Accounts
Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 28,000. Claim for workmen compensation Rs. 20,000.
Option 1: Rs. 28,000 Debited to the Partner's capital Accounts.
Option 2: Rs. 2,000 Debited to Revaluation Account.
Option 3: Rs. 8,000 Credited to the Partner's capital Accounts.
Option 4: Rs. 20,000 to Debited Revaluation Account
Correct Answer: Rs. 8,000 Credited to the Partner's capital Accounts.
Solution : Answer = Rs. 8,000 Credited to the Partner's capital Accounts.
Workmen Compensation Reserve A/c Dr 28,000
To Claim for Compensation A/c 20,000
To Partner's Capital A/c 8,000 Hence, the correct option is 3.
Question : X, Y and Z are partners in a firm sharing profits in the ratio of 3: 2: 1. On 1 st April, 2009, retires from the firm .X and Z agree that the capital of the new firm shall be fixed at Rs. 2,10,000 in the profit-sharing ratio.The Capital Accounts of X and Z after all adjustments on the date of retirement showed balance of Rs. 1,45,000 and Rs. 63,000 respectively. the amount of actual cash to be brought in or to be paid to the partners will be
Option 1: Z debited Rs 10,500 and X credited by Rs 12,500
Option 2: Z debited Rs 10,500 and X debited by Rs 12,500
Option 3: Z credited by Rs 10,500 and xcredited by Rs 12,500
Option 4: Z debited by Rs 10,500 and Y credited by Rs 12,500
Correct Answer: Z debited Rs 10,500 and X credited by Rs 12,500
Solution : Answer = Z debited Rs 10,500 and X credited by Rs 12,500
Total Capital of the New firm = 2,10,000
X's share = $2,10,000\times\frac{3}{4} = 1,57,500$
Z's share = $2,10,000\times\frac{1}{4} = 52,500$
Bank A/c Dr 12,500
Question : The Parliamentary Committee which scrutinises the report of the Comptroller and Auditor General of India is
Option 1: Estimates Committee
Option 2: Select Committee
Option 3: Public Accounts Committee
Option 4: None of these
Correct Answer: Public Accounts Committee
Solution : The correct option is the Public Accounts Committee.
The (Public Accounts Committee) PAC is a parliamentary committee that examines the audit reports of the CAG, which audits the accounts of the government and public sector organisations to ensure transparency and accountability in
Question : In $\triangle A B C, O$ is the point of intersection of the bisectors of $\angle B$ and $\angle A$. If $\angle B O C=108^{\circ}$, then $\angle B A O=$?
Option 1: 27°
Option 2: 40°
Option 3: 18°
Option 4: 36°
Correct Answer: 18°
Solution : In $\triangle$ABC, O is the point of intersection of the bisectors of $\angle$B and $\angle$A $\angle$BOC = 108° If the bisector of $\angle$ABC and $\angle$ACB of a triangle ABC meet at a point O then, $\angle$BOC = $90^\circ + \frac{1}{2}$$\angle$A ⇒ $108^\circ = 90^\circ +
Question : The Comptroller and Auditor General is closely connected with which of the following Committees of Parliament?
Option 1: The Estimates Committee
Option 2: The Committee on Public Undertakings
Option 3: The Public Accounts Committee
Option 4: All of these
Correct Answer: The Public Accounts Committee
Solution : The answer is The Public Accounts Committee.
Article 148 of the Indian Constitution establishes the office of the Comptroller and Auditor General of India. This institution is tasked with auditing both the Government of India and entities that receive government funding.
Question : P, R and S are in partnership sharing profits 4/8, 3/8 and 1/8 respectively. It is provided under the partnership deed that on the death of any partner his share of goodwill is to be valued at one-half of the net profits credited to his account during the last 4 completed years (books of accounts are closed on 31st March). R died on 1st April, 2018. The firm's profits for the last 4 years were as follows: 2015 (Profits Rs. 1,20,000); 2016 (Profits Rs.60,000); 2017 (Losses Rs.20,000) and 2018 (Profits Rs. 80,000). The amount that should be credited to R in respect of his share of goodwill will be
Option 1: Rs 45,000
Option 2: Rs 90,000
Option 3: Rs 40,000
Option 4: None of the above.
Correct Answer: Rs 45,000
Solution : Answer = Rs 45,000 Total profits of last 4 years= 1,20,000+ 60,000+ (20,000)+ 80,000= 2,40,000. R's share of profit= 2,40,000×$\frac{3}{8}$= 90,000. R's share of goodwill= 90,000×$\frac{1}{2}$= 45,000. Hence, the correct option is 1.
Question : Government of India has appointed ____________ as Controller General of Accounts in October 2022.
Option 1: Vinayak Godse
Option 2: Sandeep Bakshi
Option 3: Bharati Das
Option 4: K. G. Mohan
Correct Answer: Bharati Das
Solution : The correct answer is Bharati Das.
As the new Controller General of Accounts (CGA) in this location, Bharati Das assumed leadership. She is the Government of India's 27th Controller General of Accounts (CGA), serving in the Ministry of Finance.
Question : When goodwill existing in the books is written off at the time of admission of a partner it is transferred to Partners' Capital Accounts in their
Option 1: Old profit-sharing ratio
Option 2: New profit-sharing ratio
Option 3: Sacrificing ratio
Option 4: Gaining ratio
Correct Answer: Old profit-sharing ratio
Solution : Answer = Old profit-sharing ratio If a new partner brings his share of goodwill in cash, and if the Goodwill Account already appears in the books of the firm, first of all, the existing Goodwill Account will have to be written off. For
Question : This function facilities maintenance of business accounts, which would be otherwise impossible.
Option 1: Medium of exchange
Option 2: Measure of value
Option 3: Store of value
Option 4: Standard of deferred payment.
Correct Answer: Measure of value
Solution : Measure of value facilities maintenance of business accounts, which would be otherwise impossible.
Hence option B is correct.
Question : A, B and S were partners sharing profits in the ratio 2: 2: 1. On July 1, 2017, Shreya died. The books of accounts are closed on March 31 every year. Sales for the year 2016-17 amounted to Rs.5,00,000 and that from 1st April to 30th June 2017 were Rs. 1,40,000. The rate of profit during the past three years had been 10% on sales. Since S's legal representative was her only son, who is specially abled, it was decided that the profit for the purpose of settling S's account is to be calculated as 20% of sales.
Calculate S's share of profits till the date of her death and pass the necessary journal entry for the same.
Option 1: Debited profit and loss account by Rs 5,600 and credited S's capital account
Option 2: Debited profit and loss suspense account by Rs 5,600 and credited S's account
Option 3: Debited S's capital account and credited profit and loss suspense account
Option 4: None of the above
Correct Answer: Debited profit and loss suspense account by Rs 5,600 and credited S's account
Solution : Answer = Debited profit and loss suspense account by Rs 5600 and credited S's account Sales (IApril to Dure 30,2017)=1,40,000 Profit= $1,40,000 \times \frac{20}{100}$= 28,000. Shreys's share= $28000 \times \frac{1}{5}$= 5,600 Protit and
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