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This section includes 7 InterviewSolutions, each offering curated multiple-choice questions to sharpen your Current Affairs knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
Why profit and loss adjustment account or revaluation account is prepared? |
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Answer» Revaluation of assets and liabilities is done with the help of a new account called “Revaluation Account.” Sometimes, this account is called as “Profit and Loss adjustment account”. This account is a nominal account in nature. Therefore, if there is a loss due to revaluation, revaluation account is debited and if the revaluation results in a profit, the revaluation account is credited. |
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| 2. |
Define Partnership Deed. |
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Answer» When the partnership agreement is written and signed By all the partners and is duly stamped according to the Stamp Act, it is called “Partnership Deed”. |
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| 3. |
How will you deal with a change in profit sharing ratio among existing partners? Take imaginary figures to illustrate your answer? |
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Answer» The profits and losses of the firm are distributed among the partners in an agreed ratio. However, if the partnership deed is silent, the firm’s profits and losses are to be shared equally by all the partners. You know that in the case of sole partnership the profit or loss, as ascertained by the profit and loss account is transferred to the capital account of the proprietor. In case of partnership, however, certain adjustments such as interest on drawings, interest on capital, salary to partners, and commission to partners are required to be made. For this purpose, it is customary to prepare a Profit and Loss Appropriation Account of the firm and ascertain the final figure of profit and loss to be distributed among the partners, in their profit sharing ratio. |
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| 4. |
Nature of revaluation account is :(a) personal Account(b) nominal account(c) real account(d) None of these |
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Answer» (b) nominal account |
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| 5. |
For getting share in profits, a new partner brings : (a) capital (b) loan (c) goodwill (d) None of these |
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Answer» (c) goodwill |
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| 6. |
In the absence of Partnership deed, specify the rules relating to the following: (i) Sharing of profits and losses. (ii) Interest on partner’s capital, (iii) Interest on Partner’s drawings. (iv) Interest on Partner’s loan (v) Salary to a partner. |
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Answer» (i) Sharing of profits and losses – Equally (ii) Interest on partner’s capital – interest not charged. (iii) Interest on Partner’s drawings – interest not charged (iv) Interest on Partner’s loan – 6% p.a (v) Salary to a partner – not provided |
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| 7. |
If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated? |
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Answer» If the amount is withdrawn at the beginning of each quarter, the interest is calculated on the total money withdrawn during the year, for a period of seven and half months and if withdrawn at the and of each quarter it will be calculated for a period of 4’A months. |
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| 8. |
Give two circumstances under which the fixed capitals of partners may change. |
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Answer» Two circumstances under which the fixed capitals of partners change 1. When partner withdraw money from the business for personal use. 2. When partner when introduce additional capital to the business, interest credited, interest charged. |
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| 9. |
“Cabinet is driver mechanism of state-shaped ship”. Whose definition is it? (a) Remjemyor (b) Lovell (c) Garner (d) Ambedkar |
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Answer» (a) Remjemyor |
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| 10. |
The government of incapable persons is regarded to be: (a) Parliamentary government (b) Unitary government (c) Presidential government (d) Federal government |
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Answer» (a) Parliamentary government |
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| 11. |
Which are the main forms of democratic governance? or Mention four forms of government in modern period. |
Answer»
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| 12. |
