To find out Net Profit or Net Loss of the business ..................... account is prepared.

A ..................... is an Intangible Asset.

In the absence of an agreement, interest on loan advanced by the partner to the firm is

allowed at the rate of .....................

Liability of partners in a partnership business is ..................... .

The Indian Partnership act is in force since .....................

Maximum number of Partners in a firm are ..................... according to Companies Act

2013.

Not for Profit Concern renders ............. services to public at large.

2013.

Donation for Scholarship Fund is .............

Income and Expenditure Account is a ........... Account

Outstanding subscription at the end of the Accounting Year represents ...........

Excess of Income over Expenditure is termed as ............

Not for Profit Concerns prepares ............... account instead of Profit and Loss account to

know the result.

The closing balance of Receipts and Payments account usually represent .......

Not for Profit Organization is also called ............. organization.

Anuj and Eeshan are two partners sharing profits and losses in the ratio of 3:2. They de-

cided to admit Aaroh for 1/5th share, the new profit sharing ratio will be .......................

Excess of proportionate capital over actual capital represents.......................

.......................is credited when unrecorded asset is brought into business.

When goodwill is withdrawn by the partner .......................account is credited.

If asset is taken over by the partner .......................account is debited.

The Profit or Loss from revaluation on retirement of partner is shared by .................

Decrease in the value of assets should be ................. to Profit and Loss Adjustment

Account.

The balance of the capital account of retired partner is transferred to his ................. account

if it is not paid.

Gain ratio................., Ratio less Old Ratio Gain Ratio.............Ratio less Old Ratio.

New Ratio = Old Ratio + ................. Ratio

Benefit Ratio is the Ratio in which ..............................

The ratio by which existing partners are benefited .............................. .

Profit and Loss Suspense Account is shown in the new Balance Sheet on ..............................

side.

Death is a compulsory side.

The balance on the capital account of a partners, on his death is transferred to .............................. account.

The person on whom a bill is drawn is called a

Before acceptance the bill is called a .

When the due date of bill drawn falls due on a public holiday, the payment must

be made on the day.

The due date of the bill drawn for 2 months on 23rd Nov. 2019 will be

Nothing charges are borne by

When a bill is drawn for 2 months after date on 3rd Jan. 2020, its due date will be ________________________

Notary Public is ________________

When Acceptor or Drawee does not pay the amount of bill to the holder on the due date it is known as the __________bill.

The person who accepts the bill treats the bill as __________

The balance of Share Forfeiture A/c is transferred to ...................... account after re-issue

of these share.

Premium received on issue of shares is shown to _____________

Shareholders get ...................... on shares.

The document inviting to subscribe the shares of a company is ...................... .

As per SEBI guidelines minimum amount payable on share application should be

...................... of Nominal Value of shares.

When shares are forfeited the Share Capital Account is ...................... .

The liability of shareholder in Joint Stock Company is ...................... .

The Share Capital which a company is authorised to issue by its Memorandum of

Association is ...................... .

The unpaid amount on allotment and calls may be transferred to ...................... account.

There must be provision in ...................... for forfeiture of shares,

Gross Profit Ratio indicates the relationship of gross profit to the ...................

Current Ratio = ................................

Current Liabilities

Liquid Assets =

Cost of goods sold ....................

Net-Profit Ratio is equal to ...................

The Common Size Statement requires ...................

Bill Payable is ...................

Generally Current Ratio should be ...................

Generally Liquid Ratio should be ...................

From financial statement analysis the creditors are specially interested to know .................

The primary document for recording all financial transactions in Tally is the .............

This displays the balance day wise for a selected voucher type.

Fixed Deposit A/c comes under ............... group.

In case of dissolution, assets and liabilities are transferred to ............. Account.

Dissolution expenses are credited to ............. Account.

Deficiency of insolvent partner will be suffered by solvent partners in their ............. ratio.

If any asset is taken over by partner from firm his capital account will be .............

If any unrecorded liability is paid on dissolution of the firm ............. account is debited.

Partnership is completely dissolved when the partners of the firm become .............

Assets and liabilities are transferred to Realisation account at their ............. values.

If the number of partners in a firm falls below two, the firm stands .............

Realisation account is ............. on realisation of asset.

All activities of partnership firm ceases on ............. of firm.