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:
What is the tone of the passage?

Option 1: Critical

Option 2: Objective

Option 3: Subjective

Option 4: Didactic

Question : According to the data of 2011-12, Casual brokers accounts for __ of work force.
 

Option 1: 45%
 

Option 2: 35%
 

Option 3: 65%
 

Option 4: 25%
 

Question : R, S and T are partners. Before changing their profit-sharing ratio to 5:3:2, they were sharing profit equally. Workmen's compensation reserve exited at Rs 1,00,000 against which a claim existed at Rs 20,000. The total amount that will be credited to their capital accounts in their old profit-sharing ratio will be?

Option 1: Rs 1,00,000

Option 2: Rs 80,000

Option 3: Rs 1,00,000 credited and Rs 20,000 debited 

Option 4: Rs 20,000 credited and Rs 1,00,000 debited 

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 survive, 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, 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:

Which of these statements is NOT true?

Option 1: Texts, documents and material remains were the main sources for the historians.

Option 2: Inscriptions were carved in Greek and Latin.

Option 3: Archaeologists make discoveries through excavations.

Option 4: The Roman empire flourished longer in the west

Question : Naresh, David and Aslam are partners sharing profits in the ratio of 5:3:7. On 1st April, 2020, Naresh gave a notice to retire from the firm. David and Aslam decided to share future profits in the ratio of 2: 3. The adjusted Capital Accounts of David and Aslam show a balance of Rs. 33,000 and Rs. 70,500 respectively. The total amount to be paid to Naresh is Rs. 90,500 . This amount is to be paid by David and Aslam in such a way that their capitals become proportionate to their new profit-sharing ratio.
Question:
Cash brought by David and Aslam is

Option 1: 44,600 And 45,900

Option 2: 45,250 each

Option 3: 27,150 and 63,350

Option 4: None of the above

Question : Jan Dhan Yojana has induced millions of people to open their bank accounts. It will lead to an increase in __________

Option 1: Inflation

Option 2: Primary deposits

Option 3: Deflation

Option 4: Value of currency

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).
The amount that should be credited to R in respect of his share of goodwill will be

Option 1: Rs 45,000

Option 2: Rs 90,000

Option 3: Rs 40,000

Option 4: None of the above.

Question : There was an old computer which was written-off in the books of accounts in the pervious year. The same has been taken over by a partner Nitin for Rs.3,000 when the firm has been dissolved. Choose the Correct Journal entry :

Option 1: Nitin’s Capital A/c     Dr.   3,000

To Realisation A/c                        3,000

(Being unrecorded old computer taken over by the partner Nitin)

Option 2: Bank A/c     Dr.   3,000

To Realisation A/c         3,000

(Being unrecorded old computer taken over by the Partner)

Option 3:  Realisation A/c    Dr.  3,000

  To Nitin’s Capital A/c           3,000

(Being unrecorded old computer taken over by the partner Nitin)

Option 4: None of the Above

Question : In the event of a change in the profit-sharing ratio, the General Reserve existing in the Balance Sheet is transferred to the Capital Accounts of partners in their

Option 1: sacrificing ratio

Option 2: gaining ratio

Option 3: old profit-sharing ratio

Option 4: new profit-sharing ratio

Question : The computerised accounting system refers to - 

Option 1: Printing of Balance sheet and Profit and loss accounts using computer

Option 2: Processing of accounting transaction through computer and produce reports and records

Option 3: Processing of accounting related data and priting reports

Option 4: None of the above