In which country, is the parliamentary from of government in practice? (a) Canada (b) Australia (c) India (d) In all these |
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Answer» (d) In all these |
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| 13. |
Main form of government is: (a) Monarchy (b) Aristocracy (c) Democracy (d) All these |
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Answer» (d) All these |
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| 14. |
The main form of democratic government is:(a) Unitary (b) Federal (c) Parliamentary (d) All these |
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Answer» (d) All these |
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| 15. |
Which of these is not a defect of parliamentary government? (a) Opposes to the principle of Separation of powers (b) Weak government (c) Unstable government (d) Responsible government |
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Answer» (d) Responsible government |
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| 16. |
An inseparable part of the state is: (a) Government (b) Population (c) Sovereignty (d) All these |
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Answer» (d) All these |
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| 17. |
Which country form the following has federal form of government along with parliamentary democracy ? (a) India (b) China (c) Britain (d) United States of America |
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Answer» India has federal form of government along with parliamentary democracy. |
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| 18. |
At present, presidential form of government is being seen as an alternative to democracy. Express your views. |
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Answer» The government in presidential form of government is stable, wherein a stable executive is established for a definite tenure. Because of time – frame being definite, the president and his secretaries can implement governance – related long – term plans with all confidence and concentration. In presidential system, there exists greater efficiency of governance. In this system, all executive powers rest with the president. Also, this system is beneficial at the time of war or in emergency time. This protects the freedom of a citizen more effectively. In the light of above-mentioned qualities, presidential form of government is thought to be an alternative to democracy. |
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| 19. |
In which of the following forms of government, does the head of state act as an impartial advisor? (a) Parliamentary (b) Presidential (c) Unitary (d) Dictatorship |
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Answer» (a) Parliamentary |
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| 20. |
The characteristic of presidential form of government is: (a) Checks and balances (b) Dictatorship (c) Separation of powers (d) Collective responsibility |
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Answer» (a) Checks and balances |
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| 21. |
In which of the following countries, there is unitary form of government along with parliamentary democracy ? (a) India (b) Britain (c) United States of America (d) France |
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Answer» In Britain there is unitary form of government along with parliamentary democracy. |
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| 22. |
Which form of government is based on the principle of segregation of powers? (a) Parliamentary (b) Unitary (c) Presidential (d) Democracy |
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Answer» (c) Presidential |
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| 23. |
Main quality (characteristic) of presidential government is: (a) Leadership of Prime Minister (b) Dual executive (c) Stability in government (d) Responsible government |
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Answer» (a) Leadership of Prime Minister |
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| 24. |
In United States of America, which form of government along with presidential democracy is in prevalence? (a) Federal (b) Unitary (c) Mixed (d) None of these |
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Answer» In United States of America Federal form of government along with presidential democracy is in prevalence. |
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| 25. |
The main defect of federal government is: (a) Unskilled governance (b) Danger to national unity (c) Weak governance (d) All these |
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Answer» (d) All these |
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| 26. |
Which of the following is not a quality of federal government? (a) National unity and local autonomy (b) Administrative skill (c) Political awareness (d) Less expenditure |
