Question : Assertion (A): Hari and Mohan are equal partners. They admit Kunal as a partner for 1/4th share. The value of assets was increased by Rs 1,00,000 and an unrecorded liability of Rs 40,000 was brought into books, The gain (profit) of Rs 60,000 will be credited in the capital accounts of Hari and Nimrat equally.

Reason (R): Gain (profit) or loss on revaluation of assets and reassessment of liabilities is credited or debited to the Capital Accounts of old partners in their old profit-sharing ratio.

In the context of the above two statements, which of the following is correct?

Option 1: Assertion (A) and Reason (R) are correct but the Reason (R) is not the correct explanation of Assertion (A).

Option 2: Both, Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation Assertion (A).

Option 3: Assertion (A) is correct but the Reason (R) is not correct.

Option 4: Both Assertion (A) and Reason (R) are not correct.

Question : A and T are equal partners with fixed Capitals of Rs. 2,00,000 and Rs. 1,00,000, respectively. After closing the accounts for the year ending 31st March 2019. It was discovered that interest on capital 8% p.a. was omitted to Be provided. In the adjustment Entry:

Option 1: A will be credited By Rs. 16,000 and
T will be debited by Rs. 8,000

Option 2: A will be debited By Rs. 16,000 and
T will be debited by Rs. 8,000

Option 3: A will be credited By Rs. 4,000 and
T will be debited by Rs. 4,000

Option 4: A will be debited by Rs. 4,000 and
T will Be credited by Rs. 4,000.

Question : The largest committee of Parliament of India is

Option 1: Public Accounts Committee

Option 2: Estimates Committee

Option 3: Committee on Public Undertakings

Option 4: Joint Parliamentary Committee

Question : A, B and S were partners sharing profits in the ratio 2: 2: 1. On July 1, 2017, Shreya died. The books of accounts are closed on March 31 every year. Sales for the year 2016-17 amounted to Rs.5,00,000 and that from 1st April to 30th June 2017 were Rs. 1,40,000. The rate of profit during the past three years had been 10% on sales. Since S's legal representative was her only son, who is specially abled, it was decided that the profit for the purpose of settling S's account is to be calculated as 20% of sales.

Calculate S's share of profits till the date of her death and pass the necessary journal entry for the same.

Option 1: Debited profit and loss account by Rs 5,600 and credited S's capital account

Option 2: Debited profit and loss suspense account by Rs 5,600 and credited S's account

Option 3: Debited S's capital account and credited profit and loss suspense account

Option 4: None of the above

Question : Which of the following claims concerning the cost of education is true?

Option 1: In India, the majority of total educational spending is spent at the elementary level.

Option 2: In India, tertiary education accounts for the majority of all educational spending.

Option 3: In India, secondary schooling accounts for the majority of all educational spending.

Option 4: The majority of India's total educational spending is spent at higher levels.

Question : P, Q and R are equal partners with fixed capitals of Rs. 5,00,000, Rs. 4,00,000 and Rs. 3,00,000, respectively. After closing the accounts for the year ending 31st March 2019. It was discovered that interest on capital @ 7% instead of 9% p.a. In the adjustment entry.

Option 1: P will be credited by Rs. 2,000 and
Q will be debited by Rs. 2,000.

Option 2: P will be debited by Rs. 2,000 and
Q will be credited by Rs. 2,000

Option 3: P will be debited by Rs. 2,000 and
R will be credited by Rs. 2,000.

Option 4: P will Be credited By Rs. 2,000 and
R will Be debited by Rs. 2000

Question : What is a significant difference between British and Indian accounts of the Revolt of 1857 in terms of their focus?

Option 1: British accounts focus on military strategies, while Indian accounts focus on social impact

Option 2: British accounts emphasize the role of technology, while Indian accounts highlight traditional warfare

Option 3: British accounts portray the revolt as a criminal act, while Indian accounts view it as a struggle for freedom

Option 4: British accounts are more factual, while Indian accounts are more emotional

Question : Bharat and Bhushan are partners in a retail business. Balances in their Capital and Current Accounts as on 31st March, 2020 were:

The firm earned an average profit of Rs. 90,000. If the normal rate of return is 10%, value of goodwill.

Option 1: Rs 4,20,000

Option 2: Rs 4,10,000

Option 3: Rs 13,80,000

Option 4: None of these 

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 : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 1,40,000. Claim for workmen compensation Rs. 1,10,000.

Option 1: Rs. 1,40,000 Debited to the Partner's Capital Accounts. 

Option 2: Rs. 1,10,000 Debited to Revaluation Account.

Option 3: Rs. 30,000 Credited to the Partner's Capital Accounts.

Option 4: Rs. 30,000 to Debited Revaluation Account.