100525 + Interview Questions in GENERAL QA IN GENERAL AWARENESS

1.	The `pH` of `10^(-5) M HCI` solution if `1mol` of it is diluted to `1000 ml` is :A. 7. 98B. 6. 98C. `7:00`D. 5
Answer» Correct Answer - B `M_(1)V_(1)=M_(2)V_(2)`

Discussion

2.	A is a vector quantity such that \|\(\vec A\)\| = non-zero constant. Which of the following expressions is true for \(\vec A\)?(A) \(\vec A\).\(\vec A\) = 0(B) \(\vec A\) x \(\vec A\) < 0(C) \(\vec A\) x \(\vec A\) = 0(D) \(\vec A\) x \(\vec A\) > 0
Answer» Correct option is (C) \(\vec A\) x \(\vec A\) = 0 \|\(\vec A\)\| \(\neq\)0 \(\vec A\) x\(\vec A\) = \(\|\vec A\|\|\vec A\|\)sin 0°\(\hat n\) = 0

2.

A is a vector quantity such that |\(\vec A\)| = non-zero constant. Which of the following expressions is true for \(\vec A\)?(A) \(\vec A\).\(\vec A\) = 0(B) \(\vec A\) x \(\vec A\) < 0(C) \(\vec A\) x \(\vec A\) = 0(D) \(\vec A\) x \(\vec A\) > 0

Answer»

Correct option is (C) \(\vec A\) x \(\vec A\) = 0

|\(\vec A\)| \(\neq\)0

\(\vec A\) x\(\vec A\) = \(|\vec A||\vec A|\)sin 0°\(\hat n\) = 0

Discussion

3.	Explain importance of planning?
Answer» Importance of Planning: Helps to set clear objectives: Planning is concerned with setting objectives, targets, and formulating plans to achieve them. It helps managers to analyze the present condition of the organization and on that basis to identify the ways of attaining the desired position in the future. Provides path of action: Planning ensures that the goals or objectives are clearly stated. They act as a guide and they provide direction for doing the right things at the right time with the right way. It helps employees to know what the organization has to do and what they must do for achieving the goals. Planning improves performance: It helps managers to improve future performances of employees by establishing objectives and selecting a course of action. It is beneficial for the organization. Planning leads to the efficient working of the employees. Due to proper planning, the employees can work according to time guidelines. This improvement in performances results in higher profitability of the organization. Minimizes the risk: Planning is based on forecasting techniques. It is the process of looking into the future and anticipating future changes. By deciding in advance the tasks to be performed, planning shows the way to deal with changes and uncertain events. Changes or risks cannot be eliminated totally but they can be anticipated and can be tackled with preventive measures. It minimizes the risk of future or uncertainties of the future. Planning leads to optimum utilization of resources: Organizational plans are prepared by taking into consideration the availability of resources and the proper allocation of resources for various activities. It also facilitates optimum utilization of resources which brings higher efficiency and better results. One can avoid wastage of resources by proper planning. Helps in decision making: There are various alternatives in front of management. Achieving goals planning helps the management to select the best alternative by considering all the positive and negative outcomes of all the alternatives. Decisions are taken after selecting alternative courses of action to achieve a predefined goal. It helps the manager to make rational decisions. Useful in setting the standards for controlling: Planning sets out standards for controlling. So, the actual performance can be compared with the standards and managers can find out the deviation, if any between the actual and the standard performance. Such deviation can be bridged by taking controlling steps. Therefore, planning provides a basis for control. It is also important for maintaining discipline at the working place of the organization. Facilitates Coordination of all activities: Planning facilitates the coordination of activities. It reduces overlapping among activities. All activities of business organizations are closely linked with each other which is considered in the process of planning. Sound planning inter-relates with all the activities and resources of an organization. Thus, various departments work as per the overall plan, and coordination is achieved. Facilitates other management functions: Every organization functions towards achieving goal and goal is set at the planning stage. Unless the plan is ready, other management functions such as organizing, staffing, etc. cannot be undertaken thus, planning facilitates all other functions of management. Promotes innovative ideas: Planning is the basic function of management. It is a process of decision making that involves the promotion of innovative ideas after critical thinking. Ultimately, these innovative plans result in the attainment of the goals of the organization. It is the most challenging activity for the management as it guides all future actions leading to the growth and prosperity of the organization. In short, planning plays a vital role in every walk of life of an organization as well as of an individual. The future is highly uncertain and the business environment is changing. With the help of proper planning, the risks and uncertainties can be minimized definitely. Hence, planning is the basic requirement of any organization for survival, growth, and success.

3.

Explain importance of planning?

