Question

Q.No.
1.
PART-A
(Accounting for Not-for-profit organizations, Partnership Firms and Companies)
No interest is to be charged on drawings from the partners in case of
(a) No interest clause in deed
(b) Absence of deed
(c) An oral agreement between partners including interest
(d) Both (a) and (b)
2.)A firm has assets worth Rs. 7,00,000 and liabilities Rs. 2,00,000. If normal rate of return is
10% and the goodwill of the firm is valued at Rs. 1.20,000 on the basis of capitalization of
super profit, the average profit earned by the firm during 2018-19 will be:
a. Rs. 50,000
b. Rs. 6.200 -
c. Rs. 62.000
d. Rs 72.000
3.)
At the time of dissolution of a firm a partner takes the building of Rs. 50,000
at Rs. 60,000. The Realization Account will be credited by-
(a) Rs. 50,000
(b) Rs. 80,000
(c) Rs. 60,000
(d) None of the above-
4.)
Which of the following will be recorded in credit side of Receipts and Payments A/c?
(a) Rs. 300 received from entrance fees (b) Cash purchases of books Rs. 700
(c) Donation received Rs. 800
(d) Outstanding Rs. 300 for repairs
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Answer 1

Answer:

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