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MCQs

Total Questions : 50 | Page 4 of 5 pages
Question 31. The excess of average profit over normal profit is ________
  1.    net profit
  2.    gross profit
  3.    super profit
 Discuss Question
Answer: Option C. -> super profit
Question 32. A partnership can be formed only for a ________ business
  1.    legal
  2.    owned
  3.    illegal
 Discuss Question
Answer: Option A. -> legal
Question 33. A, B and C are in partnership for several years and sharing profits and losses in the ratio 3 : 3 : 2
  1.    Dr Capital Account - C RM228 Cr Capital Account - A RM114Cr Capital Account - B RM114
  2.    Dr Current Account - C RM228 Cr Current Account - A RM114Cr Current Account - B RM114
  3.    Dr Capital Account - A RM114 Dr Capital Account - B RM114 Cr Capital Account - C RM228
  4.    Dr Current Account - A RM114 Dr Current Account - B RM114 Cr Current Account - C RM228
 Discuss Question
Answer: Option A. -> Dr Capital Account - C RM228 Cr Capital Account - A RM114Cr Capital Account - B RM114
Question 34. X and Y were equal partners
  1.    RM26,000
  2.    RM20,000
  3.    RM18,000
  4.    RM10,000
 Discuss Question
Answer: Option D. -> RM10,000
Question 35. Revaluation A/c is a
  1.    Real A/c
  2.    Nominal A/c
  3.    Personal A/c
  4.    Impersonal A/c
 Discuss Question
Answer: Option B. -> Nominal A/c
Question 36. 1
  1.    A) Debit Partner Capital A/cs and Credit Investment A/c
  2.    B) Debit Revaluation A/cs and Credit Investment A/c
  3.    C) Debit Investment A/cs and Credit Revaluation A/c
  4.    D) None of the above
 Discuss Question
Answer: Option C. -> C) Debit Investment A/cs and Credit Revaluation A/c
Question 37. On revaluation the increase in the value of assets leads
  1.    Gain
  2.    Loss
  3.    Expense
  4.    None of these
 Discuss Question
Answer: Option A. -> Gain
Question 38. If the old profit sharing ratio is more than the new profit sharing ratio of a partner the difference is called
  1.    Capital ratio
  2.    Sacrificing ratio
  3.    Gaining ratio
  4.    None of these
 Discuss Question
Answer: Option B. -> Sacrificing ratio
Question 39. The profit or loss on revaluation of assets and liabilities is transferred to the capital account of
  1.    The old partners
  2.    The new partner
  3.    All the partners
  4.    The sacrificing partners
 Discuss Question
Answer: Option A. -> The old partners
Question 40. At the time of admission the goodwill brought by the new partner may be credited to the capital accounts of
  1.    All the partners
  2.    the old partners
  3.    the new partner
  4.    the sacrificing partners
 Discuss Question
Answer: Option D. -> the sacrificing partners

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