Answer»

Importance of Planning:

Helps to set clear objectives:
Planning is concerned with setting objectives, targets, and formulating plans to achieve them.
It helps managers to analyze the present condition of the organization and on that basis to identify the ways of attaining the desired position in the future.
Provides path of action:
Planning ensures that the goals or objectives are clearly stated. They act as a guide and they provide direction for doing the right things at the right time with the right way. It helps employees to know what the organization has to do and what they must do for achieving the goals.
Planning improves performance:
It helps managers to improve future performances of employees by establishing objectives and selecting a course of action. It is beneficial for the organization. Planning leads to the efficient working of the employees. Due to proper planning, the employees can work according to time guidelines. This improvement in performances results in higher profitability of the organization.
Minimizes the risk:
Planning is based on forecasting techniques. It is the process of looking into the future and anticipating future changes. By deciding in advance the tasks to be performed, planning shows the way to deal with changes and uncertain events. Changes or risks cannot be eliminated totally but they can be anticipated and can be tackled with preventive measures. It minimizes the risk of future or uncertainties of the future.
Planning leads to optimum utilization of resources:
Organizational plans are prepared by taking into consideration the availability of resources and the proper allocation of resources for various activities. It also facilitates optimum utilization of resources which brings higher efficiency and better results. One can avoid wastage of resources by proper planning.
Helps in decision making:
There are various alternatives in front of management. Achieving goals planning helps the management to select the best alternative by considering all the positive and negative outcomes of all the alternatives. Decisions are taken after selecting alternative courses of action to achieve a predefined goal. It helps the manager to make rational decisions.
Useful in setting the standards for controlling:
Planning sets out standards for controlling. So, the actual performance can be compared with the standards and managers can find out the deviation, if any between the actual and the standard performance. Such deviation can be bridged by taking controlling steps. Therefore, planning provides a basis for control. It is also important for maintaining discipline at the working place of the organization.
Facilitates Coordination of all activities:
Planning facilitates the coordination of activities. It reduces overlapping among activities.
All activities of business organizations are closely linked with each other which is considered in the process of planning. Sound planning inter-relates with all the activities and resources of an organization. Thus, various departments work as per the overall plan, and coordination is achieved.
Facilitates other management functions:
Every organization functions towards achieving goal and goal is set at the planning stage.
Unless the plan is ready, other management functions such as organizing, staffing, etc. cannot be undertaken thus, planning facilitates all other functions of management.
Promotes innovative ideas:
Planning is the basic function of management. It is a process of decision making that involves the promotion of innovative ideas after critical thinking. Ultimately, these innovative plans result in the attainment of the goals of the organization. It is the most challenging activity for the management as it guides all future actions leading to the growth and prosperity of the organization.
In short, planning plays a vital role in every walk of life of an organization as well as of an individual. The future is highly uncertain and the business environment is changing. With the help of proper planning, the risks and uncertainties can be minimized definitely. Hence, planning is the basic requirement of any organization for survival, growth, and success.

Discussion

4.	Tactical information is needed for A. Day to day operations B. Meet government requirements C. Long range planning D. Short range planning
Answer» The correct option is (D) Short range planning.

Discussion

5.	A forward horizontal force of 12 N is used to pull a 240 N crate at constant velocity across a horizontal floor. The coefficient of friction isA. 0.5B. 0.05C. 2D. 0.2
Answer» Correct Answer - 2

Discussion

6.	A spring balance is attached to the ceiling of a lift. A man hangs his bag on the spring and the spring reads 49N, when the lift is stationary. If the lift moves downward with an acceleration of `5m//2^2`, the reading of the spring balance will beA. 74 NB. 15 NC. 49 ND. 24 N
Answer» Correct Answer - 4

Discussion

7.	______ traffic in Turkey is bad. A) The B) is C) A D) An
Answer» Correct option is A) The

Discussion

8.	I’d like ______ bowl of soup, please. A) an B) a C) is D) the
Answer» Correct option is B) a

Discussion

9.	Swimming is ______ excellent sport. A)__ B) a C) an D) the
Answer» Correct option is C) an

Discussion

10.	Magnitude of resultant of two vector `vec(A)` and `vec(B)` is equal to 2. angle between two vectors is `180^(@)` if `\|vec(A)\|=3` then find `\|vec(B)\|`A. 5B. 3C. 1D. 4
Answer» Correct Answer - AC 3-B=2 or B-3=2 B=1 or 5

Discussion

11.	A weighing machine inside a stationary lift reads 50 kg when a man stands on it. In which following cases can the reading be more than 50 kg ?A. the lift is moving upwards with constant velocityB. the lift is moving upwards with constant accelerationC. the lift is moving downwards with constant velocityD. the lift is moving downwards with constant deceleration
Answer» Correct Answer - BD N-mg=ma N=mg+ma

Discussion

12.	A business unit is assumed to have an indefinite life comes under(a) Going concern concept(b) Business entity concept(c) Money Measurment Concept
Answer» Correct answer is (a) Going concern concept

Discussion

13.	The Policy of ‘anticipate no profit and provide for all possible losses’ arises due to convention of(a) Matching(b) Conservatism(c) Consistency
Answer» Correct answer is (b) Conservatism.

