Question # 1

The losses arise in consignment transactions, such as loss of goods in transit, theft, goods damaged or destroyed by fire etc are.

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Normal losses

Additional loss

Abnormal losses

Both abnormal and normal loss

Consignment account is in the nature of.

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Profit and loss account

Real account

Personal Account

None of these

General reserve at the time of admission of anew partner is credited.

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New partner capital account

General reserve account

Old parners capital account

All partners capital account

Non-profit making organizations

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Buy goods

Manufacture goods

Sell goods

None of these

Normaly the discount on the shares should not exceed from

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Five percent

Eight percent

Twenty percent

Ten percent

A partner goes out of a firm due to certain event or reason is known as.

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Retired or out going partner

Junior partner

Senior partner

Minor partner

Subscription Received in advance is.

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An income

An assets

Liability

An expenditure

The agreement among the partners which sets out the term is which they have agreed to form a partnership is called.

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Partnership deed

Aribtrartio clause

Partnership at will

None of these

The income through admissionfee shoul dbe.

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Capitalized

Treated as revenue

Treated as liability

An expenses

It is prepared by non-profit making organizations to determine surplus or deficit

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Trading account

Profit and loss account

Receipts and payments account

Income and expenditure account

Profit on revalutin is to be caredited to old partners in their

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Sacrificing ratio

New profit shiaring ratio

Old prift sharing ratio

Equal prift sharing ratio

If the credit side of the income oand expenditur eaccount is greater it is termed as.

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Deficit

Surplus

Asset

Liability

Generatal reserve at the time of dissolution is transferred to

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All partners capital accounts

Realization account

Solvent partners capital account

Insolvent patner's capital account

North worth of an organizaton means the excess of its total assets over total.

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Liabilities

Income

Expenses

None of the above

Income and expenditure account is equivalent to the.

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Receipt and payment account

Balance sheet

Cash book

Profit and loss account

To calculate the value of capital both at the beginning and at the end of year in single entry system we prepare,

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Balance sheet

Trading account

Trial balance

Statement of affairs

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