Question : The emoluments and allowances of the President and other expenditures relating to his office are charged on the ____________of India.

Option 1: contingency fund

Option 2: estimates fund

Option 3: consolidated fund

Option 4: public accounts fund

Question : Cake and Muffin are partners sharing profits and losses in the ratio of 5: 4. On 1st April, 2016, they admit Cookie as a new partner for 1/6th share in the profits of the firm and the new ratio agreed upon is 3: 2: 1.

Goodwill, at the time of Cookie's admission is to be valued on the basis of capitalisation of the average profits of the last three years. Profits for the last three years were :
Year ended 31st March, 2014 Rs.39,000 (including an abnormal loss of Rs. 9,000).
Year ended 31st March, 2015 Rs.83,000 (including an abnormal gain of Rs.8,000).
Year ended 31st March, 2016 Rs.72,000.

On 1st April, 2016, the firm had assets of Rs.8,00,000. Its creditors amounted to Rs.3,60,000. The firm had a Reserve Fund of Rs. 40,000 while Partners' Capital Accounts showed a balance of Rs.4,00,000.

The normal rate of return expected from this class of business is 13%.

Cookie brings in Rs.2,00,000 for her capital but is unable to bring in cash for her share of goodwill.

The amount of cookie brought his share of goodwill will be .....

Option 1: Rs 60,000

Option 2: Rs 50,000

Option 3: Rs 10,000

Option 4: None of the above

Question : According to the data of 2011-12, Regular salaried employees accounts for __ of work force  in rural areas .
 

Option 1: 2%
 

Option 2: 5%
 

Option 3: 9%
 

Option 4: 8%
 

Question : Which section of the Partnership Act specifies the mode of settlement of accounts on the dissolution of a partnership firm?

Option 1: Section 48

Option 2: Section 43

Option 3: Section 45

Option 4: Section 47

Question : Sentences of a paragraph are given below in jumbled order. Arrange the sentences in the correct order to form a meaningful and coherent paragraph.
A. In fact, he began his career as a peon in a small firm.
B. Before he joined us as the accounts officer, he was a junior clerk.
C. He learnt typing, accounting and even graduated.
D. But he gradually improved his qualifications.

Option 1: CDAB

Option 2: BADC

Option 3: CBAD

Option 4: BCDA

Question : Sharma, Verma and Goyal are partners in a firm. On 1st April 2012 the balances in their
Capital Accounts were as follows:
Sharma Rs. 4,00,000; Verma Rs. 4,20,000 and Goyal Rs. 3,70,000. The firm closes its accounts every year on 31st March. Verma died on 30th September 2012. In the event of the death of any partner following are the provisions in the Partnership Deed:
(i) Interest on Capital will be calculated at the rate of 10% p.a.
(ii) The deceased partner; 's legal representative will be paid Rs. 35,000 for his share of goodwill.
(iii) The firm had a Reserve Fund of Rs. 2,10,000. The deceased partner will be paid his share in the Reserve Fund.
(iv) His share of profit till the date of death will be calculated based on sales. It is also specified that the sales during the year 2011-12 were Rs. 15,00,000. The sales from 1st April 2012 to 30th September 2012 were Rs. 3,00,000. The profit of the firm for the year ending 31st March 2012 was Rs. 3,00,000.
Question:
The amount of goodwill distributed amongst the partners are

Option 1: Rs 17,500

Option 2: Rs 35,000

Option 3: Rs 24,000

Option 4: None of the above

Question :

At the time of retirement of a partner, profit (gain) on revaluation will be credited to the Capital Accounts of

Option 1: retiring partner.

Option 2:

all partners in their old profit-sharing ratio.

Option 3:

the remaining partners in their old profit-sharing ratio.

Option 4:

the remaining partners in their new profit-sharing ratio.

Question :

Correct the following sentence if it is incorrect:

The current regime seems resolute to create perennial struggle for the downtrodden and that accounts to lots of injustice.

Option 1: perennial struggle for the downtrodden and this accounts to lots of injustice

Option 2: perennial struggle about the downtrodden and this accounts to lots of injustice

Option 3: perennial struggle for the downtrodden and that accounts for lots of injustice

Option 4: perennial struggle for the downtrodden and that accounts to lots of injustice

Option 5: perennial struggle to the downtrodden and that accounts to lots of injustice

Question : Sharma, Verma and Goyal are partners in a firm. On 1st April 2012 the balances in their Capital Accounts were as follows:
Sharma Rs. 4,00,000; Verma Rs. 4,20,000 and Goyal Rs. 3,70,000. The firm closes its accounts every year on 31st March. Verma died on 30th September 2012. In the event of the death of any partner following are the provisions in the Partnership Deed:
(i) Interest on Capital will be calculated at the rate of 10% p.a.
(ii) The deceased partner; 's legal representative will be paid Rs. 35,000 for his share of goodwill.
(iii) The firm had a Reserve Fund of Rs. 2,10,000. The deceased partner will be paid his share in the Reserve Fund.
(iv) His share of profit till the date of death will be calculated based on sales. It is also specified that the sales during the year 2011-12 were Rs. 15,00,000. The sales from 1st April 2012 to 30th September 2012 were Rs. 3,00,000. The profit of the firm for the year ending 31st March 2012 was Rs. 3,00,000.
Question:
Amount Due to the deceased's partner's capital account will be ......

Option 1: Rs 3,66,000

Option 2: Rs 6,06,000

Option 3: Rs 5,66,000

Option 4: None of the above

Question : The interest on Partner's Capital Accounts is to be credited to

Option 1: Profit and Loss A/c

Option 2: Interest A/c

Option 3: Partner's Capital A/c

Option 4: None of these