Question : The firm of P, Q and R with profit sharing ratio of  3: 6:1, h.ad the balance in General Reserve Account amounting Rs. 90,000. S joined as a new partner and the new profit sharing ratio was decided to be 3 : 3 : 3 : 1. Partners decide to keep the General Reserve unchanged in the books of accounts. The effect will be:

Option 1: Q will be credited by Rs. 27,000

Option 2: R will be debited by Rs. 27,000

Option 3: P will be credited by Rs. 36.000 

Option 4: P will be debited by Rs. 36,000 

Question : According to the data of 2011-12, Under casual workers, the major source of livelihood for both men and women accounts for
 

Option 1: 25%, 30%
 

Option 2: 29%, 31%
 

Option 3: 21%, 34%
 

Option 4: 24%, 36%.
 

Question :  Anil and Sunil are partners sharing profit and losses in the ratio of 3:2. They changed their profit-sharing ratio to 2:5 w.e.f 1st April 2002. The assets were revalued and liabilities were re-assessed on that date which resulted in a gain of Rs 80,000. It will be transferred to their capital account by 

Option 1: Debiting Anil and Sunil's accounts both by Rs 40,000 each 

Option 2: Debiting Anil‘s capital account and Sunil‘s capital account by Rs 80,000 each 

Option 3: Crediting Anil’s capital account by RS 48,000 and Sunil's Capital account by Rs 32,000

Option 4: Crediting Anil’s capital account and Sunil's capital account by Rs 80,000 each

Question : On 1st April 2013, a Limited Company issued 11% Rs. 10,00,000 debentures at a discount of 6%, repayable at the end of 5 years at par. Assume that the accounts are closed on 31st March each year. Calculate the amount of discount to be written off at the end of March 31, 2016.

Option 1: Rs. 60,000
 

Option 2: Rs. 12,000

Option 3: Rs. 10,000

Option 4: Rs. 20,000

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, 2020 is

Option 1: Rs 32,500

Option 2: Rs 35,000

Option 3: Rs 30,000

Option 4: Rs 27,500

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