Discussion

14.	Rakesh visited a furniture shop and bought 4 tables and 9 chairs for 1285. He plans to sell tables at a profit of 10% and chairs at 20% profit, he calculated that this plan will earn him a profit of Rs.157. How much combined money did he have to pay for 3 tables and 2 chairs? (Approx)1. Rs. 8132. Rs. 8723. Rs. 8764. Rs. 833
Answer» Correct Answer - Option 1 : Rs. 813 Given: Cost of 4 tables and 9 chairs combined = Rs. 1285. Profit calculated which he will earn = Rs. 157 Formula used: SP = CP × [(100 + Gain%)/100] Calculation: Let CP of 1 table and 1 chair be Rs. x and Rs. y resepctively. Now Acc. to Question, 4x + 9y = 1285 ----(i) and, 10% of 4x + 20% of 9y = 157 4x + 18y = 1570 ----(ii) Now 2 × (i) – (ii) (8x+18y) – (4x + 18y) = 2570 – 1570 ⇒ 4x = 1000 ⇒ x = 250 (price of 1 table) Now, From eqn. (i) ⇒ 4 × 250 + 9y = 1285 ⇒ 9y = 285 ⇒ y = 285/9 (price of 1 chair) Combined money which Rakesh will pay for 3 tables and 2 chairs = 3 × 250 + [(2 × 285)/9] ⇒ Rs. (750 + 63.33) ⇒ Rs. 813.33 ≈ Rs. 813 ∴ The required amount is Rs. 813

14.

Rakesh visited a furniture shop and bought 4 tables and 9 chairs for 1285. He plans to sell tables at a profit of 10% and chairs at 20% profit, he calculated that this plan will earn him a profit of Rs.157. How much combined money did he have to pay for 3 tables and 2 chairs? (Approx)1. Rs. 8132. Rs. 8723. Rs. 8764. Rs. 833

Answer» Correct Answer - Option 1 : Rs. 813

Given:

Cost of 4 tables and 9 chairs combined = Rs. 1285.

Profit calculated which he will earn = Rs. 157

Formula used:

SP = CP × [(100 + Gain%)/100]

Calculation:
Let CP of 1 table and 1 chair be Rs. x and Rs. y resepctively.

Now Acc. to Question,

4x + 9y = 1285 ----(i)

and, 10% of 4x + 20% of 9y = 157

4x + 18y = 1570 ----(ii)

Now 2 × (i) – (ii)

(8x+18y) – (4x + 18y) = 2570 – 1570

⇒ 4x = 1000

⇒ x = 250 (price of 1 table)

Now, From eqn. (i)

⇒ 4 × 250 + 9y = 1285

⇒ 9y = 285

⇒ y = 285/9 (price of 1 chair)

Combined money which Rakesh will pay for 3 tables and 2 chairs = 3 × 250 + [(2 × 285)/9]

⇒ Rs. (750 + 63.33)

⇒ Rs. 813.33 ≈ Rs. 813

∴ The required amount is Rs. 813

Discussion

15.	XYZ Company distributes its profit or loss to its partners X, Y and Z in the ratio of 1/3, 1/2, 1/6 respectively. If Z gets Rs.1,76,802 as his share then find the amount received by Y.A. Rs. 5,30,406B. Rs. 88,401C. Rs. 3,53,604D. Rs. 2,65,2031. D2. A3. C4. B
Answer» Correct Answer - Option 2 : A Given: Profit/loss sharing ratio of X, Y and Z = 1/3 : 1/2 : 1/6 Share of Z = Rs. 1,76,802 Calculation: LCM of 3, 2 and 6 = 6 Then, Profit/loss sharing ratio of X, Y and Z = 2 : 3 : 1 Share of Y = (3/1) × Share of Z ⇒ 3 × Rs. 1,76,802 ⇒ Rs. 5,30,406 ∴ Rs. 5,30,406 is received by Y.

15.

XYZ Company distributes its profit or loss to its partners X, Y and Z in the ratio of 1/3, 1/2, 1/6 respectively. If Z gets Rs.1,76,802 as his share then find the amount received by Y.A. Rs. 5,30,406B. Rs. 88,401C. Rs. 3,53,604D. Rs. 2,65,2031. D2. A3. C4. B

Answer» Correct Answer - Option 2 : A

Given:

Profit/loss sharing ratio of X, Y and Z = 1/3 : 1/2 : 1/6

Share of Z = Rs. 1,76,802

Calculation:

LCM of 3, 2 and 6 = 6

Then, Profit/loss sharing ratio of X, Y and Z = 2 : 3 : 1

Share of Y = (3/1) × Share of Z

⇒ 3 × Rs. 1,76,802

⇒ Rs. 5,30,406

∴ Rs. 5,30,406 is received by Y.

Discussion

16.	explain accounting assumption and principles
Answer» Accounting assumptions can be defined as a set of rules that ensures the business operations of an organization are conducted efficiently and as per the standards defined by the FASB (Financial Accounting Standards Board), which ultimately helps in laying the groundwork for consistent, reliable, and valuable.

