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This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your knowledge and support exam preparation. Choose a topic below to get started.
| 1251. |
On the basis of following data, a Company's Gross Profit Ratio will be : Net Profit Rs. 40,000, Office Expenses Rs. 20,000, Selling Expenses Rs. 36,000, Total revenue from operations Rs. 6,00,000. |
| Answer» ANSWER :A | |
| 1252. |
Onthebasis of followingdatafinalpayments to a partner on firm 's Dissolutionwillbemade : DebitBalanceOf capitalAccount Rs, 14,000, shareof his profit on realisation Rs, 43,000, Firm 's Assest takenoverbyhimfor Rs, 17,000 |
|
Answer» RS, 31,000 |
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| 1253. |
On takingresponsibiltyof payment ofRealisation expensesbya partner, theAccount creditedwill be : |
|
Answer» REALISATIONACCOUNT |
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| 1254. |
On taking Responsibility of payment of a liability of Rs, 50,000 by Partner, theAccount credited willbe : |
|
Answer» REALISATIONACCOUNT |
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| 1255. |
On the admission of a new partner increase in the value of assets is debited to: |
|
Answer» Profit and Loss ADJUSTMENT account |
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| 1256. |
On the admission of a new partner |
|
Answer» OLD FIRM is DISSOLVED |
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| 1257. |
On retirement of a prtner, goodwill will be credited to the Capital Account of : |
|
Answer» RETIRING PARTNER |
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| 1258. |
On retirement/death of a partner, the retiring/deceased partner’s capital account will be credited with |
|
Answer» his/her share of goodwill. |
|
| 1259. |
On retirement/death of a partner, the remaining partner(s) who have gained due to change in profit sharing ratio should compensate the |
|
Answer» RETIRING PARTNERS only. |
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| 1260. |
On liquidation of company, principal amount of debentures is returned : |
|
Answer» FIRST of All |
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| 1261. |
On March 31, 2017 the balance in the capital accounts of Eluin, Monu and Ahmed, after making adjustments for profits, drawing, etc, were Rs. 80,000, Rs. 60,000 and Rs. 40,000 respectively. Subsequently, it was discovered that interest on capitaland interest on drawings had been omitted. The partners were entitled to interest on capital @ 5%p.a. The drawings during the year were Eluin Rs. 20,000, Monu, Rs. 15,000 and Ahmed, Rs. 9,000. Interest on drawings chargeable to partners were Eluin Rs, 500, Monu Rs. 360 and Ahmed Rs. 200. The net profit during the year amounted to Rs. 1,20,000. The profit sharing ratio was 3 : 2 : 1. Record necessary adjustment entries. |
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Answer» |
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| 1262. |
On payment of expenses of dissolution , account willbedebited : |
|
Answer» Realistion ACCOUNT |
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| 1263. |
On Ist April 2007, Sunrise Limited issued 5,000, 8 % debentures of .Rs 100 each at a discount of 5% . What will be the total amount of interest for the year ending31st March 2008? |
|
Answer» `.RS 38,000` |
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| 1264. |
On issue of debentures as a collateralsecurity, which account is credicted ? |
|
Answer» DEBENTURES Account |
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| 1265. |
On firm's Dissolution, Goodwill was realised at Rs 40,000. State which account will be credited |
|
Answer» CASH A/c |
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| 1266. |
On Firm 's Dissolution,whena partner voluntarily gives hispersonalasset tofirms' CreditorAs payment , theaccount credited will be : |
|
Answer» REALISATION A/C |
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| 1267. |
OnFirm 's Dissolution , on realisation of goodwill (whichwas shown in Balance sheet ) will be credited to : |
|
Answer» CASH A/C |
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| 1268. |
Onfirm 'sDissolution , whichoneof thefollowingaccountshouldbepreparedatthelast? |
|
Answer» REALISATIONACCOUNT |
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| 1269. |
On firm 's Dissolution , a Partner undertookfirm 'sCreditorsat Rs, 17,000 .In thiscase the account willbe credited : |
| Answer» Answer :D | |
| 1270. |
On dissolution,whena patner takesoveran asset ………… is debited |
|
Answer» REALISATIONACCOUNT |
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| 1271. |
On Dissolution. The balanceof 'Profit & Loss Account'appearingon theassets sideof a Balance sheet is transferred to : |
|
Answer» On thedebitof REALISATIONACCOUNT |
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| 1272. |
On Dissolutionof thefirm, amountreceivedfromsale of unrecorded asset iscredited to : |
|
Answer» CAPITALACCOUNT of thepartner |
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| 1273. |
Ondissolution, thebalanceof a partner'scapitalaccount appearingon theassets sideof a balancesheetis transferred to : |
|
Answer» On THEDEBIT of REALISATIONACCOUNT |
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| 1274. |
On dissolution, thefinalbalanceof capitalaccountsaccountsare transferredto : |
|
Answer» REALISATION ACCOUNT |
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| 1275. |
On dissolutionpartner's Loantransferredto : |
|
Answer» Partner'sCapitalaccount |
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| 1276. |
On dissolution of the firm, partner’s capital accounts are closed through: |
|
Answer» REALISATION ACCOUNT |
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| 1277. |
