Debited
Credited