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Answer» (d) Less expenditure |
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| 27. |
Main defect of presidential government is: (a) Autocratic and unanswerable government (b) Freedom of legislature (c) Flexible in emergency times(d) Protection of civic liberty |
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Answer» (c) Flexible in emergency times |
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| 28. |
In federal government, center and states obtains powers from: (a) Government (b) Constitution (c) President (d) None of these |
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Answer» (b) Constitution |
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| 29. |
Whose statement is this, “In union, there is a fear of people’s rights getting truncated by an autocratic ruler.” (a) Lord Bryce (b) Getel (c) Ashirwadam (d) Durgadas Basu |
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Answer» (a) Lord Bryce |
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| 30. |
Which of the following states has presidential form of government? (a) India (b) United States of America (c) Britain (d) Canada |
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Answer» (b) United States of America |
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| 31. |
Whose statement is this, “Union is an amalgamation of some states which forms a new state.” ? (a) Hamilton (b) Finer (c) Lincoln (d) Laski |
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Answer» This is Hamilton statement. |
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| 32. |
Banks charges different rate of interest on different types of loans and advances and also charges differently to different economic class of people. This is called(A) Ceiling on credit.(B) Discriminatory Interest Rate(C) Margin Requirement(D) Sterilization of RBI accounts |
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Answer» Correct option is (B) Discriminatory Interest Rate |
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| 33. |
Account for the outbreak of Vellore Revolt in 1806. |
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Answer» Causes for the outbreak of Vellore Revolt in 1806: 1. The Sepoys in the British Indian Army had a strong sense of resentment over low salary and poor prospects of promotion. 2. The English officers disrespect for the social and religious sentiments of the Indian sepoys also angered them. 3. Many sepoys families were in dire economic straits due to out break of famine in 1805 and the unsettled conditions caused by new land tenures. 4. The imprisonment of Tipu’s sons and the family members in Vellore Fort. The immediate cause for the revolt was triggered by the new military regulations introduced by the Commander in Chief Sir John Cradock. 1. The Indian soldiers were not allowed to wear caste marks or ear rings when in uniform. 2. They were asked to shave their beard and trim the moustache to look smart. 3. The most resented cause was the leather cockade made of animal skin. 4. The sepoys were compelled to wear the turban and those who refused were severely punished. 5. In 10 July 1806 in the early hours guns were booming and the Indian sepoys of the regiments 1 and 23 raised their standard of revolt. |
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| 34. |
Where were the sons of Tipu Sultan sent after the Vellore Revolt? (a) Calcutta(b) Mumbai (c) Delhi (d) Mysore |
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Answer» (a) Calcutta |
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| 35. |
Who was the Commander-in-Chief responsible for the new military regulations in Vellore Fort? (a) Col. Fancourt (b) Major Armstrong (c) Sir John Cradock (d) Colonel Agnew |
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Answer» (c) Sir John Cradock |
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| 36. |
Fill in the blanks1. The word …….. means a domain a military camp or a little kingdom.2. The Palayakkararsystem was in practice during the rule of ………………….. of warangal in the Kakatiya kingdom. 3. The police duties of Palayakkarars were known as ………………….. 4. The Palayakkarars of Sivagiri, Ettayapuram and Panchalamkurichi did not join the confederacy of ………………….. 5. The unity of the Palayakkarars began to break with the ………………….. 6. In 1772 under the command of ………stormed the kalaiyar kovil palace. 7. The South Indian confederacy was organised by 8. The forces of Diwan of Mysore and Chinnamalai fought at 9. The failed because there was no immediate help from outside. 10. The was the predecessor of the great Revolt of 1857.11. Under poligar system was given for valuable military services rendered by any individual.12. The began to consolidate and extend its influence after the three carnatic wars in Tamil Nadu. 13. ………………….. the Minister of viswanatha Nayaka helped him to introduce Palayakkarar system in Tamil Nadu. 14. The Palayakkarar system lasted for from ………………….. the Nayaks of Madurai. 