Saved Bookmarks
| 1. |
Select the most appropriate alternatives from the following and rewrite the sentences.i. Anuj and Eeshan are two partners sharing profits and losses in the ratio of 3 : 2. They decided to admit Aaroh for 1/5th share, the new profit sharing ratio will be __________(a) 12 : 8 : 5 (b) 4 : 3 : 1 (c) 12 : 8 : 1 (d) 12 : 3 : 1ii. Excess of proportionate capital over actual capital represents __________ (a) equal capital (b) surplus capital (c) deficit capital (d) gainiii. __________ is credited when unrecorded asset is brought into business.(a) Revaluation Account(b) Balance Sheet (c) Trading Account (d) Partners Capital Accountiv. When goodwill is withdrawn by the partner __________ account is credited. (a) Revaluation (b) Cash/Bank (c) Current (d) Profit and Loss Adjustmentv. If asset is taken over by the partner __________ Account is debited. (a) Revaluation (b) Capital (c) Asset (d) Balance Sheet |
|
Answer» i. (a) 12 : 8 : 5 ii. (c) deficit capital iii. (a) Revaluation Account iv. (b) Cash/Bank v. (b) Capital |
|