Question : Jan Dhan Yojana has induced millions of people to open their bank accounts. It will lead to an increase in __________

Option 1: Inflation

Option 2: Primary deposits

Option 3: Deflation

Option 4: Value of currency

Question : P, R and S are in partnership sharing profits 4/8, 3/8 and 1/8 respectively. It is provided under the partnership deed that on the death of any partner his share of goodwill is to be valued at one-half of the net profits credited to his account during the last 4 completed years (books of accounts are closed on 31st March).
R died on 1st April, 2018. The firm's profits for the last 4 years were as follows: 2015
(Profits Rs. 1,20,000); 2016 (Profits Rs.60,000); 2017 (Losses Rs.20,000) and 2018 (Profits Rs. 80,000).
The amount that should be credited to R in respect of his share of goodwill will be

Option 1: Rs 45,000

Option 2: Rs 90,000

Option 3: Rs 40,000

Option 4: None of the above.

Question : There was an old computer which was written-off in the books of accounts in the pervious year. The same has been taken over by a partner Nitin for Rs.3,000 when the firm has been dissolved. Choose the Correct Journal entry :

Option 1: Nitin’s Capital A/c     Dr.   3,000

To Realisation A/c                        3,000

(Being unrecorded old computer taken over by the partner Nitin)

Option 2: Bank A/c     Dr.   3,000

To Realisation A/c         3,000

(Being unrecorded old computer taken over by the Partner)

Option 3:  Realisation A/c    Dr.  3,000

  To Nitin’s Capital A/c           3,000

(Being unrecorded old computer taken over by the partner Nitin)

Option 4: None of the Above

Question : In the event of a change in the profit-sharing ratio, the General Reserve existing in the Balance Sheet is transferred to the Capital Accounts of partners in their

Option 1: sacrificing ratio

Option 2: gaining ratio

Option 3: old profit-sharing ratio

Option 4: new profit-sharing ratio

Question : The computerised accounting system refers to - 

Option 1: Printing of Balance sheet and Profit and loss accounts using computer

Option 2: Processing of accounting transaction through computer and produce reports and records

Option 3: Processing of accounting related data and priting reports

Option 4: None of the above

Question : A, M and N are in partnership, sharing profits in the proportion of two-thirds, one-sixth and one-sixth respectively.

A died on the 30th June, 2018, three months after the annual accounts had been prepared and in accordance with the partnership agreement, his share of the profits to the date of death was estimated on the basis of the profit for the preceding year. In addition to this, the agreement provided for interest on capital at 5 per cent per annum on the balance standing to the credit of the capital account at the date of the last Balance Sheet, and also for goodwill, which was to be brought into account at two year’s purchase of the average profits for the last three years.
A’s capital on 31st March, 2018 stood at Rs.1,20,000, and his drawings from then to the date of death amounted to Rs.9,000.
The net profits of the business for the three preceding years amounted to Rs.33,500; Rs.41,500 and Rs.40,500, respectively.
Amount payable to A’s executors________________.

Option 1: Rs. 1,70,583

Option 2: Rs 1,70,580

Option 3: Rs 1,70,853

Option 4: None of the above

Question : X, Y and Z were in partnership sharing profits and losses in the ratio 3: 2: 1. Z retired from the firm on 1st April, 2016. After adjustments, his Capital Account shows a credit balance of Rs. 1,00,000 on the date of retirement. Z is to be paid in four equal annual instalments from 31st March, 2017 along with interest @ 10% p.a. Accounts are closed on March 31, every year.
Question:
Amount of Installment to be paid at the end of march 31,2018 will be

Option 1: Rs 32,500

Option 2: Rs 35,000

Option 3: Rs 30,000

Option 4: Rs 27,500

Question : Accounts must be codified in order to:

Option 1: maintain a hierarchy between groups and components

Option 2: process data more quickly and prepare final accounts

Option 3: keep data and information safe

Option 4: none of the above.

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 on the basis of 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 of Interest on capital will be

Option 1: Rs 24,000

Option 2: Rs 21,000

Option 3: Rs 20,000

Option 4: None of the above

Question : Show how will you deal with the following items in the final accounts of a club :Rs.

Sports Fund 15,000

Sports Fund Investments 30,000

Income from Sports Fund Investments 1500

Donations for Sports Fund 12,000

Sports Prizes awarded 7,000

Expenses on Sports events 4,000

Option 1: Liability side: Sports Fund Rs. 17,500; Assets side: Sports Fund Investments Rs. 30,000

Option 2: Liability side: Sports Fund Rs. 14,500; Assets side: Sports Fund Investments Rs. 30,000

Option 3: Liability side: Sports Fund Rs. 20,500; Assets side: Sports Fund Investments Rs. 30,000

Option 4: None of the above