Discussion

17.	The books of Ram and Bharti showed that the capital employed on 31.12.2016 was Rs. 5,00,000 and the profits for the last 5 years: 2015 Rs. 40,000, 2014 Rs.50,000, 2013 Rs. 55,000, 2012 Rs. 70,000 and 2011 Rs. 85,000. Calculate the value of goodwill on the basis of 3 year purchase of the average super profits of the last 5 years assuming that the normal rate of return is 10%.
Answer» Correct Answer - Rs. 30,000

Discussion

18.	A business has earned average profit of Rs.4,00,000 during the last few years and the normal rate of return in similar business is 10%. Find value of goodwill by:(i) Capitalisation of Super Profit Method, and(ii) Super Profit Method if the goodwill is valued at 3 years purchase of super profits.Assets of the business were Rs. 40,00,000 and its external liabilities Rs.7,20,000.
Answer» (i) Capitalisation of Super Profit Method: Step 1: Calculation of Capital Employed: Capital Employed = Assets - External Liabilities = 4000000 - 720000 = 3280000 Step 2: Calculation of Normal Profit: Normal Profit = 3280000 x [10/100] = 328000 Step 3: Calculation of Average Profit: Average Profit = 400000 Step 4: Calculation of Super Profit: Super Profit = 400000 - 328000 = 72000 Step 5: Calculation of Goodwill: Goodwill = Super Profit x [100/Normal Rate Of Return] = 72000 x [100/10] = 720000 (ii) Super Profit Method: Step 1: Calculation of Capital Employed: Capital Employed = Assets - External Liabilities = 4000000 - 720000 = 3280000 Step 2: Calculation of Normal Profit: Normal Profit = 3280000 x [10/100] = 328000 Step 3: Calculation of Average Profit: Average Profit = 400000 Step 4: Calculation of Super Profit: Super Profit = 400000 - 328000 = 72000 Step 5: Calculation of Goodwill: Goodwill = Super Profit x Number of years' of purchase = 72000 x 3 = 216000

18.

A business has earned average profit of Rs.4,00,000 during the last few years and the normal rate of return in similar business is 10%. Find value of goodwill by:(i) Capitalisation of Super Profit Method, and(ii) Super Profit Method if the goodwill is valued at 3 years purchase of super profits.Assets of the business were Rs. 40,00,000 and its external liabilities Rs.7,20,000.

Answer»

(i) Capitalisation of Super Profit Method:

Step 1: Calculation of Capital Employed:

Capital Employed = Assets - External Liabilities

= 4000000 - 720000

= 3280000

Step 2: Calculation of Normal Profit:

Normal Profit = 3280000 x [10/100] = 328000

Step 3: Calculation of Average Profit:

Average Profit = 400000

Step 4: Calculation of Super Profit:

Super Profit = 400000 - 328000

= 72000

Step 5: Calculation of Goodwill:

Goodwill = Super Profit x [100/Normal Rate Of Return]

= 72000 x [100/10]

= 720000

(ii) Super Profit Method:

Step 1: Calculation of Capital Employed:

Capital Employed = Assets - External Liabilities

= 4000000 - 720000

= 3280000

Step 2: Calculation of Normal Profit:

Normal Profit = 3280000 x [10/100]

= 328000

Step 3: Calculation of Average Profit:

Average Profit = 400000

Step 4: Calculation of Super Profit:

Super Profit = 400000 - 328000 = 72000

Step 5: Calculation of Goodwill:

Goodwill = Super Profit x Number of years' of purchase

= 72000 x 3

= 216000

Discussion

19.	A business has earned average profits of Rs. 1,00,000 during the last few years and the normal rate of return in a similar business is 10%. Ascertain the value of goodwill by capitalisation average profits method, given that the value of net assets of the business is Rs. 8,20,000.
Answer» Capilalised value of Average Profits Rs. `(1,00,000 xx 100)/(10) = Rs. 10,00,000` Goodwill = Capitalised value - Net Assets = Rs. 10,00,000 - Rs. 8,20,000 = Rs, 1,80,000 (b) (b) Capitalisation of Super Profits: Goodwill can also be ascertained by capitalising the super profit directly. Under this method there is no need to work out the capitalised value of average profits. It involves the following steps. (i) Calculate capital employed of the firm, which is equal to total assets minus outside liabilities. (ii) Calculate normal profits on capital employed. (iii) Calculate average profit for past years, as specified. (ii) Calculate super profits by deducting normal profits from average profits. (iii) Multiply the super profits by the required rate of return multiplier, that is,

Discussion

20.	Share of goodwill brought in cash by the new partner is called :- (A) Asset (B) Profit (C) Premium (D) None of these
Answer» Correct option is: (C) Premium

Discussion

21.	Diwakar hold 2,000 shares of Rs. 10 each of a company on the these he paid application and allotment money of Rs. 6 per share but failed to pay the first and final call of Rs. 4 per share. His shares will be transferred to.(a) share capital A/C(b) First and final call A/C(c) Share for teiture A/C(d) (None of these
Answer» His shares will be transferred to Share for teiture A/C

Discussion

22.	On dissolution of a firm, partner’s loan account is transferred to.(a) Realisation A/C(b) Partner’s capital A/C(c) Partner’s current A/C(d) None of these
Answer» (d) None of these

Discussion

23.	On liquidation of a company, principal amount of debenture is returned :- (A) First of all (B) Last of all (C) Before equity capital (D) None of these
Answer» Correct option is: (A) First of all

Discussion

24.	On Dissolution of a Firm, Partner's Loan Account is Transferred to : (A) Realization Account (B) Partner's Capital Account (C) Partner's Current Account (D) None of these
Answer» (D) None of these

Discussion

25.	On dissolution of a firm, partner’s loan account is transferred to:(a) Realisation Account(b) Partner’s Capital Account(c) Partner’s Current Account(d) None of these
Answer» (d) None of these

Discussion

26.	On dissolution of firm, Bank Overdraft is transferred to(a) Cash Account(b) Bank Account(c) Realisation Account(d) Partner's Capital Account
Answer» On dissolution of firm, Bank Overdraft is transferred to Realisation Account

Discussion

27.	On dissolution of a firm, Bank overdraft is transferred to.(a) Cash account(b) Bank Account(c) Realization Account(d) None of these
Answer» On dissolution of a firm, Bank overdraft is transferred to Realization Account.

