Question : A, B and C were partners, sharing profits and losses in the ratio of 2:2:1. B retired on 31st March 2020. On the date of his retirement, some of the assets and liabilities appeared in the books as follows:
Creditors Rs. 70,000; Building Rs. 1,00,000; Plant and Machinery Rs. 40,000; Stock of Raw Materials Rs. 20,000; Stock of Finished Goods Rs. 30,000, Debtors Rs.20,000. Following was agreed among the partners on B's retirement: (a) Building to be appreciated by 20%. (b) Plant and Machinery to be reduced by 10%. (c) A Provision of 5% on Debtors to be created for Doubtful Debts. (d) Stock of Raw Materials to be valued at Rs. 18,000 and Finished Goods at Rs. 35,000. (e) An Old Computer previously written off was sold for Rs. 2,000 as scrap. (f) Firm had to pay Rs. 5,000 to an injured employee.
Question: Revaluation profit is
Option 1: 20,000
Option 2: 17,000
Option 3: 15,000
Option 4: None of these
Correct Answer: 15,000
Solution : Answer = 15,000
Revaluation A/c
Hence, the correct option is 3.
Question :
A computer purchased on 1st October 2016 for Rs.40,000 debited to Office Expenses Account is to be brought into account on 31st March 2018 charging depreciation @10% p.a. on written down value basis.
Question : Which of the following is an advantage of using computer-based tools for planning?
Question : Under computerised accounting, procedure means:
Question : Which of the following is not a computer language?
I. C++
II. Java
III. Linux
Question : In the following passage, some blanks are given and against each blank five alternative words are suggested. Choose the correct alternative to complete the passage in a meaningful way.
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