Question # 1

If the goods will raised at the tim e of admissionof a new partner will be written off in.

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Old prifit sharing ratios

Capitals ratios

New profit - Old ratios

Sacrificing ratios

Net worth is equal to,

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Assets - Liabilities

Liabilities - Assets

Liabilities + Capital

Capital + Assets

At the time of dissolution, all the assets of the firm are transfered in the realization account at.

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Market value

Book value

Cost value

Bale value

Consignee is.

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A principal

An agent

A debtor

A creditor

Amount received by the concern as per the will of the donor is known as.

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Lagacy

Donation

Subscription

None of these

The basic club record or book of original entry in non-profit making organization

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Purchase book

Sales book

Cash book

"a" and "b"

Where a partner become unsound mind the dissolution is considered as.

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Dissolution by court

Dissolution by Notice

Dissolution by agreement

Compulsory dissolution

The main sources of income of for on -trading concern is.

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Subscriptions

Donations

Sales

Dividends on investment

Single entry system contains,

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A daybook or general journal

A cash book

Ledger accounts for individual customers and creditors

All of the above

Amount received by the way of gift from any person or organization is called.

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Donation

Subscription

Legacy

None of these

The gradual decrease in the value of the fixex assets due to its use in the business is called.

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Depreciation

Depletion

Amorization

Fluctuation

Value of the good will is calculated under capitalization formula.

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Average profit / reasonable return x 100

Resonable return / average profit x 100

Averager profit x 100 / resonable return

None of these

How many mathods are available to calculate the profit or loss under single entery system.

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One

Two

Three

Four

The persons who have entered two partnership are individually called.

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Agents

Partners

A firm

Vendor

Example of non-profit making organization

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Fan factory

Sugar industry

Hospital

Shoe factory

The difference of the two sides of receipt and payment account represents.

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Opening cash balance

Closing cash or bank balance

Opening bank balance

None of these

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