(i) The partnership agreement is
(a) written agreement
(b) verbal agreement
√ (c) Both (a) and (b)
(d) None of these
(ii) The debenture holder in the company
(a) Debtor
(b) owner
√ (c) creditor
(d) Both (a) and (b)
(iii) Capital belongs to which account?
(a) Real A/c
√(b) Personal A/e
(c) Nominal A/c
(d) None of these
(iv) Receipts and Payments Account are similar to
√(a) Cash book
(b) P/L A/c
(c) Income and Expenditure A/c
(d) Both (a) and (b)
(v) The debit balance of Income and Expenditure Account indicates
(a) Surplus
√(b) Deficit
(c) Capital
(d) Both (a) and (b)
(vi) For purchase of goods on credit
(a) Goods A/c credited
(b) Supplier A/c credited
√ (c) Purchase A/c credited
(d) None of these
(vii) New Ratio - Old Ratio = ?
(a) Sacrifice Ratio
√ (b) Gaining Ratio
(d) None of these
(c) Both (a) and (b)
(viii) Assets are always
(a) Debit
(b) Credit
√ (c) Both (a) and (b)
(d) None of these
(ix) The excess money received from the share price
√ (a) premium
(b) at par
(c) discount
(d) None of these
(b) Profit
(x) Opening Capital - Closing Capital = ?
(a) Loss
√ (b) Profit
(c) Both (a) and (b)
(d) None of these
(xi) X, Y & Z are partners sharing profit in the ratio of 6:4: 2. Calculate the new profit ratio
after X retires-
(a) 3:1 (b)1:1
√(c) 2:1 (d) None of these
(xii) The advance expenditure belongs to
(a) Personal A/c
√(b) Real A/c
(c) Nominal A/c
(d) None of these
(xiii) The primary step of an accounting is the
(a) Ledger
√(b) Journal
(c) Trial Balance
(d) None of these
(xiv) Ankita & Aritra are partners in a partnership firm and they share profit & losses in the ratio 5:3. Banti was admitted as a new partner. The new profit & losses ratio of Ankita, Aritra & Banti is 3: 2: 1. Calculate the sacrificing ratio of Ankita & Aritra.
(a) 4:2 √(b) 3:1
(c) 3:1 (d) None of these
(xv) Receipts and Payments Accounts prepares-
(a) Profitable organisation
√(b) Non-profitable organisation
(c) Both (a) and (b)
(d) None of these
(c) Both (a) and (b)
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