Question

7.
Name the account which is opened to credit the share of profit of the deceased partner from the beginning of current year till the date of death.
8.)
Ajay Bhawana and Shreya were partners sharing profits in the ratio of 2:2:1. On Julyl,
2019, Shreya died. The books of accounts are closed on March 31s! every year. Sales for
the
year 2018-19 amounted to Rs. 5,00,000 and that from 1st April to 30th June 2019 were
Rs. 1,40,000. The rate of return during past three years had been 20% on sales. Shreya's
share of profit till the date of death will be:
a.Rs. 5.600-
b. Rs. 5.000
c.Rs. 28,000
d. Rs. 1.400

9.
A Ltd. forfeited, a share of Rs. 100 issued at a premium of 20%, for non-payment of first
call of Rs. 30 per share and final call of Rs. 10 per share. These Forfeited shares can be re-
issued at a minimum price of Rs.
10.)Loss on issue of debentures is written off out of
(a) securities premium reserve
(b) general reserve and statement and profit and loss
(c) Both (a) and (b)
(d) discount on issue of debenture account
11.
A and B are partners in a firm sharing profit in 4:3. C is admitted as a partner for 1/5 share.
The premium of goodwill brought in by C amounted to Rs. 1,00,000 is credited to A and B
as Rs. 60,000 and 40,000. The new profit sharing ratio of A, B and C would be:
a.4:32
b. 5:4:3
c. 79:61:35
d 4.3:5
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Answer 1

Answer:

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Explanation

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