Question 1 :
A and B were partners in a joint venture sharing profits and losses in the proportion of 4/5th and 1/5th respectively. A supplies goods to the value of  50,000 and incurs expenses amounting to 5,400. B supplies goods to the value of 14,000 and his expenses amount to 800, B sells goods at 87,400. B settles his account by bank draft. What will be the profit on venture?

Question 2 :
All external liability accounts including provisions, if any, are closed by transferring them to the credit of _________ account.

Question 3 :
X,Y and Z are three partners sharing profit and loss in the ratio of  3:2:1. The firm took joint life policy of Rs.30,000 for X,Rs.20,000 for Y and Rs.10,000 for Z. What is the share of Z in the Joint Life policy?

Question 4 :
When balance sheet prepared after the new partnership assets and liabilities are recorded at :

Question 6 :
Which of these is not a method of accounting treatment of premium on joint life policy?

Question 7 :
Claim of the retiring partner is payable in the following form.

Question 8 :
X & Y entered a Joint Venture for export of Indian Handicraft items to overseas customers. X sends goods worth Rs. 2,00 000 to Y for export to USA. Y exported goods worth Rs. 1,75,000 to USA for Rs. 2,10,000 and agreed to take away the remaining goods at cost less 10%. Y's Account will be __________ for goods taken away.

Question 11 :
Select the most appropriate alternative from those given below:<br>Drawing account is closed by transferring the balance to the ______ account.

Question 12 :
If a partner cannot clear his debts on dissolution, the other partners must clear these debts in the following manner:

Question 14 :
Premium paid on the life policy of the proprietor should be debited to Insurance Premium Account.

Question 15 :
The amount due to the retiring partner can be made by ________.

Question 16 :
In which of the following case Garner v Murray rule is NOT applicable? <br>1. Only one partner is solvent.<br>2. All partners are insolvent.<br>3. When partnership deed provides a specific method to be followed in case of insolvency of a partner<br><br>Select the correct answer from the options given below-<br>