ACCOUNTANCY
CBSE HSE VHSE
OBJECTIVE TYPE QUESTIONS
1. Fill in the blanks
a. Current accounts of partners should be opened when the capital are..............
b. In the absence of an agreement ,interest on capital........... ...is ( 6, 5,1,no interest))
c. In the absence of an agreement ,interest on partner's Loan shall be paid @.....( 6, 5,1,no interest))
d. In the absence of an agreement,partners shall..............salaries
e. In the absence of partnership deed ,profits and losses are divided by partners...........
f. A,Band C are partners sharing profit and losses in the ratio of 1/2, 1/3 ,and 1/6 respectively.
D a new partner,is given 1/8 The new profit sharing ratio will be.....
g. A partner admitted into the partnership firm acquire s two rights i.e.
a. the right to share in the assets of the partnership and b. the right to share .......
h. Revaluation account is a ......account.
i. The balance of revaluation account is transferred to the old partners' capital accounts in their.......
j. The amount of goodwill received in cash from new partner is transferred to the Old partners capital accounts.
k. At the time of admission of a new partner , if the value of goodwill is overstated in the book it is written back by.............
l. On the admission of a new partner if the goodwill is raised at full value ,it should be debited to
---i. cash account ii. old partners capital accounts iii.good will account
m. When realisation expenses are paid by a partner on behalf of the the firm.........a/c is debited.
n. Under fixed capital method,interest on drawings is debited in..........a/c (current a/c,Capital a/c)
o. What is the journal entry to be passed for transferring partners salary to partners capital account ?
p. On Dissolution of firm creditors are paid....(last,first, second)
q. On dissolution ,all assets excepting cash and bank are transferred to the...........side of realisation account (debit, credit )
r. When a liability assumed by a partner his capital account is ......... (debited ,credited)
s. The account opened to close the various assets and liabilities of the firm on dissolution is called ...............a/c.
t. In the event of dissolution of firm ,the partners'personal assets are first used for payment of.............liabilities. (firm,Personal)
u.When unrecorded asset is realised at the time of dissolution of the firm , cash account is debited and ................account credited.
v. Entry for the asset taken over by a creditor is..........but entry for the net payment to the creditor is made. (not made)
w. After making the payment to third parties , the ........due to partner is paid (loan,)
x. In the case of retirement of a partner ,goodwill at its full value credited to the accounts of ........i. on retiring partner, ii. all partners , iii.only remaining partners.
y. Where a partner is entitled to interest on capital, such interest wiil payable ....................( only out of profit, only out of capital)
z. Which one of the following should be paid even if there is a loss to the firm.............. ( i.Interest on capital, ii. Interest on loan).
a1. The profit ofa partnership firm is55,000. Rajan, a partner is entitled to a commission 0f 10% of the net profit after charging such commission. Rajan's commission is .........(a. rs. 5500 b. 5,000 c .2750)a2. If there is adequate profit and the share of profit to the partner who is guranteed a minimum profit is more than the guranteeed amount, he is entitled to receive.................(i. only guranteed amount ii. His share of profit )
a3. Sacrificing ratio is equal to ...(Old ratio -New ratio b. New ratio- old ratio )
a4.The share of good will brought in by the incoming partner in cash is called.. ...... . (i.Capital,ii.Premium, iii. asset)
5. .....Account is prepared to bring the assets and liabilities at their true values and to ascertain the parofit or loss arising therefrom. (Revaluation,profit and loss, realisation)
6. To acquire the right to share the assets of the firm,the incoming partner brings (Cash premium,CPITAL,RESERVE)
