Question

SECTION-A
M.M.: 80 marks
1. (1) Subscription received in advance is
(vii) A new partner may be admitted to a partnership firm:
(a) a liability
(a) fixed
(c) fluctuating
(a) interest account
(c) profit and loss account
(vi) A partnership can be formed only for a legal business. (True/False)
(b) an income
(c) an expense
(d) an asset
(11) Income and expenditure account shows a balance of -
(a) Capital Account
(b) Excess of revenue over expenditure or vice versa
(c) Cash in hand
(d) Net Profit
(iii) The donations paid are always taken in the Income and Expenditure Account. (True/False)
(iv) Current accounts of the partners should be opened when the capitals are :
(b) either fixed or fluctuating
(d) none of above
(v) The interest on partners capital accounts is to be credited to
(b) partners capital account
(d) none of above
(a) with the consent of 2/3rd of old partners
(b) with the consent of all old partners
(c) without the consent of old partners
(d) with the consent of any one partner​

Answer 1

Answer:

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