Accounting - Study Mode

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[#2176] A, B and C are partners sharing profits in the ratio of 4 : 3 : 2. They admit D for $$frac{1}{3}$$ profit of the firm. The sacrificing ratio of A, B and C will be:

(A) 3 : 2 : 1

(B) 4 : 2 : 1

(C) 4 : 3 : 2

(D) 5 : 3 : 2

Correct Answer

(C) 4 : 3 : 2

[#2177] Retirement of a partner leads to . . . . . . . . of remaining partners.

(A) gain in profit sharing ratio

(B) loss in profit sharing ratio

(C) no change in profit sharing ratio

(D) none of the above

Correct Answer

(A) gain in profit sharing ratio

[#2178] Which of the following items will be written on credit side of the partner's capital accounts when the accounts are floating?

(A) Interest on drawings

(B) Loan advanced by a partner to the firm

(C) Partner's share in the firm's loss

(D) Salary to the active partners

Correct Answer

(D) Salary to the active partners

[#2179] A machinery was purchased on 1 st January 2000 at a cost of Rs. 1,20,000 and was depreciated by diminishing balance method at the rate of 15% p.a. It was sold on 31 st March 2002 for Rs. 80,000 what was the loss on sale of machine

(A) Rs. 3,449

(B) Rs. 3,658

(C) Rs. 3,251

(D) None of the above

Correct Answer

(A) Rs. 3,449

[#2180] 'X' Ltd. has a liquid ratio of 2 : 1. If its stock is Rs. 40,000 and its current liabilities are of Rs. 1 Lac, its current ratio will be:

(A) 1.4 times

(B) 2.4 times

(C) 1.2 times

(D) 3.4 times

Correct Answer

(B) 2.4 times