Accounting - Study Mode

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[#286] Mr. X a partner in a partnership firm withdraws Rs. 2,000 at the end of each month. Rate of interest is 5%. Interest on drawings at the end of the year will be

(A) Rs. 1,200

(B) Rs. 600

(C) Rs. 550

(D) Rs. 650

Correct Answer

(C) Rs. 550

[#287] X and Y are partners sharing profits and losses in 3 : 1. They admitted Z in the partnership and he bring Rs. 8,000 as his share of goodwill. New profit sharing ratio between X, Y and Z is 2 : 1 : 1, goodwill will be distributed to.

(A) X and Y Rs. 6,000 and Rs. 2,000 respectively

(B) X and Y Rs. 4,000 each

(C) Only X

(D) Only Y

Correct Answer

(C) Only X

[#288] Match the following List-I List-II a. The document related to sales return is . . . . . . . . note. 1. Business b. Bank reconciliation statement is prepared by the . . . . . . . . enterprise. 2. Credit c. Purchases account will always have a . . . . . . . . balance. 3. Cash d. When the word 'paid' occurs, it means reduction of . . . . . . . . 4. Debit

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

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

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

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

Correct Answer

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

[#289] Accounting standard 8 is concerned with:

(A) Valuation of inventories

(B) Accounting for fixed assets

(C) Accounting for research and development

(D) Depreciation accounting

Correct Answer

(C) Accounting for research and development

[#290] All the possible losses should be anticipated in advance. This is in accordance with

(A) Conservation concept

(B) Disclosure concept

(C) Materiality concept

(D) Recovery concept

Correct Answer

(A) Conservation concept