Answer laterQuestion : A, B and C were partners sharing profits in the proportion of one-half, one-fourth and one-fourth respectively. As of March 31, 2018, A’s capital is Rs 1,00,000 and A’s loan account ( debit Balance ) is Rs 30,000. A died on 1st April 2018. According to the partnership agreement, the goodwill was to be calculated at two two-year purchases of average profits of three completed years preceding the death or retirement of a partner. The deceased partner’s share of capital and goodwill, etc., was paid out in cash on 4th April 2018, the available cash balance being supplemented by a loan from the film’s banker on the security of the freehold property. The net profits of the years ending 31st March, 2016, 2017 and 2018 were Rs.55,000, Rs.48,000 and Rs.65,000 respectively.
Q. Amount paid to A's Executors through the bank will be
Option 1: Rs 1,26,000
Option 2: Rs 1,16,000
Option 3: Rs 10,000
Option 4: None of the above
Correct Answer: None of the above
Solution : Answer = None of the above
A's Capital A/c
| By Bal. B/D | 1,00,000 | ||
| To As Loan A/c | 30,000 | ||
| By B's Capital | 28000 | ||
| To A's Executor A/c | 1,58,500 | By C's Capital A/c | 28000 |
| By Profit and Loss App. | 32500 | ||
| (65000 × 2/4) | |||
| 1,88,500 | 1,88,500 |
Total Profit of Lost of 3 years
= 55000 + 48000+65000
= 1,68,000
Average Profit = 1,68000/3 = 50000
Goodwill = 56000 × 2 = 1,12000
A's Share = 1,12000 × 2/4 = 56000
B's Capital A/c Dr. 28000
C's Capital A/c Dr. 28000
To A'c Capital A/c 56000
(G.Ratio = 1:1)
| Bank A/c | |||
| To Bank B/D | 10,000 | A's Ex. A/c | 1,58,500 |
| To Bank loan | 1,48,500 | ||
| 1,58,500 | 1,58,500 | ||
Answer = 1,58500
Amount Paid to Executors = 1,58,500
Hence, the correct option is 4.
Question : Which of the following is not the function of the central bank of the country?
Option 1: It controls money supply of the country.
Option 2: It acts as a banker to the government.
Option 3: It accepts deposits from the public.
Option 4: It issues the currency of the country.
Correct Answer: It accepts deposits from the public.
Solution : The correct option is It accepts deposits from the public.
The central bank typically does not accept deposits from the public; that is usually a function of commercial banks. The central bank's functions include monetary policy formulation, issuing currency, regulating and supervising the financial system, and managing the country's foreign exchange reserves.
Question : A, B and C were partners sharing profits in the proportion of one-half, one-fourth and one-fourth respectively. As of March 31, 2018, A’s capital is Rs 1,00,000 and A’s loan account ( debit Balance ) is Rs 30,000. A died on 1st April 2018. According to the partnership agreement, the goodwill was to be calculated at two two-year purchases of average profits of three completed years preceding the death or retirement of a partner. The deceased partner’s share of capital and goodwill, etc., was paid out in cash on 4th April 2018, the available cash balance being supplemented by a loan from the film’s banker on the security of the freehold property. The net profits of the years ending 31st March 2016, 2017 and 2018 were Rs.55,000, Rs.48,000 and Rs.65,000 respectively.
Q. Amount due to A transferred to his Executor’s A/c will be --------
Option 1: Rs 1,00,000
Option 2: Rs 1,26,000
Option 3: Rs 2,00,000
Option 4: None of the above
Correct Answer: None of the above
Solution : Answer = None of the above
Total Profit of Lost of 3 years
= 55000 + 48000+65000
= 1,68,000
Average Profit = 1,68000/3 = 50000
Goodwill = 56000 × 2 = 1,12000
A's Share = 1,12000 × 2/4 = 56000
B's Capital A/c Dr. 28000
C's Capital A/c Dr. 28000
To A'c Capital A/c 56000
(G.Ratio = 1:1)
A's Capital A/c
| To A's Loan | 30,000 | By Bal. b/d | 1,00,000 |
| To A's Executor’s A/c | 1,58,500 | By B's Capital A/c | 28,500 |
| By C's Capital A/c | 28,000 | ||
| By Profit and Loss App. A/c | 32,500 | ||
| 1,88,500 | (65000 × 2/4) | 1,88,500 |
Hence, the correct option is 4.
Question : A, B and C were partners sharing profits in the proportion of one-half, one-fourth and one-fourth respectively. As of March 31,2018, A’s capital is Rs 1,00,000 and A’s loan account ( debit Balance ) is Rs 30,000. A died on 1st April 2018. According to the partnership agreement, the goodwill was to be calculated at two two-year purchases of average profits of three completed years preceding the death or retirement of a partner. The deceased partner’s share of capital and goodwill, etc., was paid out in cash on 4th April 2018, the available cash balance being supplemented by a loan from the film’s banker on the security of the freehold property. The net profits of the years ending 31st March 2016, 2017 and 2018 were Rs.55,000, Rs.48,000 and Rs.65,000 respectively.
