Accounting
Question :
R, M and P were partners in a firm. P died on 29th February, 2020. His share of profit from the closure of the last accounting year till the date of death was to be calculated on the basis of the average of three completed years of profits before death. Profits for the years ended 31st March, 2017, 2018 and 2019 were Rs. 80,000, Rs. 90,000 and Rs. 1,00,000 respectively.
Question:- If the profit-sharing ratio of remaining partners does not change; P’s share of profit will be ----
Option 1: Profit and loss suspense account debited by Rs 27,500
Option 2: Profit and loss suspense account credited by Rs 27,500
Option 3: Debited R’s capital account with Rs 22,000 and M’s capital account Rs 5,500 credited P’s capital account Rs 27,500
Option 4: None of the above
Correct Answer: Profit and loss suspense account debited by Rs 27,500
Solution : Answer = Profit and loss suspense account debited by Rs 27,500 Total profits=80,000+ 90,000+1,00,000= 2,70,000. Average profit= $\frac{2,70,000}{3}$= 90,000. P's share= 90,000×$\frac{1}{3}$×$\frac{11}{12}$= Rs 27,500 Profit & loss suspense A/c Dr 27,500 To P's capital A/c 27,500 Hence, the correct option is 1.
Question : The______ of a vendor is also an important factor to consider while opting for a computerized accounting software.
Option 1: Level of profit
Option 2: Honesty
Option 3: Capability
Correct Answer: Level of profit
Solution : When choosing computerised accounting software, management must take into account a vendor's level of profitability in order to determine whether it is financially feasible to install the programme.
Hence the correct answer is option 1.
Candidates with a bachelor’s degree are eligible to apply for GGITS MBA. They should have secured a minimum of 50% marks (45% marks for candidates belonging to reserved category) in the qualifying exam. Admission to the GGITS MBA course is done based on the entrance exam- MET conducted by the VYPAM Govt. of Madhya Pradesh.
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Hope you are doing well ! It depends on the university and college ,it differ from college to college . Mainly it ranges between 30,000 to 3 lakhs, depend on college , facilities, location etc .
Forensic accounting often requires you to pore over thousands of pieces of paper, slog through years' worth of banking data , and generally fall in attraction with Microsoft Excel. There is no short-cut when it comes to conducting a thorough fraud investigation. Consider the amount of time you will spend writing reports..
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