List of practice Questions

Super profit refers to:

Arrange the following steps in correct order.
(A) Calls in Arrears
(B) Reissue of shares
(C) Making calls
(D) Gain on Reissue transferred to Capital Reserve
(E) Forfeiture of shares
Choose the correct answer from the options 8iven below :

Arrange the following steps in correct order for calculation of Proportionate Capital of New Partner.
(A) Balancing the capital account of old partners
(B) Calculation of Gain/Loss on Revaluation and transferring to Capital Account
(C) Transferring Accumulated Profit to Capital account
(D) Calculation of Proportionate Capital for New Partner
(E) Adjustment for Goodwill in Partner's capital account
Choose the correct answer from the options given below:

Find out the cost of medicine consumed during 2020-21.

Payment to creditors of medicines: Rs 3,70,000
Creditors for medicines purchased:
- On 1.04.2020: Rs 25,000
- On 31.03.2021: Rs 17,000
Stock of Medicines:
- On 1.04.2020: Rs 62,000
- On 31.03.2021: Rs 54,000
Advance to suppliers:
- On 1.04.2020: Rs 11,000
- On 31.03.2021: Rs 18,000

The key combination which collapses the ribbon is:

Legend can be repositioned on the chart :

Other income is Rs 5,00,000 which is 25% of the Revenue from operation. Employees benefit Expenses are 30% of the Revenue from operation. Tax rate is 40%. Net profit after tax will be :

Match List - I with List - II

List - I	List - II
(A) Authorised Capital	(II) Maximum amount of share capital a company could raise during its lifetime
(B) Reserve Capital	(I) A portion of uncalled share capital will be called at the time of winding up
(C) Issued Capital	(III) Capital issued to public for subscription
(D) Subscribed but not fully paid capital	(IV) Amount called up and received but not fully paid

Choose the correct answer from the options given above:

Amrita and Kalyani are partners sharing profits in the ratio of 3 : 2. They decided to expand the business by admitting Suraj as a new partner for 1/4th share. Suraj’s share of goodwill is valued at Rs 90,000 for which he compensated Amrita and Kalyani in the ratio 1 : 4. Following information is also provided:

Machinery : Rs 25,00,000
Land : Rs 10,00,000
Computer : Rs 2,50,000
Workmen compensation fund : Rs 5,30,000

Claim against workmen compensation is Rs 2,00,000 and goodwill appeared in the books at Rs 60,000.
Goodwill brought by Suraj will be distributed as:

The following are the items appearing in Equities and Liabilities side of Balance Sheet
A. Deferred tax Assets (Net)
B. Reserve and Surplus
C. Deferred tax Liabilities (Net)
D. Long term borrowings
E. Long term loans and Advances
Choose the correct answer from the options given below:

If at the time of admission, some positive balance of Profit and Loss A/C appears in the books, it will be transferred to:

Match List I with List II

LIST I		LIST II
A	Employee benefit expenses	I	Investing activity
B	Dividend received	II	Operating activity
C	Loan raised	III	Extraordinary item
D	Proceeds from earthquake disaster management	IV	Financing activity

Choose the correct answer from the options given below:

Calculate the amount of sports material consumed for the year ended 31st March 2016

	₹
Stock of sports material on 1.4.2015	7,500
Creditor for sports material on 1.4.2015	2,000
Stock of sports material on 31.3.2016	6,200
Amount paid for sports material during the year 2015-16	17,000
Advance paid for sports material as on 31.3.2016	3,500
Creditor for sports material on 31.3.2016	1,200

Balance sheet provides information about financial position of the enterprise:

Match LIST I with LIST II

LIST I		LIST II
A	Profit sharing Ratio	I	No payment
B	Interest on partner's Loan	II	With consent of all existing partners
C	Admission of a Partner	III	6% p.a.
D	Interest on Capital	IV	Equal

Choose the correct answer from the options given below

Partnership deed should be drafted and prepared as per:

AB and Co, purchased assets worth Rs 28,80,000 from vendor . It issued debentures of Rs 100 each at a discount of 4% in full satisfaction of the purchase consideration. The number of debentures issued to vendor is :

Identify the correct sequence to be followed at the time of Retirement of a Partner :
(A) New Balance Sheet after Retirement
(B) Transferring balance to Retiring partner’s Loan Account
(C) Calculation Gaining/Sacrificing Ratio
(D) Partners’ Capital Account
(E) Preparation of Revaluation Account
Choose the correct answer from the options given below :

Match List I with List II

LIST I		LIST II
A	Operating Profit Ratio	I	Solvency Ratios
B	Working Capital Turnover Ratio	II	Liquidity Ratios
C	Debt-Equity Ratio	III	Activity Ratios
D	Quick Ratio	IV	Profitability Ratios

Choose the correct answer from the options given below:

Balance of Share Forfeiture account is shown in the Balance Sheet under the item:-

In the absence of partnership agreement, mutual relations of partners are governed by the ________

Capital employed by a Partnership firm is ₹ 5,00,00. Its average profit is Rs. 60,000. The normal rate of return in similar type of business is 10%. The amount of super profits of the firm will be :-

On a Dissolution of a firm, repayment of Partner's loan to the firm will be shown in :

Match List I with List I

List I		List II
A.	Revaluation Reserve	I.	Share Capital
B.	Issued Capital	II.	Other Non current Assets
C.	Discount on issue of debentures	III.	Inventories
D.	Loose tool	IV.	Reserve and Surplus

Choose the correct answer from the options given below :

Which of the following item is not considered as cash and cash equivalent ?