Question : India accounts for what per cent of the total geographical area of the world?
Option 1: 3.2 per cent
Option 2: 5.2 per cent
Option 3: 4.8 per cent
Option 4: 2.4 per cent
Correct Answer: 2.4 per cent
Solution : The correct answer is 2.4 per cent.
India accounts for 2.4% of the total geographical area of the world. India is in the 7th position in terms of geographical area. India is in the top position in terms of population. Russia is the largest country in the world, and Australia is just ahead of India at the sixth position in terms of geographical area.
Question : Hari, Mohan and Sohna were partners sharing profit and losses in the ratio of 2:2:1. They decided to share future profit in the ratio of 7:5:3 with effect from 1st April 2021. Their balance sheet as on that date showed a balance of Rs 45,000 in an advertisement suspense account. The amount to be debited respectively to the capital accounts of Hari, Mohan and Sohna for writing off the amount of advertisement suspense account will be.
Option 1: Rs 18,000, Rs 18,000 and Rs 9,000
Option 2: Rs 15,000, Rs 15,000 and Rs 15,000
Option 3: Rs 21,000, Rs 15,000 and Rs 9,000
Option 4: Rs 22,500 and Rs 22,500 and Nil.
Correct Answer: Rs 18,000, Rs 18,000 and Rs 9,000
Solution : Answer = Rs 18,000, Rs 18,000 and Rs 9,000
(45000 x 2/5)
Hari's Capital A/c Dr 18000
Mohan's Capital A/c Dr 18000
Sohan's Capital A/c Dr 9000
To Advertisement Suspense A/c 45000
(old ratio = 2:2:1)
Hence, the correct option is 1.
Question : Comprehension:
Read the passage carefully and answer the questions that follow.
India's favourable demographic trends, which have increased the workforce's percentage of the overall population, have paved the way for a significant middle-class expansion. A big population bulge emerging from absolute poverty and set to reach the middle class would generate new dynamics. In India, over 55 per cent of the population is predicted to reach the middle class. In reality, because India's demographics are significantly younger than China and the United States, the country's middle class might be the world's largest (in terms of population) by 2025.
It is no exaggeration to argue that future growth will be reliant on the increasing middle class and that the middle class's development will be reliant on growth. Growth has been fuelled by both private consumption and saving, both of which are fuelled by the middle class. India's private consumption accounts for over 60% of the country's GDP, while private consumption growth has contributed to 70% of the country's growth since 2000.
Despite the fact that China's middle class is now greater than India's, private spending in the former accounts for a lesser share of growth. In contrast to the United States, where domestic savings are dropping and the country borrows excess funds from outside to invest and expand, India's domestic savings and investments are increasing and funding investments. The emergence of the middle class is anticipated to coincide with a transition away from large-scale informality, which now characterises much of the services and industrial sectors, and toward more formal, wage-earning, and medium-scale firms. Technological advancements will spread at a faster rate. Cities will expand as job possibilities concentrate on them. If there is enough movement across states and from rural to urban regions, the population increase will be more evenly distributed.
Question:
Select the most appropriate ANTONYM of the given word.
Coincide
Option 1: Differ
Option 2: Agree
Option 3: Confuse
Option 4: Detest
Correct Answer: Differ
Solution : The correct choice is the first option.
Coincide means to occur at the same time or to agree in nature. Differ means to be unlike or distinct, not agreeing. Here, coincide suggests a happening that aligns or occurs simultaneously with another event.
The meanings of the other options are as follows:
- Agree: It means to have the same opinion or be in harmony.
- Confuse: It means to make unclear or indistinct; to mix up.
- Detest: It means to dislike intensely; to hate.
in ca foundation accounts subject final Account sum is of 15 marks my answer doesnt tally how much do I get I got most workings correct except 1 or 2 ?
Hello,
If you got most of the workings correct in the final account sum of 15 marks in the CA Foundation accounts subject then even if your answer doesn't tally due to a few errors, you can still earn partial marks for the correct workings. The exact marks you'll receive would depend on the specific marking scheme and how the examiners evaluate your response but you will definitely receive minimum half marks as most of it is correct and you get step markings as well.
Hope this helps,
Thank you
Question :
Summarize the following paragraph:
Emotionally strong persons have a great outlook towards life. They are able to bear shocks like emotional deprivation, cheating in love, being duped by frauds etc. Their temperamental strength also accounts for their good health. They have a great control over their blood pressure, their brain and thus, they are likely to remain away from chronic diseases. Their being happy also ensures the happiness of the ones who love them.
Option 1: To be emotionally strong is not less than a virtue.
Option 2:
Emotionally strong people have a reasonably good control over their bodies and lives
Option 3:
Emotionally strong people are never subject to shocks
Option 4:
Being emotionally strong is the most important
Option 5:
Emotionally strong people never fall sick
Correct Answer:
Emotionally strong people have a reasonably good control over their bodies and lives
Solution : The gist of the paragraph is that emotionally strong people have a good control over their health and lives. The other options are extreme or far-fetched.
Question : Assertion (A): A programme called Pradhan Mantri Jan Dhan Yojana is accessible as of 2014 and encourages people in India to open bank accounts.
Reason: This programme aims to immediately transfer all government programmes' and subsidies' benefits to account holders in addition to encouraging saving habits.
