2955 + Interview Questions in Accounts in Class 12 Page 34 InterviewSolution

1651.	in theabsence ofpartnershipDeedwhatare theaccountingtreatmentsof: (a)salariesof partnes(b)interest on partner's capital s ( c)intereston patner'sLoan(d)Divisionofprofitand ( E)intereston partner'sdrawings.
Answer» SOLUTION :(a) Not allowed ,(B) Not allowed (C )6% p.a ( D)equal ,(e )not charged

Discussion

1652.	In the absence of partnership Deed , partners are paid remuneration
Answer» `@`RS. 10,000 PER PARTNER per MONTH. `@` Rs. 20,000 per partner per month. `@` Rs. Per partner per month. NONE of the above. Solution :None of the above.

Discussion

1653.	In the absence of any information regarding the acquisition of share in profit of the retiring/deceased partner by the remaining partners, it is assumed that they will acquire his/her share:-
Answer» Old PROFIT SHARING Ratio New Profit Sharing Ratio Equal Ratio NONE of these Answer :A

Discussion

1654.	In the absence of Partnership Deed, partners are paid remuneration
Answer» `"@ "RS 10,000` PER partner per MONTH `"@ "Rs 20,000` per partner per month `"@ "Rs 30,000` per partner per month None of the above Solution :None of the above

Discussion

1655.	In the absence of an agreement to the contrary , the partners are
Answer» ENTITLED for `6%` INTEREST on their capitals , only when there are profits. entitled for `9%` interest on their capitals, only when there are profits. entitled for interest in their capitals at the bank rate , only when there are profits. not entitled for interest on their capitals. Solution :not entitled for interest on their capitals.

Discussion

1656.	in theabsenceof anagreementto thecorrtrary , thepartnersare
Answer» entitledfor 6%INTERESTON their CAPITALS,onlywhenthereare progits . enttitledfor 9% intereston theircapitals , onlywhenare points entitled for intereston CAPITAL ATTE bankrate onlywhenthreeareprofits . notentiteledfor theantintereston theircapitals . Solution :notentitledfor theantintereston theircapitals .

Discussion

1657.	In the absence of an agreement to the contrary, the partners are
Answer» entitled for 6% INTEREST on their capitals, only when there are profits entitled for 9% interest on their capitals, only when there are profits entitled for interest on their capitals at the BANK RATE, only when there are profit not entitled for interest on their capitals Solution :not entitled for interest on their capitals

Discussion

1658.	In the absence of an agreement as to who will contribute to new partner's share of profit, it is implied that the old partners will contribute
Answer» Equally In the RATIO of their capitals In their OLD Profit-sharing ratio In the GAINING ratio Solution :In their old Profit-sharing ratio

Discussion

1659.	In the absence of an agreement as to who contribute to new partner's share of profit, it is implied that the old partners will contribute
Answer» Equally. In the RATIO of their capitals. In their OLD PROFIT - SHARING ratio. In the gainingratio. Solution :In their old profit - sharing ratio.

Discussion

1660.	In the absence of a Partnership Deed, how are mutual relations of partners governed?
Answer» Solution :In the ABSENCE of a PARTNERSHIP Deed, mutual RELATIONS are governed by the Indian Partnership ACT, 1932.

Discussion

1661.	In debt equity ratio, debt refers to:
Answer» Short-Term Debts Short Term & Long Term Debts Total Debts Debentures and CURRENT Liabilities ANSWER :B

Discussion

1662.	In Comparative statements change in different items is presented in the form of …………………….
Answer» MONEY VALUES Percentages Both Money Values Percentages None of the above Answer :C

Discussion

1663.	In case of fluctuating capitals , interest on capital
Answer» is CREDITED to PARTNER's CAPITALACCOUNT. is credited to partner's CURRENT Account. may becredited to partner 's CAPITAL or Current Account. None of the above. Solution :is credited to partner's CapitalAccount.