On dissolution of a partnership firm , the book value of assets (other than cash and bank ) transferred to Realisation Account was ₹ 2,00,000 , 50%of the assets were taken by partner X at a discount of 20% . 40% of the remaining assets were sold at a profit of 30% on cost and 5 % of the balance being obsolete realised nothing . The remaining assets were taken by a creditor in full settlement . Give Journal entries to record the realisation of assets . |
| Answer» | |
| 1278. |
OnDissolutionof firm,a partner took- overthe investments Of Rs, 15,000atRs, 19,000 ByHowmuchamountthe realisationaccount will be credited? |
|
Answer» RS, 4,000 |
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| 1279. |
On Dissolutionof thefirm, amountreceivedfromsale of unrecrded asset iscredited to : |
|
Answer» Partner's CAPITAL Accounts |
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| 1280. |
On dissolutionof firm, whichitemis debited to therealisationacccount ?: |
|
Answer» (a) Realisationexpensespaidby partner |
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| 1281. |
On dissolutionof firm.Losscalculatein realisationaccount is debited . Credited to whichaccount ? |
|
Answer» CASH ACCOUNTS(credit ) |
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| 1282. |
On dissolutionof a partnership firm, profitor loss on realisationis distrbuted among the partners |
|
Answer» In CAPITAL ratio |
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| 1283. |
Ondissolutionof a firm , realisationaccountisdebited with |
|
Answer» Allasseststo berealised |
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| 1284. |
On dissolutionof a firm, outof theproceedsreceivedfromthesaleof assets……………. Willbe paidfirstof all |
|
Answer» PARTNER's Capital |
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| 1285. |
On dissolution of a firm, partner’s loan account is transferred to: |
|
Answer» REALISATION Account |
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| 1286. |
On dissolutionof a firm, partners' Capitalaccounts balancewasRs, 63,000, CreditorsBalancewasRs, 12,000 and profit& Lossaccount debitBalancewasRs, 6,000profiton realisationof assets wasRs, 7,800 .Totalamountrealisedfromassets was: |
| Answer» Answer :D | |
| 1287. |
Ondissolutionof a firm , firm'sBalance sheettotalis Rs, 77,000 .On theassets sideof theBalancesheet items wereshownpreliminaryexpenses Rs, 2,000, Profit & LossAccount (Debit )BalanceRs, 4,000 and cashBalance) realisedwill be: |
|
Answer» RS, 69,200 |
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| 1288. |
On dissolution of a firm,ItsBalancesheetrevealed totalcredotors Rs, 50,000 TotalCapitalRs. 48,000 : Cash BalanceRs. 3,000 .Its assets wererealisedat 12%less .Losson realisationwill be: |
|
Answer» Rs.6,000 |
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| 1289. |
On dissolutionof a firm, Debtors Rs, 17,000 were shown in theBalancesheet Out os thisRs, 2,000 become bad ,Onedebtorbecome insolvent 70%wereRecoved from himoutOf Rs, 5,000 fullamountwasrecoveredfromthebalancedebtors.On accountof thisItem,LossinRealisationaccountwill be : |
|
Answer» RS, 5,100 |
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| 1290. |
On dissolution ofa firm, debitorswereRs. 17,000Of theseRs, 500 becamebadand therestrealised60%whichAccountwillbedebitedany byhowmuchamount? |
|
Answer» Realisation ACCOUNT byRs, 16,500 |
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| 1291. |
On dissolution of a firm, bank overdraft is transferred to : |
|
Answer» CASH ACCOUNT |
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| 1292. |
On Dissolutionof a firm, anunrecorded furniture of thevalueof Rs, 5,000 was Takenupbya partnerforRs, 4,300 , which Account willbecredited andby howmuchAmount ? |
|
Answer» Cashaccount ByRs, 4,300 |
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| 1293. |
On dissolution of a firm, an unrecorded furniture of Rs 5,000. was taken by a partner for Rs 4,300 against payment. Which Account will be credited and by how much amount ? |
|
Answer» CASH ACCOUNT by RS 4,300 |
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| 1294. |
On dissolutionof a firm, a partner's capitalaccounthasa credit balanceofRs, 42,000 Hisshareof profitin realisationaccountis Rs, 9,000 hehaspaidfirm's realisationexpansesRs, 3,000 ,Hewillfinally geta paymentof : |
|
Answer» RS, 39,000 |
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| 1295. |
On dissolutionof a firma partner tookoverRs, 17,000 investments forRs, 14,000 . Whichone of thefollowingaccount willbe debited/ credited withhowmuchamount ? |
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Answer» PARTNER's capitalaccountdebit withRs, 14,000 |
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| 1296. |
On Dissolutionof a firm , a partner paidRs. 700 forfirm's Realisation expenses . Whichaccount willbedebited ? |
|
Answer» CASH account |
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| 1297. |
On dissolution, if a partner pays firms liability which of the following account is debited ? |
|
Answer» PROFIT and LOSS ACCOUNT |
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| 1298. |
On dissolution , ifa partner undertakesto makepayment of a liabilityof thefirm ……… is(debited) |
|
Answer» PROFIT & LOSSACCOUNT |
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| 1299. |
On Dissolution, losses are firstof all met : |
|
Answer» Out of capital |
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| 1300. |
On April 1st, 2013 following were the balances of Blue Bird Ltd.: 10% Debentures (redeemable on 31st March, 2015) Rs.30,00,000 Debenture Redemption Reserve Rs.5,00,000 Required investment was made earning interest @8% p.a. On 31 March, 2014 the Board of Directors transferred the required amount to DRR and debentures were redeemed. Pass necessary Journal entries for the above transactions in the books of the company. |
| Answer» Solution :Rs.2,50,000 will be transferred from Surplus in Statement of P & L to Debenture REDEMPTION RESERVE A/c. Debenture Redemption Investment made for Rs.4,50,000 on 30TH April, 2014. INTEREST received Rs.33,000. | |