15. Within their respective Palayams Palayakkarars function as ………………….. authorities. 16. Traditionally there were ………………….. Palayakkarars created by Nayak rulers.17. Many Palayakkarars refused to pay taxes to the company as their lands handed down to them over ………………….. 18. The company branded ………………….. as rebels. 19. Mahfuzkhan was the brother of ………………….. 20. ………………….. was sent with a contingent army under colonel Heron to capture Tirunelveli and Madurai.21. Mahfuzkhan had the support of ………………….. and ………………….. from the carnatic to capture Tirunelveli. 22. Two thousand soldiers from ………………….. joined the forces of Puli Thevar at kalakad. 23. The Palayakkarars of Tirunelveli under Puli Thevar constantly rebelled against 24. Yusufkhan’s (Khan sahib) original name was ………………….. before his conversion to Islam. 25. The ………………….. from Tiruchirappalli arrived in September 1760 to assist Yusufkhan to attack Puli Thevar. |
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Answer» 1. Palayam 2. Prataba Rudhra 3. Padikaval or Arasukaval 4. Puli Thevar 5. elimination of French power from Pondicherry 6. Lt. Col Bon Jour 7. Marudhu brothers of Sivagangai 8. Noyyal river bed 9. Vellore Revolt 10. Vellore Revolt 11. Palayam 12. English East India Company 13. Ariyanathar 14. two hundred years 15. independent sovereign 16. 72 17. sixty generations 18. defiant Palayakkarars 19. Nawab of Arcot 20. Mahfuzkhan 21. cavalry and foot soldiers 22. Travancore 23. Nawab’s authority 24. Marudhunayagam 25. artillary |
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| 37. |
Velunachiyar(a) Who was the military chief of Velunachiyar?(b) What were the martial arts in which she was trained?(c) Whom did she marry?(d) What was the name of her daughter? |
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Answer» (a) The military chief of Velunachiyar was ‘Thandavarayanar’. (b) Velunachiyar had training in martial arts like valari, stick fighting and to wield weapons. (c) She married Muthu Vadugar the Raja of Sivagangai. (d) Her daughter name was Vellachinachiyar. |
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| 38. |
Fill in the blanks1. The battering of ………. by Yusufkhan took two months. 2. Expel of French power from Pondicherry made Travancore, …….., Uthumalai and ………….. to support the English. 3. The ……….. was charged with treachery and hanged in 1764 by the company.4. Captain ….. defeated Puli Thevar in 1767.5. Puli Thevar escaped and died in ……….. 6. Velunachiyar was under the protection of Gopala Nayak for ………….. years. 7. At the age of 16 ……….. was married to Muthuvadugar of Sivagangai. 8. Dalavay means ……….. 9. In behalf of Velunachiyar Dalavai ……….. wrote a letter to Sultan Hyder AN seeking military assistance.10. Hyder Ali ordered his commandant …….. in Dindigul Fort to provide required military assistance to Velunachiyar. 11. Kuyili faithful friend of Velunachiyar led a unit of women soldiers named after ……….. 12. ……….. was the shepherd girl who was killed by the company for not divulging information on kuyili the commander. 13. The company’s administrators ……….. and ……….. considered Kattabomman a man of peaceful disposition.14. To meet out the expenses of Nawab and his family ………….. of the revenue (taxes) collection was allowed. 15. The land revenue arrear from Kattabomman was ……….. pagodas in 1798.16. The did not give permission to collector Jackson to send an army to Panchalamkurichi to collect dues from Kattabomman. 17. Kattabomman’s Minister …….. accompanied him to Ramanathapuram to met collector Jackson. 18. In a clash at the gate of Ramanathapuram Fort English officer ……….. was killed. 19. In may 1799 ……….. issued orders from Madras for the advance of forces to Tirunelveli.20. Bannerman moved his entire army to Panchalamkurichi on ……….. 21. …….. gathered all the secrets of the Fort of Panchalamkurichi. 22. In a clash at ………Sivasubramanianar was taken a prisoner.23. Kattabomman escaped to …………24. ……….. was executed at Nagalapuram on 13th September. 25. Kattabomman was hanged from a ……….. in the old Fort of Kayathar. |
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Answer» 1. Nerkkatumseval Fort 2. Seithur, Surandai 3. Yusufkhan 4. Campbell 5. exile 6. eight 7. Velunachiyar 8. Military chief 9. Thandavarayanar 10. Syed 11. Udaiyal 12. Udaiyal 13. James London, Colin Jackson 14. one- sixth 15. 3310 16. Madras Government 17. Sivasubramanianar 18. Lietenant Clarke 19. Lord Wellesley 20. 5th September 1799 21. Ramalinganar 22. Kallarpatti 23. Pudukottai 24. Sivasubramanianar 25. Tamarind tree |
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| 39. |
