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

Question : A, M and N are in partnership, sharing profits in the proportion of two-thirds, one-sixth and one-sixth respectively.

A died on the 30th June, 2018, three months after the annual accounts had been prepared and in accordance with the partnership agreement, his share of the profits to the date of death was estimated on the basis of the profit for the preceding year. In addition to this, the agreement provided for interest on capital at 5 per cent per annum on the balance standing to the credit of the capital account at the date of the last Balance Sheet, and also for goodwill, which was to be brought into account at two year’s purchase of the average profits for the last three years.
A’s capital on 31st March, 2018 stood at Rs.1,20,000, and his drawings from then to the date of death amounted to Rs.9,000.
The net profits of the business for the three preceding years amounted to Rs.33,500; Rs.41,500 and Rs.40,500, respectively.
Amount payable to A’s executors________________.

Option 1: Rs. 1,70,583

Option 2: Rs 1,70,580

Option 3: Rs 1,70,853

Option 4: None of the above

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:
Amount of Installment to be paid at the end of march 31,2018 will be

Option 1: Rs 32,500

Option 2: Rs 35,000

Option 3: Rs 30,000

Option 4: Rs 27,500

Question : Accounts must be codified in order to:

Option 1: maintain a hierarchy between groups and components

Option 2: process data more quickly and prepare final accounts

Option 3: keep data and information safe

Option 4: none of the above.