Accounts
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
Correct Answer: 4,80,000
Solution : Answer = 4,80,000
Total capitalization value of the firm = 2,40,000X100/12=20,00,000
Net assets = 16,10,000-90,000= 15,20,000
Goodwill -=20,00,000-15,20,000=4,80,000 Hence, the correct option is 1.
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
Correct Answer: Both the statements are true
Solution : In management accounting, data from cost accounting and financial accounting are both used. Therefore, a suitable system is required to combine cost accounts and financial accounts. Data duplication is prevented. The integration mechanism must be precise and trustworthy. Hence, the correct option is 1.
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
Correct Answer: Economics and English by 8
Solution : The combined highest score of Accounts and Business Studies = (96 + 96) = 192 The combined highest score of Economics and English = (100 + 100) = 200 So the combined highest score of Economics and English is better by (200 – 192) = 8 marks Hence, the correct answer is Economics and English by 8.
Question : Which of the following accounts are opened when partners have fixed capital?
Option 1: Capital A/cs
Option 2: Current A/cs
Option 3: Both Capital A/cs and Current A/cs
Option 4: Either Capital A/cs or Current A/cs
Correct Answer: Both Capital A/cs and Current A/cs
Solution : Both Capital a/cs and Current A/cs are opened when partners have fixed capital. Hence, the correct option is 3.
Question : ___________ is a type of banking service that allows customers to access their bank accounts and perform transactions through the internet.
Option 1: Online banking
Option 2: Mobile banking
Option 3: Telephone banking
Option 4: ATM banking
Correct Answer: Online banking
Solution : The correct answer is (a) Online banking
Online banking is a type of banking service that allows customers to access their bank accounts and perform various financial transactions through the internet. It provides a convenient way for customers to manage their finances without the need to physically visit a bank branch.
With online banking, customers can log in to their bank's secure website or mobile app using their personal credentials, such as usernames and passwords. Once logged in, they can view their account balances, transaction history, and statements. They can also initiate transactions like fund transfers between accounts, bill payments, loan payments, and even set up recurring payments.
Question : In the context of medieval travelers' writings, for whom were these accounts primarily written?
Option 1: For the general public
Option 2: For fellow travelers
Option 3: For the travelers' patrons or sponsors
Option 4: For historians
Correct Answer: For the travelers' patrons or sponsors
Solution : Medieval travelers' writings were primarily written for the travelers' patrons or sponsors. These accounts were often commissioned by nobility, royalty, or religious institutions that sponsored the journeys, and they served to inform and entertain the sponsors, as well as to justify the expenses of the travels.
Question : A, B and C are sharing profits in the ratio of 4:3:2. A dies on 31st December 2017. Accounts are closed on 31st March every year. Sales for the year ending 31st March 2017 amounted to Rs.4,00,000. Sales of Rs.3,30,000 amounted between the period from 1st April 2017 to 31st December 2017. The profit for the year ending 31st March 2017 amounted to Rs.60,000.
The deceased partner’s share in the current year’s profits of the firm will be
Option 1: Rs 24,000
Option 2: Rs 18,000
Option 3: Rs 10,000
Option 4: Rs 22,000
Correct Answer: Rs 22,000
Solution : Answer = Rs 22,000
A's Share of Profit = $\frac{60,000}{4,00,000}\times 3,30,000 = 49500\times\frac{4}{9}$ = $22000$ Hence, the correct option is 4.
Question : A and T are equal partners with fixed Capitals of Rs. 2,00,000 and Rs. 1,00,000, respectively. After closing the accounts for the year ending 31st March 2019. It was discovered that interest on capital 8% p.a. was omitted to Be provided. In the adjustment Entry:
Option 1: A will be credited By Rs. 16,000 and T will be debited by Rs. 8,000
Option 2: A will be debited By Rs. 16,000 and T will be debited by Rs. 8,000
Option 3: A will be credited By Rs. 4,000 and T will be debited by Rs. 4,000
Option 4: A will be debited by Rs. 4,000 and T will Be credited by Rs. 4,000.
Correct Answer: A will be credited By Rs. 4,000 and T will be debited by Rs. 4,000
Solution : Answer = A will be credited By Rs 4,000 and T will be debited by Rs 4,000.
Firm
Hence, the correct option is 3.
Question : The firm of P, Q and R with profit sharing ratio of 3: 6:1, h.ad the balance in General Reserve Account amounting Rs. 90,000. S joined as a new partner and the new profit sharing ratio was decided to be 3 : 3 : 3 : 1. Partners decide to keep the General Reserve unchanged in the books of accounts. The effect will be:
Option 1: Q will be credited by Rs. 27,000
Option 2: R will be debited by Rs. 27,000
Option 3: P will be credited by Rs. 36.000
Option 4: P will be debited by Rs. 36,000
Correct Answer: Q will be credited by Rs. 27,000
Solution : Answer = Q will be credited by Rs. 27,000
O.R - N.R.
P = 3/10 - 3/10 = 0
Q = 6/10 - 3/10 = 3/10 x 90,000 = 27000
R = 1/10 - 3/10 = -2/10 x 90,000 = 18000
S = 1/10 = 1/10 x 90,000 = 9000
R's Capital A/c Dr 18000
S's Capital A/c Dr 9000
To Q's Capital A/c 27000 Hence, the correct option is 1.
Question : According to the data of 2011-12, Under casual workers, the major source of livelihood for both men and women accounts for
Option 1: 25%, 30%
Option 2: 29%, 31%
Option 3: 21%, 34%
Option 4: 24%, 36%.
Correct Answer: 29%, 31%
Solution : Under casual workers, the major source of livelihood for both men and women accounts for 29% and 31%. Hence Option B is correct.
The Question containing Inaapropriate or Abusive Words
Question lacks the basic details making it difficult to answer
Topic Tagged to the Question are not relevant to Question
Question drives traffic to external sites for promotional or commercial purposes
The Question is not relevant to User
And never miss an important update
