More from Prof. Mahadik P.R.

Question 1 :
Which of the following is generally considered as a non-profit oriented organization ?

Question 4 :
Not-for-Profit organisations refer to the organisations that are used for the welfare of the _________ and are set up as charitable institutions which function without any profit motive.

Question 5 :
The affairs of the not-for-profit organisations are usually managed by a managing/executive committee elected by its _______.

Question 7 :
The estate of a deceased partner is liable for any act of the firm done after his death.

Question 8 :
If current accounts are not being managed for a partnership firm then partners are maintaining _______________ accounts.

Question 9 :
If there is no partnership deed then interest on capital will be changed at p.a.______.

Question 10 :
Assertion: The auditor of a partnership firm is appointed under a contract with firm but not under any statute. Reason: The firm can also appoint him to act as an accountant for preparation of accounts.

Question 11 :
A and B shared profits in the ratio of 7 : 3. C was admitted as a partner. A surrendered 1 /7th of his share and B 1/3rd of his share in favour of C. The ratio of A, B and C will be ___________.<br/>

Question 12 :
Which of the following assumes paramount importance for investing surplus cash by a firm?

Question 13 :
On the admission of a new partner, the decrease in the value of assets is debited to:<br/>

Question 14 :
Profit or loss on revaluation of assets and liabilities is transferred to __________.

Question 15 :
If the incoming partner is to bring in premium for goodwill in cash and also balance exist, in the goodwill Account, then this Goodwill Account is written off among the old partners in _________ .

Question 16 :
The business of partnership firm must be carried on by all the partners.

Question 18 :
A and B were equal partners in a firm. On $1-1-2001$, they admitted C on the following conditions: C should bring $Rs. 20,000$ as capital, and&#160; $Rs. 10,000$ as goodwill. In future A, B and C would share profits and losses in the ratio of&#160; $2 : 1 : 2$. A and B will share the goodwill in the ratio of _________.&#160;

Question 19 :
X,Y and Z are partner sharing profits in the ratio of $5:3:2$. If $Y$ retires then the new ratio will be______.

Question 20 :
When the incoming partner brings in his share of premium for goodwill in cash, it is adjusted by crediting to ____________ .

Question 21 :
Profit or loss on revaluation of assets and liabilities is transferred to __________.

Question 22 :
On the admission of a new partner, the decrease in the value of assets is debited to:<br/>

Question 23 :
'Samta Limited invited applications for issuing $6,750$ equity shares of $Rs 10$ each. The amount was payable as follows : On application - $Rs 3$ per share <br>On allotment - $Rs 5$ per share <br>On first and final call - $Rs 2$ per share <br>The issue was fully subscribed. Subhash applied for $250$ shares and paid his entire share money with application. Moti applied for $175$ shares and paid allotment money also with application. The amount received with applications was :<br>

Question 25 :
A and B are partners sharing profits and losses in the ratio of 5 : 3. They admit C. It is decided that the profit sharing ratio between A, B and C will be 25: 15: 9. The sacrificing ratio will be ______.&#160;<br/>