Discussion

28.	Under the provission of companies Act, a Company can issue(a) Only Equity Shares(b) Only Preference Shares(c) Preference Shares and Equity Shares(d) None of these
Answer» Under the provission of companies Act, a Company can issue Preference Shares and Equity Shares.

Discussion

29.	On dissolution of a firm, patners Loan A/C is transferred to :- (A) Realisation A/C (B) Partners Capital A/C (C) Suspense A/C (D) None of these
Answer» Correct option is: (B) Partners Capital A/C

Discussion

30.	On Dissolution of a Firm , Bank Overdraft is Transferred to : (A) Cash Account (B) Bank Account (C) Realization Account (D) Partner's Capital Account
Answer» (B) Bank Account

Discussion

31.	On dissolution of a firm, Credit balance of Partner's Capital Account is paid to(a) Partners(b) Firm(c) Wife(d) None of these
Answer» On dissolution of a firm, Credit balance of Partner's Capital Account is paid to Partners

Discussion

32.	At the time of dissolution of firm, book value of Assets is recorded in which side of the Realisation A/C ? (A) Debit side (B) Credit side (C) Neither A nor B (D) None of these
Answer» Correct option is: (A) Debit side

Discussion

33.	On dissolution of a firm, amount realised from an unrecorded asset is credited to :-(A) Partners capital A/C (B) Cash A/C (C) Realisation A/C (D) Revaluation A/C
Answer» Correct option is: (C) Realisation A/C

Discussion

34.	Which Accounts are Opened, when the Capitals are Fixed? (A) Only Capital Accounts (B) Only Current Accounts (C) Liability Accounts (D) Capital and Current Accounts
Answer» (D) Capital and Current Accounts

Discussion

35.	As Per Table 'F', the Maximum Rate of Interest on Calls in Advance is : (A) 8 % P.A. (B) 12 % P.A. (C) 5 % P.A. (D) None of these
Answer» As Per Table 'F', the Maximum Rate of Interest on Calls in Advance is 12 % P.A.

Discussion

36.	Payment of credit balance of partners capital Accounts at the time of dissolution of a firm is made to :- (A) Partners (B) Wife (C) Friend (D) None of these
Answer» Correct option is: (A) Partners

Discussion

37.	Payment of Credit Balance of Partner's Capital Accounts at the Time of Dissolution of a Firm is made to : (A) Partners (B) Firm (C) Wife (D) None of these
Answer» (A) Partners.

Discussion

38.	At the Time of Firm's Dissolution, Balance of General Reserve shown in the Balance Sheet is Credited to : (A) Realization Accounts (B) Creditor's Account (C) Partner's Capital Account (D) Profit and Loss Account
Answer» (C) Partner's Capital Account

Discussion

39.	On the basis of the following data, how much final payment will be made to a partner on firm’s dissolution? Credit balance of capital account of the partner was Rs. 50,000. Share of loss on realization amounted to Rs. 10,000. Firm’s liability taken over by him was for Rs. 8,000. (a) Rs. 32,000 (b) Rs. 48,000 (c) Rs. 40,000 (d) Rs. 52,000
Answer» Answer: (b) Rs. 48,000

Discussion

40.	A,B and C are partners sharing profits in 2:2:1 ratio admitted D for `1//7` share which he acquired entirely from A. Calculate new profit sharing ratio?
Answer» Correct Answer - `11:16:8:5`

Discussion

41.	ASSERTION (A): it is right of the new partner on the firm’s Assets and Labilities REASON (R ): Old partners of the firm sacrifice some profit according to the new profit sharing ratio in favour of incoming partner. Choose the correct answer(a) Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A)(b) Both Assertion (A) and the reason (R) are true, but the reason (R ) is not the correct explanation of Assertion (A) (c) Assertion (A) is true, but Reason ( R) is false (d) Assertion (A) is false, but Reason (R) is True
Answer» (c) Assertion (A) is true, but Reason ( R) is false

Discussion

42.	The following was the Balance Sheet of Arun, Bablu and Chetan sharing profits and losses in the ratio of `(6)/(14):(5)/(14):(3)/(14)` respectively. They agreed to take Deepak into partnership and give him a share of 1/8 on the following terms: (a) that Deepak should bring in Rs. 4,200 as goodwill and Rs. 7,000 as his Capital, (b) that furniture be depreciated by 12%, (c) that stock be depreciated by 10% (d) that a Reserve of 5% be created for doubtful debts: (e) that the value of land and buildings having appreciated be brought upto Rs. 31,000 ,(f) that after making the adjustments the capital accounts of the old partners (who continue to share in the same proportion as before) be adjusted on the basis of the proportion of Deepak’s Capital to his share in the business, i.e., actual cash to be paid off to, or brought in by the old partners as the case may be. Prepare Cash Account, Profit and Loss Adjustment Account (Revaluation Account) and the Opening Balance Sheet of the new firm.
Answer» Correct Answer - Gain on revaluation Rs. 4,550. Balance Sheet Total Rs. 68,000