Discussion

1664.	In case of fluctuating capitals, interest on capital
Answer» is credited to PARTNER's CAPITAL Account is credited to Partner's Current Account may be credited to Partner's Capital of Current Account None of the above Solution :is credited to Partner's Capital Account

Discussion

1665.	In case of fixed capitals , interest on capital
Answer» is creditals to PARTNER's CapitalAccount. is CREDITED to partner's CURRENT ACCOUNT. may be credited to partner 's Current Account. None of theabove. Solution :is credited to partner's Current Account.

Discussion

1666.	In case of fixed capitals , partners will have
Answer» CREDIT balance in their CAPITAL Accounts. debit balance in their Capital Accounts . May have credit or debit BALANCES in their Captial Accounts. None of the above. Solution :credit balance in their Capital Accounts.

Discussion

1667.	In case of fixed capitals ,Partner's Current Accounts will have
Answer» CREDIT BALANCES. DEBIT balances. credit or debit balances. None of these. Solution :credit or debit balances.

Discussion

1668.	In case of fixed capitals, interest on capital
Answer» is CREDITED to Partner's CAPITAL Account is credited to Partner's Current Account may be credited to Partner's Capital of Current Account None of the above Solution :is credited to Partner's Current Account

Discussion

1669.	In case of fixed capital, partners will have
Answer» CREDIT balances in their CAPITAL Accounts debits balances in their Capital Accounts may have credit or debit balances in their Capital Accounts None of the above Solution :credit balances in their Capital Accounts

Discussion

1670.	In case of fixed capital, Partners Current Accounts will have
Answer» CREDIT BALANCES DEBIT balances credit or debit balances None of these Solution :credit or debit balances

Discussion

1671.	In case of dissolution of a firm which liabilities are to be paid first ?
Answer»

Discussion

1672.	In caseof dissolution,assets aretransferredtorealisationAccount :
Answer» At BOOKVALUE At MARKET Value Cost or marketValue , Whicheveris LOWER NONEOF theabove ANSWER :A

Discussion

1673.	In case of dissolution, assets are transferred to Realisation Account
Answer» At BOOK VALUE At MARKET Value At COST or Market Value, WHICHEVER is lower None of these Solution :At Book Value

Discussion

1674.	In case of admission of a partner, the entry for unrecorded investments is
Answer» DEBIT PARTNER's CAPITAL A/cs and Credit INVESTMENTS A/c Debit Revaluation A/c and Credit Investments A/c Debit Investments A/c and Credit Revaluation A/c None of the above Solution :Debit Investments A/c and Credit Revaluation A/c

Discussion

1675.	In case debentures of Rs.10,000 are issued at par but redeemable at a premium of 10% the premium payable is debited to
Answer» Debentures Suspense ACCOUNT. Premium on REDEMPTION of Debentures Account. Loss on ISSUE of Debentres Account. Both (a) and (c ). Solution :Loss on Issue of Debentres Account.

Discussion

1676.	In case of admission of a partner, the entry for unrecorded investments is :
Answer» Debit PARTNERS' CAPITAL A/cs and Credit INVESTMENTS A/c. Debit REVALUATION A/c and Credit investments A/c. Debit Investments A/c Credit Revaluation A/c. None of the above. Solution :Debit Investments A/c Credit Revaluation A/c.

Discussion

1677.	In case debentures of Rs 10,000 are issued at par but redeemable at a premium of 10%, the premium payable is debited to
Answer» Debentures SUSPENSE Account Premium on Redemption of Debentures Account Loss on ISSUE of Debentures Account both (a) and (C) Solution :Loss on Issue of Debentures Account

Discussion

1678.	in apartnership,parnersarechargedinterest on drawing @ 15%p.a Duringthe yearended31 stMarch2019a partne drew asfollows : whatis theinterestchargeable fromtheparther ?
Answer» Solution : (ii)Product METHOD whendrawingsare madeinunequalamounts atdifferentdates , INTEREST ondrawingsiscalculatedby product Method as FOLLOWS: interestonRs. 86.000 @ 15%p.afor onemonth is `(Rs. 86,000xx15xx1)/(100xx12)=Rs. 1.075.`

