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[#956] A machine was purchased on 1 st January 1992 for Rs. 5,00,000. A further sum of Rs. 5,000 for railway freight, Rs. 500 for local carriage and Rs. 5,000 on installation was spent on it. Depreciation is to be charged at 10% per annum on the written-down value method. On 31 st December 1994 the book-value of the machinery will be:

(A) Rs. 3,64,500.00

(B) Rs. 3,68,145.00

(C) Rs. 3,72,154.00

(D) Rs. 3,50,000.00

Correct Answer

(C) Rs. 3,72,154.00

[#957] How are all adjustments made when capital accounts are fixed?

(A) Partner's current account

(B) Partner's capital account

(C) Partner's fixed account

(D) Partner's nominal account

Correct Answer

(A) Partner's current account

[#958] Match both the lists and select the correct answer: List-I List-II a. Liquidity test 1. $$frac{{{ ext{All business creditors}}}}{{{ ext{Average per day credit purchase}}}}$$ b. Functional ratio 2. $$frac{{{ ext{Subscribers fund}}}}{{{ ext{Total assets}}}}$$ c. Prosperity 3. $$frac{{{ ext{Gross profit}}}}{{{ ext{Net sales}}}} imes 100$$ d. General profitability 4. $$frac{{{ ext{Current assets}}}}{{{ ext{Current liabilities}}}}$$

(A) a-4, b-1, c-2, d-3

(B) a-4, b-3, c-2, d-1

(C) a-1, b-2, c-3, d-4

(D) a-3, b-4, c-1, d-2

Correct Answer

(A) a-4, b-1, c-2, d-3

[#959] A, B and C enter into a partnership investing Rs. 35,000, Rs. 45,000 and Rs. 55,000 respectively. Find their respective shares in annual profit of Rs. 40,500.

(A) Rs. 10,500, Rs. 13,500, Rs. 19,500

(B) Rs. 10,500, Rs. 10,500, Rs. 21,500

(C) Rs. 10,500, Rs. 13,500, Rs. 17,500

(D) Rs. 10,500, Rs. 13,500, Rs. 16,500

Correct Answer

(D) Rs. 10,500, Rs. 13,500, Rs. 16,500

[#960] In case of a company limited by shares the liability of a member is limited to the extent of:

(A) Unpaid amount of shares held by him

(B) Paid amount of shares held by him

(C) Total amount of shares held by him

(D) None of the above

Correct Answer

(A) Unpaid amount of shares held by him