Question

Q.1 Credit balance of Income and Expenditure Account is called


[1] Q.2 Rent payable to partner:
[1] (a) Is a share of partner's profit
(b) Is a charge on profit
(c) Is an appropriation of profit
(d) None of the above
0.3 Which of the following is to be recorded in an income and Expenditure Account [1]
(a) Purchase of a fixed Asset
(b) Capital Expenditure incurred on a fixed asset
(c) Profit on the sale of a fixed asset
(d) Sale of a fixed asset


Q.5 On death of a Partner, the remaining partner(s) who have gained due to change in profit sharing ratio should compensate the- [1]
(a) Deceased partner only
(b) Remaining partners only (who have sacrificed)
(c) Remaining partners (who have sacrificed) as well as deceased partner (d) None of the above




Q.6 X, Y and Z were partners sharing profits and losses in the ratio of 4:2:1. On 1st April, 2020, W was admitted for 1/7th share and on the same date Z retires from the firm. X & Y decided to share future profits in the ratio of 2:1. Calculate the new profit sharing ratio.​

Answer 1

Answer:

Life partner OR ATM BANK