Discussion

1679.	In a Common size statement each item is expressed as a percentage of some common base.
Answer» ANSWER :1

Discussion

1680.	In a Company's Balance Sheet .......... Appear under the head 'non-current assets'.
Answer» GOODWILL PATENTS VEHICLES All of the above Answer :D

Discussion

1681.	If Vendors are issued debentures of .Rs 80,000 in consideration of net assets of .Rs 1,00,000, the balance of .Rs 20,000 will be credited to :
Answer» STATEMENT of PROFIT & Loss Goodwill Account General RESERVE Account Capital Reserve Account Answer :D

Discussion

1682.	If total assets of a firmAre Rs, 12,00,000and totallibilities areRs, 2,40,000 whatwillbe thecapitalofP,Q Rs, 3,20,000, Rif theyshareporfitin theratioof theircapitals and profitsharingratiois 1:2:3:
Answer» <P>P Rs, 4,80,000:QRS, 3,20,000 ,R Rs, 1,60,000 P Rs, 1,60,000,Q Rs, 3,20,000 ,R Rs, 4,80,000 P Rs, 2,00,000 ,Q Rs, 4,00,000 ,R Rs, 6,00,000 P Rs,6,00,000 ,Q Rs, 4,00,000 ,R Rs, 2,00,000 Answer :B

Discussion

1683.	If Vendors are issued debentures of .Rs 4,40,000 in consideration of assets of .Rs 5,00,000 and liabilities of .Rs 1,00,000 , the balance of,.Rs 40,000 will be debited to :
Answer» GENERAL RESERVE Account Capital Reserve Account Goodwill Account Statement of PROFIT & Loss Answer :C

Discussion

1684.	If total assets areRs, 2,00,000totalliabilities are Rs, 40,000 amount realisedon saleof assetsis Rs, 1,75,000 and realisationexpenses are Rs, 3,000 , theprofitorloss on realisationwill be:
Answer» PROFIT Rs,12,000 Loss Rs,68,000 Loss Rs,28,000 Loss Rs,25,000 Answer :C

Discussion

1685.	If Total Assets are Rs.1,25,000. Total debt , i.e., external debtsare Rs. 1,00,000. and Current Liabilities are Rs.50,000 , Debt - Equity Ratio will be
Answer» `1 :1` `1:2` `2:1` NONE of these. Answer :C

Discussion

1686.	If total Assets are Rs 1,25,000, Total Debts, i.e., external debts are Rs 1,00,000 and Current Liabilities are Rs 50,000, Debt-Equity Ratio will be
Answer» `1 : 1` `1 : 2` `2 : 1` NONE of these Answer :C

Discussion

1687.	If there is a Match Fund then Match Expenses and Match Incomes are transferred to :
Answer» INCOME and EXPENDITURE A`//`C Assets side of BALANCE SHEET. LIABILITIES side of Balance Sheet. Both income and Expenditure `A//C` and to Balance Sheet. Solution :Liabilities side of Balance Sheet.

Discussion

1688.	If there is a 'Match Fund', then match expenses and incomes are transferred to:
Answer» Income and EXPENDITURE A/c Assets side of BALANCE SHEET LIABILITIES side of Balance Sheet Both Income and Expenditure A/c and to Balance Sheet ANSWER :C

Discussion

1689.	If the partners decide to retain and liabilities at their existing values, what method should be adopted to ensure that no partner is put to any advantage or disadvantage? Give reasons for your reply.
Answer» Solution :In such a case the firm should adopt Memorandum Revaluation Method'. The increase or decrease in value of asstes and liabilities are recorded in the first part of the account and the gain (profit) or loss arising out of it is distributed AMONG the old partners in their old profit-sharing ratio. The increased or decreased values are reversed in the second part of the account and the RESULTANT gain (profit) or loss is distributed among all the parters in their new profit-sharing ratio. Thus, the OBJECTIVE of not putting any PARTNER to advantage or disadvantage without EFFECTING the values is achieved.

Discussion

1690.	If the incoming partner is to bring in premium of goodwill in cash and also a balance exists in the Goodwill Account, then this Goodwill Account is written off among the old partners in
Answer» the NEW profit-sharing RATIO. the OLD profit-sharing ratio. the SACRIFICING ratio. None of the above. Solution :the old profit-sharing ratio.

