Question # 1

Un recorded liability when paid on dissolution of the firmis debited to.

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Realization account

Liability account

Partners capital account

None of these

In receipt and payments account

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No narration is written

No ledger reference is recorded

Daily cash balance cannot be ascertained

All of the above

For the expenses incurred by the consignee on the sale of goods will be credited in the books of the consignor.

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Cash account

Consignee personal account

Consignment account

None of the above

The shares of public limited company are.

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Not refundable

Not tanserable

Transferable

No allotable

Depreciation under diminishing balance method ont he cost price of the fixex asset of Rs. 50.000 after two year @10% will be

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RS. 5,000

Rs. 4050

Rs.4500

Rs. 40,000

The dividend paid to the shareeholders duirng the financial year is.

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Redeemable debentures

Irredeemable debentures

Repayable debebtures

None of these

The abnormal loss on consignemnt is credited to.

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Consignment account

Consignment personal account

Profit and loss account

Goods sent on consignemnt account

Income and expenditur eaccount is prepared at the

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Start of the year

Mid of the year

End of the year

At the start and ed of the year

The term Depletion is used with reference to.

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Tangible assets

Intangible assets

Current assets

Fixex assets

Commission due to the consignee is calculated on.

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Credit sales only

Cash sales only

Total sales

None of these

Excess of assets over liabilities is an indication of.

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Solvency

Insolvency

Deficiency

Loss

The consignment inward book or journalis matinained by.

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Consignor

Consignee

Customer

Debtors

The balance of realization account is transferred to the capital accounts of the partners in.

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Capital ratio

Equality

Interest ratio

Profit sharing ratio

A paatner who invests capital inthe business but does not take active part in the conduct of the business is called.

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Active partner

Sleeping partner

Secrete partner

None of these

When a firm dissolved with the consent of all the partners it is called.

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Dissolution by notice

Dissolution by agreement

Dissolution by court

Compulsory dissolution

The income and expenditure account performs the same function as.

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Trading and profit and loss account

Manafactureng account

Balance sheet

None of these

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