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 on the basis of 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:
Amount of Interest on capital will be

Option 1: Rs 24,000

Option 2: Rs 21,000

Option 3: Rs 20,000

Option 4: None of the above

Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 1,40,000. Claim for workmen compensation Rs. 1,10,000.

Option 1: Rs. 1,40,000 Debited to the Partner's Capital Accounts. 

Option 2: Rs. 1,10,000 Debited to Revaluation Account.

Option 3: Rs. 30,000 Credited to the Partner's Capital Accounts.

Option 4: Rs. 30,000 to Debited Revaluation Account.

Question : When the Company decided to record the issue of Debentures as Collateral Security: Which of the following accounts should be debited?

Option 1: % Debenture account 

Option 2: Debentures suspense account 

Option 3: Bank loan account

Option 4: No entry required 

Question : Hari and Kavi are partners sharing profits and losses in the ratio of 3: 2. They admit Ravi as a partner who contributes Rs. 30,000 as his capital for 1/5th share in the profits of the firm. It is decided that after Ravi's admission, the capitals of the Hari and Kavi will be adjusted on the basis of Ravi's share of capital in the business, and any surplus or deficiency to be adjusted through current accounts. Before any adjustments were made, the capitals of Hari and Kavi were: Rs. 59,000 and Rs. 35,000 respectively.
At the time of Ravi's admission :
(a) The firm's goodwill was valued at Rs. 40,000.
(b) General Reserve was Rs.25,000.
(c) Loss on revaluation of assets and liabilities was Rs.4,000.
CHOOSE: The correct Journal entry for surplus and shortage

Option 1: Crediting Hari's current account by Rs 4,400 and debiting Kavi's current account Rs 1,400

Option 2: Debiting Hari's current account by Rs 4,400 and crediting Kavi's current account Rs 1,400

Option 3: Debiting Hari's current account Rs 4,400 and debiting Kavis current account Rs 1,400

Option 4: Crediting Hari's Current account Rs 4,400 and Crediting Kavi's current account Rs 1,400

Question : What is a notable feature of the administrative records found in Ain-i-Akbari?

Option 1: Detailed accounts of military campaigns

Option 2: Comprehensive descriptions of legal procedures

Option 3: Systematic documentation of revenue collection

Option 4: Personal anecdotes about Akbar's life

Question : Which kind of power accounts for the largest share of power generation in India ?

Option 1: hydro-electricity

Option 2: thermal

Option 3: nuclear

Option 4: solar

Question : According to the data of 2011-12, Under regular salaried employment , the major source of livelihood for both men and women accounts for
 

Option 1: 29%, 10%
 

Option 2: 20%, 13%
 

Option 3: 21%, 14%
 

Option 4: 24%, 16%.
 

Question : Anupma, Pumima and Ruchika are partners in a business. Balances in their Capital and Current Accounts as on 31st March. 2019 were :

                            Capital Account            Current Account

                                  (Rs.)                                (Rs.)

Anupma                6,00,000                         60,000 (Dr.)

Pumima                 5,00,000                        30,000 (Dr.)

Ruchika                  5,00,000                       10,000 (Cr.)

The firm earned an average profit of Rs.2,40,000. If the normal rate of return is 12%, the value of goodwill by Capitalisation of the Average Profit Method will be:

Option 1: 4,80,000

Option 2: 3.80,000

Option 3: 5,60,000

Option 4: Nil 

Question : Statement 1: In management accounting, data from cost accounting and financial accounting are both used.
Statement 2: Therefore, a suitable system is required to combine cost accounts and financial accounts.

Option 1: Both the statements are true

Option 2: Both the statements are false

Option 3: Statement 1 is true and statement 2 is false

Option 4: Statement 1 is false and statement 2 is true

Question : The following Bar Graph displays the highest, average and lowest marks obtained in Accounts, Business Studies, Economics and English by students of Class XII in an Examination. The maximum mark for each subject is 100. Study the graph carefully and answer the question that follows:
 
Which of the two Highest Scores is better and by how much?
The combined Highest Score of Accounts and Business Studies or the Highest Score of Economics and English taken together.

Option 1: Economics and English by 10

Option 2: Accounts and Business Studies by 9

Option 3: Accounts and Business Studies by 8

Option 4: Economics and English by 8