Discussion

1691.	If the loss on reissue of shares is less than the amount forfeited, the surplus is transferred to
Answer» CAPITAL RESERVE. An asset. Revenue Reserve. None of these. Solution :Capital Reserve.

Discussion

1692.	If the inventory turnover ratio is divided into 365, it becomes a measure of …………..
Answer» Sales EFFICIENCY AVERAGE Age of Inventory Sales Turnover Average Collection Period Answer :B

Discussion

1693.	If the firmm is dissolved the partner's personal assets are first used for payment of the
Answer» FIRM's LIABILITIES PERSONAL liabilities Any of (a) of (B) NONE of these Solution :Personal liabilities

Discussion

1694.	If the existing profit- sharing ratio amongA , B and C of3:2:1 is changed to1:2:3, then the partner (s) whose share will be unaffected is/ are
Answer» A. B. C. A andC. Solution :B.

Discussion

1695.	If the amount of goodwill is Rs 40,000 at the beginning of a year and Rs48,000 at the end of that year then while preparing cash flow statement its effect on cash flow will be :
Answer» Cash used (PAYMENT) in INVESTING ActivitiesRs 8,000 Cash received from operating activitiesRs 8,000 Cash used (Payment) from FINANCIAL activitiesRs 8,000 Cash used (Payment) from financial activeitiesRs 2,00,000 Answer :A

Discussion

1696.	If the adjustment in the values of assets and liabilities at the time of the admission of a partner shows gain (profit), it is credited to the Capital Accouns of
Answer» the OLD PARTNERS in their NEW PROFIT - sharing RATIO. all partners in theirnew profit - sharing ratio. all partners in their new profit - sharing ratio. None of the above. Solution :all partners in their new profit - sharing ratio.

Discussion

1697.	If the adjustment in the values of assets and liabilities at the time of the admission of a partner shows gain (profit), if is credited to the Capital Accounts of
Answer» the OLD PARTNERS in their NEW profit-sharing RATIO all partners in their new profit-sharing ratio the old partners in their old profit-sharing ratio None of the above Solution :the old partners in their old profit-sharing ratio

Discussion

1698.	If Revenue from Operations is Rs.1,60,000 andGross Profit is Rs.40,000 , Gross Profit will be
Answer» `30%` `25%` `40%` `50%` ANSWER :b

Discussion

1699.	If Revenue from Operations is Rs 1,60,000 and Gross Profit is Rs 40,000 Profit Ratio will be
Answer» 0.3 0.25 0.4 0.5 Answer :B

Discussion

1700.	If opening inventory is Rs. 1,20,000, Cost of Revenue from Operations is Rs.10,00,000. and Inventory Turnover Ratio is 5 Times , then Closing Inventory will be
Answer» Rs.3,20,000. Rs.2,80,000. Rs.1,60,000. Rs.4,00,000. Answer :B

Discussion

Explore topic-wise InterviewSolutions in .

in theabsence ofpartnershipDeedwhatare theaccountingtreatmentsof: (a)salariesof partnes(b)interest on partner's capital s ( c)intereston patner'sLoan(d)Divisionofprofitand ( E)intereston partner'sdrawings.

In the absence of partnership Deed , partners are paid remuneration

In the absence of any information regarding the acquisition of share in profit of the retiring/deceased partner by the remaining partners, it is assumed that they will acquire his/her share:-

In the absence of Partnership Deed, partners are paid remuneration

In the absence of an agreement to the contrary , the partners are

in theabsenceof anagreementto thecorrtrary , thepartnersare

In the absence of an agreement to the contrary, the partners are

In the absence of an agreement as to who will contribute to new partner's share of profit, it is implied that the old partners will contribute

In the absence of an agreement as to who contribute to new partner's share of profit, it is implied that the old partners will contribute

In the absence of a Partnership Deed, how are mutual relations of partners governed?

In debt equity ratio, debt refers to:

In Comparative statements change in different items is presented in the form of …………………….

