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Accountancy Quiz 23 (30 MCQs)

Quiz Instructions

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1. In the absence of partnership deed, interest on capital is allowed at the rate of:
2. Bills payable is shown as
3. X and Y are partners in a firm sharing profits and losses in the ratio of 3:2. They take C as a new partner. Goodwill of the firm is valued at Rs. 3, 00, 000 and C brings Rs. 30, 000 as his share of goodwill in cash which is entirely credited to the Capital Account of A. New profit-sharing ratio will be:
4. X & Y are partners sharing profits in the ratio of 3:2. Z is admitted as a partner. Calculate sacrificing ratio if new profit sharing ratio is 9:7:4
5. Which account is classified as an Expense?
6. The party which is entitled to receive the payment of the bill is known asA.
7. A, B and C are partners sharing profits in the ratio of 5:2:1. If the new ratio on the retirement of A is 3:2, what will be the gaining ratio?
8. Total assets and liabilities of the firm are Rs.70, 000 and Rs.10, 000. Average profit is Rs.8, 000. NRR 10%. Calculate super profit?
9. Incomplete records are generally maintained by
10. Amount which the proprietor has invested in a business is known as .....
11. Purchase refers to the buying of
12. The term SALES is used only for the sale of ..... and is never used for the sale of any asset.
13. What is the post reference column on the account form used for?
14. In what ratio is the profit on revaluation shared?
15. If total assets of a business are rs 10, 00, 000 and capital is rs 4, 00, 000. Calculate Creditors .....
16. X Ltd. purchased a building for ₹ 60, 00, 000 payable as 20% in Cash and balanceby allotment of 8% debentures of ₹ 500 each at a premium of 20%. Numberof debentures issued will be:
17. ..... are those assets which have a physical existence and which can be seen or felt.
18. On dissolution of a firm where is cash in hand transferred
19. Identify the type of debenture classified on the basis of tenure
20. The periodic total of purchases return journal is posted to:
21. For GST paid on inter-state of goods, which of the following account is credited:
22. In a company's Balance Sheet, Debit (Negative) balance of Statement of profit and loss is shown as
23. Rent due for the month of March will appear ..... in the Cash Book.
24. Current assets example
25. Assets, which have physical existence, are called:(2017)
26. The person from whom the amount are due for goods sold or service rendered on credit basis is term as-
27. Ascertain the accounting equation when, sold goods costing Rs. 10, 000 for cash Rs. 12, 000
28. Who wrote Arthasasthra?
29. Which concept says that Accounting practices once adopted should be applied year after year?
30. X Ltd. Forfeited 500 shares of ₹ 10 each, ₹ 7 called up, issued at a premium of ₹ 2 per share to be paid at the time of allotment for non payment of first call of ₹ 2 per share. Entry on forfeiture will be:
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