Accounting - Study Mode

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[#2366] Sacrifice ratio is used

(A) on the death of a partner

(B) on the retirement of a partner

(C) on the dissolution of a firm

(D) on the change in the profit sharing ratio

Correct Answer

(D) on the change in the profit sharing ratio

[#2367] X and Y are partners in the firm. Their profit sharing ratio is 2 : 3. Rs. 10,000 goodwill is appearing in the books. Z becomes new partner in the firm for $${frac{1}{5}^{{ ext{th}}}}$$ share. His share of goodwill is calculated as Rs. 15,000. Amount of goodwill credited to old partners capital account will be

(A) Rs. 50,000

(B) Rs. 40,000

(C) Rs. 75,000

(D) Rs. 65,000

Correct Answer

(D) Rs. 65,000

[#2368] Company with a paid up capital of 5000 equity shares Rs. 10 each has a turnover of four times with a margin of 8% on sales. The ROI of the company will be:

(A) 28%

(B) 32%

(C) 35%

(D) 42%

Correct Answer

(B) 32%

[#2369] Stock = Rs. 14,000 Debtors = Rs. 20,000 Stock Turnover = 5 Time Debtor's collection period = 73 days Creditors = Rs. 20,000 Outstanding expenses 15% Lendars Current Assets Turnover will be:

(A) 2.06

(B) 2.94

(C) 1.52

(D) 2.0

Correct Answer

(B) 2.94

[#2370] A machinery was purchased on 1 st January 1999 and was depreciated at the rate of 10% on diminishing balance method. It was sold on 31 st March 2001 when its value was Rs. 67,129 what was its value on 1 st January 1999?

(A) Rs. 90,000

(B) Rs. 85,000

(C) Rs. 82,000

(D) None of the above

Correct Answer

(B) Rs. 85,000