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:
Installment to be paid on March 31, 2019 is

Option 1: Rs 32,500

Option 2: Rs 35,000

Option 3: Rs 30,000

Option 4: Rs 27,500

Question :

On the retirement of Hari from the firm of Hari, Ram and Sharma, the Balance Sheet showed a credit balance of Rs. 12,000 in the Profit and Loss Account. For calculating the amount payable to Hari, this balance will be transferred

Option 1:

to the credit of the Capital Accounts of Hari, Ram and Sharma equally.

Option 2:

to the debit of the Capital Accounts of Hari, Ram and Sharma equally.

Option 3:

to the debit of the Capital Accounts of Ram and Sharma equally.

Option 4: to the credit of the Capital Accounts of Ram and Sharma equally.

Question : When the Company decided not to record the issue of Debentures as Collateral Security. Which of the following accounts will be credited? 

Option 1: % debentures 

Option 2: No entry required 

Option 3:  Capital reserve 

Option 4: Debenture suspense account

Question : Which educational level accounts for the major share of India's total education spending?
(A) Elementary (B) Secondary  (C) And Higher

Option 1: Only A correct 

Option 2: Only A and B are correct 

Option 3: Only B and C are correct

Option 4: All of the above

Question : Comprehension:
In the following passage, some words have been deleted. Read the passage carefully and select the most appropriate option to fill in each blank.

The G20, or Group of Twenty, is an international forum which (1)_______ 19 countries and the European Union (EU). It focuses on significant global economic challenges such as international financial (2)______, climate change mitigation, and (3)_______ development. In 1999, the G20 was formed in (4)______ to various global economic crises. The G20 (5)______ itself the principal arena for international economic and financial cooperation during its 2009 meeting.

Question

Select the most appropriate option to fill in the blank number 1.

Option 1: accounts for

Option 2: covers

Option 3: adds

Option 4: comprises

Question : Chain and Harsha were partners in a firm sharing profits in the ratio of 3: 2. On 1-4-2014 their Balance Sheet was as follows :

On the above date Vaishali was admitted for 1/4 th share in the profits of the firm on the following terms :
(a) Vaishali will bring Rs.20,000 for her capital and Rs.4,000 for her share of goodwill premium.
(b) All debtors were considered good.
(c) The market value of investments was Rs. 15,000.
(d) There was a liability of Rs.6,000 for workmen compensation.
(e) Capital accounts of Charu and Harsha are to be adjusted on the basis of Vaishali's capital by opening current accounts.
Question:
Amount distributed among the old partners capital account in Respect of Investment fluctuating fund.

Option 1: debiting charu's capital account with Rs 36,00 and harsha with Rs 2,400

Option 2: crediting Charu's Capital account with Rs 3,600 and Harsh with Rs 2,400

Option 3: crediting Charu's capital account with Rs 6,600 and Harsh's with Rs 4,400

Option 4: None of these

Question : Comprehension:
Read the passage carefully and answer the questions that follow.
India's favourable demographic trends, which have increased the workforce's percentage of the overall population, have paved the way for a significant middle-class expansion. A big population bulge emerging from absolute poverty and set to reach the middle class would generate new dynamics. In India, over 55 percent of the population is predicted to reach the middle class. In reality, because India's demographics are significantly younger than China and the United States, the country's middle class might be the world's largest (in terms of population) by 2025.
It is no exaggeration to argue that future growth will be reliant on the increasing middle class and that the middle class's development will be reliant on growth. Growth has been fuelled by both private consumption and saving, both of which are fuelled by the middle class. India's private consumption accounts for over 60% of the country's GDP, while private consumption growth has contributed to 70% of the country's growth since 2000.
Even though China's middle class is now greater than India's, private spending in the former accounts for a lesser share of growth. In contrast to the United States, where domestic savings are dropping and the country borrows excess funds from outside to invest and expand, India's domestic savings and investments are increasing and funding investments. The emergence of the middle class is anticipated to coincide with a transition away from large-scale informality, which now characterises much of the services and industrial sectors, and toward more formal, wage-earning, and medium-scale firms. Technological advancements will spread at a faster rate. Cities will expand as job possibilities concentrate on them. If there is enough movement across states and from rural to urban regions, the population increase will be more evenly distributed.

Question:
Select the most suitable title for the given passage.

Option 1: Middle Class and Economic Growth

Option 2: Dropping Domestic Savings in the USA

Option 3: Favourable Demographic Trends in India

Option 4: Rise of the Middle Class in India

Question : In which of the following economic accounts are transfer payments included?

Option 1: Government account

Option 2: Household account

Option 3: Appropriation account

Option 4: Production account

Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 28,000. Claim for workmen compensation Rs. 20,000.

Option 1: Rs. 28,000 Debited to the Partner's capital Accounts. 

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

Option 3: Rs. 8,000 Credited to the Partner's capital Accounts.

Option 4:  Rs. 20,000 to Debited Revaluation Account 

Question : The reports of the Comptroller and Auditor-General of India relating to accounts of a state are:

Option 1: Submitted to the Governor of the State, who shall cause them to be laid before the Legislature of the State

Option 2: Uploaded on the official website of the Comptroller and Auditor-General to enable the general public to know whether the public money has been well spent by the public authorities

Option 3: submitted to the Finance Minister of that State for compliance with the audit observations

Option 4: Submitted to the President, who causes them to be laid before each House of Parliament