(i) Velunachiyar organised an army and succeeded in securing an alliance with Hyder Ali. (ii) Hyder Ali provided the required military assistance to Velunachiyar (iii) A fierce battle was fought at Devadanampatti. (iv) Velunachiyar escaped with her daughter and lived in Ramanathapuram.(a) (i), (ii) and (iv) are correct (b) (i), (iii) and (iv) are correct (c) (ii) and (iii) are correct (d) (i) and (ii) are correct |
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Answer» (d) (i) and (ii) are correct |
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| 40. |
Who was the last Mughal Emperor of Delhi ? |
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Answer» Emperor Bahadur Shah Zafar was the last Mughal Emperor of Delhi. |
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| 41. |
Who was the first martyr of the revolt of 1857 ? |
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Answer» Mangal Pandey, the 26-year-old soldier of the 19th battalion of Barrackpore who refused to use the Enfield Rifle was the first martyr of the revolt of 1857. |
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| 42. |
The first female ruler of Sivagangai who resisted the colonial power of the British: (a) Jhansi Rani Lakshmibai (b) Rani Mangammal(c) Velunachiyar (d) Kuyili |
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Answer» (c) Velunachiyar |
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| 43. |
Puli Thevar was defeated by …………… in 1767. (a) Khan Sahib (b) Captain Campbell (c) Hyder Ali |
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Answer» (b) Captain Campbell |
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| 44. |
(i) UnderColonel Campbell, the English Army went along with Mahfuzkhan’s army. (ii) After Muthu Vadugar’s death in Kalaiyar Kovil battle, Marudhu Brothers assisted Velunachiyar in restoring the throne to her. (iii) Gopala Nayak spearheaded the famous Dindigul League.(iv) In May 1799 Cornwallis ordered the advance of Company armies to Tirunelveli. (a) (i) and (ii) are correct (b) (ii) and (iii) are correct (c) (ii), (iii) and (iv) are correct (d) (i) and (iv) are correct |
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Answer» (b) (ii) and (iii) are correct |
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| 45. |
Assertion (A): Puli Thevar tried to get the support of Hyder Ali and the French. Reason (R): Hyder Ali could not help Puli Thevar as he was already in a serious conflict with the Marathas. (a) Both (A) and (R) are correct, but (R) is not the correct explanation of (A) (b) Both (A) and (R) are wrong (c) Both (A) and (R) are correct and (R) is the correct explanation of (A) (d) (A) is wrong and (R) is correct |
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Answer» (c) Both (A) and (R) are correct and (R) is the correct explanation of (A) |
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| 46. |
(i) Dheeran chinnamalai was trained by the French. (ii) He launched Gwerilla attack and evaded capture by the British. (iii) He was born at Coimbatore, (iv) He refused to accept the rule of the British. (a) (i), (ii) and (iv) are correct (b) (i), (ii) and (iii) are correct(c) (iii) and (iv) are correct (d) (i) and (iii) are correct |
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Answer» (a) (i), (ii) and (iv) are correct |
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| 47. |
A and B are partners sharing profit in ratio of 2 : 1. They admit C for 1/3 share in profits, then sacrificing ratio of A and B is : (a) 2:3 (b) 1:2 (c) 2:1 (d) 1:1 |
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Answer» Correct answer is (c) 2:1 |
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| 48. |
Balance of Capital account of A and B were Rs 40,000 and Rs 30,000 respectively. For the year ended 31-12-2016. Balance of general reserve stood at Rs 20,000. C is admitted on 01-01-2017 for 1/3rd share in profits. C brings in Rs 50,000 for his share of capital. Calculate value of goodwill. |
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Answer» Adjusted capital of old partner = 40,000 + 30,000 + 20,000 (General Reserve) = Rs 90,000 Total capital of firm on the Basis of C’s capital \(= \frac { 50,000 \times 3 }{ 1 } = 1,50,000\) Goodwill = 1,50,000 – 90,000 – 50,000 = Rs 10,000 |
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| 49. |
All undistributed losses are transferred to capital account of the old partners in the ratio of : (a) new profit sharing ratio (b) gaining ratio (c) old profit sharing ratio (d) sacrificing ratio |
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Answer» (c) old profit sharing ratio |
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| 50. |
What is Acid rain? Mention, its effects. |
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Answer» Water molecules in the atmosphere react with sulfur dioxide to form acid rain. SO2+ H2O → H2SO3 The effects are : 1. Acid rain corrodes monuments, statues and buildings. 2. It affects the soil fertility and effects plants growth. |
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