Accounting - Study Mode

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[#1401] A, B and C are partners in a firm in the ratio of 5 : 3 : 2. B retires from the firm. A and C want to have the same previous ratio. The new ratio of A and C will be

(A) 3 : 2

(B) 5 : 3

(C) 5 : 2

(D) 3 : 5

Correct Answer

(C) 5 : 2

[#1402] Match List-I with List-II List-I List-II a. Ind AS-16 1. Income tax b. Ind AS-38 2. Leasing c. Ind AS-17 3. Intangible assets d. Ind AS-12 4. Property, plant and equipments

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

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

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

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

Correct Answer

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

[#1403] Match the items of List-I with the items of List-II and choose the correct answer: List-I List-II a. Provision for 1. Current assets taxation b. Livestock 2. Unsecured loans c. Sundry debtors 3. Fixed assets d. Interest accrued on unsecured loans 4. Provisions

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

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

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

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

Correct Answer

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

[#1404] Under Garner vs Murray rule, in the event of dissolution of a partnership firm, solvent partner will have to share the deficiency of insolvent partner in

(A) Profit Sharing Ratio

(B) Adjusted Capital Ratio

(C) Sacrificing Ratio

(D) None of these

Correct Answer

(B) Adjusted Capital Ratio

[#1405] Goodwill of a business is its:

(A) Current assets

(B) Wasting Assets

(C) Fictitious Assets

(D) Intangible Assets

Correct Answer

(D) Intangible Assets