In case of fluctuating capitals , interest on capital

In case of fluctuating capitals, interest on capital

In case of fixed capitals , interest on capital

In case of fixed capitals , partners will have

In case of fixed capitals ,Partner's Current Accounts will have

In case of fixed capitals, interest on capital

In case of fixed capital, partners will have

In case of fixed capital, Partners Current Accounts will have

In case of dissolution of a firm which liabilities are to be paid first ?

In caseof dissolution,assets aretransferredtorealisationAccount :

In case of dissolution, assets are transferred to Realisation Account

In case of admission of a partner, the entry for unrecorded investments is

In case debentures of Rs.10,000 are issued at par but redeemable at a premium of 10% the premium payable is debited to

In case of admission of a partner, the entry for unrecorded investments is :

In case debentures of Rs 10,000 are issued at par but redeemable at a premium of 10%, the premium payable is debited to

in apartnership,parnersarechargedinterest on drawing @ 15%p.a Duringthe yearended31 stMarch2019a partne drew asfollows : whatis theinterestchargeable fromtheparther ?

In a Common size statement each item is expressed as a percentage of some common base.

In a Company's Balance Sheet .......... Appear under the head 'non-current assets'.

If Vendors are issued debentures of .Rs 80,000 in consideration of net assets of .Rs 1,00,000, the balance of .Rs 20,000 will be credited to :

If total assets of a firmAre Rs, 12,00,000and totallibilities areRs, 2,40,000 whatwillbe thecapitalofP,Q Rs, 3,20,000, Rif theyshareporfitin theratioof theircapitals and profitsharingratiois 1:2:3:

If Vendors are issued debentures of .Rs 4,40,000 in consideration of assets of .Rs 5,00,000 and liabilities of .Rs 1,00,000 , the balance of,.Rs 40,000 will be debited to :

If total assets areRs, 2,00,000totalliabilities are Rs, 40,000 amount realisedon saleof assetsis Rs, 1,75,000 and realisationexpenses are Rs, 3,000 , theprofitorloss on realisationwill be:

If Total Assets are Rs.1,25,000. Total debt , i.e., external debtsare Rs. 1,00,000. and Current Liabilities are Rs.50,000 , Debt - Equity Ratio will be

If total Assets are Rs 1,25,000, Total Debts, i.e., external debts are Rs 1,00,000 and Current Liabilities are Rs 50,000, Debt-Equity Ratio will be

If there is a Match Fund then Match Expenses and Match Incomes are transferred to :

If there is a 'Match Fund', then match expenses and incomes are transferred to:

If the partners decide to retain and liabilities at their existing values, what method should be adopted to ensure that no partner is put to any advantage or disadvantage? Give reasons for your reply.

If the incoming partner is to bring in premium of goodwill in cash and also a balance exists in the Goodwill Account, then this Goodwill Account is written off among the old partners in

If the loss on reissue of shares is less than the amount forfeited, the surplus is transferred to

If the inventory turnover ratio is divided into 365, it becomes a measure of …………..

If the firmm is dissolved the partner's personal assets are first used for payment of the

If the existing profit- sharing ratio amongA , B and C of3:2:1 is changed to1:2:3, then the partner (s) whose share will be unaffected is/ are

If the amount of goodwill is Rs 40,000 at the beginning of a year and Rs48,000 at the end of that year then while preparing cash flow statement its effect on cash flow will be :

If the adjustment in the values of assets and liabilities at the time of the admission of a partner shows gain (profit), it is credited to the Capital Accouns of

If the adjustment in the values of assets and liabilities at the time of the admission of a partner shows gain (profit), if is credited to the Capital Accounts of

If Revenue from Operations is Rs.1,60,000 andGross Profit is Rs.40,000 , Gross Profit will be

If Revenue from Operations is Rs 1,60,000 and Gross Profit is Rs 40,000 Profit Ratio will be

If opening inventory is Rs. 1,20,000, Cost of Revenue from Operations is Rs.10,00,000. and Inventory Turnover Ratio is 5 Times , then Closing Inventory will be