Discussion

43.	X and Y are partners sharing profits in 5:3 ratio admitted Z for 1/10 share which he acquired equally for X and Y. Calculate new profit sharing ratio?
Answer» Correct Answer - `23:13:4`

Discussion

44.	ASSERTION (A): On admission of new partner, Assets and Liabilities are revalued and reassessed REASON (R) : The Assets and Liabilities are revalued and reassessed as to show the proper financial position of the firm and capital held by the partners at the time of admission. Choose the correct answer (a) Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A) (b) Both Assertion (A) and the reason (R) are true, but the reason (R ) is not the correct explanation of Assertion (A) (c) Assertion (A) is true, but Reason ( R) is false (d) Assertion (A) is false, but Reason (R) is True
Answer» (c) Assertion (A) is true, but Reason ( R) is false

Discussion

45.	A,B,C were partners in a firm sharing profits in 3:2:1 ratio. They admitted D for 10% profits. Calculate the new profit sharing ratio?
Answer» Correct Answer - `9:6:3:2`

Discussion

46.	Which of the following asset is compusorily revalued at the time of admission of a new partners.(a) stock(b) Goodwill(c) Intestment(d) Building
Answer» Intestment asset is compusorily revalued at the time of admission of a new partners.

Discussion

47.	A and B share profits and lossess in the ratio of `3:1:,C` is admitted into partnership for `1//4` share. The sacrificing ratio of A and B is:A. equalB. `3:1`C. `2:1`D. `3:2`
Answer» Correct Answer - B

Discussion

48.	A the time of admission of a new partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of.(a) old partner in old profit sharing ratio(b) old partner in new profit sharing(c) All the partners in the new profit sharing ratio(d) None of these
Answer» (a) old partner in old profit sharing ratio

Discussion

49.	A, B and C are partner in a firm D is admitted as a new partner.(a) Old firm is dissolved(b) Old firm and old partnership is dissolved) (c) Old partnership reconstituted(d) None of these
Answer» (c) Old partnership reconstituted

Discussion

50.	At the time of admission of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of:A. old partners in old profit sharing ratioB. old partners in new profit sharing ratioC. all the partner in the new profit sharing ratioD. None of the above
Answer» Correct Answer - B

Discussion

Explore topic-wise InterviewSolutions in Current Affairs.

The `pH` of `10^(-5) M HCI` solution if `1mol` of it is diluted to `1000 ml` is :A. 7. 98B. 6. 98C. `7:00`D. 5

A is a vector quantity such that |\(\vec A\)| = non-zero constant. Which of the following expressions is true for \(\vec A\)?(A) \(\vec A\).\(\vec A\) = 0(B) \(\vec A\) x \(\vec A\) < 0(C) \(\vec A\) x \(\vec A\) = 0(D) \(\vec A\) x \(\vec A\) > 0

Explain importance of planning?

Tactical information is needed for A. Day to day operations B. Meet government requirements C. Long range planning D. Short range planning

A forward horizontal force of 12 N is used to pull a 240 N crate at constant velocity across a horizontal floor. The coefficient of friction isA. 0.5B. 0.05C. 2D. 0.2

A spring balance is attached to the ceiling of a lift. A man hangs his bag on the spring and the spring reads 49N, when the lift is stationary. If the lift moves downward with an acceleration of `5m//2^2`, the reading of the spring balance will beA. 74 NB. 15 NC. 49 ND. 24 N

______ traffic in Turkey is bad. A) The B) is C) A D) An

I’d like ______ bowl of soup, please. A) an B) a C) is D) the

Swimming is ____ excellent sport. A) B) a C) an D) the

Magnitude of resultant of two vector `vec(A)` and `vec(B)` is equal to 2. angle between two vectors is `180^(@)` if `|vec(A)|=3` then find `|vec(B)|`A. 5B. 3C. 1D. 4

A business unit is assumed to have an indefinite life comes under(a) Going concern concept(b) Business entity concept(c) Money Measurment Concept

The Policy of ‘anticipate no profit and provide for all possible losses’ arises due to convention of(a) Matching(b) Conservatism(c) Consistency

XYZ Company distributes its profit or loss to its partners X, Y and Z in the ratio of 1/3, 1/2, 1/6 respectively. If Z gets Rs.1,76,802 as his share then find the amount received by Y.A. Rs. 5,30,406B. Rs. 88,401C. Rs. 3,53,604D. Rs. 2,65,2031. D2. A3. C4. B

explain accounting assumption and principles

A business has earned average profits of Rs. 1,00,000 during the last few years and the normal rate of return in a similar business is 10%. Ascertain the value of goodwill by capitalisation average profits method, given that the value of net assets of the business is Rs. 8,20,000.

