Question : On firm dissolution, which one of the following accounts should be prepared at the last?

Option 1: Realization account

Option 2: Partner's capital account

Option 3: Partner's loan account

Option 4: Cash 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. 20,000. Claim for workmen compensation Rs. 45,000.

Option 1: Rs. 5,000 Debited to the Partner's capital Accounts. 

Option 2: Rs. 40,000 Debited to Revaluation Account.

Option 3: Rs. 25,000 Debited to Revaluation Account.

Option 4: Rs. 40,000 Credited to Revaluation Account.

Question : P, R and S are in partnership sharing profits 4/8, 3/8 and 1/8 respectively. It is provided under the partnership deed that on the death of any partner his share of goodwill is to be valued at one-half of the net profits credited to his account during the last 4 completed years (books of accounts are closed on 31st March).

R died on 1st April 2018. The firm’s profits for the last 4 years were as follows: 2015 (Profits Rs. 1,20,000); 2016 (Profits Rs.60,000); 2017 (Losses Rs.20,000) and 2018 (Profits Rs. 80,000). Determine the amount that should be credited to R in respect of his share of goodwill.

Option 1: Rs 90,000

Option 2: Rs 30,000

Option 3: Rs 45,000

Option 4: Rs 60,000

Question :  Alberuni's travel accounts are particularly valuable for their insights into which area of study?  

Option 1: Military tactics 

Option 2: Philosophical thought  

Option 3:  Linguistic diversity

Option 4: Astrological beliefs

Question : Comprehension:

Read the passage and answer the questions that follow.

The Roman Empire covered a vast stretch of territory that included most of Europe as we know it today and a large part of the Fertile Crescent and North Africa.
The Roman Empire embraced a wealth of local cultures and languages; women had a stronger legal position then than they do in many countries today; but also that much of the economy was run on slave labor, denying freedom to substantial numbers of persons. From the fifth century onwards, the empire fell apart in the west but remained intact and exceptionally prosperous in its eastern half.
Roman historians have a rich collection of sources to go on, which we can broadly divide into three groups: (a) texts, (b) documents and (c) material remains. Textual sources include letters, speeches, sermons, laws, and histories of the period written by contemporaries. These were usually called ‘Annals’ because the narrative was constructed on a year-by-year basis. Documentary sources include mainly inscriptions and papyri. Inscriptions were usually cut on stone, so a large number survived, in both Greek and Latin. The ‘papyrus’ was a reed-like plant that grew along the banks of the Nile in Egypt and was processed to produce sheets of writing material that was very widely used in everyday life. Thousands of contracts, accounts, letters, and official documents survive ‘on papyrus’ and have been published by scholars who are called ‘papyrologists’. Material remains include a very wide assortment of items that mainly archaeologists discover (for example, through excavation and field survey), for example, buildings, monuments and other kinds of structures, pottery, coins, mosaics, and even entire landscapes. Each of these sources can only tell us just so much about the past, and combining them can be a fruitful exercise, but how well this is done depends on the historian’s skill!

Question:

Who were papyrologists?

Option 1: People who processed papyrus into sheet

Option 2: Scholars who published documents

Option 3: Farmers who cultivated papyrus

Option 4: People who surveyed the reed like plants along the Nile

Question : According to the data of 2011-12, Casual workers accounts for __ of work force in urban areas.
 

Option 1: 45%
 

Option 2: 15%
 

Option 3: 25%
 

Option 4: 35%
 

Question : Which of the following accounts are opened when partners have fluctuating capital?

Option 1: Capital A/cs

Option 2: Current A/cs

Option 3: Both Capital A/cs and Current A/cs

Option 4: Either Capital of Current A/cs

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 : On dissolution of a firm, a partner took over Rs.34,000 investments for Rs.28,000. Which one of the following accounts will be debited/credited with how much amount?

Option 1: Partner's Capital Account Debit with 28,000

Option 2: Partner's Capital Account Credit with 34,000

Option 3: Realisation Account Credit with 34,000

Option 4: Realisation Account debited with 34,000

Question : The emoluments and allowances of the President and other expenditures relating to his office are charged on the ____________of India.

Option 1: contingency fund

Option 2: estimates fund

Option 3: consolidated fund

Option 4: public accounts fund