Question

Fluctuating capital account is credited with:-
a. Interest on capita ( )
b. Profit of the year ( )
c. Remuneration of partners ( )
d. All of these *


2. In which year did the partnership Act passed?
a. Year 1956 ( )
b. Year 1952 ( )
c. Year 1947 ( )
d. Year 1932 *


3. In the absence of agreement the contrary, partners share profits and losses in the _____
a. Ratio of their capitals at the end of the year ( )
b. Ratio of their capital at the beginning of the year ( )
c. Ratio of average capita ( )
d. Equal ratio ( ) *


4. Donation received for a specific purpose is a ______
a. Liability ( )
b. Revenue receipts ( )
c. Capital receipts ( ) *
d. None of these ( )


5. Relationship between the partners of ______
a. Close relatives ( )
b. Agent and principal ( ) *
c. Junior-senior relationship ( )
d. Senior subordinate relationship ( )


6. Vidit and Seema were partner in a firm sharing profits and losses in the ratio of 3:2.
There capital were Rs. 1,20,000 and Rs. 2,40,000 respectively.
They were entitled to interest on capital @ 10%. The firm earned profit of Rs. 18,000 during the year.
The interest on Vidit’s capital will be _____
a. Rs. 12,000 ( )
b. Rs. 10,800 ( )
c. Rs. 7,200 ( )
d. Rs. 6,000 ( ) *


7. In the absence of partnership deed, interest on capital_______
a. Is allowed @ 6% ( )
b. Is allowed @ 10% ( )
c. Is allowed at the borrowing rate ( )
d. Is not allowed ( ) *


8. Reema and Seema are partners in a firm with capitals of Rs. 8,000 and Rs. 4,000 respectively.
The firm earned a profit of Rs. 3,000 during the year. Reema’s share in the profit will be______
a. Rs. 2,000 ( ) *
b. Rs. 1,000 ( )
c. Rs. 1,500 ( )
d. Rs. 1,800 ( )


9. Which of the following item is not dealt through profit and loss appropriation account?
a. Interest on partners capital ( ) *
b. Partners salary ( )
c. Interest on partner’s capital ( )
d. Partner’s commission ( )


10. Subscription received during the year 2020-21 Rs. 1,50,000. Outstanding subscription as on 31,march,2020 Rs. 1,00,000.
The amount shown as subscription will be_______
a. Rs. 50,000 ( ) *
b. Rs. 1,50,000 ( )
c. Rs. 1,00,000 ( )
d. Rs. 1,25,000 ( )


11. Out of the following, which is the unrestricted fund?
a. Annuity fund ( ) *
b. Sports fund ( )
c. Capital fund ( )
d. Endowment fund ( )


12. Choose NPO from the following:
a. Reliance Industries Limited ( )
b. Indian Hockey Federation ( ) *
c. Infosys ltd. ( )
d. Private hospitals ( )


13. Not-for-profit organizations prepare:-
a. Income and Expenditure account ( ) *
b. Trading and profit and loss account ( )
c. Trading Account ( )
d. Both (a) and (c) ( )


14. Legacy donation received by NPO to be used for specific purpose is accounted as_______
a. Revenue receipts ( )
b. Capital receipts ( ) *
c. An Assets ( )
d. Miscellaneous receipts ( )


15. Titled the account, which shows surplus/deficit of NPO is --------
a. Cash book ( )
b. Income and Expenditure account ( ) *
c. Receipts and Payment account ( )
d. Balance sheet ( )


16. Subscription received in cash during the year amounted to Rs. 40,000. Subscription outstanding at the end of previous year was Rs. 1500 and outstanding at the end of the current year was Rs. 2000. Subscription received in the advance for next year was Rs. 800. The amount credited to Income and Expenditure account will be:
a. Rs. 38,700 ( )
b. Rs. 39,700 ( ) *
c. Rs. 40,300 ( )
d. Rs. 41,300 ( )


17. Interest on loan is:
a. Operating Expense ( )
b. Direct Expense ( )
c. Indirect Expense ( ) *
d. All of these ( )


18. In case of fixed capital, partners will have _____
a. Credit balances in their capital a/c ( ) *
b. Debit balance in their capital a/c ( )
c. May have credit or debit balance in their capital a/c ( )
d. Credit balance or nil balance in their capital a/c ( )


19. Income and Expenditure account reveals:
a. Surplus or Deficiency ( ) *
b. Cash in hand ( )
c. Net profit ( )
d. Capital account ( )


20. When time of withdrawals are not mentioned, interest on drawing is charged:
a. For 6 month ( ) *
b. For 8 month ( )
c. For 5 month ( )
d. For 12 month ( )

Answer 1

Answer:

so big so big I don't know what is the answer

Answer 2

Answer:

1) d

2) d

3) d

4) c

5) b

6) d

7) d

8) a

9) a

10) a

11) a

12) b

13) a

14) b

15) b

16) b

17) a

18) a

19) a

20) a