Share of goodwill brought in cash by the new partner is called :- (A) Asset (B) Profit (C) Premium (D) None of these

On dissolution of a firm, partner’s loan account is transferred to.(a) Realisation A/C(b) Partner’s capital A/C(c) Partner’s current A/C(d) None of these

On liquidation of a company, principal amount of debenture is returned :- (A) First of all (B) Last of all (C) Before equity capital (D) None of these

On Dissolution of a Firm, Partner's Loan Account is Transferred to : (A) Realization Account (B) Partner's Capital Account (C) Partner's Current Account (D) None of these

On dissolution of a firm, partner’s loan account is transferred to:(a) Realisation Account(b) Partner’s Capital Account(c) Partner’s Current Account(d) None of these

On dissolution of firm, Bank Overdraft is transferred to(a) Cash Account(b) Bank Account(c) Realisation Account(d) Partner's Capital Account

On dissolution of a firm, Bank overdraft is transferred to.(a) Cash account(b) Bank Account(c) Realization Account(d) None of these

Under the provission of companies Act, a Company can issue(a) Only Equity Shares(b) Only Preference Shares(c) Preference Shares and Equity Shares(d) None of these

On dissolution of a firm, patners Loan A/C is transferred to :- (A) Realisation A/C (B) Partners Capital A/C (C) Suspense A/C (D) None of these

On Dissolution of a Firm , Bank Overdraft is Transferred to : (A) Cash Account (B) Bank Account (C) Realization Account (D) Partner's Capital Account

On dissolution of a firm, Credit balance of Partner's Capital Account is paid to(a) Partners(b) Firm(c) Wife(d) None of these

At the time of dissolution of firm, book value of Assets is recorded in which side of the Realisation A/C ? (A) Debit side (B) Credit side (C) Neither A nor B (D) None of these

On dissolution of a firm, amount realised from an unrecorded asset is credited to :-(A) Partners capital A/C (B) Cash A/C (C) Realisation A/C (D) Revaluation A/C

Which Accounts are Opened, when the Capitals are Fixed? (A) Only Capital Accounts (B) Only Current Accounts (C) Liability Accounts (D) Capital and Current Accounts

As Per Table 'F', the Maximum Rate of Interest on Calls in Advance is : (A) 8 % P.A. (B) 12 % P.A. (C) 5 % P.A. (D) None of these

Payment of credit balance of partners capital Accounts at the time of dissolution of a firm is made to :- (A) Partners (B) Wife (C) Friend (D) None of these

Payment of Credit Balance of Partner's Capital Accounts at the Time of Dissolution of a Firm is made to : (A) Partners (B) Firm (C) Wife (D) None of these

At the Time of Firm's Dissolution, Balance of General Reserve shown in the Balance Sheet is Credited to : (A) Realization Accounts (B) Creditor's Account (C) Partner's Capital Account (D) Profit and Loss Account

A,B and C are partners sharing profits in 2:2:1 ratio admitted D for `1//7` share which he acquired entirely from A. Calculate new profit sharing ratio?

X and Y are partners sharing profits in 5:3 ratio admitted Z for 1/10 share which he acquired equally for X and Y. Calculate new profit sharing ratio?

A,B,C were partners in a firm sharing profits in 3:2:1 ratio. They admitted D for 10% profits. Calculate the new profit sharing ratio?

Which of the following asset is compusorily revalued at the time of admission of a new partners.(a) stock(b) Goodwill(c) Intestment(d) Building

A and B share profits and lossess in the ratio of `3:1:,C` is admitted into partnership for `1//4` share. The sacrificing ratio of A and B is:A. equalB. `3:1`C. `2:1`D. `3:2`

A, B and C are partner in a firm D is admitted as a new partner.(a) Old firm is dissolved(b) Old firm and old partnership is dissolved) (c) Old partnership reconstituted(d) None of these

Explore topic-wise InterviewSolutions in Current Affairs.

The `pH` of `10^(-5) M HCI` solution if `1mol` of it is diluted to `1000 ml` is :A. 7. 98B. 6. 98C. `7:00`D. 5

A is a vector quantity such that |\(\vec A\)| = non-zero constant. Which of the following expressions is true for \(\vec A\)?(A) \(\vec A\).\(\vec A\) = 0(B) \(\vec A\) x \(\vec A\) &lt; 0(C) \(\vec A\) x \(\vec A\) = 0(D) \(\vec A\) x \(\vec A\) &gt; 0

Explain importance of planning?

Tactical information is needed for A. Day to day operations B. Meet government requirements C. Long range planning D. Short range planning

A forward horizontal force of 12 N is used to pull a 240 N crate at constant velocity across a horizontal floor. The coefficient of friction isA. 0.5B. 0.05C. 2D. 0.2

A spring balance is attached to the ceiling of a lift. A man hangs his bag on the spring and the spring reads 49N, when the lift is stationary. If the lift moves downward with an acceleration of `5m//2^2`, the reading of the spring balance will beA. 74 NB. 15 NC. 49 ND. 24 N

______ traffic in Turkey is bad. A) The B) is C) A D) An

I’d like ______ bowl of soup, please. A) an B) a C) is D) the

Swimming is ______ excellent sport. A)__ B) a C) an D) the

Magnitude of resultant of two vector `vec(A)` and `vec(B)` is equal to 2. angle between two vectors is `180^(@)` if `|vec(A)|=3` then find `|vec(B)|`A. 5B. 3C. 1D. 4

