Question 1 :
Interest on capital will be paid to the partners if provided for in the agreement but only from following _______________.
Question 4 :
Under _______ there have been made rules regarding the dissolution of him.
Question 5 :
Which of the following is correct in respect of partnership accounts?<br/>1. In the absence of any provision in the partnership agreement to the contrary partners can charge interest at 6% p.a. on loans given by them to the partnership firm.<br/>2. An ordinary partnership firm can have not more than 50 partners<br/>3. A banking partnership firm can have not more than 50 partners<br/>4. In the absence of an agreed ratio in the agreement, partners will share profits and losses in the ratio their capitals.<br/>Select the correct answer using the codes given below.
Question 6 :
If current accounts are not being managed for a partnership firm then partners are maintaining _______________ accounts.
Question 7 :
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 8 :
Profit or loss on revaluation of assets and liabilities is transferred to __________.
Question 9 :
When the incoming partner brings in his share of premium for goodwill in cash, it is adjusted by crediting to ____________ .
Question 11 :
The business of partnership firm must be carried on by all the partners.
Question 12 :
On the admission of a new partner, the decrease in the value of assets is debited to:<br/>
Question 13 :
State whether the following statements are True and False.<br>When goodwill is paid privately, its entry in the books of accounts is not required.
Question 14 :
'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 15 :
Which of the following assumes paramount importance for investing surplus cash by a firm?
Question 16 :
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 17 :
The discount allowed on reissue of forfeited shares is debited to _________________.
Question 19 :
The balance in capital reduction a/c after writing off all accumulated loss, fictitious assets and overvalued assets are transferred to _______.
Question 21 :
When shares are issued to promoters for their services, the account that will be debited is ______________.
Question 22 :
The maximum amount beyond which a company is not allowed to raise funds, by issue of shares, is its _______________.
Question 23 :
A limited company forfeited 300 shares of Mr. X who had applied for 500 shares on account of non-payment of allotment money Rs 3 + 2 (premium) and first call Rs 2. Only Rs 3 per share was received with application. Out of these 200 shares were re-issued to Mr. Y as fully paid shares for Rs 8 per share excluding premium. The Profit on re-issue is __________.
Question 24 :
C consigned goods costing Rs 6,000 to his agent. Freight and insurance paid by consignor Rs 200. Consignee's expenses Rs 200. 4/5th of the goods were sold for Rs 3,000. Commission 2% on sales. Consignee wants to settle the balance with the help of a bank draft. The amount of draft will be _______________.
Question 25 :
X Ltd. forfeited 10 shares of Rs 10 each issued at a discount of 10% to Y on which a second & financial call of Rs 4 was not yet called and a first call of Rs 4 was not received. 8 of these shares were reissued as Rs 8 called up for Rs 7.50 per share. On reissue, the Share Capital will be ____________.<br/>
Question 28 :
A and B enter into a joint venture to underwrite shares of K Ltd. K Ltd. make an equity issue of 100,000 equity shares. 80% of the shares underwritten by the venturer. 80,000 shares are subscribed by the public. How many shares are to be subscribed by the venture?
Question 31 :
If the average balance of debtors has increased, which of the following might not show a change in general?
Question 32 :
If the holding of C. Ltd. in D. Ltd. is $90$% calculate the Holding - Minority ratio.
Question 36 :
Sale of inventory on account will cause the inventory turnover ratio to <u>                   </u>.
Question 37 :
The statistical yard stick that provides a measure of the relationship between two accounting figures is a <u>                     </u> .
Question 38 :
Current ratio may be increased by <u>                   </u>.
Question 39 :
Which of the following is normally treated as a satisfactory ratio of current assets to current liabilities?
Question 40 :
Which of the following liabilities are taken into account for acid test ratio?<br/>(i) Trade creditors<br/>(ii) Bank overdraft<br/>(iii) Cash credit<br/>(iv) Outstanding expenses<br/>
Question 41 :
Sale of inventory for cash will cause the current ratio to __________.
Question 42 :
Higher the ratio, the more favorable it is, doesn't stand true for ___________.
Question 43 :
When the concept of ratio is defined in respected to the items shown in the financial statements, it is termed as _______________.
Question 44 :
The ___________ ratios provide the information critical to the long-run operation of the firm.
Question 46 :
The various factors affecting the ROI can be put through a chart, it is known as __________.
Question 47 :
ABC co. extends credit term of 45 days to its customers. Its credit collection would be considered poor if its average collection period was ____________.
Question 48 :
Shareholders Funds / Total Assets = <u>                            </u> .
Question 49 :
When the Debt Turnover Ratio is $4$, what is the average collection period?
