Question

1. AB and C are partners in a firm. They have Rs 19000 in the General Reserve
Account B decided to retire on health grounds. B wants that reserve should be
divided among all partners while A and C want it should remain intact for future
contingencies. Who is correct and Why?
| Mark
2. Give the Journal Entry to distribute general reserve and profit and loss account
balance appearing on the liabilities side of Balance sheet
| Mark
3. P.Q and R share profits in the ratio of 1:4:3 R died and the new ratio is 5:3. If R is
given Rs 6000 as goodwill,what will be the journal entry
I Mark
4. is the ratio in which the remaining partners acquire the share of the retiring
or the deceased partner.
1 Mark
5. Unless given otherwise what will be the ratio of sacrifice of the old partners in
case of admission of a new partner.
i Mark
6. An unrecorded asset was valued at Rs 2,00,000.On firm's dissolution it was sold
for 60% Realisation Account will be credited with??
i Mark
I Mark
7. Why is "Profit and Loss Appropriation Account Prepared""?
i Mark
8. ....... is the excess of actual profit over normal profit
9. If capital fund of a non for profit organisation is not mentioned in the question ,how
is it calculated?
1 Mark
10. On Dissolution of a firm Sundry creditors amounted Rs. 9000. These were paid at
la discount of 10%. What entry will be passed?
I Mark​

Answer 1

Answer:

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