A business unit is assumed to have an indefinite life comes under(a) Going concern concept(b) Business entity concept(c) Money Measurment Concept

The Policy of ‘anticipate no profit and provide for all possible losses’ arises due to convention of(a) Matching(b) Conservatism(c) Consistency

XYZ Company distributes its profit or loss to its partners X, Y and Z in the ratio of 1/3, 1/2, 1/6 respectively. If Z gets Rs.1,76,802 as his share then find the amount received by Y.A. Rs. 5,30,406B. Rs. 88,401C. Rs. 3,53,604D. Rs. 2,65,2031. D2. A3. C4. B

explain accounting assumption and principles

A business has earned average profits of Rs. 1,00,000 during the last few years and the normal rate of return in a similar business is 10%. Ascertain the value of goodwill by capitalisation average profits method, given that the value of net assets of the business is Rs. 8,20,000.

Share of goodwill brought in cash by the new partner is called :- (A) Asset (B) Profit (C) Premium (D) None of these

On dissolution of a firm, partner’s loan account is transferred to.(a) Realisation A/C(b) Partner’s capital A/C(c) Partner’s current A/C(d) None of these

On liquidation of a company, principal amount of debenture is returned :- (A) First of all (B) Last of all (C) Before equity capital (D) None of these

On Dissolution of a Firm, Partner's Loan Account is Transferred to : (A) Realization Account (B) Partner's Capital Account (C) Partner's Current Account (D) None of these

On dissolution of a firm, partner’s loan account is transferred to:(a) Realisation Account(b) Partner’s Capital Account(c) Partner’s Current Account(d) None of these

On dissolution of firm, Bank Overdraft is transferred to(a) Cash Account(b) Bank Account(c) Realisation Account(d) Partner's Capital Account

On dissolution of a firm, Bank overdraft is transferred to.(a) Cash account(b) Bank Account(c) Realization Account(d) None of these

Under the provission of companies Act, a Company can issue(a) Only Equity Shares(b) Only Preference Shares(c) Preference Shares and Equity Shares(d) None of these

On dissolution of a firm, patners Loan A/C is transferred to :- (A) Realisation A/C (B) Partners Capital A/C (C) Suspense A/C (D) None of these

On Dissolution of a Firm , Bank Overdraft is Transferred to : (A) Cash Account (B) Bank Account (C) Realization Account (D) Partner's Capital Account

On dissolution of a firm, Credit balance of Partner's Capital Account is paid to(a) Partners(b) Firm(c) Wife(d) None of these

At the time of dissolution of firm, book value of Assets is recorded in which side of the Realisation A/C ? (A) Debit side (B) Credit side (C) Neither A nor B (D) None of these

On dissolution of a firm, amount realised from an unrecorded asset is credited to :-(A) Partners capital A/C (B) Cash A/C (C) Realisation A/C (D) Revaluation A/C

Which Accounts are Opened, when the Capitals are Fixed? (A) Only Capital Accounts (B) Only Current Accounts (C) Liability Accounts (D) Capital and Current Accounts

As Per Table 'F', the Maximum Rate of Interest on Calls in Advance is : (A) 8 % P.A. (B) 12 % P.A. (C) 5 % P.A. (D) None of these

Payment of credit balance of partners capital Accounts at the time of dissolution of a firm is made to :- (A) Partners (B) Wife (C) Friend (D) None of these

Payment of Credit Balance of Partner's Capital Accounts at the Time of Dissolution of a Firm is made to : (A) Partners (B) Firm (C) Wife (D) None of these

At the Time of Firm's Dissolution, Balance of General Reserve shown in the Balance Sheet is Credited to : (A) Realization Accounts (B) Creditor's Account (C) Partner's Capital Account (D) Profit and Loss Account

A,B and C are partners sharing profits in 2:2:1 ratio admitted D for `1//7` share which he acquired entirely from A. Calculate new profit sharing ratio?

X and Y are partners sharing profits in 5:3 ratio admitted Z for 1/10 share which he acquired equally for X and Y. Calculate new profit sharing ratio?

A,B,C were partners in a firm sharing profits in 3:2:1 ratio. They admitted D for 10% profits. Calculate the new profit sharing ratio?

Which of the following asset is compusorily revalued at the time of admission of a new partners.(a) stock(b) Goodwill(c) Intestment(d) Building

A and B share profits and lossess in the ratio of `3:1:,C` is admitted into partnership for `1//4` share. The sacrificing ratio of A and B is:A. equalB. `3:1`C. `2:1`D. `3:2`

A, B and C are partner in a firm D is admitted as a new partner.(a) Old firm is dissolved(b) Old firm and old partnership is dissolved) (c) Old partnership reconstituted(d) None of these

A is a vector quantity such that |\(\vec A\)| = non-zero constant. Which of the following expressions is true for \(\vec A\)?(A) \(\vec A\).\(\vec A\) = 0(B) \(\vec A\) x \(\vec A\) < 0(C) \(\vec A\) x \(\vec A\) = 0(D) \(\vec A\) x \(\vec A\) > 0

Swimming is ____ excellent sport. A) B) a C) an D) the