Important Question Answer Series For HPSSC JOA Accounts (Post Code -932) Set-3
||Important Question Answer Series For HPSSC JOA Accounts (Post Code -932) Set-3||Important Question Answer Series For HPSSSB Junior Office Assistant Accounts (Post Code -932) Set-3||
30. On the admission of a new partner the decrease in the value of Assets is debited to
(a) Revaluation Account.
(b) Old partner’s capital Account.
(c) New partner’s capital Account.
(d) Assets Account.
31. X, Y and Z are partners in the ratio of 1/2: 2/5: 1/10, what will be the new ratio of the remaining partners if X retires?
(a) 2: 1
(b) 4: 1
(c) 5: 1
(d) 3: 1
32. Goodwill of a firm of A and B is valued at Rs. 30,000. It is appearing in the books at Rs. 12,000 C is admitted for 1/4 share. What amount he is supposed to bring for goodwill?
(a) Rs. 3,000
(b) Rs. 4,500
(c) Rs. 7,500
(d) Rs. 10,500
33. A and B are partners in the ratio of 2:1. They admit C for 1/4 share who contributes for Rs. 3,000 for his share of goodwill. The total value of good will of the firm is
(a) Rs. 3,000
(b) Rs. 9,000
(c) Rs. 12,000
(d) Rs. 15,000
34. When a firm is dissolved, profit or loss on realisation is shared by the partners
(a) Equal
(b) In the ratio of their capital balances.
(c) In the profit sharing ratio.
(d) In the ratio laid down in Garner V. Murray.
35. C and D are equal partners. Their capital balances on dissolution of the firm are C–Rs. 25000 and D–Rs. 15,000 Total cash available is Rs. 30,000 How should this cash be distributed between C and D?
(a) Rs. 15,000 each.
(b) Rs. 20,000 to C and Rs. 10,000 to D.
(c) Rs. 18,750 to C and 11,250 to D.
(d) According to decision in Garner V. Murray.
36. At the time of dissolution, an unrecorded asset taken by Mr. X, a partner should be debited to
(a) Mr. X’s capital A/c.
(b) Realisation A/c.
(c) Assets A/c.
(d) None of these.
37. The term fixed assets include
(a) Bank balance.
(b) Stock of finished goods.
(c) Goodwill.
(d) Loose tools.
38. Secret reserves serve the purpose of
(a) Enabling the directors to tide over unfavourable times.
(b) Meeting exceptional losses.
(c) Increasing the working capital.
(d) None of these.
39. In Garner V. Murray the deficiency of the insolvent partners is borne by other partner in the
(a) Profit sharing ratio.
(b) Ratio of their capitals.
(c) Equal share by each.
(d) None of these.
40. The remuneration payable to a whole-time director of the company should not exceed
(a) 5% of the net profits.
(b) 6% of the net profits.
(c) 7% of the net profits.
(d) 10% of the net profits.
||Important Question Answer Series For HPSSC JOA Accounts (Post Code -932) Set-3||Important Question Answer Series For HPSSSB Junior Office Assistant Accounts (Post Code -932) Set-3||
