Accounting - Study Mode

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[#2601] X and Y are partners and sharing profits-losses in the ratio of 4 : 3. They admit Z in partnership giving $${frac{1}{3}^{{ ext{rd}}}}$$ share in profits/losses. If Z receives his share from X and Y in equal proportion, the share of Y in profits/loses in future will be

(A) $$frac{{11}}{{42}}$$

(B) $$frac{{17}}{{42}}$$

(C) $$frac{{14}}{{42}}$$

(D) $$frac{{28}}{{42}}$$

Correct Answer

(A) $$frac{{11}}{{42}}$$

[#2602] Which of the following is conclusive evidence of partnership?

(A) Sharing of profits

(B) Mutual agency

(C) Carrying of some business

(D) All of the above

Correct Answer

(B) Mutual agency

[#2603] Capital of firm in the beginning of a financial year was Rs. 1,00,000. At the end, total assets were Rs. 1,50,000 and total liabilities were Rs. 70,000. If total drawing during the year was Rs. 30,000, what is the gross profit or gross loss?

(A) Rs. 10,000 Profit

(B) Rs. 20,000 Loss

(C) Rs. 50,000 Loss

(D) Rs. 10,000 Loss

Correct Answer

(A) Rs. 10,000 Profit

[#2604] In case of issue of shares at discount, the rate of discount should not be more than

(A) 5%

(B) $$7frac{1}{2}\% $$

(C) 10%

(D) 11%

Correct Answer

(C) 10%

[#2605] Which of the following statements is/are true? i. Tax-shield on depreciation and interest is an important variable both for the lessor and the lessee. ii. Lease transactions in India are governed by the Lease Act. iii. A lessee should evaluate the lease options against the buying option. iv. As per AS-19, financial lease is shown in the balance sheet of the lessee as an asset.

(A) i and iv

(B) i, iii and iv

(C) ii, iii and iv

(D) Only ii

Correct Answer

(B) i, iii and iv