Question # 1

Lagacies are generally treated as.

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Income

Capitalized

Assets

Liability

According to the decision in Garner Va. Murray rule the loss due to insolvency of a partner is be shared by solvent, partner in the.

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Capital ratios

Profit sharing ratios

Equal ratios

None of these

The objective of charging depreciation on fixed assets is.

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Calculate the true net profit

To provide funds for the replacement

To redue the tax libility

All of the above

In single entry it is not possible to prepare

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Trial balance

Trading account

Profit and loss account

Balance sheet

If the price required to be paid to the company for the share less than the nominal value of that share, it is called shares.

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At discount

At primium

At par

None of these

Income and expenditure account is usually accompanied by.

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Trail balance

Balance sheet

Cash book

None of these

The consignment outward books or journal is maintained by.

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Customers

Consignor

Consignee

Debtors

The profit on revaluation of assts and liabilities on the retirement of the partners should be credited to the capital account of.

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All the partners

Retiring partner

Remaining partner

None of these

In the books of consignor on reciving advance in cash from consignee should be debited to.

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Cash account

Consignee account

Consignment account

None of these

Income and expenditure account is credited with all.

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Expenses

Incomes

Assets

Liabilities

A partner who is newly admitted to the firm with the consent of all the parties is called.

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Salaried partner

Incoming partner

Junior partner

Minor partner

Excess of liablilities over assets is an indication of .

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Solvency

Insolvency

Surplus

Profit

The periodical report which is prepared by consignee and send to consignor, which shows the detail about the sales of goods is called.

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Sales account

Performa invoice

Account sales

None of these

Abnormal loss arises due to.

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Natural causes

Evaporation drying breaking in bulk

Pilferage , theft fire etc.

Some unavoidable causes

In consignee's books, the acceptance of a bil of echange by consignee will be debited to.

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Trading account

Bill payable accont

Consignor account

Consignment account

Income and expenditure account shows

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Cash in hand

Surplus or deficit

Cash at bank

Capital account

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