if the cost price of a machinery is Rs.90,000 and the accumulated
depreciation is Rs.10,000 therefore the annual depreciation @10 on
WDV basis is……………….
Answers
Answer:
Capital of the partners are maintained by: _______
(a) Fixed capital method. (b) Fluctuating capital methods.
(c) By any two above methods. (d) None of them.
16. Drawings of the partners are: ______
(a) Debited to profit & loss A/c (b) Credited to profit & loss A/c
(c) Credited to capital A/c (d) Debited to capital A/c
17. A partners has to pay interest on drawings what is the entry in the personal A/c of the partner?__
(a) Credit partners’ capital A/c (b) Credit partners current A/c
(c) Debit the partners current A/c (d) Debit partners current A/c
18. Salary paid to partner should be: _______
(a) Debited to his current A/c (b) Credited to his current A/c
(c) Credited to profit & loss appropriation A/c (d) none of above
19. Interest on capital Account: ______
(a) Debited to profit & loss A/c
(b) Credit to profit & loss A/c
(c) Debit to profit & loss and credited to partners’ capital A/c
(d) Only credited to partners’ capital A/c.
20. At the time of admission of a new partner the firm is: ________
(a) Dissolved (b) Continued (c) Not effected (d) Re-organized
21. At the time of admission an incoming partner contributes as goodwill: _______
(a) In cash (b) Does not pay cash
(c) May or may not pay cash for goodwill (d) none of these.
22. Good will is valued as two years purchase of the average profits of three previous years are
₹ 15,000, the value of good-will be: ₹ _______
(a) 15,000 (b) 30,000 (c) 20,000 (d) 50,000