List of practice Questions

Mention any two modes of disposal of amount due to retiring partner.
Give the meaning of over subscription.
Name the two types of financial statements.
Write any two examples for financing activities.
Ravi and Kiran commenced partnership business on 01.04.2024 with capitals of ₹ 1,50,000 and ₹ 1,00,000 respectively. Their profit sharing ratio is \(3 : 2\) respectively.
They earned a profit of ₹ 50,000 for the year, before allowing :
a) Interest on capital at 10% per annum.
b) Interest on drawings : Ravi ₹ 4,000 and Kiran ₹ 2,000.
c) Commission payable to Ravi ₹ 3,000 per annum.
d) Salary payable to Kiran ₹ 8,000 per annum.
Prepare Profit and Loss Appropriation Account for the year ended 31.03.2025.
Loans which are repayable within ________ months, are called as short-term borrowings.
Common Size Statement is also known as ________ analysis.
Match the items in Column A with the correct corresponding items in Column B:
Column A:
a) Valuation of goodwill
b) Debentures
c) Revenue from operations
d) Profitability Ratio
e) Cash flow statement
Column B:
i) Acknowledgement of debt
ii) Earnings per share
iii) Inflows and Outflows of cash
iv) Average profit method
v) Sales
vi) Financial position
Profit or loss on revaluation is transferred to all partners' capital accounts in case of retirement of a partner. [State True/False]
State any one type of shares.
What do you mean by Redemption of debentures?
State any one user of Financial Statement Analysis.
A, B and C are partners sharing profits in the ratio of \(5 : 3 : 2\). If C retires, the New Profit Sharing Ratio between A and B will be :
Unrecorded liabilities, when paid are shown in
Issued capital is a part of :
Following is an extraordinary item :
Fill in the blank by choosing the appropriate answer from the choices:
6. Partnership comes into existence as a result of ________ among the partners.
Old Ratio \(-\) New Ratio = ________ Ratio.
On dissolution of a firm, Partner's Loan Account is transferred to ________ Account.
Write the S.I. unit of: (i) Electric potential difference (ii) Resistance
Why does a clear sky appear blue?
Why is sodium metal kept immersed in kerosene?
What is an indicator? Write the names of two indicators.
Why should curd and sour substances not be kept in brass and bronze vessels?
In order to form a partnership, there should be atleast :