Option 1: Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)
Option 2: Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A)
Option 3: Assertion (A) is True but Reason (R) is False
Option 4: Assertion (A) is False but Reason (R) is True
Correct Answer: Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)
Solution : The Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a National Mission for Financial Inclusion that aims to provide affordable access to financial services such as basic savings and deposit accounts, remittance, credit, insurance, and pension.
Aside from encouraging savings habits, this scheme intends to directly transfer all government schemes and subsidies to account holders.
Hence option a is the correct answer.
Question : On firm dissolution, which one of the following accounts should be prepared at the last?
Option 1: Realization account
Option 2: Partner's capital account
Option 3: Partner's loan account
Option 4: Cash account
Correct Answer: Cash account
Solution : Answer = cash account
The cash or bank account is prepared at last. The balance of the cash account and the receipts during the process of dissolution has to be equal to the payments to outsiders and partners. With the cash account, all the accounts will stand closed. It reflects the final disposition of cash assets after settling all liabilities, ensuring an accurate depiction of the firm's financial position at the close of its operations.
Hence, the correct option is 4.
Question : The National Health Accounts (NHA) framework in India aims to:
Option 1: Monitor health expenditure and financial flows in the healthcare sector
Option 2: Provide financial assistance for renewable energy projects
Option 3: Address gender disparities in health services
Option 4: Promote energy conservation in industrial sectors
Correct Answer: Monitor health expenditure and financial flows in the healthcare sector
Solution : The correct answer is (A) Monitor health expenditure and financial flows in the healthcare sector.
The National Health Accounts (NHA) framework in India is a system that tracks and analyzes financial flows related to health expenditure. It provides a comprehensive overview of how funds are allocated and spent in the healthcare sector, including both public and private sources. The NHA framework helps in monitoring health financing, analyzing trends, and assessing the efficiency and effectiveness of healthcare spending. It plays a crucial role in informing policy decisions, resource allocation, and monitoring progress towards achieving healthcare goals.
Question : X, Y and Z were partners sharing profits and losses in the ratio of 4: 3: 2. Y retired on 1st April, 2020. On that date capitals of X, Y and Z after all adjustments stood at Rs. 19,650; Rs. 19,800 and Rs. 9,150 respectively. Total capital of the firm as newly constituted is fixed at Rs. 28,000 between X and Z in the proportion of 5/8th and 3/8th after passing entries in their accounts for adjustments. Amount to be paid or to be brought by the continuing partners is
Option 1: X debited by Rs 2,150, Z credited by Rs 1,350
Option 2: X credited by Rs 2,150 Z debited by Rs 1,350
Option 3: X debited by Rs 2,150 Z debited by Rs 1,350
Option 4: X credited Rs 2,150 and Y credited Rs 1,350
Correct Answer: X debited by Rs 2,150, Z credited by Rs 1,350
Solution : Answer = X debited by Rs 2150, Z credited by Rs 1350
Adjusted Capital of
X = 19650
Z = 9150
= 28800
Total Capital of New Firm
X= $28000\times\frac{5}{8} = 17500$
Z = $28000\times\frac{3}{8} = 10500$
X | Z | X | Z | ||
To Bank | 2150 | Bal. B/D | 19650 | 9150 | |
Bal. C/D | 17500 | 10500 | By Bank | 1350 | |
19650 | 10500 | 19650 | 10500 |
X's Capital A/c Dr 2150
To Bank - 2150
Bank A/c Dr 1350
To Z's Capital A/c 1350
Hence, the correct option is 1.
Question : Sharma, Verma and Goyal are partners in a firm. On 1st April 2012 the balances in their
Capital Accounts were as follows:
Sharma Rs. 4,00,000; Verma Rs. 4,20,000 and Goyal Rs. 3,70,000. The firm closes its accounts every year on 31st March. Verma died on 30th September 2012. In the event of the death of any partner following are the provisions in the Partnership Deed:
(i) Interest on Capital will be calculated at the rate of 10% p.a.
(ii) The deceased partner; 's legal representative will be paid Rs. 35,000 for his share of goodwill.
(iii) The firm had a Reserve Fund of Rs. 2,10,000. The deceased partner will be paid his share in the Reserve Fund.
(iv) His share of profit till the date of death will be calculated based on sales. It is also specified that the sales during the year 2011-12 were Rs. 15,00,000. The sales from 1st April 2012 to 30th September 2012 were Rs. 3,00,000. The profit of the firm for the year ending 31st March 2012 was Rs. 3,00,000.
Question:
The amount of goodwill distributed amongst the partners are
Option 1: Rs 17,500
Option 2: Rs 35,000
Option 3: Rs 24,000
Option 4: None of the above
Correct Answer: Rs 35,000
Solution : Answer = Rs 35,000
Verma's capital a/c | |||
To Verma's executor a/c (b/f) | 5,66,000 | By Bal b/d | 4,20,000 |
By IOC | 21,000 | ||
($4,20,000 \times \frac{10}{100} \times \frac{6}{12}$) | |||
By Reserve fund | 70,000 | ||
($2,10,000 \times \frac{1}{3}$) | |||
By Sharma & Goyal capitals a/c | 35,000 | ||
P & L suspense a/c | 20,000 | ||
5,66,000 | 5,66,000 |
$\frac{3,00,000}{15,00,000}$×3,00,000= 60,000$\times \frac{1}{3}$= 20,000.
Hence, the correct option is 2.