(1) How will you consider the interest on debit balance of partners’ current accounts forfirm?[A] Expense [B] Liability [C] Income [D] Loss(2) Goods return debit means………[A] Purchase [B] Purchase return [C] Sales [D] Sales return(3) Value of goodwill is …. for business having licence, patent, trademark etc.[A] Less [B] More [C] Negative [D] Zero(4) What is the formula for super profit ? [A] Average profit - Expected profit[B] Average profit - Average profit [C] Expected rate of return - Average profit[D] Average profit ¸ Expected profit(5) Revaluation account is also known as ……..[A] Capital reserves account[B] Profit-loss appropriation account[C] Profit-loss adjustment account[D] Profit-loss account(6) In which ratio profit or loss of revolution account is distributed between the partners?[A] Sacrifice ratio [B] Gain ratio[C] New profit-loss ratio [D] Old profit-loss ratio(7) In the reconstruction of partnership firm, sacrifice = …….[A] New profit-loss share - Old profit-loss share[B] New profit-loss share - Old profit-loss share[C] Old profit-loss share - New profit-loss share[D] Old capital share - New capital share(8) When only old profit-loss sharing ratio is given; sacrificing ratio of partners = .........[A] Equal [B] Old ratio [C] Old share - new share [D] Cannot be calculated(9) When newly admitted partner is not able to bring his share of goodwill in cash .......... account is debited.[A] Cash [B] Goodwill[C] Premium for goodwill [D] His capital A/c​