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MCQs

Total Questions : 50 | Page 1 of 5 pages
Question 1. The ratio in which general reserve is distributed to the old partners
  1.    Capital
  2.    Sacrifice
  3.    Old ratio
  4.    Machinery
 Discuss Question
Answer: Option C. -> Old ratio
Question 2. When Goodwill is withdrawn by partner ___________ account is credited
  1.    Cash/Bank
  2.    Revaluation
  3.    Current
  4.    P&L adjustment
 Discuss Question
Answer: Option A. -> Cash/Bank
Question 3. New partner can bring capital in cash or kind
  1.    True
  2.    False
 Discuss Question
Answer: Option A. -> True
Question 4. X and Y are sharing profits and losses in the ratio of 3 : 2
  1.    12 : 8 : 5
  2.    8 : 12 : 5
  3.    2 : 2 : 1
  4.    2 : 2 : 2
 Discuss Question
Answer: Option C. -> 2 : 2 : 1
Question 5. In the balance sheet debtors shown Rs 50000 and in adjustment bad debts written off 10% and make provision 5% on remaining debtors
  1.    45000
  2.    42750
  3.    7250
  4.    47250
 Discuss Question
Answer: Option B. -> 42750
Question 6. P and Q are two partners in a firm having capitals of Rs 15000 each
  1.    5000
  2.    15000
  3.    10,000
  4.    None of these
 Discuss Question
Answer: Option C. -> 10,000
Question 7. Increase in the value of assets is credited to revaluation account
  1.    True
  2.    False
 Discuss Question
Answer: Option A. -> True
Question 8. At the time of admission of a partner, revaluation account is debited to record the increase in provision for doubtful debts
  1.    True
  2.    False
 Discuss Question
Answer: Option A. -> True
Question 9. What right a newly admitted partner acquires in the firm after his admission?
  1.    Right to vote
  2.    Right to admit any partner
  3.    Right to share assets of the firm
  4.    None of the above
 Discuss Question
Answer: Option C. -> Right to share assets of the firm
Question 10. At the time of admission if the profit sharing ratio among the old partner does not change then sacrificing ratio will be
  1.    Equal
  2.    According to the contribution of capital
  3.    Their old profit sharing ratio
  4.    According to new partner
 Discuss Question
Answer: Option C. -> Their old profit sharing ratio

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