Q. Loan taken from the bank will be
Option 1: Rs 1,26,000
Option 2: Rs 1,48,500
Option 3: Rs 1,00,000
Option 4: Rs 30,000
Correct Answer: Rs 1,48,500
Solution : Answer = Rs 1,48,500
A's Capital A/c
| By Bal. B/D | 1,00,000 | ||
| To A's Loan A/c | 30,000 | ||
| By B's Capital | 28000 | ||
| To A's Executor A/c | 1,58,500 | By C's Capital A/c | 28000 |
| By Profit and Loss App. | 32500 | ||
| (65000 × 2/4) | |||
| 1,88,500 | 1,88,500 |
Total Profit of Lost of 3 years
= 55000 + 48000+65000
= 1,68,000
Average Profit = 1,68000/3 = 50000
Goodwill = 56000 × 2 = 1,12000
A's Share = 1,12000 × 2/4 = 56000
B's Capital A/c Dr. 28000
C's Capital A/c Dr. 28000
To A'c Capital A/c 56000
(G.Ratio = 1:1)
| Bank A/c | |||
| To Bank B/D | 10,000 | By A's Ex. A/c | 1,58,500 |
| To Bank loan | 1,48,500 | ||
| 1,58,500 | 1,58,500 | ||
Hence, the correct option is 2.
Question : Assertion (A) Central bank as a banker to the banker to the government, works as a financial adviser.
Reason (R) Government borrows internally from banks and the general public.
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 but 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: Assertion (A) is true, but Reason (R) is false.
Solution : The correct answer is (c) Assertion (A) is true, but Reason (R) is false.
Assertion is true because the central bank acts as a banker to commercial banks and other financial institutions, which in turn interact with the government. The central bank provides various services to commercial banks, such as maintaining their accounts, providing liquidity support, and acting as a lender of last resort. However, the central bank's role as a financial adviser to the government is not directly linked to its position as a banker to the banks. The central bank advises the government on monetary policy, exchange rate management, and overall financial stability based on its expertise in these areas.
Reason is false. While it is true that the government can borrow funds from banks and the general public through the issuance of government securities, it does not necessarily borrow internally.
The government can also raise funds externally through international borrowing or seek financial assistance from international organizations. The assertion implies that the government's borrowing is limited to internal sources, which is not accurate.
Therefore, the correct answer is (c) Assertion (A) is true, but Reason (R) is false.
Question : SIDBI stands for :
Option 1: small industrial designed Bank of India
Option 2: Small industries development Bank of India
Option 3: Small innovations development banker's institute
Option 4: small industries development Banker institute
Correct Answer: Small industries development Bank of India
Solution : The correct option is Small industries development Bank of India.
SIDBI stands for Small Industries Development Bank of India. The main goals of SIDBI are to develop, finance, and promote small-scale businesses in India. To aid in the growth and development of small and medium-sized businesses (SMEs) across the nation, it offers a variety of financial and support services.
Question : A, B and C were partners sharing profits in the proportion of one-half, one-fourth and one-fourth respectively. As at March 31, 2018 A’s capital Rs 1,00,000 and A’s loan account (debit Balance ) Rs 30,000. A died on 1st April, 2018. According to the partnership agreement, the goodwill was to be calculated at two year’s purchases of average profits of three completed years preceding the death or retirement of a partner. The deceased partner’s share of capital and goodwill, etc., was paid out in cash on 4th April, 2018, the available cash balance being supplemented by a loan from the firm’s banker on the security of the freehold property. The net profits of the years ending 31st March, 2016, 2017 and 2018 were Rs.55,000, Rs.48,000 and Rs.65,000 respectively.
Q. Amount of goodwill will be --------
Option 1: Rs 1,12,000
Option 2: Rs 56,000
Option 3: Rs 1,68,000
Option 4: None of the above
Correct Answer: Rs 1,12,000
Solution : Total Profit of Last of 3 years
= 55000 + 48000 + 65000
= 1,68,000
Average Profit = 1,68,000/3 = 50000
Goodwill = 56000 × 2 = Rs 1,12,000.
Hence, the correct option is 1.
Business analysis course for banker?
Hey
Now a day many bankers are aspire to be a business analyst/ consultant in BFSI (Banking, Financial services and Insurance) domain. But, to make a career shift to a Consulting/ BA, from an already settled banking career, leaves many doubts and queries in mind.
In this space, I would try give you some courses.
- Certificate Data Science Course.
- CertificateData Analytics Course.
- CertificatePython Course.
-
2 available certifications:
1. CCBA: Certification of Competency in Business Analysis
2. CBAP: Certified Business Analysis Professional
But, one need to have defined years of prior BA experience for being eligible for these certifications.
for more visit
https://www.careers360.com/careers/business-analyst
Good luck
